Newspaper article The Record (Bergen County, NJ)

NJ Transit Oks Budget,says Fare Hikes Unlikely

Newspaper article The Record (Bergen County, NJ)

NJ Transit Oks Budget,says Fare Hikes Unlikely

Article excerpt

NJ Transit on Thursday adopted a $1.94 billion operating budget to support rail, bus and light rail services for the 2014 fiscal year. The figure is a $37 million increase over the 2013 budget, according to the Newark-based agency.

The board also adopted a $1.2 billion spending plan for capital projects. Executive Director Jim Weinstein said the capital budget assumes the agency will receive federal grant money to pay for repairs resulting from Superstorm Sandy. The agency suffered $450 million in damage, NJ Transit estimates, including more than $120 million in damage to railcars and locomotives left in low-lying rail yards in Kearny and Hoboken.

More than half of the operating budget - 53 percent - will be funded from passenger fares and commercial revenue dollars. Most of the operating dollars the agency takes in will go toward paying salaries and benefits to its more than 11,000 employees. The increase in health benefits costs was about $17.5 million, according to NJ Transit. …

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