TRENTON, N.J. (CBSNewYork) — A new report says NJ TRANSIT must stop borrowing from Peter to pay Paul.
As WCBS 880’s Kelly Waldron reported Sunday, NJ TRANSIT received $350 million from the State of New Jersey to handle operating costs.READ MORE: Calls For Immediate Change Ring Out After 36-Year-Old Asian Man Stabbed In The Back In Lower Manhattan
But that money has dwindled to just over $30 million. As a result, the agency has used a combination of fare increases, federal funding for capital projects, and New Jersey Turnpike revenues to make up for it.READ MORE: New COVID Variant First Detected In New York City Spreading In Northeast
According to a report by the Fund of New Jersey obtained by The Record newspaper, the fiscal constraints have resulted in an understaffed agency that struggled with safety compliance.MORE NEWS: Evolving Social Media Apps Emphasize Talking Over Texting
It suggests NJ TRANSIT should receive tax revenues from motor vehicle licenses and registrations along with real estate transactions or business payrolls, which is similar to how the Metropolitan Transportation Authority is funded.