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Yesterday, the Chicago Transit Authority (CTA) proposed a $1.13 billion fiscal-year 2007 budget that would maintain current fares and service levels. The budget is $96.5 million, or 9.3 percent, higher than the FY2006 budget because of anticipated increases in health care and pension contributions, and energy costs.
The authority expects to generate $552.7 million through fares and other revenue, requiring $580.5 million in public funding to cover operating expenses. CTA has only identified $470.3 million in public funding, but the agency anticipates the Regional Transportation Authority will identify a new transit funding source next year.
CTA also made recommendations for its next five-year capital improvement plan, such as expanding the system and replacing the fleet. The authority has identified $8 billion in capital needs to bring its system to a state of good repair and meet growing demand. So far, only $2.7 billion in capital funds are available.
The board will consider CTA’s proposed budget at its November meeting.
10/13/2006
Rail News: Rail Industry Trends
CTA proposes $1.1 billion 2007 spending plan, recommends capital projects
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Yesterday, the Chicago Transit Authority (CTA) proposed a $1.13 billion fiscal-year 2007 budget that would maintain current fares and service levels. The budget is $96.5 million, or 9.3 percent, higher than the FY2006 budget because of anticipated increases in health care and pension contributions, and energy costs.
The authority expects to generate $552.7 million through fares and other revenue, requiring $580.5 million in public funding to cover operating expenses. CTA has only identified $470.3 million in public funding, but the agency anticipates the Regional Transportation Authority will identify a new transit funding source next year.
CTA also made recommendations for its next five-year capital improvement plan, such as expanding the system and replacing the fleet. The authority has identified $8 billion in capital needs to bring its system to a state of good repair and meet growing demand. So far, only $2.7 billion in capital funds are available.
The board will consider CTA’s proposed budget at its November meeting.
