State and city subsidies to the Metropolitan Transportation Authority have been largely unchanged since 1990, even with the agency in dire financial straits and proposing two fare hikes during the next 18 months, according to a new report.

The report, to be released by the city’s Independent Budget Office on Friday, says coverage of the MTA’s latest fare hike proposal has largely ignored the issue of government monies earmarked for the agency, though it stops short of making any policy recommendations.

According to the report, Mayor Bloomberg has not accurately portrayed how much money the city currently gives to the MTA. Mr. Bloomberg has said the city will fund the agency with about $1.2 billion in fiscal year 2008, while the MTA’s preliminary 2008 budget projects subsidies of $858 million from all local and state sources.

The IBO reports that the city contributed about $695 million to the agency’s budget in 2007, a number that has not changed significantly since operating subsidy levels were set in 1995. Most of the city’s money went toward the funding of New York City Transit, including funds toward reduced fares for students, seniors, and those with disabilities.

The report says the MTA also received about $883 million in urban tax revenue in 2007, 90% of which went toward New York City Transit.

In some instances, the city’s contribution to the MTA has decreased in recent years. The report says the city’s annual subsidy to the agency’s capital program is currently about $106 million, but the report says that between 1987 and 1996 the city’s annual contribution averaged “well more than $200 million.”

Because of state transportation laws, the report says, the state’s subsidies to the MTA have also remained flat, with Albany contributing about $191 million in direct operating assistance, although no state money goes toward the agency’s capital program.