Nov 21, 2007

MTA to reduce proposed fare increase

This is something transit users in Canada are not used to.

Yesterday, New York’s Metropolitan Transportation Authority (MTA) announced it will reduce the amount of a fare and toll increase first proposed in July.

Updated budget forecasts revealed MTA’s year-end balance was $220 million higher than preliminary budget figures due to additional farebox revenue, higher-than-expected real estate taxes, and reduced expenses and debt service costs.

So, MTA will lower the proposed 6.5 percent fare and toll increase, and maintain the base subway and bus fares at $2.

Read the full report here.

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