Post by Logan on Jan 23, 2016 6:07:53 GMT -6
Sacramento Regional Transit is proposing to raise bus and light-rail fares by as much as 20 percent this summer, saying increases are overdue and desperately needed to pull the agency out of the red.
RT has struggled financially for nearly a decade. Ridership has stagnated since the agency cut service during the recession. RT reports it has lost money in each of the last two years, forcing it to dip into its reserves. The transit district has launched several plans to cut costs and raise revenue in the last year. Despite those, it forecasts annual operating deficits over the next five years unless it raises rates.
Bank lenders recently increased the agency’s borrowing rates and added loan restrictions as a result of decreases in RT’s financial reserves and fare revenues.
RT board members are scheduled to discuss a complex set of fare changes – including some notable fare reductions – on Monday at 6 p.m. at RT headquarters at 29th and N streets in midtown Sacramento.
Read more here: www.sacbee.com/news/local/transportation/article56092425.html
RT has struggled financially for nearly a decade. Ridership has stagnated since the agency cut service during the recession. RT reports it has lost money in each of the last two years, forcing it to dip into its reserves. The transit district has launched several plans to cut costs and raise revenue in the last year. Despite those, it forecasts annual operating deficits over the next five years unless it raises rates.
Bank lenders recently increased the agency’s borrowing rates and added loan restrictions as a result of decreases in RT’s financial reserves and fare revenues.
RT board members are scheduled to discuss a complex set of fare changes – including some notable fare reductions – on Monday at 6 p.m. at RT headquarters at 29th and N streets in midtown Sacramento.
Read more here: www.sacbee.com/news/local/transportation/article56092425.html