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NJ TRANSIT BOARD ADOPTS FISCAL YEAR 2003 OPERATING BUDGET

NEWARK, NJ, July 10, 2002 -- The NJ TRANSIT Board of Directors today adopted a $1.22 billion Operating Budget for Fiscal Year 2003 (FY03), which runs from July 1, 2002 to June 30, 2003. The budget provides additional transit service on NJ TRANSIT's core system, including:

  • 6.4 million more seats on the rail network annually; and,
  • 2 million more seats on the bus network annually.

"The 2003 Operating Budget demonstrates our promise to work harder and smarter with our funding," said NJ TRANSIT Board Chairman and State Transportation Commissioner Jamie Fox.

"The $1.22 billion, which includes the same $260 million in State subsidy as last year, will be used to increase seats on our bus and rail systems through better use of our equipment and still support the startup of new services, such as the Montclair Connection, the extension of Hudson-Bergen Light Rail to Hoboken and the opening of the East End Concourse at Penn Station New York."

Last May, Governor McGreevey announced plans to provide more seats on NJ TRANSIT's congested New York-bound commuter rail lines. NJ TRANSIT's FY03 Operating Budget funds the additional train service needed to implement those plans along with new Montclair Connection service, Hudson-Bergen Light Rail service to Hoboken and the opening of New York Penn Station's East End Concourse. Also funded in the FY03 Operating Budget are a series of bus capacity enhancements announced by Executive Director George Warrington today. Overall, the budget provides for 50,000 additional bus runs annually.

"I am pleased that this budget provides for the additional capacity on our core rail and bus systems while at the same time funding new service," said NJ TRANSIT Executive Director George Warrington. "We must continue to maximize our resources, increase internal efficiencies and, importantly, develop long-term investment policies in order to fund the very basic needs of our riders," he continued.

The spending plan is funded by $548.9 million from passenger revenues, $260 million from State operating assistance, $260 from the capital program, and $152.7 million from other resources. Mr. Warrington highlighted the policy issues facing the capital and operating budgets in his remarks before NJ TRANSIT's Board of Directors, expressing concerns for the increased dependence of the operating budget on funds from the capital program.

NJ TRANSIT is the nation's largest statewide public transportation system providing more than 761,000 daily trips on 238 bus routes, two light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 163 rail stations, 27 light rail stations and more than 17,000 bus stops linking major points in New Jersey, New York and Philadelphia.

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