New Jersey Transit approves a 15% fare hike, the first increase in nearly a decade

2024-12-24 07:19:12 source: category:Finance

TRENTON, N.J. (AP) — New Jersey Transit’s board of directors has unanimously approved a 15% fare increase for bus and train riders, the first time its rates will rise in nearly 10 years.

The increase approved Wednesday will take effect July 1. It’s intended to help close a more than $100 million budget gap for the upcoming fiscal year, agency officials said. It also calls for annual, regular fare increases of 3% in subsequent years.

NJ Transit has said it initially reduced some of its projected budget gaps by making $44 million in cost reductions, along with an additional $52 million in revenue enhancements. Agency officials also noted that the plan does not call for service level reductions.

More:Finance

Recommend

Jared Goff stats: Lions QB throws career-high 5 INTs in SNF win over Texans

Jared Goff was on the verge of changing his name to "Jared Goof" against the Texans on "Sunday Night

Hunter Biden sues the IRS over tax disclosures after agent testimony

Hunter Biden sued the Internal Revenue Service on Monday, alleging that two agents who claimed inter

Fire engulfs an 18-story tower block in Sudan’s capital as rival forces battle for the 6th month

CAIRO (AP) — An 18-story building in the center of Sudan’s capital was engulfed in flames Sunday as