Wednesday, July 15, 2009

CTA says it can avoid service cuts

UPDATE 5:03 PM I'm bumping this to the top with more information courtesy of Crain's:
The Chicago Transit Authority announced Wednesday it will not have to cut service or raise fares in spite of taking another hit — this time $35.2 million — in anticipated funding this year. The mass transit agency cited increased ridership, conservative budgeting and tightly controlled costs for its ability to maintain current service and fare levels. Officials did warn, however, that they may not be able to hold the line if there are additional losses in funding.

The CTA originally based its 2009 budget on the expectation it would receive $723.3 million in public funding, but it’s now likely to receive only $541.4 million.
...
The 25% loss in funding is the result of the Regional Transportation Authority having to revise its funding estimates after revenue from sales taxes and real estate transfer taxes came in far below budget projections.
Thanks for providing more information Crain's. :)

I was kinda hoping the recently signed capital budget would have solved this problem. I think there's money in there for CTA, but this article doesn't say. Still this is great news from the Sun-Times.

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