A panel convened by Massachusetts Gov. Charlie Baker to examine the MBTA ripped the transit agency, saying it’s in severe financial distress, has ineffective management and struggles to complete all types of projects.

At a press conference, panel co-chair Stephanie Lapp said there’s a pervasive organizational failure at the MBTA.

“This failure inhibits the MBTA from providing modern, reliable, high quality public transportation services every day, every rush hour and in all weather,” Lapp said.

Lapp says the T will eventually need more state dollars but providing it now makes no sense. The T has to implement reforms first, she says.

The panel found the MBTA already has extra money it could be spending on capital projects, but the agency isn’t using it. Transportation secretary Stephanie Pollack says she’s launching an investigation into where that money got stuck.

MBTA General Manager Frank DePaola, who was installed in February, put out a statement saying he’s looking forward to working with the administration to address the challenges outlined in the panel’s findings.