New York’s Metropolitan Transportation Authority has confirmed that it will not be raising fares and tolls more than 4% next year. Previously, the MTA planned to increase fares by 7.5% in 2015 and again in 2017, but has since decided against it.
However, the cost of labor will increase by $260 million a year through 2018, as a result the MTA’s recent deal with the LIRR among other changes.
The MTA’s Chief Financial Officer Robert Foran stated that the extra costs will be covered by “dipping into reserves established to pay for future retirees’ health care and to fund future capital construction projects,” according to the Daily News. The planned budget for the next year is $14.2 billion.
The MTA has not yet determined how the fare increase will affect the cost of single rides, multi-day passes, or individual bus or train ticket prices. Plans for next year also include service increases, including extending the J train two stops to Broad Street on weekends (Photo: @mr_t_in_dc)