Caltrain’s board of directors unanimously approved the transit agency’s operating and capital budgets for fiscal year 2019 at its June 7 meeting.
The $151.5 million operating budget includes a total of $25.4 million — a $5 million increase from the previous fiscal year — from Caltrain’s three partners: the San Mateo County Transit District, or SamTrans, contributed $7.6 million, the Santa Clara Valley Transportation Authority paid $10.7 million and the city and county of San Francisco pitched in $7 million.
The budget was also funded in part by $1.2 million from a newly established revenue stabilization fund to cover expenses.
Farebox revenue comprises about 70 percent of the budget and, while ridership is increasing, Caltrain is experiencing a structural deficit and searching for new revenue sources, including possible fare hikes, a reduction of the Clipper Card discount and increasing the cost of parking, which will be studied next year.
Caltrain officials are also exploring an eighth-cent sales tax measure for the three counties potentially for the 2020 ballot.
The transit agency’s $42.7 million capital budget will be funded through a combination of federal, regional and state grants, along with $7.5 million from each of the three partners. Staff has recommended each partner agency pony up an extra $2.5 million to fund deferred projects.
The capital budget covers maintenance work on stations and intermodal access, right of way signals and communications and rolling stock, as well as additional funding for the Guadalupe River Bridge Replacement Project and Track and Drainage Rehabilitation on Caltrain tunnels in San Francisco, according to a press release.
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