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· 12-
In approving the fare increase, the Governor in Council took a number of factors into account, including the financial position of HYF, public affordability, and the fact that HYF had been providing an acceptable level of service and had introduced a number of service improvements despite its financial difficulties.
"The approved rate of increase is below the forecast inflation rate between HYF's last fare increase and June 1997 when the new fares are to take effect," a Government spokesman said. "The impact of the fare increase on the Consumer Price Index (A) is only 0.01%."
Details of the fare increase are as follows -
Range of % increase
Increase in
money terms
(a)
Passenger services
- cross harbour
·
- new town
8.6% - 14.3% 7.1% - 13.6%
20 cents - $1
outlying districts weekdays
4.3% - 9.6%
weekends and holidays
6.1% - 9.6%
30 cents- $2.5 20 cents - $2 20 cents - $2
(b)
vehicular service
5.3% - 12.5%
50 cents - $15
(c)
freight
10.0% - 14.3%
50 cents - $2
Overall, about 85.8% of the passengers would have to pay no more than $1 more per trip.
The spokesman said that HYF's pier development package on its own would not be adequate to finance HYF's planned service improvements and to maintain its ferry operations without annual fare adjustments. Even with a fare increase of 8.35%, HYF was expected to incur substantial losses in the next few years, the spokesman added.
End