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In fiscal-year 2006, the Chicago Transit Authority (CTA) is projecting a $55 million budget deficit. Tomorrow, the board will vote on service cut and fare increase proposals to balance the budget.
CTA originally projected a $77 million FY2006 deficit, but has reduced the shortfall by cutting jobs, selling property, freezing salaries, and reducing overtime and workers’ compensation costs.
If approved, fare increases and service cuts would be implemented in July.
4/13/2005
Rail News: Rail Industry Trends
CTA to consider cost-cutting measures
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In fiscal-year 2006, the Chicago Transit Authority (CTA) is projecting a $55 million budget deficit. Tomorrow, the board will vote on service cut and fare increase proposals to balance the budget.
CTA originally projected a $77 million FY2006 deficit, but has reduced the shortfall by cutting jobs, selling property, freezing salaries, and reducing overtime and workers’ compensation costs.
If approved, fare increases and service cuts would be implemented in July.
