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State audit finds MTA is sitting on $90 million

A train arrives to the Astor Place station early Friday, Dec. 16, 2005 in New York. (AP Photo/ Dima Gavrysh)
February 14, 2013 5:15:30 AM PST
A New York State audit finds that the MTA overlooked over $90 million sitting in various bank accounts.

State Comptroller Thomas DeNapoli says the agency did a poor job managing its cash on hand. He said it had excess bank accounts and no set targets for short-term investing of billions of dollars.

The audit made several recommendations on how the MTA could improve management of its cash and investments.

In its response, the agency said it rigorously monitors its funds, balances and investments.

The audit looked at the MTA's management of its cash flow and investments from January 2008 to March 2012.

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ONLINE: mta.info

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