Updated in June 2024
April ridership of 31.0 million was at 66.7% of pre-COVID levels, while year‐to‐date system ridership through April was 5.7% above budget, with 114.0 million rides provided. However, total system‐generated revenue was $3.3 million or 1.4% unfavorable to budget. CTA, Pace Suburban Service, and ADA Paratransit each reported positive results, offset by Metra’s unfavorable fare and ancillary revenue results through April as both ridership and average fares came in lower than budgeted.
Service Board expense results continue to be significantly under budget, driven primarily by unfilled positions as the Service Boards continue their efforts to restore full staffing levels. Regional operating expenses were $76.5 million or 6.3% favorable to budget. The overall strong expense performance more than offset the unfavorable system-generated revenue, resulting in favorable to budget operating deficits for each mainline Service Board, with the combined regional operating deficit 7.5% favorable. Pace’s year-to-date operating deficit result of 21.9% favorable to budget continued to trend less favorable in April.
Total public funding through April came in 1.1% favorable to budget. Actual PTF through April was 2.7% above budget. Actual sales tax collections for February continued to show strength at 3.3% favorable but were partially offset by weak Real Estate Transfer Tax results at CTA and lower than anticipated federal operating grants at Pace. The region has drawn down about 63% of the total federal relief funding, and $100.8 million less than budgeted for 2024.
The system‐wide net result was $20.4 million unfavorable to budget through April due solely to a lag in the requisitioning of federal relief funding. Also due to the lower than anticipated relief funding drawdowns, the year‐to‐date regional recovery ratio of 47.8% was 6.1 percentage points below the adopted budget.
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