VRE’s commissions approves FY 2025 budget and six-year CIP
Jan. 17, 2024
VRE’s FY 2025 operating budget totals $119.9 million, which is an increase of 10 percent from the FY 2024 budget, while the 1.3 billion CIP includes improvements at 12 stations, three maintenance and storage facilities and one parking lot.
The Virginia Railway Express’ (VRE) commissions has approved VRE’s Fiscal Year (FY) 2025 budget and its accompanying six-year capital improvement program (CIP).
VRE’s FY 2025 operating budget totals $119.9 million, which includes operations, maintenance and existing debt service. The $119.9 million is an increase of $11 million or 10 percent over the FY 2024 operating budget. The budget includes an increase in fares of five percent and jurisdictional contributions of 14 percent. Both take effect July 1, 2024. VRE’s last broad-based fare increase was three percent in FY 2020.
The budget allows for the first-ever operation of VRE Saturday service, eliminates fares for those ages 18 and under and simplifies fare payment options. Agreements with VRE’s host railroads – Amtrak, CSX Transportation and Norfolk Southern – must be reached before Saturday service can begin.
VRE’s $1.3 billion CIP, which is about two-thirds funded, includes improvements at 12 stations, three maintenance and storage facilities and one parking lot. Construction of a new parking garage, the purchase of rolling stock and projects pertaining to both asset management/state of good repair and information technology are also contained in the CIP.
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