The process for imposing 2005 fare and toll increases and major transit service cut-backs will follow the schedule below. The MTA would need a $91 million infusion of additional operating funds to avoid the service cuts, and $219 million to call off the fare increases.

The fare increases could hike a 30-day MetroCard to at least $76 but possibly as high as $84, jack express bus fares 50%, boost commuter rail fares by 4-19% and raise bridge and tunnel tolls 50 cents. Service cuts would close 164 subway station booths, reduce service on many bus lanes and cut the G subway line in half.

But whether these hikes and cuts take effect, or transit riders are saved by Mayor Bloomberg and Governor Pataki at the last minute, the 2005 budget gap is only the tip of the transit finance iceberg looming ahead of the MTA. The MTA’s capital program needs to find $11 billion for basic system upkeep and $10 billion for needed expansion projects. And the agency’s huge projected 2006 budget gap is causing MTA talk of eliminating city bus routes, ending night service on most others, closing some LIRR branches and severely curtailing subway service.

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