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At its meeting on Thursday, the Southeastern Pennsylvania Transportation Authority (SEPTA) will review a proposal to implement the agency’s first fare increase since 2001. Authority officials have proposed to hike pass prices 11 percent on July 1 to address a $150 million fiscal-year 2008 budget shortfall.

The proposal — which would maintain the base fare at $2 — would generate an additional $35 million in revenue annually. SEPTA would seek another $94 million in state subsidies to make up the remainder.

However, if the authority does not obtain additional state funds, SEPTA officials would need to implement a 24 percent fare increase, which would generate an additional $69 million in revenue annually, cut service 20 percent to reduce expenses by $60 million and eliminate 1,000 jobs.