Metro’s January fare increase has so far generated enough money for the transit agency that officials do not want to increase parking fees an additional 25 cents in July.
The fare increase, approved by the Metro Board of Directors in December, included a 30- to 60-cent increase in rail fares and a 75-cent increase in parking fees.
The new fares were expected to raise $107 million and all but erase an estimated $109 revenue shortfall in Metro’s fiscal 2009 operating budget.
But the board, wary the new rates might drive ridership down, reserved the right to increase the parking fees an additional 25 cents in July if they determined the fares were not raising enough money.
In an analysis to be presented to a Board of Directors committee Thursday, Metro staff have determined the fare increase has not had any significant effect on ridership so far.
“The fare increase is producing revenue as expected,” the report said. “No significant ridership loss, no measurable change in ridership patterns.”
Ridership has been so high, in fact, the transit agency expects to have a $4 million surplus by July, the end of fiscal 2008.
That’s on top of the $30 million the fare increase was expected to generate between January and July — all of which is being set aside for next year’s operating budget.
Metro experienced a 6 percent ridership jump in January and February over the same months the previous year, bringing the agency more revenue than it had budgeted.
Ridership climbed minimally in March, but Metro still came in on budget for the month, the report said.
Theagency’s parking revenue also came in on budget.
Though the final decision on boosting parking lot charges rests with the board, “no additional [parking] fee increase is planned,” according to the report.
That’s good news for commuters who already pay as much as $4.75 a day to park at Metro lots.
