NJ Transit is holding a series of public hearings this week regarding a proposed, controversial 15% systemwide rate hike that would take effect July 1, 2024.

The transportation agency has been in the news extensively due to a looming fiscal cliff. For Fiscal Year 2025, the agency faces a deficit of more than $100 million. In FY 2026, that figure jumps to nearly $1 billion.

Beyond this proposed rate hike, just last week, Gov. Phil Murphy called for the establishment of a new Corporate Transit Fee. The plan, revealed in Murphy’s annual Budget Address, drew the ire of the business community months after they applauded his follow-through on sunsetting the corporate business tax (CBT) surcharge.

The Murphy administration has said it is hopeful that the combination of the CFT, the rate hike, state funding, and a restructuring of the administrative side of NJ Transit would bridge the budget shortfall.

In addition to the 15% proposed hike for 2024, the proposal calls for 3% fare increases each July 1, beginning in 2025.

The rate increase hearings began Monday and run through Friday. Ten are scheduled this week in 10 New Jersey counties, including both morning and evening sessions.

More information on the proposed rate adjustment, public hearing schedule, and ways to submit comment is available here.