At its meeting yesterday, Wednesday, April 1, Toronto City Council approved the City of Toronto ‘s 2009 operating budget.
Funding to support public transit is a major part of the budget, which increases residential property taxes in the City by four per cent, but also freezes transit fares for 2009.
The farebox is the source of most of the funds that the TTC needs to serve Toronto transit riders. Sixteen per cent of this budget helps to cover the rest of the funds that the TTC needs to operate. It will also help the TTC improve transit services through its Ridership Growth Strategy. (.pdf)
City Council approved the City’s 2009-2013 capital budget plan on December 10, 2008. That plan highlighted a number of transit initiatives and projects including buying new streetcars, buses and subway cars and building new transit infrastructure.