A Preview of the Cincinnati Streetcar: Expected to Open Sept. 1
Chris Wetterich reports: "The streetcar could open as soon as Sept. 1, according to an ordinance the Cincinnati City Council will consider this week while setting the budget for the first year of its operations."
The draft first-year budget for the streetcar totals $4.2 million, and must be finalized by April 30. Once approved, the budget will be handed over to the Southwest Ohio Regional Transit Authority, which will operate the streetcar.
The budget indicates its expected sources of revenues, which reveals the details of the system's operations. We reports that the budget includes $2.2 million in parking revenue and $677,000 in fares. "When the streetcar starts operation, about $1.4 million in parking money will have been banked since council made changes to parking meter rates and hours in downtown and Over-the-Rhine at the beginning of 2015," adds Wetterich. That banked parking revenue will contribute to operations funding for at least the first year of the system, and possibly the second.