Caltrain’s Board of Directors on June 2 approved its Fiscal Year 2024 (FY24) and Fiscal Year 2025 (FY25) operating and capital budgets at the rail agency’s monthly board meeting.
According to Caltrain, the FY24 operating budget is in the amount of $192.7 million while FY25 will be $238.1 million.
The operating budget, which Caltrain says “relies on Measure RR, gradual ridership recovery and utilization of State Transit Assistance (STA) carry-forward funds,” will continue to fund the agency’s highest ever service levels of 104 trains per weekday as Caltrain “endeavors to provide service that works for all potential riders.” Caltrain says it has increased its midday and evening service to “appeal to a wider and more diverse group of riders.” The budget will cover expanded service to South Santa Clara County and will also fund the electrified service that is expected to launch in fall 2024.
Caltrain’s FY24 $510.2 million capital budget and FY25 $74.6 million capital budget, which will be funded through a combination of federal, regional and state grants, local funding and member agency funding, covers long-term infrastructure improvement and maintenance projects, including maintenance work on stations and intermodal access, right of way signals and communications, and rolling stock. The capital budget also includes additional funding for the Guadalupe River Bridge Replacement Project, the San Francisquito Creek Bridge Replacement Project, right of way fencing, the Track Tie Replacement Project, improved visual messaging signs at stations, improved storm drains and the general state of good repair for the system at large.
Caltrain says it is projecting a deficit of $33 million in FY26 and $58 million in FY27 based on the Strategic Financial Plan that was presented at the Board Workshop in March. An update to the Financial Plan will be made in September 2023. FY24 begins on July 1, 2023, and ends on June 30, 2024.