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The budget gap is a result of several factors, including lower ridership revenue that is still recovering from the pandemic, the depletion of federal pandemic relief funds, a subsidy credit provided to jurisdictions in 2020, and historic inflation.
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The 2024 budget comes nearly a year after the release of the new regional transit strategic plan, “Transit is the Answer,” which was adopted in February.
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The MTA is ahead of schedule toward identifying $500 million in savings annually beginning in 2025.
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The proposed spending budget reflects a 9.2% 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.
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The plan will be the subject of public feedback, including hearings, before the Metra Board of Directors votes in November.
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Board members also voted 10 to 4 to maintain PSTA’s 0.7500 capped tax rate, approving a final budget that preserves 95% of PSTA’s bus routes, as well as its mobility options that assist disabled residents.
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The VIA Board of Trustees unanimously adopted a $390.8 million consolidated FY2024 budget that supports improvements to bus and van service.
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Sound Transit expects to begin construction of some project elements this year and to open for service between 2027 and 2029.
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The budget also recommends a 10-cent fare increase on single cash and PRESTO rides.
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The approved spending plan advances the CTA’s “Meeting the Moment: Transforming CTA’s Post-Pandemic Future” Action Plan, a multifaceted investment plan that focuses on responding to customers’ concerns.
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