The board of New York's Metropolitan Transportation Authority voted Thursday to increase fares and tolls by roughly 4% over the next two years, starting in March.
"We take these kinds of decisions exceptionally carefully," said chairman Thomas Prendergast.
A state aid package that passed in 2009 called for the biennial increases. They are expected to generate $210 million of new revenue this year and about $260 million thereafter.
The authority is increasing the base subway rate to $2.75 from $2.50, but as a tradeoff increased the bonus for MetroCard to 11% from 5% and the threshold for the bonus to $5.50 from $5. Monthly MetroCard fares will rise to $116.50 from $112.
Tolls on the MTA's intraborough bridges will also go up about 4%. On the Verrazano-Narrows Bridge between Staten Island and Brooklyn, the car toll for cash customers will increase by $1 to $16; E-ZPass transponder customers will pay $11.08 after a 42-cent increase.
The authority, a state agency, is one of the largest issuers in the municipal marketplace, with roughly $34.1 billion of debt. It is looking to fill a gap of at least $15.2 billion in its four-year, $32 billion capital program, which state officials must approve.
The Capital Program Review Board, which consists of Gov. Andrew Cuomo and other state officials including transportation Secretary Joan McDonald, rejected the MTA's capital plan without prejudice in October.
"If you've been around long enough, you know it's the start of a process," said Prendergast.
State lawmakers have scheduled a Feb. 2 hearing in Albany to discuss MTA finances.
