BOSTON (AP) — The Boston area transit system is projecting a $231 million budget deficit for the fiscal year that ends June 30 caused in large part by a more than 90% decline in ridership during the coronavirus crisis.
With many businesses shut down and others working from home, Massachusetts Bay Transportation Authority officials estimate a fare revenue plunge from $58 million per month to about $3 million per month for the next three to four months.
The MBTA also expects to lose about $14 million from its share of state sales tax revenue, while revenue from parking and advertising will be less than expected.
The MBTA should be able to cover the losses with Federal Transit Administration grants authorized by the federal economic stimulus package that included $25 billion for transit agencies. The MBTA should be eligible for about $840 million, chief financial officer Mary Ann O'Hara said Monday at a meeting of the governing board.
The number of people in Massachusetts who have died from COVID-19 rose to 844 on Monday, an increase of 88 deaths.
The number of residents who have tested positive for the coronavirus that causes the disease rose to more than 26,800, according to the Department of Public Health.
For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and the infirm, it can cause more severe illness, including pneumonia, or death.
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