The cost of riding the “rocket” is about to go up for commuters who use tokens or metropasses.
The TTC board has voted in favour of a five-cent increase on the price of a single adult token (from $2.65 to $2.70) and a five-dollar increase on the price of an adult Metropass (from $128 to $133).
The board was also considering a 25-cent hike on cash fares, but decided to keep the cost at three dollars.
The changes to the token and Metropass prices will go into effect as of Jan. 1, 2014.
“There are certain things that riders are expecting us to improve and recognizing that we are asking riders to absorb an inflationary fare increase, I give them my pledge as does (TTC CEO) Andy Byford that we will deliver on those expectations," TTC Chair Karen Stintz told reporters following the meeting.
The ridership and fare increases are expected to boost revenue by $36.5 million, but the day-to-day costs of operating the system are likely to jump by almost $60 million due to increased service, higher maintenance and energy costs, wage increases and the hiring of more employees, a report delivered to the TTC board Wednesday found.
The difference will be partially funded with a $17 million increase in the subsidy provided to the TTC by the city, however the transit authority will still have a $6 million shortfall to make up internally.
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