➤ What the bill does: (i) Creates a new account, the Move NY Mobility Fund and directs that all the following must be transferred to this Fund -- and to only this Fund:
- the new CBD avenue tolls (Topic 1.1)
- the new East River bridges toll (Topic 1.2)
- the new taxi and FHV surcharges (Topic 1.3)
- any penalties and fees collected from people who don't pay the new tolls on time (Topic 4.2)
- amount of new taxes from repealing the resident exemption to the parking tax surcharge (Topic 1.4)
(ii) Prohibits mixing any other kinds of revenue into this Fund.
(iii) Gives ownership of the fund to a new agency, the Move NY Highway and Transit Authority (MNYHTA) (Topic 4.1), which is required to spend the money only for specified transportation-related purposes (Topic 3), and which does not need an appropriation or other approval from the legislature or governor before making these transportation-related disbursements.
➤ Rationale: In the past, taxes and fees supposedly dedicated to transportation funding have been used for other things. The bill sets up a system in which money from the new tolls and surcharges never goes through the yearly budget process. It's kept in a separate fund, under the control of a new agency that must spend it for specified transportation purposes. The agency does not need legislative or other authorization for annual transportation spending.