UPDATED, 1:03 p.m.: more info from the MBTA, Route 554 bus's weekend service would be eliminated, impacting Waltham residents. Also, the terminus for Route 555 would move from Riverside T station in Newton to Central Square in Waltham, which is between Common, School, Lexington and Carter Streets.

UPDATED 11:39 a.m., with information from the MBTA:

The MBTA board plans to meet on April 4 to possibly approve the plan.

The E branch of the Green Line would remain running, but only up to the Brigham Circle stop. From there riders could take the 39 bus to get to the Heath Street area.

Overall, service changes would result in $15.4 million of savings and fare increases would generate $72.9 million. One-time revenues would garner and $61 million.

Other changes would include adding countdown signs to at the Logan Airport stop of the Silver Line, exploring off-peak pricing and consodlidating customer service to the Downtown Crossing stop.

Also, the MBTA would eliminate 51 positions and impose a hiring freeze for non-essential workers. Employees would also be enrolled in a lower cost health insurance plan.

“The proposal we put forth today reflects our current fiscal reality and the feedback we heard from customers,” said Secretary Davey. “We have put forth a solution that limits the impact on riders for one year but I encourage everyone to remain engaged in helping us find a long-term fix for the T’s budget challenges.”

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MBTA fares will rise 23 percent and four bus routes would be cut as part of the MBTA's final plan to close its $161 million budget gap, according to WBZ-TV.

Fourteen other bus routes would be modified. Details of the plan are scheduled to be unveiled during a press conference today. If approved, the changes would begin on July 1.

Bus fares would rise to $1.50 from $1.25 and a subway ride would jump to $2 from $1.70. Monthly passes would rise from $59 to $70. Those fare changes apply to Charlie Chard users.

For students and seniors, bus fares will rise to 75 cents and subway rides will jump to $1. Also, the MBTA would start offering a 7-day student pass for $28.

No changes would be made for THE RIDE services, but fares would rise to $4 or $5 depending on where you live and how far you would travel.

Also, weekend commuter rail service will remain, however, weekend service on the Plymouth-Kingston, Needham and Greenbush lines would would be eliminated.

Ferry rates would rise 35 percent and Quincy ferry service would be axed, according to WBZ.

Additionally, the state Department of Transportation would use $5 million from the state's snow and ice removal fund to help close its budget gap. It also plans, with approval from lawmakers, to take $51 million from the state's vehicle inspection fund to help cover the budget deficit.