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TTC sees modest budget surplus for 2006

CTV.ca News Staff

Despite a small budget surplus Toronto’s Transit Commission is projecting a deficit for next year.

Increased ridership boosted the TTC’s bottom line, giving the transit system a $5 million surplus for 2006.

Despite seeing the budget emerge from red ink, TTC chair Howard Moscoe said it represents a fraction of the system’s overall budget.

“It’s the equivalent of finding a nickel in your pocket at the end of the month,” Moscoe told CTV’s Desmond Brown Wednesday morning.

While Moscoe conceded the modest surplus is a step in the right direction, the TTC is expecting more fiscal challenges ahead.

Ridership is projected to be 445 million, representing 9 million more people than expected. Transferrable Metropasses are being credited with the increase in TTC traffic.

While more riders mean more revenue, they also impose an increased strain on the system.

High fuel prices and an extra 100 buses being put on city streets are also expected to add to TTC expenses.

Add it all together and the projected shortfall is expected to be $38 million in 2007.

Besides money collected through fares, the TTC also receives funding from the provincial and municipal levels of government.

With a report from CTV’s Desmond Brown




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