NEWARK, N.J. — NJ Transit is proposing fare increases of 15% for fiscal 2025 to address a projected $106.6 million budget deficit, the agency announced Wednesday, and will hold a series of 10 hearings on the proposal beginning March 4.
The fare increase would take effect July 1, 2024. The proposal also includes annual 3% increases effective July 1, 2025, and going into effect July 1 of each subsequent year. It would be the first fare increase in nine years.
NorthJersey.com reports that NJ Transit CEO said in a statement that “a decision to propose a fare adjustment is always the last resort” and noted that the agency had already identified $44 million in internal savings and $52 million in revenue enhancements. “However, those actions were not enough to eliminate the budget gap entirely.” The news report also notes that, while Gov. Phil Murphy and legislators have known for at least two years that NJ Transit faced a budget crisis — in part because of the coming end of federal pandemic support — current state funding for the agency is lower than in fiscal 2020, and no plan has been advanced by Murphy or the legislature to address lost farebox revenues.
Additional information including tables outlining the full fare proposal, a schedule of the hearings to be held March 4-8, and a link to submit public comment on the proposal are available here.
A fare increase especially since it has been so long since the last one seems reasonable. I would rather pay a higher fare than a service reduction which is their most likely action if fares can not raise more revenue