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NJ Transit approves FY2005 budget

Today, New Jersey Transit adopted a $1.3 billion operating budget and $1.2 billion capital budget for fiscal-year 2005.

The budget includes funds to operate the Frank R. Lautenberg Rail Station at Secaucus Junction and the River Line, which opened in FY2004, and the Hudson-Bergen light-rail extension, scheduled to open later this summer.

The agency cut $27 million in administrative costs, but expects overall costs to rise less than 3 percent. The budget projects $618.7 million in fares and other system-generated revenue, $278.7 million in state operating assistance — an $84.9 million increase from FY2004 — and $444.8 million from other state and federal authorities. The agency expects ridership to increase 4 percent in FY2005 because of new stations and services, resulting in a $21.9 million increase in passenger revenue.

NJ Transit’s capital budget provides $253 million for "state-of-good-repair" needs, including $31 million to rehabilitate the Morris & Essex line viaduct, $13 million to overhaul rail cars and $42 million for Northeast Corridor repairs; $62 million for system-wide improvements, including $9 million for technology upgrades and $15 million for public address systems; $76 million for rail station improvements; and $7.5 million to expand park and rides.

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More News from 7/16/2004