The TTC is planning for the Eglinton Crosstown and Finch West LRTs to open in September next year, according to the transit agency’s proposed 2024 budget, released Friday.
The budget provides for “the operational and maintenance costs for the opening of Lines 5 (Eglinton) and 6 (Finch West) based on a planned Revenue Service date of September 2024,” though it notes this date may change. Metrolinx, the provincial transit agency overseeing both LRTs, has not yet declared an opening date for either project.
Overall, the TTC projects it will cost $2.56 billion to operate its system in 2024, a 7.5 per cent increase from 2023, of which $1.33 billion will come from revenues.
ARTICLE CONTINUES BELOW
The TTC is asking the city to pay the remaining $1.23 billion to fund the TTC’s current service, increase service to 97 per cent of pre-pandemic levels by September 2024, operate transit expansion and invest in safety, among other things. The TTC is projecting passenger revenues will return to 80 per cent of pre-pandemic levels by the end of the year.
Thanks to a new deal negotiated with the city last month, $175.2 million of the TTC’s 2024 revenue will come from the province, helping to fund new safety initiatives as well as the operating costs for new LRTs.
The TTC is also budgeting for increased maintenance of the aging Bloor-Danforth line. The province and the city have each pledged to cover the cost of new Line 2 trains, with the current ones within three to six years of their intended 30-year lifespan. However, that funding is conditional on Ottawa paying the remaining third. Without a promise from the federal government, the TTC will have to spend more money maintaining the line.
The TTC plans to freeze fares at 2023 rates, “in recognition of the impact current economic conditions have on customers,” after increasing single adult fares by 10 cents last year.
Ongoing COVID-19 impacts will cost the transit agency $303.9 million in 2024, $354.1 million in 2025 and $298.5 million in 2026, the budget predicts.
The TTC’s proposed capital budget for 2024 is $1.36 billion and its 2024-2033 capital budget and plan is $12.39 billion. This money will go toward maintaining the TTC in a state of good repair, improving capacity and technology across the transit system, and investing in electric buses and charging infrastructure, among other priorities.
ARTICLE CONTINUES BELOW
ARTICLE CONTINUES BELOW
However, there is a growing state of good repair backlog, and the TTC projects its unmet capital needs will exceed $35 billion over 15 years.Â
”Recognizing the substantial funding required for unmet capital needs, investing in the TTC’s future remains crucial for the city’s vitality, offering economic, environmental and social benefits, not only for É«É«À², but also for the GTA, Province of Ontario, and Canada at large,” the budget reads.
The TTC board will debate the budget at its meeting on Dec. 20. Once the board passes the budget, it will go to city council for approval.
Lex Harvey is
a É«É«À²-based transportation reporter for the Star. Follow her on
Twitter: .
To join the conversation set a first and last name in your user profile.
Sign in or register for free to join the Conversation