The New Jersey Transit
(NJ Transit) board of directors approved a Fiscal Year 2014 (FY 2014) operating budget that calls for no fare increase for the fourth consecutive fiscal year. The new budget also includes a capital program that supports continued investments in infrastructure and equipment to maintain the system in a state of good repair and improve the overall customer experience.
“This budget will enable us to maintain and enhance New Jersey’s robust transportation system while responding to the needs of the customers who rely on our service to conduct life’s daily business,” said NJ Transit Executive Director James Weinstein. “We made a commitment to continue to hold the line on customer fares, and we are delivering on that commitment by implementing sustainable and fiscally responsible operating and capital programs.”
The board approved a $1.941 billion operating budget and a $1.228 billion capital program for the fiscal year that started July 1, 2013.
Nearly one-half of the revenue in the FY 2014 operating budget comes from fares ($920.6 million), with the balance from a combination of commercial revenues ($113 million) and state operating assistance ($73.2 million) as well as other state and federal reimbursements ($834.2 million).
The capital program funds continued state-of-good-repair investments in transit stations and infrastructure supports an ongoing fleet modernization program and advances service reliability, safety and technology initiatives.