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MTA Approves Fare Hike! Will Be $2.50 Per Ride, And $15 For Verrazano Bridge
Posted By Ned Berke On December 19, 2012 @ 1:02 pm In News & Features | 1 Comment
Whether by car, bus or subway, getting around in New York City is about to become a little more expensive.
The MTA Board approved the agency’s 2013 budget this morning, which included a set of mass transit, bridge and toll hikes across the metropolitan region.
The following bus, subway, bridge and tunnel hikes are slated to take effect on or around March 1, 2013.
Bus and subway fares
MTA Bridges and Tunnels
The good news, at least according to the MTA, is that these hikes are not only less extreme than earlier proposals, but will put the agency on the right fiscal track. The adopted budget is a balanced one, according to an agency press release, with small cash surpluses expected in 2013 and 2014. Those will be put towards an expected deficit of more than $330 million in 2016.
The agency also touted the “most aggressive internal cost-cutting ever undertaken,” which will save $809 million in 2013, and more than $1.2 billion by 2016.
The four-year financial plan still looks worrisome, the agency stated. Superstorm Sandy caused $268 million in lost revenue, and is fueling $62 million in annual debt payments due to infrastructure losses not covered by insurance or federal disaster relief.
And there remain a few lingering questions that puts the entire plan into jeopardy. Most notably, the payroll mobility tax enacted as part of the state’s 2009 MTA financial rescue legislation would provide $1.8 million – if it weren’t for a slate of legal challenges holding it up. The four year numbers include that revenue, as well as an assumption that the various transit unions will agree to three years of net-zero wage growth.
The brightest news, however, is that the agency is taking budget-driven service cuts off the table for the forseeable future. However, they will continue to raise fares every other year, as part of a 2009 agreement with Albany.
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