Yet another mass transit "Doomsday" looming in Chicago.......

[marmar]

from the Chicago Tribune:



Mass-transit 'doomsday' looms yet again
RTA projects huge tax-revenue shortfalls for CTA, Metra and Pace

Jon Hilkevitch | Getting Around
February 16, 2009


The sinking economy is driving Chicago-area mass-transit agencies into the ground, according to new data marking a quick return to budget crises.

The new numbers are so bleak that the "doomsday" service cuts and fare increases threatened more than a year ago appear mild in comparison to the sweeping measures that would be needed to fill gaping budget holes the Chicago Transit Authority, Metra and Pace are facing.

That's the grim scenario, even though riders may be under the impression that recent fare increases at all three transit agencies have erased funding worries.

Tax revenues the CTA receives for its operating budget are estimated to fall below projections by $58 million for 2008 when the final figures for December are received and $155 million less than targeted for 2009 out of a $1.3 billion budget, according to Regional Transportation Authority documents obtained by the Tribune.

The RTA is also eyeing big funding reductions in the Metra and Pace budgets based on shrinking tax receipts: a $27 million reduction in funding in 2008 and $45 million in 2009 for Metra and $9 million in 2008 and $16 million in 2009 for Pace. ........(more)

The complete piece is at: http://www.chicagotribune.com/business/autocorner/chi-getting-around-16-feb16,0,5244322.column

[KamaAina]

1. Related links: Metra sees 4.3 percent increase in ridership

Kind of sums it up...