The CTA will transfer almost $129 million in cash originally earmarked for station fixups and new buses to help fill $155 million budget hole this year.
CTA officials laid out these details for the agency’s board at last week’s meeting:
- Reduce the injuries and damages reserve fund: $10 million
- Savings on labor costs: $3.8 million
- Savings on fuel and power expense: 1.5 million
- Transfer to preventive maintenance from capital: $128.6 million
- Additional RTA funding: $8 million
- CTA sale-leaseback funds: $2.8 million
CTA Chairwoman Carole Brown also expressed her displeasure with the RTA upon learning that the $56.1 million promised by RTA last month to retire the 2008 deficit would have to be repaid. The CTA originally was told it would be a grant, not a loan. The CTA has until 2011 to repay it.
CTA President Richard Rodriguez warned that fare increased and/or service cuts are still possible for 2010 and 2011, the Sun-Times reported:
“It’s not as if we can completely rule out fare increases and service reductions,” Rodriguez told the CTA board Wednesday. “We are aggressively looking at … other ways to tighten the belt.”
Ridership still up over last year. There was some good news at the meeting. Ridership remains strong this year over last year, with a 2.5% increase systemwide. Rail ridership is up 4.8% year-to-date, with Brown Line riders causing the biggest jump at 12.2%.
Filed under: CTA in the news