Metropolitan Transportation Authority board members voted to approve a scaled-back package of fare and toll hikes at an emergency meeting Monday, in the wake of the rescue plan approved by the state Legislature last week.

MTA Chairman Dale Hemmerdinger called the plan, which raises the base subway and bus fare a quarter to $2.25, a "bittersweet solution."

"It's not a perfect solution, but a political solution," he said prior to the vote.

By an 11-2 vote, the board approved across-the-board fare and toll increases averaging 10 percent. While it's smaller than an earlier plan to boost them up to 30 percent, Hemmerdinger said it was no cause for celebration.

"I don't know how you can be happy about raising fares," he said.

Riders will still get the 15 percent bonus, but only after putting at least $8 on their MetroCard.

Under the new plan, 30-day unlimited ride MetroCards will rise from $81 to $89; 14-day cards will rise to $51.50; 7-day cards will go up to $27, and a one-day pass will cost $8.25.

Bridge and tunnel tolls will rise to $5.50.

Also, express bus fares go from $5 to $5.50, and 7-day express bus plus unlimited-ride card goes from $41 to $45.

"Given all of what we went through with Albany, I think it is an outcome that we'll accept," said MTA Executive Director and Chief Executive Officer Elliot "Lee" Sander.

"I think a lot of the public will say, well, it's still a burden on us, but it's a lot less than what would've been the case," said Gene Russianoff of the Straphangers Campaign. "And the best news is that virtually all of the service cuts are going away."

The plan also introduces a 50-cent surcharge on taxi rides and a payroll tax. Some board members voted against the plan due to the payroll tax, which they feel puts an unfair burden on suburban towns whose residents do not rely on the transit system.

"There's a discrepancy between the amount of service we get and the money that we send," said MTA Board Member Susan Metzger. "This will make that worse."

Ahead of the meeting, 10 speakers addressed the board – mostly criticizing the plan to close more than 200 service booth and customer service units.

"The public needs people there in those booths to be their eyes and ears, for their protection," said station agent Andreeva Pinder of TWU Local 100.

"A MetroCard vending machine cannot help a parent with a stroller," seconded station agent Kendra Hill, also of TWU Local 100. "A turnstile cannot give directions to a lost traveler."

Sander said that no station agents will be laid-off and all of the positions will be removed through attrition.

Meanwhile, Mayor Michael Bloomberg says the city will work to make the best of the plan, but he says it fails to address long term projects.

"They still clearly have not identified sources for capital projects and I'm worried that the capital funding will mean painting stations as opposed to expanding the area where there are a lot of parts of this city where people don't have access to mass transit. That's wrong," said Bloomberg.

The mayor added that despite the financial shortcomings, the city's transit system far outdoes others he has seen around the world.

Subway and bus fare hikes will take effect on June 28th. Long Island Rail Road and MetroNorth fare hikes will take effect on June 17th. And, bridge and tunnel tolls will rise on July 12th.

The state bailout also restored planned service cuts.