Comptroller to audit MTA finances

July 28, 2008 4:35:33 AM PDT
New York's comptroller is going to audit the transit agency that proposed two fare hikes over the next three years to balance its budget.State Comptroller Thomas DiNapoli's spokesman says the comptroller will release an initial report on the Metropolitan Transportation Authority's proposed $11.2 billion budget by September.

Spokesman Dennis Tompkins says the audit is intended to minimize the need for fare hikes.

The cash-strapped MTA last week proposed an 8 percent increase in 2009 and another 5 percent hike in 2011 for millions of subway, bus and regional rail riders. The agency says the fares are needed to cut deficits coming from rising fuel costs and shrinking real estate income.