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In the beginning of 1955, it was reported that the NYCTA's surface operations cost seven million dollars more to operate annually than it collected in revenue from the fare box. By privatizing the surface operations, and as a result focusing on subways, the NYCTA could then meet its operating costs.
Below are the fares charged for single boardings on the transit lines and predecessors of the New York City Transit Authority (NYCTA). Different combinations of transfer privileges and the abolition of double fares to the Rockaways have altered these fares from time to time.
As of 2018, the New York City Subway's budgetary burden for expenditures was $8.7 billion, supported by collection of fares, bridge tolls, and earmarked regional taxes and fees, as well as direct funding from state and local governments.
On June 15, 1953, the NYCTA was founded with the aim of ensuring a cost-covering and efficient operation in the subways. [80] There was a need to overhaul rolling stock and infrastructure of the once-private routes, especially for the IRT, where nearly all of the infrastructure was aged.
The project, to start in 1950, would cost US$3,850,000 (equivalent to $48,800,000 in 2023). The platforms were only able to fit nine 51-foot-long IRT cars, or seven 60-foot-long BMT cars beforehand. On March 12, 1953, two 9-car super express trains began operating from Flushing–Main Street to Times Square in the morning rush hour.
A new low-level subway through Manhattan would complete the loop. Construction costs of this preliminary project are estimated at $154,000,000, with $40,000,000 additional for equipment. The cost of power facilities is not included in this estimate.
The E and F began running eleven-car trains during rush hours on September 8, 1953. The extra train car increased the total carrying capacity by 4,000 passengers. The lengthening project cost $400,000.
The total construction cost was $10.072 million (equivalent to $225 million in 2023) for 0.9 miles (1.4 km) of new tunnels, or $2,068 per foot ($6,780/m), which was three times the normal cost of construction at the time.
The predicted cost of $3.5 billion per mile ($2.2 billion per kilometer) was attributed to various unnecessary expenditures, including hiring additional workers for little reason, as well as uncompetitive bidding processes.
As of 2023, its operating budget was $596 million; the budget is funded through taxes and fees. The Triborough Bridge and Tunnel Authority was founded in 1933 as the Triborough Bridge Authority (TBA). The agency was named after its first crossing, the Triborough Bridge. The Triborough Bridge Authority was reorganized as the Triborough Bridge ...