N.J. Transit Stages Record Raid on Capital Account to Pay Bills

July 17, 2017

By Elise Young, Bloomberg Quint; July 16, 2017

(Bloomberg) — New Jersey Transit is using a record $505 million earmarked for maintenance and other capital improvements to plug a hole in its operating budget through mid-2018, continuing the years-long practice of raiding that fund to pay for day-to-day expenses.

Even though the commuter rail system has been dogged by delays and crowding, the agency increasingly has drawn from an account intended for upkeep and upgrades. Of the total $7.6 billion tapped by Democratic and Republican administrations since 1990, two-term Republican Governor Chris Christie has shifted $3.4 billion, or 45 percent.

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