ALBANY, N.Y. (AP) - New York’s comptroller says the Metropolitan Transportation Authority’s financial outlook has improved over the past year, citing low energy costs and interest rates and higher fares.
Comptroller Thomas DiNapoli says Wednesday the transit agency has recovered from the 2008 recession and while still facing some challenges should consider ways to minimize future fare increases.
The comptroller’s report says the average subway fare rose 45 percent from 2007 to 2015, triple the New York City area’s inflation rate.
MTA plans to raise fares and tolls by 4 percent in 2017 and another 4 percent in 2019.
Since 1991, subway ridership has grown 77 percent, with 1.77 billion riders expected in 2016, the most since 1949.
The Long Island Rail Road, Metro-North and the MTA’s bridges and tunnels also report record use.
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