NJ Transit plans to increase fares by 15% on July 1

New Jersey Transit, facing a massive budget shortfall, said Wednesday it planned to raise fares on its statewide bus and train network by 15 percent on July 1 and by another 3 percent annually after that.

The rate increases would be the agency's first since Gov. Philip D. Murphy, a Democrat, took office six years ago.

New Jersey Transit has experienced a continued decline in ridership since the coronavirus pandemic began in early 2020. The company received billions of dollars in federal aid, but almost all of that money has been spent.

In July, the agency said it faced a deficit of more than $100 million in the next fiscal year. It said it had taken steps to reduce that deficit, but that this was not possible without a significant increase in rider income.

As an example of the effect of the fare increases, the agency said a bus ticket from Toms River along the Jersey Shore to the Port Authority Bus Terminal in Midtown Manhattan would rise to $24.40, up from $3.15. A one-way ticket from Princeton Junction would rise to $18.40, up from $2.40, according to the report.