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1/6/2023
The Toronto Transit Commission this week unveiled its proposed operating and capital budgets for 2023.
The CA$2.38 billion operating budget is up 4.2% from the 2022 budget, TTC officials said in a press release.
Key budget items include CA$43 million for service operations following the opening of Line 5 Eglinton-Crosstown and Line 6 Finch West projects; CA$4 million for safety, security and cleanliness; and CA$3 million for service improvements in routes serving “neighborhood improvement areas,” as well as expanding the Fair Pass Program.
The proposed operating budget also includes a commitment to increase ridership to 91% of pre-pandemic levels “even as ridership is predicted to reach just 75% of pre-pandemic norms at the end of [2023],” TTC officials said in a press release.
The budget proposal also calls for a fare increase of 10 Canadian cents, though fares would freeze for seniors, Fair Pass Program users and riders carrying PRESTO monthly and annual passes, TTC officials said. The Fair Pass Program expands transit access to low-income riders.
The CA$1.34 billion capital budget proposal for this year includes CA$800 million for infrastructure and state of good repair projects; CA$455 million for vehicle purchases and overhauls; and CA$88 million for transit expansion-related work. TTC has already designated CA$12.5 billion to cover capital expenses in the years 2023 to 2032.
The budget also updates TTC’s 15-year capital and real estate investment plans, TTC officials said. The city of Toronto would provide a CA$958.7 million subsidy to TTC, a CA$53 million increase from last year.
TTC's board will discuss the budget proposals at its Jan. 9 meeting.