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Citing projected declines in revenues and increases in cost for providing services, the MTA announced that it will require “fare and toll adjustment and new sustainable revenue sources in order to avert significant service cuts and layoffs.”
“In the face of very difficult economic times, we’re aggressively pursuing cost savings and identifying efficiencies while we work hard to create the renewed and modernized public transportation network that customers need and deserve,” Acting MTA Chair Fernando Ferrer said.
“Especially in the absence of new sustainable funding sources, these fare adjustments below the rate of inflation help balance our budget and avert painful service cuts and layoffs while helping us make critical improvements to our infrastructure and service. We cannot allow the system to fall into a state of neglect and disrepair.”
The proposed price jump is expected to come in March next year.
According to the MTA, declines in fare revenue, declines in projected tax revenue including real estate taxes, and modernization plans are projected to have a significant impact on the MTA’s budget in the near future. By 2022, the agency may face a $1 billion deficit and more price increases could be coming.
The MTA is projecting that its fare revenue will be approximately $1 billion lower between 2018 and 2022 than what it had forecast in July 2017, and dedicated tax revenue will be more than $580 million lower than forecast in July 2017.
On Metro-North lines, the maximum increase for monthly tickets would be $15, and $5.75 for weekly tickets. One-way ticket prices will increase by approximately 4 percent, with any increase of more than 6 percent capped at no more than 50 cents. There will be a 4 percent raise at the MTA’s seven bridges and two tunnels.
The Metropolitan Transportation Authority is North America's largest transportation network, serving a population of 15.3 million people in the 5,000-square-mile area fanning out from New York City through Long Island, southeastern New York State and Connecticut.
There will be a public meeting regarding the proposed hike fares at the following locations north of New York City and Long Island:
- 4 p.m. to 8 p.m., Wednesday, Dec. 5 at the New York Power Authority – Jaguar Room 123 Main St, White Plains, NY (Enter on Hamilton Avenue)
- 5:30 p.m. on Thursday, Dec. 13 at the Palisades Center in West Nyack.
- 5 p.m. to 8 p.m. on Thursday, Nov. 29 at the Metro-North Poughkeepsie Station on Main Street.
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