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Yesterday, the Chicago Transit Authority (CTA) board approved two versions of the fiscal-year 2005 budget — one that assumes the authority will obtain additional state funding and one that doesn’t.

CTA is seeking more regional transit funding from the state assembly through a revised funding structure for public transit.

A $1.02 billion budget includes $524 million in public funding — an $82.5 million increase compared with FY2004. The funds would enable CTA to maintain current service levels and improve service to increase ridership, such as adding weekend service on the Cermak (Douglas) branch of the Blue Line. The budget also calls for cutting 200 positions.

Under a $912 million budget, CTA would obtain $441.6 million in public funding — a $35.7 million decrease compared with FY2003 when adjusted for inflation. The budget calls for eliminating more than one-fifth of rail and bus service in January, and cutting 1,200 jobs.