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Sour economy could prompt CTA fare hike

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.
Via C.T.A. Tattler,
161 Reads | | Post a commentPublished August 25, 2008 - 4:05 PM
Sour economy could prompt CTA fare hike
The Loop, Chicago, Ill. —  

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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