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Yesterday, the Washington Metropolitan Area Transit Authority (WMATA) approved a $1.9 billion fiscal-year 2008 budget.
The $1.2 billion operating budget is almost identical to FY2007’s. Expenses are projected to rise $48 million, or 4 percent, mainly due to service improvements and escalating energy costs, but revenue is expected to increase $10 million, or 2 percent, because of increased ridership and advertising. The local jurisdictions WMATA serves will fund a FY2008 subsidy of $500 million, an 8 percent increase compared with FY2007’s $461 million.
The $731 million capital budget includes funds to rehabilitate older rail cars, escalators and elevators; purchase 122 new cars; improve maintenance and yard storage facilities; and upgrade traction power to accommodate eight-car trains.
When WMATA officials first proposed the FY2008 budget in December, they considered raising fares to help make up a $116 million budget shortfall. However, General Manager John Catoe, who took over the top post in January, decided to instead reduce the deficit by using $12 million from the sale of unused fare media and $40 million obtained from litigation, and eliminating 220 jobs. In fall, Catoe plans to propose a long-term fare policy.
6/29/2007
Rail News: Rail Industry Trends
WMATA approves $1.9 billion budget for FY08
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Yesterday, the Washington Metropolitan Area Transit Authority (WMATA) approved a $1.9 billion fiscal-year 2008 budget.
The $1.2 billion operating budget is almost identical to FY2007’s. Expenses are projected to rise $48 million, or 4 percent, mainly due to service improvements and escalating energy costs, but revenue is expected to increase $10 million, or 2 percent, because of increased ridership and advertising. The local jurisdictions WMATA serves will fund a FY2008 subsidy of $500 million, an 8 percent increase compared with FY2007’s $461 million.
The $731 million capital budget includes funds to rehabilitate older rail cars, escalators and elevators; purchase 122 new cars; improve maintenance and yard storage facilities; and upgrade traction power to accommodate eight-car trains.
When WMATA officials first proposed the FY2008 budget in December, they considered raising fares to help make up a $116 million budget shortfall. However, General Manager John Catoe, who took over the top post in January, decided to instead reduce the deficit by using $12 million from the sale of unused fare media and $40 million obtained from litigation, and eliminating 220 jobs. In fall, Catoe plans to propose a long-term fare policy.
