The CTA is addressing a $155 million shortfall for this year mainly by moving $128.6 million designated for capital projects into “capital eligible” alternatives, that includes preventative maintenance and bus and rail car rehabs
This means the capital money will not be spent on other projects, such as fixing up old stations or 100-year-old bus garages.
The CTA also plans to fill this year’s gap through $3.8 million in savings in labor costs, and reducing by $10 million its reserve for injury and damage. No further fare increases or service cuts are planned for this year. A fare increase was imposed Jan. 1.
The CTA had hoped to receive an additional $56 million from the RTA to cover its 2008 shortfall — however, the RTA has since informed the CTA that the money is a loan and will have to be repaid.
Dispatches from Chicago's south side.
Wednesday, May 13, 2009
CTA: Fare increase, service cuts possible for 2010
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