Nov. 20--The CTA board on Wednesday approved the transit agency's operating budget for next year and a capital program that funds the purchase of new trains and buses and upgrades to bridges and other infrastructure through 2019.
The $1.44 billion spending plan for 2015 is a good-news budget that freezes fares at current levels and adds a modest amount of service, mostly during rush periods on the rail system, where ridership is growing.
The CTA capital improvement program for 2015 through 2019 totals $2.4 billion. Projects include modernizing the O'Hare branch of the Blue Line, replacing hundreds of rail cars and buses, expanding the number of rail stations that are accessible to people with disabilities and continuing the planning to extend the Red Line's Dan Ryan branch to 130th Street on the Far South Side.
The operating budget counts on ridership gains and an increase in sales tax revenue to stave off higher fares, which were last increased for all types of CTA passes in 2013, while the base fare has remained at $2 on buses and $2.25 on trains.
Expenses in 2015 are projected to increase 4.5 percent over this year's expenditures, the CTA said.
CTA finance officials said Wednesday that 2014 is expected to yield a balanced budget. Through September, the agency is running $4.7 million above budget year to date, but Chief Financial Officer Ron DeNard said the gap will be closed.
The Regional Transportation Authority will review the CTA budget next month and approve a regional transit budget covering the CTA, Metra and Pace.
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