Chicago Transit Releases 2024 Budget

The agency projects modest ridership growth while aiming to make long-term investments in bus and rail improvements.

1 minute read

October 24, 2023, 9:00 AM PDT

By Diana Ionescu @aworkoffiction

Close-up of side of white and blue and red Chicago Transit Authority bus.

Luis G. Vergara / Adobe Stock

In an article for Streetsblog Chicago, Sharon Hoyer outlines the budget released by the Chicago Transit Authority (CTA) for 2024.

“At $2B, the operating and capital expenses add up to a 9 percent increase over the 2023 budget, due mainly to increases in labor and material costs.” Although rider fares will remain the same, Hoyer notes that “the CTA does not anticipate any big ridership jumps in the year ahead, largely due to a gradual return to in-person office work post-pandemic, with hybrid and remote work now the norm for many former work commuters.”

To fill the impending $577 million budget shortage projected for 2026, the agency plans to make improvements that will boost ridership, “including 14 train station ADA accessibility upgrades, track repair, purchase of new rail cars, bus electrification infrastructure, replacement of outdated fare boxes, and the long-awaited Red Line Extension to 130th street.”

The budget also supports improved bus service and bus rapid transit. “The CTA budget specifically mentions adding some bus priority lanes on key routes and adding transit signal priority to the busy Ashland route.”

Monday, October 23, 2023 in Streetsblog Chicago

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