Caltrain OKs operating, capital budgets for FY19

Caltrain's board has approved a $151 million operating budget for fiscal-year 2019, which begins July 1.

The budget includes $25.4 million from Caltrain's three partners: the San Mateo County Transit District, the Santa Clara Valley Transportation Authority and the city and county of San Francisco. It also includes $1.2 million from a newly established revenue stabilization fund, Caltrain officials said in a press release.

Since the railroad's budget doesn't include a dedicated funding source, Caltrain needs to rely on reserves to help balance its budget. Farebox revenue makes up about 70 percent of the budget.

Without dedicated funding or increased funding from its partners, the railroad "will not be able to operate at existing service levels, despite ongoing ridership growth," Caltrain officials said.

Meanwhile, the railroad's board also approved a $42.7 million capital budget, which will be funded through a combination of federal, regional and state grants, along with $7.5 million from each of the partner agencies.

Caltrain staff had proposed that the three partner agencies increase their level of capital funding by $2.5 million each to fund state-of-good-repair projects that have been deferred due to budget shortfalls.

The capital budget includes funding to replace the Guadalupe River Bridge, as well as money for track and drainage rehabilitation in Caltrain's San Francisco tunnels.