New York’s Metropolitan Transportation Authority will seek to increase fare and toll revenue by 23 percent next year, according to a report in the New York Times.

The report said the base subway and bus fare would increase to at least $2.50, from $2, and that a monthly unlimited-ride MetroCard could rise to about $100. The increase would go into effect in June or July.

But the increase will not be enough on its own. Faced with its worst financial problems in more than two decades, the authority has also drafted proposals for deep budget cuts, including reductions in service that call for the elimination of two subway lines and cutbacks on bus routes and commuter trains.

The result is straightforward and grim: Many riders will have to pay more to wait longer for trains and buses that are more crowded.

The fare and toll increase is intended to raise about $600 million next year, about half of the $1.2 billion deficit projected for next year. The increase would go into effect in June or July.

The authority will outline the budget proposals at a meeting of its board on Thursday, but officials said they had not yet worked out details of how the changes would affect different types of MetroCard fares on subways and buses, as well as fares on the commuter railroads.

It appears likely, however, that the base subway and bus fare would increase to at least $2.50, from $2, and that a monthly unlimited-ride MetroCard could rise to about $100.

The authority must enact a balanced budget in December, and any fare and toll increases or service cuts would have to be approved by a vote of its board.

The steep fare increases will undoubtedly add to the debate surrounding the authority’s finances and add to pressure on public officials to craft a rescue package.

In the meantime, the authority’s deficit projections continue to go up.

(Source: NY Times)