CBC Issues Report Estimating Mario M. Cuomo Bridge Toll Will Double
To Fund Costs of Bridge Construction Toll Needs to Increase to Approximately $10
CBC Recommends Implementation of New Toll to Coincide with Full Operation of New Bridge in 2018
The Citizens Budget Commission (CBC) today released a report, titled "Bridging the Financial Gap," that revealed the toll on the Governor Mario M. Cuomo Bridge may double to approximately $10 to fund the costs of the bridge's construction. CBC's toll estimate is based on projected annual debt service costs to repay loans and bonds the Thruway Authority used to finance the construction costs of the bridge, which may reach $4 billion when the bridge is finished next year.
"Increasing the toll on the Cuomo Bridge is the most appropriate and equitable way to repay the loans and bonds used to build this bridge," said CBC President Carol Kellermann. "New York State and the Thruway Authority continue to avoid discussing what the new toll will be, and this report shows an increase is the best way to repay the debt."
Increases in tolls for passenger cars would need to increase as follows:
- For non-commuter passenger cars using E-ZPass, the estimated toll will need to be approximately $9.67 to $10.61.
- For those not using E-ZPass, the toll is estimated to be between $10.20 and $11.19.
- For local residents utilizing the Thruway Authority's commuter plan, the toll will be approximately $6.74 to $7.45.
Despite being two times higher than current rates, this estimated toll level is still considerably less than the nearest alternative to the Cuomo Bridge, the George Washington Bridge, which has a toll of $15.
The estimated toll is also less than projections made by the State in 2012, which suggested a toll of up to $14 for passenger cars. The reduction can be attributed to savings generated by the State's use of design-build contracting, and the use of cash reserves to pay $1 billion of the bridge's nearly $4 billion cost.
The full report is available at www.cbcny.org/research.