Comptroller's Financial Report on M.T.A. Shows Tough Fare Hikes Planned
The New York State comptroller released a report on Tuesday showing that while the Metropolitan Transport Authority's finances are better off than they were two years ago, there's still a long way to go; unfortunately, the M.T.A.'s path to fiscal sustainability will include more fare hikes. In 2010, fares went up by 7.5 percent. The report announced that over the next three years they will increase by 14 percent. That means Metrocard costs will be rising at three times the rate of inflation, according to the [New York Times]. The first increase will occur in March, from which the M.T.A. expects to earn $450 million a year. But just to keep the transit system in safe condition, they will need to raise an estimated minimum of $20 billion between 2015 and 2019, the report detailed. The comptroller also added that the M.T.A. has not clarified where this money will come from, the Times reports. The transit authority will be additionally cutting their expenses by charging one dollar for each new Metrocard, which they hope will be an incentive to refill used cards, and waste less material. While the report suggests that the M.T.A.'s budget may require such hikes, it seems many New Yorkers will soon be tightening their own wallets to adapt to the higher costs.
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