AGENCY TESTIMONY
Financial sustainability and new fare policy
0:21:21
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89 sec
NYC Ferry has focused on improving its long-term financial sustainability by reducing per-passenger subsidies and implementing a new fare policy. These efforts aim to balance accessibility with fiscal responsibility.
- Achieved the lowest per-passenger subsidy at $8.55 in fiscal year 2023, down 30% from its peak
- Implemented a new fare policy in August 2024, with a modest increase in single ticket base fare from $4 to $4.50
- Maintained accessible pricing for frequent riders through 10-trip packs and discounted fares
- NYC Ferry now has the third-lowest subsidy among major transit systems in the New York City region
James Wong
0:21:21
Increased riderships supported by improved rider experience and additional revenue opportunities have driven down the systems per passenger subsidy.
0:21:28
NYC Ferry has the lowest subsidy of any publicly funded passenger ferry system in the country.
0:21:33
In fiscal year 23, NYC Ferry saw its lowest per passenger subsidy at $8.55, down 30% from its peak.
0:21:42
We have reduced the cost of the ferry system and have improved our efficiency per hour and provider as a system.
0:21:48
Of the major transit systems in the New York City region, NYC ferry has the 3rd lowest subsidy behind MTA's local bus and subway system ahead of the Long Island Railroad, commuter and express buses and metro North, and it is the only transit system to lower its passenger subsidy since the pandemic.
0:22:04
To continue the growth of NYC Ferry ridership, while also remaining sound financial stewards of the system, NYC Fair announced a new fair policy in August, which went into effect yesterday.
0:22:14
Under the new fair policy, there's a modest increase in the single ticket base fare from $4 to $4.50 and a slight increase to the 10 trip pack and discount tickets to match MTA subway and bus per trip fares at $2.90.
0:22:29
In this fare structure, tourists and occasional riders pay a little bit more, while the 10 trip pack and discounted fares remain accessible to our frequent riders.
0:22:38
NYC Ferry is dedicated to not just making its system more equitable and accessible to riders, but also driving employment in the maritime industry and serving as a critical component of the city's maritime employment pipeline.