Bill > S1641

This bill establishes a new MBTA Finance Control Board, comprised of five members including three designees of the Secretary of Administration and Finance with expertise in fiscal management, the Secretary of Transportation, and the Chair of the MBTA Board of Directors, to ensure the financial stability of the Massachusetts Bay Transportation Authority (MBTA). This board will have broad powers to manage the MBTA's finances, including approving all spending, amending budgets, formulating capital plans, addressing operational deficits, reviewing contracts, setting fees, controlling personnel matters such as hiring and firing employees, and reorganizing departments. The board will remain in existence until the MBTA can meet its financial obligations for the next fiscal year and beyond, and it must report its findings and recommendations to the Governor and legislative leaders. Additionally, if the MBTA Board of Directors determines that funds will be insufficient to meet its obligations, it must notify state officials and request the immediate replacement of the existing board with the newly established Finance Control Board.