The cost of operating our buses works out to around $2.60 per trip--not an ideal measure, since "trip" makes no reference to travel time or distance, but oh well. Not everyone can pay this, so our base fare is $1.25 per trip. You pay less if you buy transfers, passes, etc.
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I contend that the result would be a much more extensive transit network, used by a much broader range of the population, largely independent of shifts in the whims of taxpayers. Admittedly we have a very low bar to clear in these respects.
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