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Rail News: Passenger Rail
10/17/2012
Rail News: Passenger Rail
Chicago's Metra releases proposed 2013 budget for public review
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Metra's board is soliciting public comments on its proposed 2013 budget, which calls for a 3.9 percent increase in operations spending and maintains 2012 service levels.
The budget and a 2014-2015 financial plan will be the subject of public meetings to be held Nov. 1-8 before the board votes on a final budget Nov. 16, Metra officials said in a prepared statement.
Of the budget's proposed operating funding, $310.2 million is projected to come from fares, they said.
The budget also calls for a 3.2 percent increase in labor and benefits costs, which make up 64 percent of the agency's operating expenses; a 2.6 percent increase in material costs; and a 3.2 percent rise in fuel costs. Because of volatility in the energy market, Metra was unable to secure an agreement to lock in rates for its 2013 fuel supplies, agency officials said.
Each year, Metra sets aside a portion of its operating funds to support capital investments, a fund it refers to as the Capital Farebox Program. In addition to a "baseline" budget that includes no fare increase, the Metra staff proposed several scenarios for increasing fares or changing fare policies to generate necessary capital funding, agency officials said.
In conjunction with the public hearings on the budget, Metra officials will host a second round of open houses on its strategic plan.
The budget and a 2014-2015 financial plan will be the subject of public meetings to be held Nov. 1-8 before the board votes on a final budget Nov. 16, Metra officials said in a prepared statement.
Of the budget's proposed operating funding, $310.2 million is projected to come from fares, they said.
The budget also calls for a 3.2 percent increase in labor and benefits costs, which make up 64 percent of the agency's operating expenses; a 2.6 percent increase in material costs; and a 3.2 percent rise in fuel costs. Because of volatility in the energy market, Metra was unable to secure an agreement to lock in rates for its 2013 fuel supplies, agency officials said.
Each year, Metra sets aside a portion of its operating funds to support capital investments, a fund it refers to as the Capital Farebox Program. In addition to a "baseline" budget that includes no fare increase, the Metra staff proposed several scenarios for increasing fares or changing fare policies to generate necessary capital funding, agency officials said.
In conjunction with the public hearings on the budget, Metra officials will host a second round of open houses on its strategic plan.
