NEW YORK — The cost of a New York City transit system is expected to reach more than $200 billion this year, as officials continue to grapple with the city’s massive fiscal crisis.
The total estimated cost of the four rail lines and one ferry system is more than double what was estimated earlier this year.
That’s despite a projected $60 billion surplus that will be used to repair the city and fund new construction.
The estimated $100 billion surplus is the result of an additional $60 million from the city.
It’s a huge amount for a city that is on the brink of a $1.8 billion budget deficit, according to the City Council.
The surplus, which includes $30 million in sales tax revenue and $30.5 million in operating surpluses, will help fund $120 million in infrastructure projects over the next six years.
The new projects are among the citys biggest, according.
The projects will add hundreds of millions of dollars in revenue and support the citywide economy, the mayor said at a news conference.
The mayor said the transit system will cost about $3 billion more than estimated.
But that includes $3.2 billion for the three bridges, $1 billion for tunnels and a $5 billion loan for a second tunnel under the Hudson River.
The loan will pay for the second tunnel until the next project is built.
New York is not alone in its debt crisis.
The U.S. capital city of Washington, D.C., is also in the middle of a fiscal crisis, with $3 trillion in unfunded liabilities.