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Rail News: Passenger Rail
Transit agencies sign off on '08 spending plans
The Port Authority of New York and New Jersey (PANYNJ) adopted a $5.9 billion budget that includes $2.3 billion for operating expenses, $2.58 billion for capital expenses, $814 million for debt service and $173 million for other expenditures.
The authority also approved a $29.5 billion updated 10-year capital plan, which increased $3.4 billion since the plan was initially adopted in 2006. PANYNJ will spend an additional $1 billion on security initiatives and provide another $1 billion for New Jersey Transit’s Access to the Region’s Core project.
Meanwhile, the New York Metropolitan Transportation Authority (MTA) board signed off on a budget that includes a toll and fare increase, and enables the agency to begin tackling $6 billion in projected deficits during the next four years while increasing service.
To take effect in March, the fare increases are expected to generate an additional 3.5 percent in revenue.
Subway cash fares will remain at $2, one-day passes will increase from $7 to $7.50; seven-day passes will go up from $24 to $25; and 30-day passes will rise from $76 to $81.
At MTA Long Island Rail Road and MTA Metro-North Railroad, most weekly and monthly tickets will increase between 3.76 percent and 4.25 percent. Ticket prices for one-way, round-trip and 10-trip intermediate travel will increase up to 7.7 percent.
Finally, the Greater Cleveland Regional Transit Authority adopted a $276.2 million budget that’s slightly higher than FY2007’s $268.3 million and includes “modest” service increases, the agency said.
The $64.5 million capital budget represents a 12 percent reduction compared with FY2007’s level.
|FTA signs Northstar FFGA
It took years for Minnesota’s Northstar Corridor Development Authority (NCDA) to secure funding for its $317 million commuter-rail line, but the final piece fell into place last month.
KeywordsBrowse articles on Port Authority of New York and New Jersey PANNYNJ Long Island Railroad Metro-North Greater Cleveland Regional Transit Authority Federal Transit Administration Norstar Corridor Minneapolis rail
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