You know those frequent subway fare hikes that people always protest to no avail? Well you can expect a whole lot more of that now that the New York Metropolitan Transit Authority has found $1.9 billion dollars in "unanticipated funds," but don't expect to see the money in your wallet increase because of it. The MTA has raised fares for its riders a lot in the past (currently up 32% from 2008, according to Jalopnik) and plans to hike the price another 15% over the next 3 years.
The $2 billion dollar surplus was discovered during an audit of the MTA by the New York state comptroller and is well over the $40 million that they expected to find. The money is said to be a result of "lower pension contributions, energy costs, debt service, health insurance costs and higher tax revenues." The plan is to use the fortune to repair stations and tracks across the system, but we'll believe it when we see it. Fares have increased faster than inflation, according to state comptroller Thomas DiNapoli, who has made the suggestion that the MTA reconsider future fare hikes.
Did we mention how much we love and respect the MTA?
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