MTA Annual Report

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Metropolitan Transportation Authority 2015 Annual Report

UNCOVERING NEW YORK’S HIDDEN TREASURES

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UNCOVERING NEW YORK’S HIDDEN TREASURES

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MOSAIC HOUSE 108 Wyckoff St. Brooklyn, NY 11201

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The entire bottom half of this house, from ground to windows, is covered in tiny plastic beads, colored tile, buttons, little toys and small circular mirrors. The owner of the house is a retired plastic arts professor, so the house gives new meaning to the term "taking our work home with you". Stop at Bergen St. on the F train.

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DESCRIPTION

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OVERVIEW

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LETTER TO THE INVESTORS

OUR STATIONS

10 — Hudson Yards Station 12 — Pennsylvania Station 14 — Grand Central Station

YEAR OVERVIEW

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18 — The Subway 20 — The New York City Bus 22 — The Long Island Railroad 23 — The Metro-North Railroad 24 — Bridges and Tunnels 26 — Fares and Tolls 28 — Paid Annual Rides 29 — Consolidated Financial Statements

about the mta

The Metropolitan Transportation Authority is North America's largest transportation network, serving a population of 15.2 million people in the 5,000-square-mile area fanning out from New York City through Long Island, southeastern New York State, and Connecticut.

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It drives the New York regional economy by opening up countless job opportunities for millions – jobs that are miles from home are easy to get to with our subways, buses, and commuter trains. And after work, the network enables them to get to leisure activities: music, theater, cultural events, sports, and shopping more varied than anywhere in the country.

MTA subways, buses, and railroads provide 2.73 billion trips each year to New Yorkers – the equivalent of about one in every three users of mass transit in the United States and two-thirds of the nation's rail riders. MTA bridges and tunnels carry more than 285 million vehicles a year – more than any bridge and tunnel authority in the nation.

FISCAL OVERVIEW

$13,282 $16,289 $67,562 net positioning total revenue total assets

$54,231 capital assets

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our mission is to safeguard the lives and property of the people we serve while maintaining the highest standards of professionalism and integrity throughout the metropolitan region.

ROY LICHTENSTEIN MURAL | 42ND ST. TIMES SQUARE

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I am honored to have been appointed by Governor Spitzer to run the nation’s largest regional transportation system. One of my first acts as Executive Director and Chief Executive Officer was to take a “walking tour” of the MTA system. I met dozens of MTA workers, engineers, managers, and other staff, all of whom impressed me tremendously.

I got to experience first hand what our customers see each day – a transportation agency that has made great progress over the years in moving more people over more reliable systems. And those trips are cleaner, safer, and more reliable than ever.

The customer injury rate has fallen 25 percent, the staff injury rate is down 57 percent. Transportation reliability, as measured in “mean distance between failures,” is up 103 percent for MTA New York City Transit subways and 100 percent for Transit buses, 78 percent for MTA Metro-North Railroad, and 80 percent for MTA Long Island Rail Road – a remarkable improvement I’ve seen first hand in my own daily commute. Equally impressive is the publicprivate consensus we have built over the last decade for MTA’s Capital Program, including the first system expansions in over half a century. While our first priority will always be maintenance of our core assets, these important projects must be seen as part of that same that they commitment.

They will further invigorate the regional economy, boost our revenue capacity, and lead us into the next growth cycle. This growth-oriented plan commands a broad consensus among our funding partners, as

6 ½ AVE. PEDESTRIAN ARCADE

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evidenced by our high bond ratings, ballot approvals, and crucial city, state, and federal commitments. I am honored to have been appointed by Governor Spitzer to run the nation’s largest regional transportation system. One of my first acts as Executive Director and Chief Executive Officer was to take a “walking tour” of the MTA system. I met dozens of MTA workers, engineers, managers, and other staff, all of whom impressed me tremendously. I got to experience first hand what our customers see each day – a transportation agency that has made great progress over the years in moving more people over more reliable systems. And those trips are cleaner, safer, and more reliable than ever.

The customer injury rate has fallen 25 percent, the staff injury rate is down 57 percent. Transportation reliability, as measured in “mean distance between failures,” is up 103 percent for MTA New York City Transit subways and 100 percent for Transit buses, 78 percent for MTA. Metro-North Railroad, and 80 percent for MTA. .Long Island Rail Road – a remarkable improvement I’ve seen first hand in my own daily commute.

