The board of directors of the Chicago Transit Authority (CTA) has approved a $1.57 billion operating budget and a $5.1 billion, five-year capital budget for 2020-2024.
CTA received a funding commitment in 2019 with the passage of the State of Illinois’ Rebuild Illinois capital bill, allowing the Board to approve a balanced and responsible spending plan.
“CTA’s FY2020 spending plan is a sound financial blueprint that reflects forward-looking policy and operational goals that will provide our customers with the quality bus and rail service that they expect and deserve,” said Terry Peterson, Chicago Transit board chairman. “CTA is committed to serving its customers at the highest level possible and we will continue our daily pursuit of maintaining CTA’s status as a world-class, 21st century transit system.”
The FY2020 operating budget includes more than $26 million in cost savings and operational efficiencies.
Highlights of the five-year capital budget include:
- $60 million - Cottage Grove Green Line station overhaul;
- $50 million - Blue Line O’Hare Branch traction power improvements;
- $31.5 million - Blue Line O’Hare Branch station upgrades from downtown to O’Hare); and
- $310 million - Red Line Extension (RLE) project.
“We are thankful to our Board for approving our budget, which simultaneously supports our mission of providing transit services that support our customers’ needs, while keeping a vigilant eye on the bottom line,” stated Dorval R. Carter, Jr., CTA president. “Over the past decade, when we had no State capital program, creating a balanced budget was challenging. I am thankful to Mayor Lori Lightfoot and Governor J.B. Pritzker for supporting legislation that provides CTA with confidence in moving forward with an ambitious capital improvement program.”