TTC board meets Wed. to discuss debt
Posted June 8, 2011 7:26 am.
This article is more than 5 years old.
The possibility of a TTC fare increase will likely be discussed when the transit board meets Wednesday to figure out how to alleviate debt.
A preliminary financial report suggests the TTC is facing a 2012 budget shortfall of $39 million.
Coun. Joe Mihevc, the former TTC vice chair, says raising fares appears unavoidable with the city facing a $774 million operating budget shortfall next year.
TTC Chair Karen Stinz said it’s still too early for fare hike foreshadowing.
“What we know is that we need to do some work, we have to do some internal reviews, we have to find some efficiencies,” she said.
A core service review will be conducted before the fall.
The threat of a 10-cent fare hike loomed last January but was staved off after some extra cash was found in the city’s coffers.
