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On Friday, The Santa Clara Valley Transportation Authority’s (VTA) board adopted a biennial budget and transit service plan for fiscal-years 2012 and 2013.

The spending plan includes an operating budget of $363 million for FY2012 and $374 million for FY2013. The budget contains no fare increases.

The budget and service plan reflect VTA’s “positive financial condition after two difficult years of belt-tightening and declining revenue,” VTA officials said in a prepared statement. The new plan includes enhanced service, “significant investment” in infrastructure and progress for the capital program.

“Our current positive financial position is the result of the agency taking quick action to react to the economic downturn,” said VTA Board Chairwoman Margaret Abe-Koga. “Throughout the downturn, VTA remained focused on delivering a high level of service.”

The budget and transit service plan will cover the period of July 1 through June 30, 2013.