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On Monday, California Gov. Arnold Schwarzenegger signed a bill that will provide about $750 million in “crucial funding” for transit agencies statewide, according to the San Francisco Municipal Transportation Agency (SFMTA).

The legislation will provide SFMTA an estimated $36 million in State Transit Assistance (STA) funding for fiscal years 2009-10 and 2010-11. Another bill approved Monday will provide STA funding on an ongoing basis beginning in FY2011-12, including $31.4 million for SFMTA in the first year, through a “complicated gas tax swap,” according to the agency. During the past three years, SFMTA has lost $179 million in STA funding.
 
“While Monday's action by the Governor does not restore all of the revenue we have lost from the state in recent years, the funding will clearly help us provide more reliable transit service,” said SFMTA Executive Director and Chief Executive Officer Nathaniel Ford Sr. in a prepared statement.

Late last month, SFMTA’s board decided to raise some parking fines and reduce Municipal Railway service by 10 percent to balance the agency’s budget.