Grappling with declining ridership and rising costs, NJ Transit announced today plans to hike fare rates by 15% for Fiscal Year 2025.

The hike, which would be the first since 2015, would take effect July 1st.

“This proposed fare adjustment, along with NJ TRANSIT’s internal efficiencies, savings and revenue enhancements would allow for a fully funded FY25 operating budget that avoids reducing service levels,” NJ Transit said in a statement.

The proposal also calls for the struggling transit agency to increase all fares by 3% annually beginning next year.

According to estimates released by NJ Transit, expenses are expected to outstrip revenue by $106.6 million next year.

Ridership is only about 80% of pre-pandemic levels.

The proposal will be discussed during 10 in-person public hearings during the week beginning March 4. Residents can also submit comments virtually using an online portal or by email.