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CTA reports November revenue above budget; $687 million federal relief held in reserve
Summary
CTA Chief Financial Officer Tom McComb told the board that system-generated revenue in November came in positive to budget and year-to-date, and that $687 million in federal relief remained available and was drawn into a CTA reserve account to cover upcoming deficits.
Tom McComb, chief financial officer for the Chicago Transit Authority, told the board on Jan. 15 that November system-generated revenue exceeded budget and pushed year-to-date results above plan.
McComb said fares and passes each totaled about $14 million for the month, a bit above budget; overall revenue for the month was $1.4 million positive to budget and roughly $26 million higher than the prior year through November. On the expense side, he said labor was slightly negative to budget in November because of contract-related back pay for trades, and materials were slightly negative due to additional vehicle…
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