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Yesterday, the Metropolitan Atlanta Rapid Transit Authority (MARTA) adopted a $414 million budget for operations and a $186 million budget for capital expenditures in fiscal-year 2012.

The budgets include a base fare increase from $2 to $2.50, monthly pass cost increases, system-wide security and safety improvements, and state-of-good-repair initiatives.

The budgets will stabilize MARTA’s financial condition and maintain current service levels, MARTA Chairman Jim Durrett said in a prepared statement.

“Unfortunately, the economic downturn has taken its toll on MARTA’s finances, and with the cost of doing business continuing to go up, a fare increase is required in order to maintain current bus and rail service levels for our customers,” he said.

The agency has worked to cut internal costs by shaving $100 million from its budget over the past three years, as well as raise new revenue through “innovative vending and advertising programs,” said Durrett.

“As we move forward, we ask our customers to work with us to secure a new dedicated and reliable source of funding so that we can improve and expand transit service in this region,” he said.