http://www.chicagobreakingnews.com/2009/10/new-cta-chief-wont-rule-out-fare-hikes-service-cuts.html
Fare hikes, service cuts and employee concessions are all on the table as the Chicago Transit Authority looks to plug a $300 million budget hole next year, Mayor Richard Daley's pick to lead the agency's board said today.
But Terry Peterson also said he plans to ask state officials for help, even though the state faces its own budget woes.
The General Assembly last year helped the CTA by increasing the sales tax by a quarter cent on the dollar and mandating a city increase in the real-estate transfer tax, but both measures have fallen short in this tough economy.
Peterson made his comments after the City Council Transportation Committee voted to approve his appointment to CTA board chairman. The full council is expected to approve the appointment on Wednesday, and the seven-member CTA board is expected to seat him at Daley's request.
Read more on Clout Street.
But Terry Peterson also said he plans to ask state officials for help, even though the state faces its own budget woes.
The General Assembly last year helped the CTA by increasing the sales tax by a quarter cent on the dollar and mandating a city increase in the real-estate transfer tax, but both measures have fallen short in this tough economy.
Peterson made his comments after the City Council Transportation Committee voted to approve his appointment to CTA board chairman. The full council is expected to approve the appointment on Wednesday, and the seven-member CTA board is expected to seat him at Daley's request.
Read more on Clout Street.
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