The TTC says that lower than expected ridership numbers in 2016 could end up costing it $46 million in lost revenue.

In a report that will be presented to the TTC board at city hall this afternoon, CEO Andy Byford says that ridership through the end of November stood at 538 million trips.

Though data for December is not yet available, Byford warned that the total ridership for 2016 is likely to fall 15 million trips short of the TTC’s target for the year.

“The negative results mirror the sluggish performance at various transit agencies in the Greater Toronto Area, Canada, and the U.S,” Byford writes in the report. “The TTC’s current ridership trends are seen as mainly attributable to slower-than-anticipated employment growth, declining Metropass sales, and delayed achievement of new ridership from service enhancements.”

Though the TTC’s ridership in 2016 may end up falling 2.7 per cent short of the ridership that was projected as part of the 2016 budget it is still up slightly from the record 537.5 million trips taken by customers in 2015.

Speaking with CP24, Byford said that he now realizes that last year’s ridership projection was “very bullish.” The TTC CEO said has adjusted the projection for 2017 to 540 million rides as a result.

“We are pretty confident we will meet that,” he said. “We think that is more realistic.”

Trend first observed in March

Byford’s report notes that the “softening ridership” trend was first reported to the board in March and has continued throughout the year.

In November, there were 44.1 million trips taken on the TTC, which was 0.2 less than the 44.2 million trips taken in November 2015. The average weekly ridership in November was also down from 2015, the fifth time that has happened this year.

Today’s TTC board meeting gets underway at 1 p.m.

In addition to Byford’s report, board members will also discussed the list of 35 maintenance-related subway closures that are planned for 2017.