The Toronto Transit Commission (TTC) has officially approved its budget for the next five years, spanning from 2021 to 2026. The decision was made during a virtual board meeting on Wednesday, with a vote of 10-1 in favor of the budget.
The approved budget includes a total of $16.5 billion in operating and capital expenses, with an average annual increase of 3.1%. This increase is lower than the previously projected 5.5% increase, thanks to cost-saving measures implemented by the TTC.
One of the major highlights of the budget is the planned expansion of the TTC’s bus and streetcar fleet. The commission plans to add 60 new buses and 20 new streetcars each year, with a total of 300 buses and 100 streetcars added by 2026. This expansion is expected to improve service reliability and reduce overcrowding on busy routes.
In addition, the budget includes funding for the implementation of the TTC’s 10-year modernization plan, which aims to improve the overall customer experience. This includes the installation of new fare gates and PRESTO machines, as well as the introduction of a new TTC mobile app.
The budget also addresses the ongoing issue of fare evasion, with plans to hire 50 additional fare inspectors and invest in new technology to combat fare evasion.
However, the approved budget does not include any fare increases for riders. TTC Chair Jaye Robinson stated that the commission is committed to keeping fares affordable for riders, especially during these challenging times.
The budget also takes into account the impact of the COVID-19 pandemic on the TTC’s finances. The commission has projected a loss of $1.5 billion in revenue over the next five years due to decreased ridership and increased cleaning and safety measures.
Despite these challenges, the TTC remains committed to providing safe and reliable transit services for the people of Toronto. With the approval of this budget, the commission is taking a step towards achieving its long-term goals and improving the overall transit experience for its riders.
The approved budget will now be submitted to the City of Toronto for final approval. The TTC is confident that the budget will be approved and looks forward to implementing its plans for the future of transit in the city.
