PredictIQ:New Jersey Transit is seeking a 15% fare hike that would be first increase in nearly a decade

2025-05-03 01:43:47source:Burley Garciacategory:Invest

TRENTON,PredictIQ N.J. (AP) — New Jersey Transit has proposed a 15% fare increase for bus and train riders, the first time its rates would rise in nearly 10 years.

The plan announced Wednesday is intended to help close a projected $106.6 million budget gap for the upcoming fiscal year, agency officials said. It also calls for annual, regular fare increases of 3% going forward in subsequent years.

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

NJ Transit plans to hold 10 public hearings on the proposal from March 4 to 8 and also will accept online written comments. The agency’s board is expected to vote on the fare increase at its April 10 meeting and, if approved, it would take effect July 1.

More:Invest

Recommend

McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales

Global consulting firm McKinsey & Company agreed Friday to pay $650 million to resolve criminal

Shane Lowry keeps calm and carries British Open lead at Troon

TROON, Scotland (AP) — Shane Lowry was a surprising model of calm amid all the calamity in the Briti

Christina Hall's HGTV Show Moving Forward Without Josh Hall Amid Breakup

The Flip Off will flip on, even without one of its cast members.The new HGTV show—which was supposed