The Metropolitan Transportation Authority responded Wednesday to a comptroller’s office audit that accused the public transit organization of mismanaging its finances.
State Comptroller Thomas DiNapoli this morning released the audit, which criticized the authority for how it handles its investments and for holding onto cash that could have been used to pay for budgeted expenses.
The MTA defended itself in a statement:
“The MTA rigorously monitors its funds, balances and investments. We invest to achieve maximum returns while protecting the safety of our principal, and we maintain adequate balances at all times.
“The Office of the State Comptroller has questioned whether the MTA has excess funds in several accounts, particularly a Triborough Bridge and Tunnel Authority reserve fund. Monies in this account are essential to maintaining our credit rating, and are available in the event of emergencies such as Superstorm Sandy.
“The MTA is in the process of consolidating our Treasury functions MTA-wide to achieve greater efficiencies and cost savings, a process that was underway before the Office of the State Controller prepared its findings. As a result, we expect numerous accounts will be closed or consolidated. We will work closely with the Office of the State Comptroller to update them on the effectiveness of our strategies.”