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Finally, some good news for the Chicago Transit Authority (CTA) as it struggles to balance its 2007 budget: Financial results for May included a $1.9 million surplus.
When new CTA President Ron Huberman assumed the post on May 1, he immediately implemented cost-cutting measures, such as eliminating 75 positions and restricting hiring, cutting non-critical overtime, deferring pay increases for non-union employees, reducing employee travel and cutting advertising purchases. The moves paid off. The authority reduced overtime costs 25 percent in May, helping total labor expenses for the month to fall $4.1 million below budget.
However, CTA still is moving forward with a contingency plan in case the state’s general assembly does not provide additional funding for public transit this year. Yesterday, the authority notified 1,094 employees they might be laid off. The majority of the positions are directly related to the service cuts CTA would have to make if it doesn’t receive additional funding, the authority said.
7/12/2007
Rail News: Rail Industry Trends
CTA posts budget surplus in May, still ponders lay offs
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Finally, some good news for the Chicago Transit Authority (CTA) as it struggles to balance its 2007 budget: Financial results for May included a $1.9 million surplus.
When new CTA President Ron Huberman assumed the post on May 1, he immediately implemented cost-cutting measures, such as eliminating 75 positions and restricting hiring, cutting non-critical overtime, deferring pay increases for non-union employees, reducing employee travel and cutting advertising purchases. The moves paid off. The authority reduced overtime costs 25 percent in May, helping total labor expenses for the month to fall $4.1 million below budget.
However, CTA still is moving forward with a contingency plan in case the state’s general assembly does not provide additional funding for public transit this year. Yesterday, the authority notified 1,094 employees they might be laid off. The majority of the positions are directly related to the service cuts CTA would have to make if it doesn’t receive additional funding, the authority said.
