The MTA has again said that a new plan to shore up the transit agency's massive budget shortfall could send the cost of an unlimited monthly pass soaring to $130 or higher and will boost the cost of single ride by 25-cents.
NBCNewYork was first to report last month that MTA Chairman and CEO Jay Walder had announced during a budget meeting that an unlimited monthly pass "would have to be $130 or higher" to fit into the MTA's new budget. That's a whopping $41 increase.
Fares are set to go up next year as the MTA faces "a $900 million shortfall for 2010 resulting from cuts to State assistance and dramatic downturns in tax revenue," the agency said.
In a notice unveiled Monday, the MTA said the weekly MetroCard could soar to $38 from $27 - and the base bus-subway fare could go up a quarter to $2.50, the New York Daily News
reported today. These numbers were significantly higher than first proposed.
The new fare hikes will target discounts and unlimited ride passes.
The plan had called for either a 30-day MetroCard that would be capped at 90 rides for $99 or a 30-day unlimited Metro Card at $104. A truly "unlimited" monthly pass could hit $130 the MTA said.
The 14-day MetroCards would be eliminated.
On the Long Island Rail Road and Metro North, average ticket increases range from 7.6% to 9.4% and off-peak discounts would be greatly reduced.
Cash tolls at the MTA’s six major crossings and the Henry Hudson Bridge would increase by 50 cents, and cash tolls at its two minor bridges would rise by 25 cents.
Published at 7:20 AM EDT on Aug 24, 2010 | Updated at 3:19 PM EDT on Aug 24, 2010