MTA plan reduces future fare hikes

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MTA customers received some cost-saving news Wednesday.

The transit agency said that it expects increased cost cutting, lower expenses and higher operating revenues will allow it to reduce previously announced 2015 and 2017 fare and toll hikes from 7.5 to 4 percent.

The reduction was outlined in the MTA’s Final Proposed 2014 Budget and Four-Year Financial Plan, which was released today.

“We try to keep costs down in order to minimize the financial burden on our customers, and as this financial plan shows, we are succeeding in that effort,” said MTA Chairman and CEO Thomas F. Prendergast. “Our customers want value, which is quality and quantity of service, and that service has to be reliable and safe. Through this financial plan, that’s what we work to provide.”

The MTA Board will vote on whether to adopt the Final 2014 Budget and Four-Year Financial Plan in December.