The Metropolitan Transportation Authority on Monday said revenue generated from the first three weeks of the city's congestion pricing program totalled about $48 million, on track to meet projections for the year.
Between Jan. 5, through Jan. 31, tolls from the Congestion Relief Zone generated $48.66 million in revenue, putting the program on track to generate the $500 million that the MTA initially projected, according to a press release.
About 22% of the revenue came from taxis and for hire vehicles ($10.6 million), 68% from passenger vehicles, 9% from trucks and 1% from buses and motorcycles.
The transit agency said 95% of revenue was generated during peaking tolling hours. Expenses from the program including operating camera infrastructure and customer service amounted to $9.1 million and another $2 million for mitigation efforts totaling $11.1 million. This resulted in a net surplus of $37.5 million.
"With an initial performance in line with projections, we can confidently move forward with projects that rely on funds from the Congestion Relief Zone,” said MTA Chief Financial Officer Kevin Willens.
The revenue will be used for the MTA's 2020-2024 capital program, which includes making more stations accessible, installing modern signals, adding new locomotive stock and zero-emission busses and extending the Second Avenue subway line.
