The treatment of the deferred fare amount will be the same as in previous exercises. For any year where the fare adjustment is less than the maximum allowed using the fare adjustment formula, the remaining amount will be deferred to the subsequent FREs.  

In each year’s FRE, the PTC takes many factors into account, including any deferred fare amount, the fare formula output for that year, the economic situation at that point, the financial sustainability of the public transport system, and the impact on commuters. Likewise, the PTC will need to consider these factors at subsequent FREs.