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Yesterday, Chicago Transit Authority (CTA) President Forrest Claypool proposed a $1.24 billion budget for 2012 that would be $66.2 million, or 5 percent, less than the 2011 budget, CTA officials said in a prepared statement.

The budget relies on “deep management cuts and work rule changes from labor unions” in order to “hold the line on fares and maintain current service levels,” they said.

“Management initiatives will help shave $117 million from the $277 million deficit, and the proposed budget will close the remaining gap with anticipated work rule reforms, health care benefit changes and restraint in wage growth consistent with other metropolitan transit agencies,” CTA officials said.

Since May, the agency has launched a series of service improvements, cut hundreds of positions and implemented “management efficiencies,” which are saving tens of millions of dollars, Claypool said.

“The result is a lean management structure and the smallest number of employees in CTA’s history,” he said.