It looks like another fare hike is on the horizon as the TTC hopes to balance its budget for 2017.
With Mayor John Tory and city council asking city departments and agencies to cut 2.6% off their budgets for 2017, the TTC board is looking into another fare hike to help address a budget shortfall of $231 million.
A staff report is recommending a 10-cent hike on non-cash fares, which could generate an extra $27 million.
Should the motion pass at a board meeting on Monday, a single adult token or Presto fare would rise from $2.90 to $3.00 while senior/student tickets would be bumped up from $1.95 to $2.05. Cash rides would not be affected and remain at $3.25 and $2.10, respectively.
According to the report, the TTC is facing challenges meeting its budget due to the aforementioned 2.6% budget reduction, revenue decreases due to lower ridership, the implementation of Presto, as well as increased energy and labour costs as factors.
In addition to a fare hike, the staff report is also advocating for a one-time dip into the $14 million TTC Stabilization Reserve, and a delay in the rollout of Presto to save money. Even if these moves are approved, the TTC would still be facing a $61 million shortfall for the year.
— Brad Ross (@bradTTC) November 17, 2016