The NJ TRANSIT Board of Directors adopted a Fiscal Year 2020 (FY 2020) operating budget and capital program that supports continued investments in personnel, infrastructure, and equipment to maintain the system in a state-of-good repair, and enhance the overall customer experience.
“This balanced budget shows we are maximizing our resources and spending every dollar wisely to restore the agency to national prominence and provide the transportation services New Jersey residents expect and deserve,’’ said NJ TRANSIT President/CEO Kevin Corbett.
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The Board adopted a $2.39 billion operating budget and a $1.42 billion capital program for FY 2020. The budget does not include a fare increase for FY 2020.
More than 40% of the revenue in the FY 2020 operating budget comes from passenger revenue. The remaining amount comes from a combination of commercial revenue and state and federal resources. The budget includes an additional $150 million in General Fund support for a total subsidy of $457.5 million, the largest General Fund subsidy to NJ TRANSIT in state history. Of this, $75 million will replace diversions and $75 million represents new direct funding, reflecting Gov. Phil Murphy’s commitment to providing additional funding to help meet the operating needs of the agency.
The capital program funds continue state-of-good-repair investments in transit stations and infrastructure, investments in the Northeast Corridor, fare modernization, safety initiatives, bus and rail car purchases, Positive Train Control installation, system expansion, and support for local mobility programs.
Approximately 61% of the operating budget is dedicated to costs associated with labor and fringe benefits. Other significant expenses include contracted transportation services, which represent 11% of total operating expenses. Other expenses including materials, fuel and power, utilities, and outside services represent the remaining 28% of the total operating expenses. The budget also allows for the expansion of personnel in key areas within bus, rail, light rail, police operations, and strategic administrative support services.
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