CTA Board OKs Budget With No Fare Hikes, But Fiscal Challenges Loom – WTTW (Chicago)

(WTTW News)The Chicago Transit Authority’s Board of Directors approved Tuesday a $1.8 billion operating budget for 2023. But with ridership still down from pre-pandemic levels, the budget relies on nearly $400 million in federal stimulus money to make up for lost fare revenue — stimulus money the transit agency estimates it’ll use up by 2025.
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Stewie the Roof Baby
3 years ago

If the stimulus money lasts until 2025 then CTA was given far too much money

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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