TORONTO [PeterPaul.ca] — The Toronto Transit Commission [TTC] plans to increase per ride fares at the start of 2010 to increase its operating revenue, the last option available after TTC Chairman Adam Giambrone rejected service cuts to save money.
The fare hike is part of the TTC’s 2010 Operating Budget, which is expected to be $1.4 billion dollars.
The TTC submitted its fare hike request to city councillors on Wednesday. TTC staff will submit their request on November 17 to the transit commission. The November 17 meeting was moved up to allow additional debate on the fare hike.
If approved, per ride fares will increase by $.25 cents. Token costs will increase to $2.50 each. Student and senior fares will increase by $.15 cents and child fares by $.5 cents.
The fare hike will generate an additional $62 million dollars for the TTC.
The last fare increase was in 2007.
About 70% of TTC revenues comes from fares, the other 30% comes from advertising and commuter parking.