In MTA’s most recent board meeting, Chief Financial Officer Robert Foran advocated to hike fares for the transit system, including Mertro-North as well as increasing toll prices for bridges and tunnels.
According to Lohud, Foran presented next year’s preliminary budget and four-year financial operating plan,arguing that without raising fares and tolls, the MTA would be stuck with financial woes by 2020. "The biennial fare and toll increase needs to be pursued. If all our costs are growing with inflation, and we’re not able to raise fares and tolls, there will be deficits," he stated.
So what does this mean? Well, the MTA would have to hold public hearings before moving forward with the hike but if successful, the fare for subway and bus rides would rise from $2.75 to $3.00 in 2017 and from there another two percent in 2019. Metro-North fares would be increased anywhere from 2.2 percent to over 6 percent, varying by stations.
Though MTA’s CEO Thomas Prendergrast reassured that the hike is just a projection with updates pending a November review of the plan, in the likelihood that it moves forward, the extra revenue will fund various enhancements across the MTA. Among them are Wi-Fi enhanced subway cars, station renovations, track clean up, and a new system of fare payment that could eliminate the use of Metro cards.
- MTA to raise fares systemwide, including Metro-North [Lohud]
- NYC Subway to Be Transformed With New Tech-Focused Upgrades [Curbed]