Prepare to dig deeper before you board a bus or train, or hop in your car.
The Metropolitan Transportation Authority (MTA) has announced pending fare and toll increases over the next two years, limited to two percent per year. The fare/toll hikes are now subject to public input before a public hearing scheduled for some time in December.
The MTA board will vote on the proposal in January of 2015 and, if approved, it will take effect in March of 2015.
How the fares will rise is still up for debate, however.
One proposal raises the base fare on buses and subways by 25 cents, from $2.50 to $2.75, and then increases the bonus amount from five percent to 11 percent on all MetroCards with at least a $5.50 purchase.
An alternative proposal keeps the base fare at $2.50 but eliminates bonus credits entirely, while also increasing single-ride tickets to $2.75.
Both proposals would increase 30-Day unlimited MetroCard fares to $116.50 from the current $112, and seven-day MetroCards to $31 from $30.
“The MTA is keeping its promise to ensure fare and toll increases are as low as possible, and these options are designed to minimize their impact on our customers,” said MTA Chair/CEO Thomas Prendergast. “We have cut more than $1 billion from our ongoing expenses, but a modest fare and toll increase is necessary to balance our budget against the increased costs.”