The New Jersey Transit Board of Directors approved a $2.019-billion operating budget that holds fares stable for the fifth consecutive fiscal year and a $1.203-billion capital program that supports continued investments in infrastructure and equipment to maintain the system in a state of good repair for Fiscal Year 2015.
“NJ Transit is moving forward with a balanced, fiscally-sound budget that holds the line on fares for a fifth consecutive year and continues to deliver the same level of service to our customers,” said NJ Transit Executive Director Veronique Hakim. “We will continue to operate as efficiently and effectively as possible to best respond to the needs of the customers who rely on our service day in and day out.”
The FY 2015 operating budget reflects a stable level of state, federal and other reimbursements, which will enable NJ Transit to hold fares stable this fiscal year.
The transit agency says its FY 2015 capital program continues to prioritize investment in infrastructure to maintain an overall state of good repair, enhance reliability and safety and improve the overall customer experience on the system.
The program continues to invest in upgrades to the Northeast Corridor (NEC). The NEC is allocated $76 million in FY 2015 as part of NJ Transit’s 10-year, $1 billion Northeast Corridor investment program that includes funding for the new North Brunswick Station, the Mid-Line Loop and upgrades to County Yard.
Highlights of the program include $46 million in rail station improvements, including $9 million for Elizabeth Station reconstruction, $5 million for Newark Penn Station improvements and $12 million for projects to make Perth Amboy and Lyndhurst stations accessible to customers with disabilities.
The program also supports continued investment in rolling stock renewal, with $104 million invested in rail rolling stock improvements and $44 million toward the purchase of new buses. Funding is also provided for technology and security upgrades and rail, bus and light-rail infrastructure improvements.