MTA to Hike Transit Costs 4 Percent in 2015 and 2017
TRIBECA — Straphangers should expect to dig deeper into their pockets over the next four years, but not as much as initially projected.
The Metropolitan Transportation Authority announced Wednesday that it will hike fares by 4 percent in 2015 and again in 2017, a reduction from the 7 percent jumps that the agency had forecast in July.
The changes also apply to the MTA’s bridge and tunnel tolls, the agency said.
The agency said it needs the additional revenue for operational costs, maintenance, increased inspections and repairs, overtime from Hurricane Sandy and pensions.
But belt-tightening and increased ridership has allowed the transit agency to slow the rate increase, officials said.
The plan limits the growth of expenses to a little less than 2 percent in 2014, but should allow the MTA to increase savings by $200 million per year by 2017, transit officials said.
The decision comes just eight months after the transit authority jacked up the base fares on subways and buses by 25 cents, to $2.50. The cost of a 30-day unlimited Metro Card also rose $8, to $112, in March.