THE MBTA IS planning to increase spending 8 percent in the coming fiscal year, but the transit authority’s general manager said there is not enough money for new initiatives such as a fare discount for low-income riders.

“We will be challenged to incorporate costly initiatives absent some additional source of revenue,” said General Manager Steve Poftak. “That’s been part of the discussion around means-tested fares.”

The previous MBTA board, called the Fiscal and Management Control Board, had directed T staff to present a couple alternatives for a low-income fare pilot to the new board last fall. The staff did provide an overview of fare options, but never presented the board with options for low-income fare pilots.

Poftak indicated at a board meeting on Thursday the T could not afford it. “At some point, our means may constrain our ends,” he said.

The general manager’s comments came as the current T board gave preliminary approval to a $2.55 billion fiscal 2023 budget that adds about 330 new positions and $199 million in new spending.

The budget includes funding for South Coast Rail, which is expected to open in December 2023; a bus network redesign that will boost service by 25 percent over the next five years; and the delivery of service on both branches of the Green Line extension into Medford and Somerville.

The T expects to balance the coming fiscal year’s budget with more than $300 million in federal funding. In fiscal 2024, which begins on July 1, 2023, the federal funding is expected to run out and the T will be faced with a shortfall that could easily top $200 million. One of the big questionmarks is how many riders return to the service, which will determine how much fare revenue rises.