NEW YORK — The Metropolitan Transportation Authority is considering raising subway and bus fares, cutting services or a combination of both to slash its large budget deficit, Newsday reported.
Under one proposal, the MTA would increase the $1.50 fare by 50 cents and maintain service at present levels. A second option would keep bus and subway fares the same while sharply reducing service, and a third possibility would raise fares by 25 cents but limit service cuts to the nights and weekends.
Peter Kalikow, the chairman of the MTA, is scheduled to present the agency’s board with the three options at a meeting on Thursday.
Under the proposals, the MTA would also increase bridge and tunnel tolls as well as fares on the Long Island Rail Road and the Metro-North Railroad.
Transit fares were last raised in 1995, to $1.50 from $1.25.
The agency is facing a projected budget gap of $633 million in fiscal year 2003.