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Yesterday, the Peninsula Corridor Joint Powers Board approved a fiscal-year 2013 budget proposal for Caltrain and a framework for the agency’s future operating budgets.

The FY2013 budget doesn’t include some of the drastic service cuts previously proposed for Caltrain, agency officials said in prepared statement.

Caltrain’s three partner agencies each agreed to contribute $33.5 million to Caltrain’s operating budget: San Mateo County Transit District, $14 million; San Francisco Municipal Transportation Agency, $5.8 million; and Santa Clara Valley Transportation Authority, $13.7 million. In the current fiscal year, the partners are contributing $25.4 million.

Budget deliberations for future fiscal years will include changes in the formula used to determine how much each partner will pay toward operations, Caltrain officials said.

Meanwhile, Caltrain’s ridership in August rose 13 percent to 1.25 million riders compared with August 2010, setting an all-time high. Fare box revenue increased 15 percent.