NEWARK, N.J. — Interim Executive Director Dennis Martin said NJ TRANSIT plans to cover the agency’s $46.3-million budget gap this year by dipping into cash reserves, The Record reports.
For the next year, the agency will keep its operating budget essentially flat and reduce spending on construction projects by $416 million. The agency plans to spend $2.111 billion on operations in fiscal year 2017, which is $4.5 million less than this year.
Even if the agency appears to have dodged a bullet for now by balancing its budget without cutting service or hiking fares, observers worry the budget released shows NJ TRANSIT still faces serious long-term financial problems. For the full story, click here.