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10/26/2020
New Jersey Transit’s board last week adopted a $2.6 billion fiscal-year 2021 operating budget and a five-year capital plan that includes $11.21 billion in previously funded projects.
Funds from the FY 2021-2025 capital program will support state-of-good-repair investments in transit stations and infrastructure, investments in the Northeast Corridor, fare modernization, safety initiatives, purchase of 113 rail cars and positive train control installation.
The capital plan contains two sets of projects, the first set includes $11.21 billion of projects already funded by existing or expected resources. The second set identifies another $5.78 billion worth of proposed projects for which funding has yet to be identified.
Approximately $1.53 billion of the operating budget is labor and fringe benefits. Other significant expenses include contracted services, materials, fuel, power and utilities.
Costs associated with COVID 19-related response measures, such as enhanced cleaning and disinfecting, materials and supplies, and employee testing are included in the budget.
The budget also provides for the hiring of additional safety and field investigative staff and more NJ Transit Police Department members; additional classes for NJ Transit’s Locomotive Engineer Training Program; enhanced customer engagement and feedback capabilities; technology upgrades; and additional staff development and training programs, NJ Transit officials said in a press release.
Approximately 14% of the operating budget revenue comes from passenger fares. The remaining amount comes from a combination of commercial revenue and state and federal resources, including $1.4 billion in federal Coronavirus Aid, Relief, and Economic Security Act funding.