On both the capital and operating sides, our budget challenges are serious. But I am confident that we can arrive at long-term solutions. Over the last decade, MTA has proven beyond a doubt the enormous economic value of mass transportation.

We have established a solid record of consensus building and a high level of confidence among voters, legislators, and the capital markets. Now is the time.

Thomas F. Prendergast

Chairman and Chief Executive Officer

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" A bad day in to our investors New York City is still better than a good day anywhere else."

Go find your next adventure.

Use this MetroCard to explore your next New York adventure you never knew existed, on us.

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our mission is to safeguard the lives and property of the people we serve while insert this way / this side facing you

maintaining the highest

metrocard

standards of professionalism and integrity throughout UNCOVERING NEW YORK’S HIDDEN TREASURES

the metropolitan region.

ROY LICHTENSTEIN MURAL | 42ND ST. TIMES SQUARE

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I am honored to have been appointed by Governor Spitzer to run the nation’s largest regional transportation system. One of my first acts as Executive Director and Chief Executive Officer was to take a “walking tour” of the MTA system. I met dozens of MTA workers, engineers, managers, and other staff, all of whom impressed me tremendously.

I got to experience first hand what our customers see each day – a transportation agency that has made great progress over the years in moving more people over more reliable systems. And those trips are cleaner, safer, and more reliable than ever.

The customer injury rate has fallen 25 percent, the staff injury rate is down 57 percent. Transportation reliability, as measured in “mean distance between failures,” is up 103 percent for MTA New York City Transit subways and 100 percent for Transit buses, 78 percent for MTA Metro-North Railroad, and 80 percent for MTA Long Island Rail Road – a remarkable improvement I’ve seen first hand in my own daily commute. Equally impressive is the publicprivate consensus we have built over the last decade for MTA’s Capital Program, including the first system expansions in over half a century. While our first priority will always be maintenance of our core assets, these important projects must be seen as part of that same that they commitment.

They will further invigorate the regional economy, boost our revenue capacity, and lead us into the next growth cycle. This growth-oriented plan commands a broad consensus among our funding partners, as

evidenced by our high bond ratings, ballot approvals, and crucial city, state, and federal commitments. I am honored to have been appointed by Governor Spitzer to run the nation’s largest regional transportation system. One of my first acts as Executive Director and Chief Executive Officer was to take a “walking tour” of the MTA system. I met dozens of MTA workers, engineers, managers, and other staff, all of whom impressed me tremendously. I got to experience first hand what our customers see each day – a transportation agency that has made great progress over the years in moving more people over more reliable systems. And those trips are cleaner, safer, and more reliable than ever.

The customer injury rate has fallen 25 percent, the staff injury rate is down 57 percent. Transportation reliability, as measured in “mean distance between failures,” is up 103 percent for MTA New York City Transit subways and 100 percent for Transit buses, 78 percent for MTA. Metro-North Railroad, and 80 percent for MTA. .Long Island Rail Road – a remarkable improvement I’ve seen first hand in my own daily commute.

On both the capital and operating sides, our budget challenges are serious. But I am confident that we can arrive at long-term solutions. Over the last decade, MTA has proven beyond a doubt the enormous economic value of mass transportation.

We have established a solid record of consensus building and a high level of confidence among voters, legislators, and the capital markets. Now is the time.

Thomas F. Prendergast

Chairman and Chief Executive Officer

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to our investors

our stations

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Stations are the front door of our subway and commuter rail system, providing customers with their first impression of our organization every single day. Stations are also public spaces used

by New Yorkers 24 hours a day, 365 days a year, and the look, feel,and security of our stations have a real impact on people’s lives.

The MTA Capital Program includes $2.6 billion for station improvements. Through our new Component Program, we’re fixing the subway station components most in need of repair first, instead of waiting for full-station rehabilitations. These strategically targeted repairs have put us on track to reach more than two times as many stations in this Program than in the previous one, and helped us to achieve savings of over $420 million.

The New York City Subway is a rapid transit system that serves four of the five boroughs of New York City in the U.S. state of New York: the Bronx, Brooklyn, Manhattan, and Queens.

Operated by the New York City Transit Authority under the Metropolitan Transportation Authority of New York, the New York City Subway is the busiest rapid transit system in the United States and the fourth busiest in the world, with 5.225 million daily riders. The system’s 469 stations qualifies it to have the largest number of rapid transit stations in the world.

