A bus on LaSalle street with the Chicago Board of Trade in the background

Finance & budget

This page contains information about CTA's finances and budget.

2024 budget recommendations

“I am pleased with the continued progress and positive trends that CTA continues to make, but we still have work to do to provide the service that I believe our customers deserve and expect. The CTA’s proposed 2024 budget puts a high premium on providing the highest levels of service, customer comfort, modernization and equity. And I am committed to returning more scheduled service to our bus and rail systems in 2024.”

– CTA President Dorval R. Carter Jr.

For fiscal year 2024, the CTA is proposing a $1.99 billion operating budget that keeps fares at their current levels, maintains the delivery of bus and rail services, with plans to add additional service to meet growing ridership demand—all while continuing to make important investments to upgrade and modernize the system.

The proposed spending budget reflects a 9.2 percent increase (or $168.2 million) over the previous year’s budget and supports CTA’s ongoing workforce initiatives for hiring and retaining key operations personnel, while also introducing several new measures that will help improve the overall customer experience with enhanced security and improved Ventra fare system features. This includes a new ChatBot for improved customer service, ongoing work with our transit partners at Metra, Pace and RTA to deliver innovative fare products, plus a new, dedicated program that will provide pre-loaded Ventra Cards to victims and survivors of domestic abuse.

The continued strengthening of CTA’s workforce is critical to further improving the delivery of its services. Overall, CTA is projecting to hire more than 2,000 new employees for the current year, also far exceeding the 1,200 annual hiring norm. CTA will continue to plan, monitor, and respond to the shifting employment landscape to meet its people and service needs. As such, CTA anticipates continued optimization of its service schedules to reflect its growing workforce–additional service is expected to be added in 2024.

The proposed $3.6 billion Five-Year Capital Improvement Plan for 2024-2028 includes funding for critical transit improvement projects that are underway or set to begin in 2024:

All Stations Accessibility Program (ASAP): A total of 14 rail stations are now fully-funded for future accessibility modernization construction work. Of these stations, five are currently under construction, three are in design and five are in various stages of planning. In addition to station improvements, CTA has $37M in funding for elevator replacements and/or modernizations of existing elevators across the system-up to 16 elevators.
Bus System Electrification: Funds allocated for the full-electrification of the 103rd Garage, plus an allocation of funding for the ongoing Chicago Garage implementation.
Rail Fleet Modernization: Increased production of the 7000-series railcars – CTA’s newest generation of rail vehicles. Plus, ongoing quarter-life overhauls of the agency’s 5000-series
Refresh & Renew: Expansion of this annual facilities improvement program to include more CTA employee workplaces, while continuing to focus on rail station repairs and enhancements.

The President's 2024 Budget Recommendations book provides an overview of the proposed operating and capital budgets, plus key initiatives highlighted in an easy-to-read manner with accompanying charts and graphs. In addition, historical and reference data is presented in a detailed appendix section.

2024 Budget Recommendations

2024 Budget Recommendations (accessible text version)

Press Release (10/19/2023)
Notice of Public Hearing
~~Request to Speak Form~~ (closed)

Past budget recommendations

2023 Budget Recommendations

Public transportation has been and remains a critical component of the region’s ongoing recovery from the COVID-19 pandemic. For fiscal year 2023, the CTA is proposing a $1.8 billion operating budget that keeps fares at their current levels, maintains the agency’s commitment to improving service, and continues important investments to upgrade and modernize the system.

The proposed spending plan also advances the agency’s “Meeting the Moment: Transforming CTA’s Post-Pandemic Future”, a multifaceted Action Plan that focuses on responding to customers’ concerns and strengthening the foundations of the rider experience – more consistent and reliable service, safe rides, clean facilities, modern amenities, dynamic customer engagement tools, and a strong CTA workforce.

The proposed $3.4 billion Five-Year Capital Improvement Plan for 2023-2027 includes funding for critical transit improvement projects that are underway or set to begin in 2023:

Red Line Extension to provide much-needed transit services and connections to the Far South Side of Chicago.
All Stations Accessibility Program (ASAP), to make CTA’s rail system 100% vertically accessible.
Expansion of electric bus fleet, part of CTA’s commitment to complete the electrification of the entire bus fleet by the year 2040.
Ongoing modernization of both bus and rail fleets.

The President's 2023 Budget Recommendations book provides an overview of the proposed operating and capital budgets, plus key initiatives highlighted in an easy-to-read manner with accompanying charts and graphs. In addition, historical and reference data is presented in a detailed appendix section.

2023 Budget Recommendations

2023 Budget Recommendations (accessible text version)

Press Release (10/20/2022)
Notice of Public Hearing
~~Request to Speak Form~~ (for virtual public hearing; form closed 8:00am, Nov. 10)

Virtual public hearing

The Public Hearing on the Proposed CTA 2023 Budget, Two Year Financial Plan and Five-Year Capital Plan will be held virtually, only, on Thursday, November 10, 2022 at 6 p.m. See Notice of Public Hearing for details and information on how to participate.

The virtual public hearing will be streamed online.

