N.J. Transit Board Approves $2.75 Billion Fiscal 2023 Operating Budget

A N.J. Transit train departs from Montvale, N.J. on Feb. 10, 2016.
A N.J. Transit train departs from Montvale, N.J. on Feb. 10, 2016. (Photo by Todd DeFeo/The DeFeo Groupe)

The N.J. Transit Board of Directors today adopted a $2.75 billion fiscal 2023 operating budget and updated capital plan that supports continued investments in personnel, infrastructure, and equipment to maintain the system in a state of good repair and enhance the overall customer experience.

“Governor Murphy’s steadfast commitment to improving NJ TRANSIT is demonstrated through the resources provided in the FY 2023 budget. This operating budget will support continued system improvements while keeping fares stable,” New Jersey Department of Transportation Commissioner and N.J. Transit Board Chair Diane Gutierrez-Scaccetti said.

“The FY23 budget and update to our 5-Year Capital Plan are critical to not only maintaining the services we currently provide, but also making sure we are prepared for future demands,” N.J. Transit Board Vice-Chair Cedrick Fulton said.

This budget does not include a fare increase for fiscal 2023. In addition to the $2.75 billion operating budget, the board adopted $2.64 billion in capital investments for fiscal 2023.

“The operating and capital funding allows us to continue to build on the progress we’ve made through new vehicle purchases, new and upgraded infrastructure, and hiring the personnel necessary to further improve the customer experience,” said NJ TRANSIT President & CEO Kevin Corbett. “This budget is a roadmap for how we will maximize our resources and spend every dollar wisely to deliver the world-class transit service New Jersey residents expect and deserve.’’

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