Monday, October 24, 2016

CTA: $1.52 billion ops; $3.5 billion capex

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CTA: $1.52 billion ops; $3.5 billion capex William C. Vantuono

The Chicago Transit Authority on Oct. 24 proposed a “balanced” $1.52 billion operating budget that holds the line on base fares and preserves bus and rail service levels, while continuing investments. The CTA also proposed a $3.5 billion five-year capital budget for 2017-2021.

CTA’s capital  projects include rehabilitating rail stations and building new ones, modernizing rail and bus fleets, removing rail slow zones and adding new technologies—work “to improve reliability, reduce commuting times, and strengthen safety and security,” the agency said.

CTA’s 2017 operating budget freezes base fares for an eighth straight year and continues the expanded service begun in 2015 and 2016. The agencysaid it has been able to maintain fares “by strategically pursuing management efficiencies and cost savings through reducing ongoing maintenance needs by modernizing the fleet, pre-purchasing diesel fuel and electricity at historically low levels and through responsible spending practices.”

“CTA’s responsible budget will continue to create a 21st century transit system by focusing on enhancing service to riders while continuing the historic level of investment in modernization of our transit system,” said Mayor Rahm Emanuel. “Investing in CTA and its customers creates economic benefits for our City, our neighborhoods and our residents by connecting people with jobs, education and opportunity.”

“Over the past five years, Mayor Emanuel’s investment in Chicago transit has provided CTA customers with improved, more reliable and affordable transit service, and I am committed to continuing that work,” said CTA President Dorval R. Carter, Jr. “Equally important with keeping up with meeting the needs of our customers is to continually find ways to do so more efficiently and cost-effectively. I look forward to continuing the many improvements the CTA has made thus far, and exploring new and even better ways to provide vital transit services to our customers.”

A public hearing will be held on Monday, Nov. 14, 2016 at 6 p.m. at CTA headquarters, 567 W. Lake Street, Chicago

 

 

 

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