Sour economy could prompt CTA fare hike
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.