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On Nov. 10, Chicago Transit Authority (CTA) approved an amended version of its proposed $936 million fiscal-year 2004 budget.

Although the budget includes a 25-cent basic fare increase, the board voted to decrease the cost of a transfer from 30 cents to 25 cents. CTA also plans to continue reversing transfers, which enable passengers to take two additional trips within two hours of a transfer being issued.

The authority plans to open its regular meetings for public comment and hold hearings in neighborhoods throughout CTA’s service area.

The proposed budget reduced operating expenses $2.5 million by combining cost-saving measures and eliminating some non-service related positions. CTA does not plan to reduce service.

The budget also includes a waiver on the $5 Chicago Card electronic fare card fee between Jan. 1 and March 31, 2004, and funds for a study designed to determine the feasibility of incorporating Chicago Card technology into the city’s plan to equip taxis with credit card payment capabilities.