Key West Transit Development Plan FY2025-2034

Appendix E: Farebox Recovery Report

STRATEGIES TO IMPROVE FAREBOX RECOVERY RATIO The farebox recovery ratio can be improved by increasing ridership, increasing revenue from fares, and by reducing operating costs. The following is a list of strategies for KWT to consider to improve the farebox recovery ratio: » Continuously monitor performance to determine if adjustments need to be made, such as discontinuing service for underperforming routes and determining the most cost-effective service type on major corridors and community areas. » Meet with cities in the Lower Keys to form partnerships for funding improved transit service along the Overseas Highway. » Minimize costs required to operate and administer transportation services. » Evaluate fare structure to analyze opportunities for instituting additional passes. » Increase marketing through innovative outlets like social media and work with key employers, community organizations, and homeowner associations to increase fixed-route and microtransit ridership. » Add bus stops to increase service effectiveness and improve visibility. » Increase ridership while maintaining costs to operate and administer transportation services by engaging the public to refine services and aim to better meet the needs of customers.

Figure E-1: Farebox Recovery Ratio for Fixed-Route Service

12.00%

11.40 %

10.37 %

10.00%

8.60 %

8.33 %

8.00%

7.28 %

6.00%

4.00%

2.00%

0.00%

2018

2019

2020

2021

2022

Farebox Recovery Ratio

Source: NTD

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APPENDIX — Transit Development Plan FY 2025–2034