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Bay Area Rapid Transit (BART) recently adopted its $460.7 million fiscal-year 2004 budget.



The budget includes $396.5 million in operating expenses and $64.2 million in debt service for capital investments, and funds to operate the San Francisco International Airport Extension (scheduled to open next month).



For the fourth-straight year, the agency faced a budget shortfall — BART projected a revenue decline of $25.3 million and $13.5 million in increased expenses. The transit agency plans to increase fares 10 percent and eliminate 126 positions to help alleviate the shortfall.



The board also approved plans to adjust fares every two years based on the Consumer Price Index to keep pace with inflation.