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With real estate transactions and sales tax revenues both down this year, and fuel costs way over budget, the CTA will have to seriously consider a fare increase for next year.
The Sun-Times reports that the CTA is expecting to get just half of the expected $100 million in revenue from the real estate transfer tax increase. Also, revenues from the sales tax hike in the six-county area is about 9% lower than expected.
Throw in the fact that high fuel bills could put the CTA budget $25 million in the red, plus the $40 million price tag on free rides for seniors and low-income disabled, and we're looking at a big budget deficit.
The last fare increase in 2006 raised the cash fare to $2. Be prepared next year to pay $2 on your Chicago Card and $2.25 in cash.
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