2022 Budget Recommendations

Public transportation has been and remains a critical component of the region’s ongoing recovery from the COVID-19 pandemic. For fiscal year 2022, the CTA is proposing a $1.75 billion operating budget that maintains the essential bus and rail services that have been provided throughout the pandemic. Also reflected in this plan are measures to make CTA’s already low-cost fares even more affordable. Among the proposed changes are:

Permanent adoption of the promotional price reductions offered on CTA’s 1-, 3-, and 7-Day unlimited-ride passes
Elimination of the $0.25 charge when transferring between rides on CTA buses and trains, or vice versa
Price reduction for the CTA 30-Day and the CTA-Pace 7-Day passes

The proposed $3.5 billion Five-Year Capital Improvement Plan for 2022-2026 includes funding for critical transit improvement projects that are underway or set to begin in 2022:

Red Line Extension to provide much-needed transit services and connections to the Far South Side of Chicago.
All Stations Accessibility Program (ASAP), to make CTA’s rail system 100% vertically accessible.
Blue Line Forest Park Branch track and power improvements, the first phase of a comprehensive rebuild.
Expansion of electric bus fleet, part of CTA’s commitment to complete the electrification of the entire bus fleet by the year 2040.
Refresh & Renew, an expanded and accelerated rail station improvement program.
Better Streets for Buses, a comprehensive, citywide plan for bus-priority streets.

The President's 2022 Budget Recommendations book provides an overview of the proposed operating and capital budgets, plus key initiatives highlighted in an easy-to-read manner with accompanying charts and graphs. In addition, historical and reference data is presented in a detailed appendix section.

2022 Budget Recommendations

2022 Budget Recommendations (accessible text version)

Notice of Public Hearing (10/21/2021)
~~Request to Speak Form~~ (for virtual public hearing; form closed 5:30am, Nov. 11)
Press Release (10/21/2022)

Virtual public hearing

The Public Hearing on Proposed CTA 2022 Budget, Two Year Financial Plan and Five-Year Capital Plan will be held virtually, only, on Thursday, November 11, 2021 at 6 p.m. See Notice of Public Hearing for details and information on how to participate.

The virtual public hearing was streamed online.

2021 Budget Recommendations

For fiscal year 2021, the CTA is proposing a $1.64 billion operating budget that highlights the need for new federal funding to support public transportation across the United States. Though there are no planned changes to service or fares in 2021, the CTA is dependent on continued support at the federal level to achieve this goal.

The proposed $3.4 billion five year capital budget for 2021-2025 is supported by funding from Rebuild Illinois, the 2019 state capital program that was the first in more than a decade. More than half of the capital funding will go toward previously announced major projects, including:

Upgrade of the Cottage Grove Green Line station ($60M)
Blue Line O’Hare Branch power improvements ($50M)
Advancement of the Red Line Extension project ($327.8M)
Phase 1 station improvements under the All Stations Accessibility Plan (ASAP ($78M)

Other capital projects to continue or begin in 2021 include:

Testing of the 10 new 7000-series rail cars
Quarter-life overhaul work on 5000-series rail cars
Roll-out of newest all-electric buses
Start of station and track structure construction as part of RPM Phase One

The President's 2021 Budget Recommendations book provides an overview of the proposed 2021 operating and capital budget. Key initiatives are highlighted in an easy-to-read manner with accompanying charts and graphs.

In addition, historical and reference data is presented in a detailed appendix section.

2021 Budget Recommendations
2021 Budget Recommendations (accessible text version)

Notice of Public Hearing (10/22/2020)
Form to Request to Speak at virtual public hearing (10/22/2020, form closed 6pm, Nov. 11)
Press release announcing proposed budget (10/22/2020)

Virtual public hearing

The Public Hearing on Proposed CTA 2021 Budget, Two Year Financial Plan and Five Year Capital Plan will be held virtually, only, on Thursday, November 12, 2020 at 6:00pm. See Notice of Public Hearing for details and information on how to participate.

The virtual public hearing will be streamed online.

Live stream of public hearing (via YouTube)

Financial statements

Pension Obligation Bond Sale Report

PDF Pension Obligation Bond Sale Report (text version)

IRMA representation notice

PDF Independent Registered Municipal Advisor ("IRMA") Representation Notice, eff. January 11, 2024

Official statements for CTA bonds

Miscellaneous reference

CTA Debt Policy
The Debt Management Policy serves as a management tool to enable the Chicago Transit Authority to identify transactions that utilize debt in the most efficient manner and provide for full and timely repayment of all borrowings. It establishes guidelines for the appropriate amount and type of debt as a means of achieving the lowest possible cost of capital within prudent risk parameters and ensuring ongoing access to the capital markets. And it also addresses the method of bond sale and the selection of bond professionals.

PDF CTA Investment Policy

Presentations

2016 Chicago Investors Conference presentation (8/3/2016)

The President's 2019 Budget Recommendations book provides an overview of the proposed 2019 operating and capital budget. Key initiatives are highlighted in an easy-to-read manner with accompanying charts and graphs.

In addition, historical and reference data is presented in a detailed appendix section.

2019 Budget Recommendations
PDF 2019 Budget Recommendations accessible text version