Three rapid transit companies merged in 1940 to create the present New York City Subway system: the Interborough Rapid Transit Company (IRT), the Brooklyn–Manhattan Transit Corporation (BMT), and the Independent Subway System (IND). All three former systems are present in Manhattan.

Although many east-west numbered streets in Manhattan, as well as Houston Street, are prefixed with either “East” or “West,” most subway stations are named without the prefix, i.e. 33rd Street instead of East 33rd Street. The exception is West Fourth Street – Washington.

hudsonyardsstation

The project extends the existing No.7 Line subway service via a 1.5 mile extension from Times Square to the new 34 Street – Hudson Yards station located at West 34th Street and 11th Avenue, with additional train storage tracks south to West 25th Street. This is the only station south of 59 Street to provide service west of 9th Avenue. The station is designed to handle 25,000 people in a peak hour and is anticipated to become the busiest single line station in the New York City Transit Subway system once Hudson Yards is fully developed.

27.6 ft. UPPER MEZZANINE HIGHLIGHTS

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— An oval shaped, stainless steel and glass Station Service Center (formerly referred to as a token booth) — A Retail Concession area located behind the Station Service Center.

— 4 Metrocard vending machines — 2 Customer Information Centers with subway and bus maps

109 ft. LOWER MEZZANINE HIGHLIGHTS — Length: 1,025 feet — Public area: 585 feet long, 50 feet wide — 24 Digital Screens for Advertising and Service Information

125 ft. PLATFORM HIGHLIGHTS — Column-free platform configuration.

— The station’s platform is among the widest (36 ft.) and longest (585 ft.) in the transit system. below street level

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25 YEARS FIRST SUBWAY EXPANSION IN

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650,000 travel through Pennsylvania Station on an average day

Pennsylvaniastation ECLIPSED TIME In Eclipsed Time Maya Lin tries to get commuters to think differently about time and trains. "I'm asking for a one-onone relationship between the viewer and the work," the artist says. The large metal sculpture combines craftsmanship with contemporary technology to

Pennsylvania Station, also known as New York Penn Station or Penn Station, is the main intercity railroad station in New York City. Serving more than 600,000 commuter rail and Amtrak passengers a day — up to one thousand every ninety seconds — it is the busiest passenger transportation facility in the United States and in North America. Penn Station is in the midtown area of Manhattan, close to Herald Square, the Empire State Building, Korea town,and the Macy’s department store.

Entirely underground, it sits beneath Madison Square Garden, between Seventh Avenue and Eighth Avenue and between 31st and 34th Streets. The station has 21 tracks fed by seven tunnels the North River Tunnels, the East River Tunnels, and the Empire Connection tunnel).

tell time.

LOST PENN STATION

Revenues 17

This cast-iron partition in the waiting room is the only official remnant according to MTA spokes Sal Arena. This entryway was saved because it was walled off during the demolition and

dining

left untouched and forgotten

12%

for 30 years.

shopping

24%

KRISPY KREME If you are craving a classic glazed donut from Krispy Kreme there is exactly one place for you to get one in New York City. The Krispy Kreme is located in Penn Station by the Long Island Rail Road.

sales 64%

grandcentralterminal

Grand Central Terminal (GCT; sometimes referred to casually as Grand Central Station) is a commuter (and former intercity) railroad terminal at 42nd Street and Park Avenue in Midtown Manhattan in New York City, United States. Built by and named for the New York Central and Hudson River Railroad in the heyday of American longdistance passenger rail travel, it covers 48 acres (19 ha) and has 44 platforms, more than any other railroad station in the world. Its platforms, all below ground, serve 41 tracks on the upper level and 26 on the lower, though the total number of tracks along platforms and in rail yards exceeds 100.

ROOM M42 Somewhere more than 10 stories below the Main Concourse, is a room so guarded that it doesn’t even appear on the structure’s blueprints. In fact, it wasn’t even publicly acknowledged until the 1980s. Referred to as M42, the room holds a massive converter powering all the electricity running through Grand Central, including the rails.

Revenues

TRACK 61

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Track 61, or the Waldorf Astoria track, originally built for a loading platform for a powerhouse that sat above it.

