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11/15/2024
Chicago commuter railroad Metra’s board approved a 2025 operating budget of $1.1 billion that holds fares at current levels and relies on strong sales tax revenue and dwindling federal COVID 19-relief aid to cover an expected growth in expenses, agency officials announced yesterday.
Metra officials announced that the board approved both the operating budget and the capital plan. The $366.4 million capital plan includes major investment in bridges, stations and rolling stock. Both the operating budget and capital plan can be viewed here.
The 2025 operating budget includes $65 million in costs associated with a capacity expansion on the Metra Electric Line, a necessary improvement to support a planned service increase project by Northern Indiana Commuter Transportation District (NICTD). Metra is managing the project, and most costs will be reimbursed by NICTD.
Excluding costs related to that expansion, the 2025 operating budget increased 4.1% from the 2024 operating budget. The increase is due to expected inflationary, contractual and market increases, Metra officials said. The budget also includes spending for upgrades to Metra’s positive train control system related to heightened cybersecurity risks.
Metra’s operating budget will be funded by system-generated revenue projected at $304.1 million, including $184.2 million in fares, based on a projection that ridership will grow 7% in 2025. The operating budgetalso will be funded by $592.5 million in regional sales tax receipts and $238.4 million out of Metra’s remaining $331.8 million in federal COVID 19-relief funding.
The relief funding is expected to run out in 2026, meaning Metra will need to solve budgetary gaps in the coming two years.
The $366.4 million capital program allocated $93.8 million to rolling stock; $101.8 million to bridges, track and structures; $39.2 million to signal, electrical and communication; $57 million to facilities and equipment; $34.9 million to stations and parking; and $39.8 million to support various other activities.
The capital program is funded with $242.3 million in federal formula funding, $29 million in federal Congestion Mitigation and Air Quality funds, $88.6 million in state pay-as-you-go (PAYGO) funds, and $6.5 million in Illinois Regional Transportation Authority's Innovation, Coordination and Enhancement (ICE) funds.