NJ Transit hopes for $37M increase in FY14

TRENTON – New Jersey Transit is expected to see a $37 million increase from fiscal year 2013 to fiscal year 2014, and funding for transportation assistance for senior citizens and disabled residents is expected to go down.

The FY 2014 Transportation Department Budget calls for $1.94 billion for the rail line, a $37 million increase from the current year.

Transportation officials were scheduled to appear today before the Senate Budget Committee. James Weinstein, head of N.J. Transit, said there will be no fare increases in FY14.

Of that $37 million budget increase, $19 million could be attributed to higher salaries for workers and some $17 million to pay for private companies to provide transportation services.

Much of the increases will be supported by a projected $26.6 million in fare box revenue and other revenue sources.

The Office of Legislative Services said that the increase in fare box revenue “appears to be driven by increased ridership, and not an intention to raise fares during FY2014.”

But transportation assistance is expected to fall from $24.6 million to $20.3 million, a nearly 20 percent drop. The reduction could be attributed to the decline in revenue from the struggling casino industry.

Decreases in revenue for this purpose are expected to continue in future years, OLS said.

NJ Transit hopes for $37M increase in FY14