NJ Transit Board Approves Budget
New Jersey Transit has approved a budget that keeps fares the same for the fourth fiscal year in a row.The $1.94 billion operating budget for fiscal 2014 is $37 million higher than fiscal 2013 spending plan.
Nearly half of the revenue in the budget approved Thursday comes from fares and reflects a $26.4 million or three percent growth in passenger revenue.
NJ Transit says approximately 58 percent of the operating budget will be spent on labor and fringe benefits costs.
NJ Transit’s board also approved a $1.2 billion capital program. NJ Transit plans to use that money to buy new rail cars and buses. It also will be spent to make improvements along the Northeast Corridor, including work on the Portal Bridge and renovations at Newark Penn Station.
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