November 12, 2013
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2014 operating budget of nearly $1.4 billion. After two years of difficult but necessary steps to stabilize its operations, the CTA has produced a balanced budget with no fare increases. The FY2014 budget reflects significant steps taken by the CTA in recent years to match ongoing expenses with recurring revenues and break its habit of relying on one-time revenue sources.
The Federation commends the significant efforts made by the CTA in the past two years to stabilize its operating budget, but warns that the agency’s expectations for State funding in FY2014 may be unrealistic given Illinois’ precarious fiscal position. The analysis also tracks the declining health of the CTA’s pension fund and urges the agency to closely monitor the funded level to ensure it remains financially sustainable.
The CTA’s fiscal year begins January 1, 2014 and ends December 31, 2014.