The financial plan contains a roadmap for the MTA’s longer-term fiscal stability.
CTA Proposes Budget to Keep Fares at Current Levels
The proposed spending advances the CTA’s “Meeting the Moment: Transforming CTA’s Post-Pandemic Future” Action Plan.
The proposed spending advances the CTA’s “Meeting the Moment: Transforming CTA’s Post-Pandemic Future” Action Plan.
The total consolidated budget in FY23 is $406.6 million ($274 million operating, $132.6M capital) with no fare increases.
The documents project the MTA fiscal cliff presented in February 2022 will occur in 2025, one year earlier than previously forecasted, with federal COVID-19 relief aid largely exhausted by 2024.
The budget utilizes new sources of funding received within the last year from the federal government as well as local funds to help restore much of the bus and rail service cut during the height of the COVID-19 pandemic, based on demand.
The SEPTA Board will consider the proposal at its June meeting.
The budget supports the region’s economic recovery from the pandemic and provides more flexibility to customers that may no longer be commuting to work five days a week.
Virginia law currently limits increases on money the Commonwealth Transportation Board provides for the transit agency.
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