The state is using some of its record surplus to pay for construction without having to borrow for it. Some of that will upgrade seven NJ Transit stations.
Federal aid and transfers from the Turnpike Authority have NJ Transit chief hopeful to avoid fare hikes for three years, if ridership rebounds as expected.
At Assembly budget committee hearing, the state transportation commissioner warns the budget adopted next summer will be quite challenging for NJ Transit.
With traffic and revenue down due to the pandemic, the Turnpike Authority plans to refinance debt to defer payments but hasn’t yet reduced operating budgets.
The $50M added to the state budget by lawmakers for the subsidy to NJ Transit will remain in the spending plan when it is enacted Sunday by Gov. Phil Murphy.