NYS Thruway Financial Review Completed

Statement from New York State Thruway Authority Executive Thomas J. Madison, Jr.

  

“The Comptroller issued a report today on the Thruway Authority.  The Comptroller, and his audits over the years, have actually contributed to past problems at the Thruway Authority by failing to report years of fiscal gimmicks and deferred expenses.

“This spring we conducted an independent financial review by a highly credible firm which found $800 million in risky financial borrowing that needed to be repaid immediately.  We will continue to do everything possible to control costs, and already anticipate cutting as much as $400 million in expenses.

“On the other hand, the Thruway must also be able to keep the system safe and reliable for our patrons by repairing roads and clearing snow and ice.  No one wants dangerous conditions on the roads.

“The fact remains that tolls for large trucks on the Thruway – mostly long distance haulers – are 50 to 85 percent less in New York than in comparable states like New Jersey and Pennsylvania.  And each of these trucks creates thousands of times more damage to roads and bridges than a passenger car.  Heavy trucks, not passenger vehicles, should bear these added costs, so that tolls can be kept as low as possible for all motorists.”

Photo courtesy of http://www.thruway.ny.gov/about/staff.html.