The New York State Department of Transportation is facing a funding crisis that threatens to kill off the agency’s $3.2 billion in annual revenue.
As of Sept. 30, state government had an operating budget of $7.4 billion, but the department’s fiscal year, which began July 1, is running out of money.
In an effort to shore up the state’s finances, the Legislature enacted a budget deal in April that would have made state government revenue neutral and eliminated the statewide property tax.
That plan is expected to be enacted next month.
The governor’s office, in a statement, said the funding situation has been worsened by an ongoing budget crisis.
The department received $3 billion in funding from the state of New York, which includes a portion of the federal tax credit, in its 2016-17 budget.
That funding will expire in July.
That means the state will not receive additional federal tax revenue in 2018, when the state is expected, and 2019.
The state’s transportation budget will be reduced to $2.4 million from $3 million in 2017-18, according to the statement.
The cuts will affect nearly 1,400 jobs.
Under the new budget, state revenue is expected fall by about $4.4 per capita, and its transportation funding is expected drop by about 60 percent.
The transportation department has received $8.5 million in state tax credits and $2 million from the federal Department of Housing and Urban Development, and a total of $17 million from both.
But because of the funding crisis, the state cannot provide any more assistance to municipalities and municipalities cannot give additional tax credits to other local governments, according the statement from the governor’s administration.
The budget deal was passed in April with the support of the Democratic-controlled Legislature, and it has passed the Republican-controlled Assembly, according news reports.
But it is unlikely to pass the Senate, which has a Republican majority.
The funding crisis is likely to be exacerbated by the state budget deal that was passed, as New York’s population will increase by more than 13 percent in the next decade, according a new report by the Manhattan Institute.
The report predicts that the population of the state could grow by 3 million by 2050, the first time it has done so since 1950.
The population has also grown by 4.7 percent since 1990.
The report, “A New Era of Growth and Growth,” predicts that by 2045, the New York metropolitan area will be the world’s largest economy, with more than 11 million residents, or nearly 4 percent of the country’s population.
The metropolitan area’s growth is expected in the years ahead, as the population grows and as more people move to cities, said Richard Gendelman, director of the Manhattan institute.
The city has experienced a dramatic increase in population since the 1960s, with a dramatic shift to suburban sprawl.
The growth has also increased in the last two decades, and has pushed the population further away from the metropolitan areas that traditionally served as the centers of population growth, he said.
The decline in state funding for transportation and infrastructure could also mean that local governments will be left without funding for public transit, according David A. Miller, executive director of New Yorkers for Transportation Equity.
The impact of the budget crisis is especially dire for cities that have long depended on the state transportation fund for their operations.
In recent years, the city of New Orleans has cut back on transit funding, a shift that has caused other cities to seek alternative funding sources, according CNN.
The New York state Department of Transport has not yet responded to requests for comment.