THE BRONX - Mayor Michael Bloomberg's administration is considering hiring a private firm to manage and regulate its parking meter system.

The city is looking to generate more revenue from public meters and rein in costs by privatizing the meter system.

Last year, the city extracted more than $140 million from its 80,000 parking meters.

City officials say hiring a private company to run its meter system would not lead to increased rates for New Yorkers, which some critics fear would happen.