MassDOT says reductions in overtime and other costs mean the T should end the current fiscal year $75 million under budget - money that will immediately go towards plugging a budget deficit that starts July 1.
The Fiscal Management and Control Board that now runs the T will consider the cost savings at a meeting today. Even with the anticipated savings from this year, the T still projects a deficit of $138 million for the next fiscal year.
Left unanswered is whether the board is still on track to increase fares by 10% effective July 1; state officials say costs savings will help them pay for much needed capital projects across the system, such as replacing 100-year-old signals on the Green Line.
Officials say that in addition to costs savings, revenue across the T system increased 25% this year.