CTA reports $10 million budget deficit for 2013, plans administrative cuts

August 14, 2013 4:53:39 PM PDT
The Chicago Transit Authority said Wednesday it has a $10 million budget deficit this year.

That's bigger than anticipated, and it's because the CTA was way off on revenue estimates following the last fare increase.

The agency says it will eliminate the deficit with administrative cuts, not fare hikes or service cuts.

By law, the CTA must have a balanced budget by the end of the year.