PANYNJ OKs revised fare/toll increase
Written by William C. Vantuono, Editor-in-ChiefThe Port Authority of New York & New Jersey on Friday voted to approve less drastic rail fare and highway toll increases for its properties linking New York and New Jersey, including the PATH rail system.
The revised plan was a result of imput from both Gov. Andrew Cuomo of New York and Gov. Chris Christie of New Jersey, each of whom has the power to veto any decision the PA makes.
Both governors now are expected to formally approve the revised plan, but both have called for a review of the agency’s finances and capital plan, amidst media stories of rampant overtime and wasteful spending.
Under the revised proposal, a single-ride fare on PAT initially would be raised in September by 25 cents, to $2 a ride, with an annual rise of 25 cents added in the next three years. The initial proposal would have raised single-ride fare by $1.00 to $2.75 in one step, and raised the monthly pass from $54 to $89. No information was immediately available from the PA on the rise in the cost of monthly passes.
Additional stepped increases for both rail and road would follow through 2015.
In a statement Friday posted on the PA’s website, the agency said, “Following direction by Governors Chris Christie and Andrew Cuomo, the Port Authority of New York and New Jersey Board of Commissioners today approved a two-part plan to restore fiscal health to the agency by increasing toll and fare rates at a lower level than originally proposed and demanding accountability through a stringent agency-wide review.
“Under the Governors’ direction, the Capital Plan was reviewed in a line-by-line analysis and was able to be reduced by $5 billion. This allowed a reduction in the proposed toll rates while still ensuring the agency’s finances would be stabilized.”
The PA said the revised plan allows it to proceed with its $25.1 billion capital plan to fund various projects, including PATH car, station, and signal improvements, and said the plan also “will generate more than 131,000 jobs with approximately 60% invested in next four years.”
