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RAIL EMPLOYMENT



Rail News Home Financials

12/27/2011



Rail News: Financials

Metra approves 2012 budget, fare increases


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Metra’s board recently approved a $686.8 million operations budget for 2012, which includes an overall average fare increase of 25 percent across all ticket prices.

Starting Feb. 1, one-way tickets will rise an average of 15.7 percent across all fare zones, 10-ride tickets will jump an average of 30 percent and monthly passes will climb 29.4 percent, Metra officials said in a prepared statement.

In addition, reduced fare tickets also will increase an average of 10.3 percent for one-way tickets, 18.9 percent for reduced 10-ride tickets and 10.8 percent for reduced monthly fare passes.

The fare hikes will help the agency cover a $53.6 million budget deficit caused by a spike in fuel prices, the cost of new federal regulations, higher insurance premiums and other costs, as well as a drop in regional transportation sales tax proceeds as a result of a faltering economy, Metra officials said.

Also, the board voted to stop diverting funds from Metra’s capital budget to make up for shortfalls in the operating budget. The board approved a $244 million capital program to support infrastructure needs.

Metra officials reduced the deficit by $17.5 million by locking in the price of 75 percent of fuel needs, cutting administrative costs and increasing operational efficiencies, agency officials said.




Contact Progressive Railroading editorial staff.

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