NJ Transit approves 10% fare increase

New Jersey Transit approved an average 10% fare increase on Monday for its 380,000 daily train and bus riders. The new fare policy initiative, effective April 1, 2002, is the first step NJ Transit will take to close a projected $3.1 billion operating and capital budget gap. The fare policy will generate an additional $38 million annually. NJ Transit, the nation's third largest public transit system, has not implemented a fare increase since 1991. The system's farebox revenues fell 29% since 1991, while expenses rose 67%.