(Image: https://cdn.slidesharecdn.com/ss_thumbnails/143702398055a73eece0c80-150716051941-lva1-app6891-thumbnail-3.jpg)Maj. Barbaralien Banks, 41, Harvey, La.; Chief Warrant Officer Clint J. Prather, 32, Cheney, Wash.; Master Sgt. The agency's most recent financial plan calls for a $16.2 billion budget in 2018 and 4 percent fare and toll increases in 2019 and 2021to keep the largest in the country system from massivebudget shortfalls that could top out at more than $1.5 billion by 2021.“(This is) the kind of profile you see every time we do a financial plan,” MTA Chief Financial Officer Robert Foran said at Wednesday's board meeting “There are gaps in the out years, and we just address them.”PREVIOUSLY: Lower Hudson Valley residents mostly silent on fare hikesGRAND CENTRAL: New big board on the wayVALHALLA CRASH: Lawsuits moving forward, despite NTSBThe every other year fare increases began in 2009 and were designed to keep pace withinflation and keep increases predictable for riders.Then, a subway or bus ride jumped from $2 to $2.25 and a Metro North trip climbed roughly 9 to 10 percent.This year,the cost of a single subway or bus ride stayed flat, but cut the bonus when passengers spend $5.50 or more on a MetroCard. Commuter railroad fares jumped 4 percent.The MTA hailed the increases as the lowest since the biennial fare hikes started, but this time around, the patience of MTA Board members who would have toapprove any changes after a series of public hearings appears to be growing thin.“If you follow the 2 percent every year or the 4 percent every other year, at some point, we'll have $10 fares and $50 tolls and that's probably not sustainable,” said Andrew Albert, the boardrepresentative from the New York City Transit Riders Council.The MTA makes money not only from fares and tolls, but taxes on real estate and state and local subsidies. Much of that is flat heading into 2018.The financial plan expects the agency to find significant savings to go along with the fare hikes.Board member Mitchell Pally, who represents Suffolk County, said the fare plan is no longer appropriate and scrapping it would show riders the MTA takes into consideration their concerns.“(Fares for) those of us in Suffolk County are getting much too big, much too high,” he said.
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