NY transit officials: Budget gap could cause 15 percent hike

April 27, 2015 10:49 PM

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New Yorkers could face a 15 percent fare and toll increase if the state legislature doesn't fund the Metropolitan Transportation Authority's $15 billion budget hole, a transit official said Monday.

The MTA's $32 billion, five-year capital budget plan, which will fund critical improvements to the city's subways, buses and trains, is only half-funded. If the agency is forced to fund the gap by issuing more debt, it would have to raise fares and tolls by 15 percent, MTA Chief Financial Officer Ro...

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