This track is famously thought

events

to have transported Franklin

8%

dining

Delano Roosevelt, to hide the

12%

sales 32%

fact that he was wheelchairbound due to polio.

shopping 48%

CAMPELL APARTMENT Formerly the private office and salon of 1920's tycoon, John W. Campbell, The Apartment has been fully-restored to its original splendor and reborn as a chic cocktail lounge.

travel through Grand Central Station on an average day

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750,000

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We have completed a comprehensive review of service on the subway lines, The Transit New York City Bus, The Long Island Rail Road, The Metro-North Railroad, and the Bridges and Tunnels (including but not limited to the Throngs Neck, Verrazano-Narrows Bridge, Lincoln Tunnel, etc.) the 11.4-mile subway route which serves growing neighborhoods in Brooklyn and Queens.

The review found several opportunities to improve service, including additional trains during the afternoon peak period to operate every 8 minutes instead of every 10 minutes, contingent on identifying $700,000 in additional funding for that service. Adjusting operating times and changing the locations where trains stop within stations can all help make passenger loads more even between scheduled trains and between the cars in individual trains.

The review studied all elements of how subway service operates on the line, off the line, and everything in between the line including scheduling conflicts with other train lines that use the same tracks, how train personnel prepare their trains to enter service at terminals, and where trains stop at its 21 stations – even where benches are placed within those stations.

The review was performed at the request of New York State Senators Daniel Squadron and Martin MalavĂŠ Dilan.

MTA carries out these planning and other responsibilities both directly and through its subsidiaries and affiliates, and provides oversight to these subordinate agencies, known collectively as "The Related Entities". The Related Entities represent a number of previously existing agencies which have come under the MTA umbrella. Agencies were the exception.

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year overview

TOLLSANDFARES

LIFE UNDERGROUND SCULPTURES 8th St. Subway Station R N Q

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Tom Otterness's "Life Underground" has emerged as one of the most popular pieces of subway art in the system. Regular riders doubtless noticed that installation took several years, owing to long disputes with bureaucrats. Otterness now creates exclusively public works and like other public artists he considers with officials part of the creative process.

Depending on where you're traveling, there is a different system for different branches. For example, to access the subway or the New York City Transit Bus the MetroCard is the best point of access. There are many different options to refill your MetroCard. The Pay-Per-Ride, Unlimited Ride MetroCard, 7 Day, 30 Day or an EasyPayXpress MetroCard.

However, if you're driving over the Bridges or through the tunnels, an E-ZPass is the way to go. Simply by attaching the E-ZPass into your car you can go through tolls much quicker, with a 5 second delay. You can either get an Individual, Business or On the Go plan when purchasing your E-ZPass.

To access the railroads you need to buy tickets either per ride, monthly, weekly, ten days, or off-peak or peak tickets.

These all can vary prices in terms of how often you need to purchase tickets. Buying a monthly pass is beneficial to commuters because it allows easy access to the train at a price that pays for itself.

$2.75 Subway

5,597,551 average weekday ridership 3,233,114 average saturday ridership 2,662,791 average sunday ridership

$2.75 Transit bus

2,123,092 average weekday ridership 1,305,437 average saturday ridership 23

1,024,279 average sunday ridership

$13.00

Long Island Rail Road, average one way peak 40,726 average weekday ridership 22,861 average saturday ridership 15,418 average sunday ridership

$11.08

Verrazano-Narrows Bridge, round trip with E-ZPass 204,181 average weekday ridership 401,202 average saturday ridership 387,178 average sunday ridership

*note that prices vary at different stations, bridges, or tunnels

busiest subway stations

TIMES SQUARE 42nd St. / 65,948,730

GRAND CENTRAL 42nd St. / 46,084,652

HERALD SQ. 34nd St. / 39,285,568

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UNION SQ. 14th St. / 28,638,643

THESUBWAY From the original 28 stations built in Manhattan and opened on October 27, 1904, the subway system has grown to 469 stations, most of which were built by 1940. Their design represents three distinct styles since two private companies – the Inter-borough Rapid Transit Company (IRT) and the Brooklyn-Manhattan Transit Corporation (BMT) – and the city-owned Independent Rapid Transit Railroad (IND), built them. The more ornate IRT and BMT stations were largely open by 1928, while the newer IND, which mostly opened between 1932 and 1948, used a more streamlined, MachineAge design. The primary difference among the three types of stations is platform lengths. IRT stations have platforms that are generally 525 feet long; most BMT platforms are around 615 feet long, and some IND platforms 660 feet.

Over the past 30 years, NYC Transit has rehabilitated or upgraded almost half the stations in the system, making sure to rebuild the distinctive tile mosaics of the stations.

