The Regional Transportation Commission will raise bus and paratransit fares for the first time in 15 years as the public transit agency grapples with a budget shortfall of more than $118 million.

Fares on the RTC’s transit system are set to go up by varying amounts, and some fare options will be eliminated.

MJ Maynard-Carey, RTC’s CEO, said the increases are needed to address the lingering budget shortfall.

“We understand that raising fares, increasing costs for our transit riders, our paratransit riders, is a tough one,” Maynard-Carey said. “But we haven’t raised fares in over 15 years, and we are looking at a significant transit deficit.”

Maynard-Carey said RTC created a working group to address the deficit. The group reviewed fares at similarly sized transit agencies to develop potential fare increases that could be refined after the agency receives public comment.…