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CTA officials cite cold weather and event patterns for February ridership dip, outline marketing and service actions
Summary
CTA Chief Financial Officer Tom McCone reported fare-and-pass revenue for February fell short of budget and last year due to lower ridership; staff and board members discussed weather, event calendars and targeted marketing to regain riders, plus added Blue Line service and fuel hedging.
Tom McCone, the Chicago Transit Authority's chief financial officer, told the board on April 9 that system-generated fare-and-pass revenue in February was below budget and below last year, and that the shortfall was driven by lower ridership that month.
"Fare and pass were down relative to budget and down to last year as well. That was driven by a little bit lower ridership than we anticipated in the month of February," McCone said, adding that non-fare revenues such as investment income helped offset the shortfall.
Why it matters: The revenue shortfall contributes to monthly variances against budget and factors into year-to-date financial planning. McCone said total system-generated…
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