The Regional Transportation Authority will cut internal spending in its $36.7 million budget by 12% and work with its transit service boards —  the Chicago Transit Authority, Pace suburban bus service and Metra commuter rail —  to reduce costs due to revised revenue estimates that were lowered by $61 million.

“The RTA’s responsibility in coordinating and managing the finances of the transit agencies has never been more critical than today as we confront the impact of this historic economic crisis,” board chairman Jim Reilly said in a statement.

“We stand ready to work with the CTA, Metra and Pace and make every effort to identify some solutions that will reduce the need to rely on fare increases or service reductions even under these very challenging financial circumstances.”

The RTA in April lowered by 9.8% the amount it expected to collect from regional sales taxes and real estate transfer taxes during its fiscal year. Revenues have fallen nearly 7% below April estimates.

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