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Friday, July 06, 2012    

Cleveland transit authority's 2013 tax budget 'stable'

The Greater Cleveland Regional Transit Authority’s (GCRTA) 2013 tax budget is “stable” with no layoffs, service cuts or fare increases in store, according to the agency.

On Monday, GCRTA held a public hearing on the budget, which assumes inflation of 1.19 percent, a ridership increase of 1.5 percent and sales tax revenue increase of 2 percent, agency officials said in a prepared statement.

Also included in the budget are plans to continue fuel hedging. GCRTA has hedged all of its fuel for 2012 and 80 percent of its fuel for 2013, agency officials said.

The GCRTA Finance Committee is slated to hear a presentation and vote on the budget on July 17.