Board Approves Revisions to 2009 Budget

May 13, 2009

CTA Will Balance Budget Without Fare Increases or Service Cuts

The Chicago Transit Board today approved an amendment to the CTA's 2009 budget to address a $154.7 million shortfall that was created earlier this year when the RTA reduced the CTA’s expected public funding from $723.3 million to $568.6 million.

The CTA was able to balance the budget without any changes to fares or reductions in service.  Expenditures will be reduced by more than $15 million, including savings in labor, materials, fuel and power.  In addition, new stimulus funds will be used for bus and rail car rehabs, which will help reduce operating and maintenance costs.  Some capital funds will be used for preventive maintenance.  The RTA is providing $8 million and CTA will use proceeds from a prior leasing agreement for the remainder.   
"Although these recommendations required some hard choices, this plan enables the CTA to manage the reduction in our public funding without adversely impacting our riders," said CTA President Richard Rodriguez.  

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