The plan would more than double the current $1.50 bus fare in a series of steps, the Metropolitan Transit Authority said in a report released Friday.
The $1.75 fare for the city's light-rail system would also tick higher -- and students and senior citizens would see transit-pass prices rise as well.
Representatives of rider groups had no immediate comment, but have resisted fare hike on the grounds it would be a hardship on the many lower-income riders who depend on mass transit, the Los Angeles Times said.
The report, written by MTA staff, said the higher prices were required to help eliminate a $36 million deficit projected for the 2016 budget.
The MTA recommended instituting a transfer system that would allow riders to change trains or buses without charge for 90 minutes after their ticket is purchased. Riders currently pay full fare every time they board.