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CTA finance report: fares lag, investment income and sales tax buoy budget
Summary
Chief financial staff told the board that November system-generated revenue was about $2.1 million below budget but year-to-date system revenues are $10.4 million positive to budget driven by investment income; expenses showed a positive variance overall but winter weather raised labor overtime for the month.
Tom McComb, CTA finance staff, took the board through November financial results on Jan. 14. He said fare and pass revenue for the month came in "slightly below budget and below where we were last year" and called out an early onset of winter weather and slightly lower U-Pass enrollment as contributing factors. McComb said non-fare revenue—primarily investment income on CTA reserves—more than offset the shortfall for the month…
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