NJ TRANSIT Approves Fifth Consecutive Budget With No Fare Hikes
NEWARK, N.J. (CBSNewYork/AP) — For the fifth consecutive year, NJ TRANSIT approved a budget Wednesday that did not include any fare hikes.
The $2 billion budget was approved Wednesday morning during the monthly meeting of the agency’s board of directors in Newark.
The $2 billion operating budget contains no fare hikes. Fares last rose by up to 25 percent on NJ Transit rail and bus lines in 2010.
Passenger revenues are projected to rise by about one percent in the current fiscal year, which began July 1.
The NJ TRANSIT board also approved a $1.2 billion capital program that includes $180 million for infrastructure improvements. About $470 million of the capital program will be funded from the state Transportation Trust Fund, with approximately $700 million coming from federal sources.
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