Roosevelt Island Red Bus Fare Eliminated And Street Parking Rates Doubled Announces RIOC At Yesterday's Board Of Directors Meeting - Starts April 1, 2014, No April Fools Joke
... suggested that it would be cheaper to run the bus without a fare but RIOC Directors are not likely to go along with that suggestion. According to RIOC Chief Financial Officer Steve Chironis, Red Bus annual revenue is $300 hundred thousand from riders and $100 Thousand from the Octagon Express for a total of $400 thousand annually. The annual Red Bus expenses are $1.2 million for a net annual loss of $800 thousand....Reported in September 2013:
... I learned at yesterday's RIOC Board of Directors meeting that Mr. Opperman's suggestion will be implemented and the Roosevelt Island Red Bus will soon be free....and:
According to RIOC, eliminating the bus fare and doubling parking rates will improve the Roosevelt Island Red Bus efficiency, reduce traffic jams on Main Street and encourage greater use of the Motorgate Garage.During December 12, 2013 RIOC Board of Directors meeting it was announced that starting April 1 2014 the Roosevelt Island Red Bus fare would be eliminated and street parking rates doubled.
RIOC Director Margie Smith explains RIOC's decision.
RIOC Director David Kraut explains waiting for April 1 to eliminate the Red Bus fare is because the current budget includes revenue from the Red Bus and the new fiscal year starts on April 1.