|
Getting your Trinity Audio player ready...
|
BART has approved a $1.2 billion operating budget for the fiscal year beginning July 1, assuming new funding will help the transit agency avoid deep service cuts as it faces a $375 million structural deficit.
The spending plan, approved Thursday by the transit agency’s Board of Directors, comes as pandemic-era emergency funds run out and ridership remains below pre-COVID levels. In a statement Thursday, BART officials said the plan assumes voters will approve a regional funding measure on the November ballot that could generate $74 million in new revenue during the fiscal year.
The budget maintains current fare discounts and, if funding is secured, preserves existing service levels while funding system upgrades through an $828 million capital budget.
Even with that funding, BART officials emphasized that it must close a gap of more than $300 million through spending cuts, borrowing and efficiencies. The budget eliminates 63 operating positions, includes $18.2 million in ongoing cost reductions and relies on $88.5 million in borrowing.
If new funding does not materialize, BART officials said they have approved a backup plan that includes service cuts, fare increases and layoffs.
Despite the financial challenges, BART ridership continues to recover, with average weekday trips expected to surpass 200,000 for the first time since the COVID-19 pandemic, BART officials said.
