MTA OKs 4 percent fare hike

The Metropolitan Transportation Authority's (MTA) board yesterday approved increasing fares by 4 percent over the next two years, starting March 22.

The board's action includes a 4.1 percent increase to MTA New York City Transit's subway base fare (the base subway and bus fare will rise by 25 cents to $2.75); a 4 percent increase for the 30-day unlimited ride MetroCard; a 3.3 percent increase for the seven-day unlimited ride MetroCard; and a 4.25 percent or less increase for the vast majority of MTA Long Island Rail Road and Metro-North Railroad fares.

The additional revenue will help ensure MTA can continue to provide quality service as ridership continues to increase, agency officials said in a press release.

“Our financial plan assumes modest biennial fare and toll increases, and the board has chosen options with lower increases for our most frequent customers," said MTA Chairman and Chief Executive Officer Thomas Prendergast.

The agency has cut $1.1 billion from its annual spending, with more cuts planned to bring annual savings to $1.6 billion by 2018, MTA officials said.