NYC congestion pricing surpasses revenue expectations in February

In February, New York City's congestion pricing program brought in more money than expected. The Metropolitan Transportation Authority (MTA) reported that the toll generated $51.9 million, exceeding their plan of $49.6 million by $2.3 million. Most drivers pay a $9 toll to use surface streets in Midtown and lower Manhattan. This is the second month in a row that the program has achieved stronger revenue than anticipated. It also cost less to manage, with expenses at $11.5 million, down from the expected $16.6 million. The net revenue for January was $40.4 million, which is an increase from January's $37.5 million. The MTA's co-CFO, Jai Patel, praised the revenue results, saying they are on track to meet their goal of raising $500 million each year from the tolls. This money will support $15 billion in bonds for important MTA projects. Most of the revenue came from passenger vehicles, which made up two-thirds of the total. Taxis and rideshare services like Uber and Lyft accounted for 24% of the revenue, while trucks contributed 9%. Buses and motorcycles were responsible for 1%. The revenue news follows the recent extension of a "deadline" by President Trump's transportation secretary, Sean Duffy, regarding the toll. Governor Hochul confirmed her commitment to keeping the toll in place. Meanwhile, the MTA is awaiting a response to a lawsuit claiming that Duffy's order is unconstitutional.