On November 14, the TTC gave approval in principle to the proposed 2008 Operating Budget. A short report is available online but it is missing one critical page, the table the table giving the details of the budget by major revenue and expense area.
You can read the details in the report including a line-by-line discussion of the changes. Overall, the TTC’s operating expenses will rise about $74.6-million or 6.8% over 2007, and this does not include provision for wage settlements in the coming contract negotiations.
Each 1% increase in wages translates to about $8-million in annual costs, of which $6-million would affect the current budget year because the new contract will take effect on April 1, 2008.
Ridership and service will both increase in 2008, and the cost of new and improved services accounts for over one quarter of the year-to-year change ($20.9-million). Continue reading