Looking For New Sources Of Funding For Transit

<p>As transit agencies in Chicago and other metro areas deal with major budget deficits, a recent report evaluates other possible revenue sources to fund public transportation.</p>
July 3, 2007, 8am PDT | Christian Madera | @cpmadera
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"Northeastern Illinois is home to the nation's second largest transit system. Hundreds of thousands of riders use CTA, Pace, and Metra every day, a testament to the value of transit in moving the region's goods, services and people where they need to go.

Northeastern Illinois' transit network directly reduces traffic congestion and air pollution while increasing mobility for those residents that lack transportation choices."

"Unfortunately, the future of public transit is endangered in Northeastern Illinois. Rising transit agency costs for energy, security and employee benefits have grown while funding-from an uneven and outdated apportionment of sales taxes across the six-county region-has not kept pace with needs.

The outdated funding formula has created a transit budget shortfall that grows each year."

"While the consequences of inaction are grave, solutions are within reach. "Finding Solutions to Fund Transit" highlights basic principles for evaluating potential revenue sources and considers several funding options available to state lawmakers to create a sustainable funding system for supporting the growing public transportation needs of Northeastern Illinois."

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