Injections of federal and state funding have helped brighten the Chicago Transit Authority's gloomy budget outlook, transit officials said today.
The CTA still must find $53.7 million to balance its 2009 budget.
But the gap is markedly smaller than the projected $244 million shortfall that the CTA recently faced to wipe out red ink left over from 2008 as well as address this year's budget, said Paul Fish, CTA vice president of budget and capital finance.
"We are making progress," said CTA chairman Carole Brown, who only a month ago characterized the situation as a looming budget crisis that could lead to impacts on service.
The Regional Transportation Authority agreed to cover a $56.1 million public funding shortage for 2008.
In addition, a combination of 396 job reductions, a fare hike, federal stimulus money and cost savings have trimmed this year's budget hole from $155 million to $53.7 million, officials said.
Tuesday, April 7, 2009
CTA brightens outlook, must still find $53.7M
Tribune:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
PLEASE READ FIRST!!!! Comment Moderating and Anonymous Comment Policy
While anonymous comments are not prohibited we do encourage you to help readers identify you so that other commenters may respond to you. Either read the moderating policy for how or leave an identifier (which could be a nickname for example) at the end of the comment.
Also note that this blog is NOT associated with any public or political officials including Alderman Roderick T. Sawyer!