Initial work on RTA 10-Year Financial Plan focuses on future regional budget gaps to inform strategic solutions
June 3, 2022
The RTA is halfway through development of the next Regional Transit Strategic Plan, which will guide the future of transit in Northeastern Illinois. This spring and summer, the agency has convened stakeholder working groups to develop plan goals, strategies, and metrics around outcomes related to transit service, infrastructure investment, and financial stewardship. In addition, two technical groups comprising subject matter experts from the RTA, CTA, Metra, Pace, and the Chicago Metropolitan Agency for Planning (CMAP) have begun to develop a 10-Year Financial Plan for the system and guidelines to advance the region’s Priority Capital Projects, both critical components of the Strategic Plan.
The primary objectives of the 10-Year Financial Plan technical group are to establish the projected longevity of existing federal relief funding, the magnitude of annual operating shortfalls following the exhaustion of this relief funding, offer a menu of options for re-achieving balance between expected revenues and expenses, and provide recommendations to reform the region’s requirements related to the share of the day-to-day expenses of the system that must be covered by passenger fares (commonly referred to as the farebox recovery ratio).
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