rohatyn

Fare increases from $1 to $1.15

  • Date: January 1, 1990
  • A 1987 agreement with the unions, Governor, and Legislature "provided for the $1.15 fare" [1]
    • Occurred while approving 1987 $8.5bil capital plan
    • Written primarily by Felix Rohatyn
  • Increase of 15% was to close $200mil budget defecit
  • There was a political retreat from a $1.25 fare
    • Some say due to public outcry, others say it was a political gimmick
  • Kiley said in July 1989 that more than a $1.15 fare may be necessary
    • Ridership had not increased, resulting in $15mil less revenue than expected
    • Corporate-tax revenues were down $15mil
    • Federal aid was $25mil less than expected
  • "Technically, the M.T.A. can approve fare increases without the agreement of lawmakers. The Legislature, however, controls the authority's huge capital plans, giving it strong influence." [2]
  • Source: "Turnstile Politics: Preparing for the $1.15 Token," The New York Times, December 3, 1989. link
  • Source: "Kiley Says Fares Could Increase Beyond $1.15 Planned for 1990," The New York Times, June 1, 1989. link
  • Source: David E. Pitt, "A $1.15 Token Now Supported By Transit Staff," The New York Times, December 2, 1989. link
  • Source: Eric Schmitt, "Transit Lines Brace for Test Of $1.15 Fare," The New York Times, January 2, 1990. link
  • Tags: fare-increases federal-assistance kiley mta rohatyn

Eugene Keilin appointed MAC chairman by Cuomo

  • Date: October 4, 1993
  • Succeeded Felix Rohatyn
  • Source: "Cuomo Picks Investment Banker for Municipal Post," The New York Times, October 4, 1993. link
  • Tags: nyc nycfc rohatyn

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