No TTC Fare Increase for 2002

From a Canadian Newswire press release: “A report approved by the city’s Budget Advisory Committee has recommended the use of the TTC’s $23.8 million reserve fund and the reduction of $17.6 million in the TTC’s operating budget expenses. As a result of these measures, the TTC will not need a fare increase in 2002.”

“‘I am certain that Council will support the BAC recommendation and that we can focus on the subsidy enhancements needed to address the operating shortfalls facing us next year,’ said Brian Ashton, TTC Chair.”

Good news! This financial dance was accomplished by pulling $17.6 million dollars of capital expenses off of the TTC’s operating budget. The projects will now be paid for out of the city’s capital budget, meaning an effective increase in the TTC’s operating subsidy.