VRE Fiscal Year 2025 Budget Receives Approval

The Virginia Railway Express (VRE) fiscal year (FY) 2025 budget received final   approval Thursday evening, as the second of its two parent commissions voted to adopt the budget and  accompanying six-year capital improvement program (CIP).

VRE’s FY 2025 operating budget totals $119.9 million, which includes operations, maintenance, and existing debt service. This is an increase of $11.0 million or 10 percent over the FY 2024 operating budget. The budget includes increases to fares of 5 percent and jurisdictional contributions of 14 percent. Both take effect July 1. VRE’s last broad-based fare increase was 3 percent in FY 2020. The budget allows for the first-ever operation of VRE Saturday service, eliminates fares for those ages 18 and under, and simplifies fare payment options. Agreements with VRE’s host railroads – Amtrak, CSX Transportation, and Norfolk Southern – must be reached before Saturday service can begin.
VRE’s $1.3 billion CIP, which is about two-thirds funded, includes improvements at 12 stations, three maintenance and storage facilities, and one parking lot. Construction of a new parking garage, the purchase of rolling stock, and projects pertaining to both asset management/state of good repair and information technology are also contained in the CIP.

-via Press Release

This article was posted on: January 15, 2024