NEW YORK (CBSNewYork) — The MTA unveiled its new budget Wednesday and is going forth with fare hikes next year.

Originally scheduled for January, the MTA confirmed in its budget that those fare hikes will go into effect in March. The price of a subway and bus ride will jump from $2.25 to $2.50.

WCBS 880’s Rich Lamb reports

But MTA Chairman Joseph Lhota warned the authority still faces ballooning deficits and is counting on zero cost labor deals in the coming years.

“Our budget is fragile,” he said. “It is a risk and I prioritize it probably as our number one risk.”

Although fare hikes are in the future, a surprising number of members of the public attended the MTA’s board meeting Wednesday to praise the authority for recent service restorations.

1010 WINS’ Juliet Papa reports

“I would like to say thank you for restoring the B48 bus,” one woman said.

“I’m going to thank you guys,” another man said. “Thank you for restoring bus service.”

The Straphangers Campaign also thanked the MTA for its plan to restore an additional $29 million in transit services.

“In a transit system with subways and many bus routes bursting at the seams with high and growing ridership, it is the right thing to do,” the group said in a statement.

In 2010, the MTA cut more than 30 bus routes and 500 bus stops as well as two subway lines to help close a $900 million budget gap.

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