The NJ Transit Board of Directors adopted the agency’s Fiscal Year 2024 (FY 2024) operating budget, local programs budget and authorized capital funding. The budgets continue investments in personnel, infrastructure, and equipment to maintain the system in a state-of-good-repair and enhance the overall customer experience.
The Board adopted a $2.86 billion operating budget and $1.73 billion in capital funding for FY 2024. The operating budget does not include a fare increase for FY 2024.
FY 24 Operating Budget
Twenty-seven percent of the revenue in the FY 2024 operating budget comes from passenger fares. The remaining amount comes from dedicated funding from the New Jersey Turnpike Authority, which is $440 million in FY24, in addition to federal COVID-19 relief money, and a combination of commercial revenue and state and federal resources.
Approximately 60 percent of the operating budget is dedicated to costs associated with labor and fringe benefits. Expenses including materials, fuel and power, utilities, and outside services represent 31 percent of the total operating expenses. Purchased transportation represents the remaining 9 percent of total operating expenses.
FY 24 Capital Funding Appropriation
This year’s Fiscal Year 2024 Capital Funding Appropriation totals $1.733 billion and represents an expected funding source that will provide, along with other past and future annual appropriations, the funds needed to execute the funded portion of investments in the FY2021-FY2025 Capital Plan.
The Capital Funding Appropriation is funded from a number of sources: $796.4 million from the Federal Transit Administration (FTA), $34.8 million from the federal All Stations Accessibility Program (ASAP), $75 million in flexed funds from the Federal Highway Administration (FHWA) provided through the New Jersey Department of Transportation (DOT), $760 million from the New Jersey Transportation Trust Fund (TTF), and $66.5 million of Casino Revenue, Local Match, and Turnpike Authority funds.
NJ Transit’s Five-Year Capital Plan continues to prioritize investments in infrastructure to maintain an overall state-of-good-repair, enhance reliability, safety, and resiliency as well as improve the overall customer experience on the system. The Five-Year Capital Plan is an unconstrained vision of projects to demonstrate opportunities for safety, service, reliability, resiliency, sustainability, and other improvements critical to NJ Transit
The Five-Year Capital Plan contains two sets of projects – the first set includes projects already funded by existing or expected resources. The second set identifies proposed projects for which funding has yet to be identified but is vital to NJ Transit’s service delivery.
-via Press Release