Commission approves 2013 preliminary TTC budgets

Commissioners approved the TTC’s preliminary 2013 Operating, Wheel-Trans and Capital Budgets on Sept. 27. These preliminary budgets will be forwarded to the City of Toronto for submission to the City Budget process and for confirmation of the 2013 operating subsidy level. Updated 2013 Budgets are expected to be back before the Commission for approval later this fall. Here is what was approved:

2013 Preliminary Operating Budget
Commissioners approved expenses totalling $1.55 billion, with an assumed flat-lined operating subsidy of $411 million. To balance its budget, the TTC would need a total subsidy of $421 million. The TTC is projecting a record ridership level of 528 million in 2013 (five per cent higher than the 503 million budgeted for 2012), while maintaining its cost-recovery rate at 73 per cent, one of the highest in North America. The preliminary budget is facing a $10-million shortfall.

Commissioners approved in principle a five-cent increase in the price of a single Adult token, effective on Jan. 1, 2013, and a proportionate increase to all other fares (no change to Cash or Child fares).

2013 Preliminary Capital Budget
Commissioners approved a total of $879 million for the 2013 portion of the 2013-2017 Base Capital Program. The budget continues to provide for state-of-good-repair projects and legislative requirements (97 per cent of the total), station and facility improvements and expansion initiatives (excludes new transit lines). The 2013-2022 Capital Budget is worth $6.4-billion, plus a $96-million amendment for 24 more buses in 2016, and a new bus facility by 2017.

Based on current funding assumptions, there is more than sufficient funding available to cover 2013 budgeted expenditures. However, the 10-year forecast for infrastructure projects and vehicle procurement and overhauls, is facing a $600-million shortfall that needs to be addressed in consultation with the City.

2013 Preliminary Wheel-Trans Budget
Commissioners approved the 2013 Wheel-Trans Operating Budget worth $102.5 million to maintain a customer accommodated rate of 98 per cent, and to introduce 24-hour service starting Jan. 1, 2013, as mandated by the Accessibility for Ontarians Disability Act Transportation Standards.