The Steamship Authority Board of Governors, at its monthly meeting Tuesday, heard SSA Chief Financial Officer, Gerard Murphy, recommend seasonal hikes in vehicle fares and Falmouth parking rates for the 2019 season.
The Vineyard Gazette reports that Murphy’s first draft of the 2019 budget showed a projected net surplus of just over $141,000.
Murphy told the board that is a razor thin margin. Fuel costs alone are expected to rise 29% next year.
As a result, he has recommended raising $7 million through seasonal fare hikes on vehicles next summer for both the Vineyard route and the Nantucket route.
Passenger fares, including bicycle and board rates, are unchanged in Murphy’s proposal.
The Board of Governors will take up the budget and proposed rate increases at their next regular meeting in October.