More recently, NYC Transit has also begun inventorying and replacing failing or outdated individual components of stations. In addition, MTA Arts for Transit has commissioned and installed artwork in dozens of stations through New York City since 1985.

6,106,000 total miles traveled

1,751,287,621 361,100,000

annual ridership

most ridership in one day

THELONGISLANDRAILROAD

The Long Island Rail Road is both the largest commuter railroad and the oldest railroad in America operating under its original name. Chartered in 1834, it extends from three major New York City terminals — Penn Station, Flatbush Avenue, and Hunterspoint Avenue — through a major transfer hub at Jamaica to the easternmost tip of Long Island.

Traditionally serving a Manhattan-bound market, the LIRR has undertaken extensive efforts to augment its reverse-commute and off-peak service to meet the needs of businesses in Nassau and Suffolk counties.

The railroad has replaced many of its oldest electric cars with state-of-the-art M-7 rail cars and has modernized its entire diesel fleet with new locomotives, bilevel coaches, and “dual-mode” locomotives that operate in both diesel and electrified territory, enabling many customers to travel between Long Island and Manhattan without changing trains.

1,165

rail cars

285,082

average weekday passengers

81,753,411

annual ridership

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11 RAIL LINES

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RAIL LINES

THEMETRO-NORTH

1,239

rail cars

281,331

average weekday passengers

82,953,628 annual ridership

Metro-North Railroad is second largest commuter railroad in the nation. Its main lines — the Hudson, Harlem, and New Haven — run northward out of Grand Central Terminal, a Beaux-Arts Manhattan landmark, into suburban New York and Connecticut.

Grand Central has been completely restored and redeveloped as a retail hub — a destination in its own right.

West of the Hudson River, Metro-North’s Port Jervis and Pascack Valley lines operate from NJ Transit’s Hoboken terminal and provide service to Rockland and Orange counties. With the opening of Secaucus Junction, West-of-Hudson customers can now transfer to trains that will carry them directly to Newark or New York’s Penn Station, and the Pascack Valley Line has introduced weekend service for the first time in 60 years.

The railroad upgraded its rolling stock through the acquisition of M-7 rail cars for Harlem and Hudson Line service and is introducing M-8 cars - in partnership with the State of Connecticut - to replace the aging New Haven Line fleet.

THENEWYORKCITYBUS When the subway opened in 1904, it launched an unprecedented era of growth and prosperity for the newly unified New York City. One hundred years later, the city’s reliance on its underground rapid transit system is greater than ever. NYC Transit keeps New York moving 24 hours a day, seven days a week, as its subways speed through underground tunnels and elevated structures in the boroughs of Manhattan, Brooklyn, Queens, and the Bronx.

On Staten Island, the MTA Staten Island Railway links 22 communities.

Motor-bus service on the streets of Manhattan began in 1905. Today, NYC Transit’s buses run in all five boroughs (Manhattan, Queens, the Bronx) on more than 200 local and 30 express routes. They account for 80 percent of

the city’s surface mass transportation.

NYC Transit also administers paratransit service throughout New York City to provide transportation options for people with disabilities to ride the MTA nowadays.

MetroCard®, the MTA’s automated fare collection medium, is accepted on all New York City Transit subway stations and on buses. It can also be used on MTA Bus, Nassau Inter-county Express (NICE) bus, and on the PATH system (operated by the Port Authority of New York and New Jersey), a subway linking New York and New Jersey and Connecticut.

Among NYC Transit’s capital projects are additional new subway cars and a state-of-theart “communication-based” signal system to replace mechanical signals dating to 1904.

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BUSIEST LOCAL BUS ROUTES

15,812,906 BX12 LOCAL / BRONX

M15 LOCAL / MANHATTAN

15,122,138

B46 / BROOKLYN

13,396,076 B6 / BROOKLYN

12,290,780 BX1/2 / BRONX

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15,604,594

busiest bridges

THROGS NECK BRIDGE 104,032 ROBERT F. KENNEDY BRIDGE 88,887

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VERRAZANO-NARROWS BRIDGE 169,655

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BRONX-WHITESTONE BRIDGE 97,5000

BRIDGESANDTUNNELS 361,100,000

most ridership in one day

1,751,287,621 6,106,000

busiest (con't)

BRIDGES

5. Henry Hudson Bridge / 66,517 6. Marnie Parkway Bridge / 20,999 7. Cross Bay Veterans Memorial Bridge / 20,773

TUNNELS

annual ridership

1. Queens Midtown Tunnel / 60,019 2. Brookyln-Battery Tunnel / 42,249

total miles traveled

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W by Robert Moses, MTA Bridges and Tunnels serves more than 800,000 vehicles each weekday — nearly 290 million vehicles each year — and carries more traffic than any other bridge and tunnel authority in the nation. Surplus revenues from the authority’s tolls help support MTA transit services.

