The Toronto Transport Commission has approved a $2.6 billion budget for 2024 that includes increased service levels but no fare increases.
After raising the cost of Presto and cash fares by 10 cents a year ago, the transit agency says it is freezing fares in 2024 “in recognition of the impact current economic conditions have on its customers.”
The 2024 budget represents a 7.5 percent increase in 2023
TTC Says No Fare Increase In $2.6B Budget For 2024
The TTC has approved a $2.6 billion budget for 2024 that includes increased service levels, but no fare increases.
After raising the cost of Presto and cash fares by 10 cents a year ago, the transit agency says it is freezing fares in 2024 “in recognition of the impact current economic conditions have on its customers.”
The 2024 budget represents a 7.5 per cent increase over 2023.
The TTC says it expects to increase Wheel-Trans service hours to meet increasing demand while at the same time, it expects to see service levels increase to 97 per cent of its pre-pandemic levels by next September due to “increasing demand growth and increasing congestion on mixed-traffic
corridors.”
“TTC customers are coming back quicker than we expected, and this budget allows us to meet their needs for the next year,” said TTC CEO Rick Leary. “This budget balances our need to deliver safe and reliable service while addressing the increased operating costs associated with inflation and new transit lines that we need to manage.”
The TTC says the 2024 budget also includes $175 million in funding from the Ford government which was made available through the New Deal Agreement with the City.
Also approved was a $12.4 billion capital budget plan through 2033 which includes buying 50 new subway trains, 60 streetcars, more than 300 hybrid buses and 340 eBuses and charging stations, and enhanced cybersecurity measures.
