Control Board Says MBTA Finances Unsustainable

TRANSITBOSTON (AP) — A financial control board that was created to oversee the Massachusetts Bay Transportation Authority is painting a “bleak” picture of the Boston-area transit system.

In the board’s first report to the Legislature on Tuesday, it said the T’s budget was broken, with operating expenses and debt service growing at a faster rate than revenues can keep up.

Without prompt action to reverse the trend, the board said the system will face a structural deficit of $242 million next year, growing to $427 million in five years.

The board also warned that the T lacks sufficient capital investment to chip away at an estimated $7.3 billion state-of-good-repair backlog.

Gov. Charlie Baker called for creation of the five-member board after a winter of crippling transit breakdowns.

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