Of Course Congestion Pricing Is Worth It — Who Can Argue With 6.3% Less Traffic* And 15% More Transportation Funding!

But really, doesn’t the concept of a dedicated funding stream take the state off the hook for transit improvments? That’s a good thing when New York City is trying to recoup more of the money it sends to Albany? And then there’s the question of how much of an impact 15% would even have:

Supporters of Mayor Michael R. Bloomberg’s plan to charge people who drive into the busiest parts of Manhattan have promoted it as a way to provide a steady flow of money to pay for improvements to public transportation for decades to come.

Trains would be less crowded. Stations would be spruced up. A new subway line would be built.

But under a new spending plan released Wednesday by the Metropolitan Transportation Authority, so-called congestion pricing would cover a relatively small portion — 15 percent — of money needed for transit improvements. That would leave the authority still scrambling for money.

The authority said that it would need $29.5 billion from 2008 through 2013 for system improvements (like thousands of new buses and modernized subway signals) and expansion (like work on the Second Avenue subway).

It tentatively identified $20 billion in potential sources of funds, including $4.5 billion that could be raised by borrowing against congestion pricing revenue. But officials were unable to say where the remaining $9.5 billion would come from at a time of city and state budget tightening. They planned to ask the governor’s office and the State Legislature to come up with a financing formula to make up the shortfall.

Elliot G. Sander, the authority’s chief executive, said that unless its plan is financed in full, the transit system risked sliding back into the disrepair of the 1970s and 1980s.

. . .

Under the plan, the $4.5 billion in borrowing that would be made possible by congestion pricing accounts for just 15 percent of the authority’s infrastructure needs through 2013.

. . .

Mr. Bloomberg, who first proposed congestion pricing in April, said in a statement that it provided “one of the only reliable sources of funding” for the authority’s capital program “and without it, the projects in this plan will not happen.”

But the spending plan also exposed lines of tension between the authority and City Hall over how congestion revenues would be used.

Aides to Mr. Bloomberg said revenue from the system should allow for a total of $6 billion in borrowing — $1.5 billion more than the authority proposed.

The authority said it came up with a lower number because some congestion revenue should be set aside to cover operating costs, which would rise as it adds service to accommodate people who switch from cars to public transit once the system goes into effect.

The mayor has said that all congestion revenue should go to support capital spending.

The majority of money under the plan would go for the upkeep and modernization of the current system. It calls for the purchase of 590 subway cars, 2,976 buses and 440 commuter rail cars. It includes rehabilitation plans for 44 subway stations and the modernization of signals in parts of the subway system.

*As per PlaNYC 2030 Transportation Report (.pdf)