New York City taxpayers have been subsidizing ferry rides at a much higher rate than previously reported, with the city underreporting nearly $224 million worth of expenses dating back as far as 2015.
A report by the city comptroller's office finds the city underreported the true cost of NYC Ferry.A report by the city comptroller's office finds the city underreported the true cost of NYC Ferry.New York City taxpayers have been subsidizing ferry rides at a much higher rate than previously reported, according toThe 50-page report found the city underreported nearly $224 million worth of expenses dating as far back as 2015, when former Mayor Bill de Blasio launched the ferry service.
While all mass transit is subsidized, the ferry has been heralded by de Blasio and current Mayor Eric Adams as an important but costly city service, despiteshowing ferry ridership skews whiter and wealthier than other forms of mass transit in the city. Lander added he'd rather subsidize daily commuters that use the ferry than tourists or weekend beach-goers, and believes the city should create a pricing structure for different types of riders.
The comptroller’s office found the EDC’s accounting practices didn’t include depreciation in its total costs, and removed capital expenses after 2018 —— in new ferries and improving the service. The report also found that the city overspent on one ferry by nearly $3 million without asking for a refund on the difference.
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