MTA Bridges and Tunnels bridges are the Robert F. Kennedy, Throgs Neck, Verrazano-Narrows, BronxWhitestone, Henry Hudson, Marine Parkway-Gil Hodges Memorial, and Cross Bay Veterans Memorial; its tunnels are the Hugh L. Carey and Queens Midtown. All are within New York City, and all accept payment by E-ZPass, an electronic toll collection system that is moving traffic through MTA Bridges and Tunnels toll plazas faster and more efficiently. Eighty-four percent of the vehicles that use MTA Bridges and Tunnels crossings on weekdays now use E-ZPass.

MTA Bridges and Tunnels is a cofounder of the E-ZPass Interagency Group, which has implemented seamless toll collection in 14 states, including New York, New Jersey, Delaware, Illinois, Indiana, Maine, Maryland, Massachusetts, New Hampshire, Ohio, Pennsylvania, Rhode Island, Virginia, and West Virginia; tolls are charged electronically to a single E-ZPass account.

paid annual rides divided by branch of mta

SUBWAY 56% / 1,751,287,621

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BRIDGES & TUNNELS 10% / 286,416,905 TRANSIT BUS 24% / 667,051,170

LONG ISLAND RAILROAD 3% / 85,868,246

METRO-NORTH RAILROAD 3% / 84,659126

consolidated statements revenues, expense, and changes in net position

OPERATING REVENUES: Fare revenue $

Vehicle toll revenue Rents, freight, and other revenue

5,709 1,676 585

Total operating revenues

7,970

OPERATING EXPENSES: Salaries and wages Retirement and other employee benefits Post employment benefits other than pensions (Note 5) Electric power Fuel Insurance Claims Paratransit service contracts Maintenance and other operating contracts Professional service contracts Pollution remediation projects (Note 13) Materials and supplies Depreciation Other Total operating expenses

5,416 2,738 2,523 516 268 36 263 366 500 241 21 526 2,266 169 $

Net (recoverables)/expenses related to asset impairment (Note 7) OPERATING LOSS

15,849 (1) (7,878)

NON-OPERATING REVENUES (EXPENSES): Grants, appropriations, and taxes: Tax-supported subsidies — NYS: Mass Transportation Trust Fund subsidies 659 Metropolitan Mass Transportation Operating Assistance subsidies 1,564 Payroll Mobility Tax subsidies 1,590 MTA Aid Trust Account subsidies 313 Tax-supported subsidies — NYC and Local: Mortgage Recording Tax subsidies 367 Urban Tax subsidies 800 Other subsidies: New York State Service Contract subsidy 17 Operating Assistance - 18-B program 376 Build America Bond subsidy 89 Total grants, appropriations, and taxes $ 5,775 Connecticut Department of Transportation $ 118 Subsidies paid to Dutches, Orange, and Rockland Counties (6) Interest on long-term debt (1,358) Station maintenance, operation and use assessments 164 Operating subsidies recoverable from NYC 472 Other net non-operating revenue 10 Federal Transit Authority/Federal Emergency Management Agency reimbursement 25 Change in fair value of derivative financial instruments (Note 8) 1 Net non-operating revenues

5,201

LOSS BEFORE APPROPRIATIONS

(2,677)

APPROPRIATIONS, GRANTS, AND OTHER RECEIPTS EXTERNALLY RESTRICTED FOR CAPITAL PROJECTS

1,754

CHANGE IN NET POSITION

(923)

NET POSITION— Beginning of year

14,205

Restatement of beginning net position (Note 2) NET POSITION — End of year

$

13,282

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dollars in millions

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MASSTRANSISCOPE Q

Manhattan Bound Q-Train In the tunnel leading from the Dekalb Station to the Manhattan bridge is Masstransiscope, a series of 208 lighted

panels that suddenly make the walls come alive. Based on a zeotrope, the foundation of modern film making, a series of images appear to jump to life thanks to the motion of the fast moving train.

36 MTA New York City Transit 2 Broadway New York, NY 10004 877-323-7433