The Caltrain Board of Directors approved the agency’s capital and operating budgets totaling nearly $330 million for the coming fiscal year.
The $139.2 million operating budget includes $19.7 million in funding contributions from Caltrain’s three partners — the San Mateo County Transit District, the Santa Clara Valley Transportation Authority as well as the city and county of San Francisco, according to Caltrain.
Caltrain recoups about 60 percent of its operating costs through fares and has experienced five years of monthly ridership increases. However, it must continue to work with its partner agencies, the Metropolitan Transportation Commission, and other stakeholders to identify and secure a permanent funding source for the remaining portion of its operational costs, according to Caltrain.
The transit agency’s $200.8 million capital budget is funded through a combination of federal, state and regional grants along with $5 million in contributions from each of its partner agencies, according to Caltrain,
The capital budget for fiscal year 2015-16 will pay for the replacement of signal equipment and beginning costs for construction of the South San Francisco station improvement project and Los Gatos Creek Bridge replacement project.
The budget also includes funding for the Caltrain Modernization Program, which seeks to electrify the railway by 2020.
Visit caltrain.org for more information about the budget approved by the board at its regular meeting Thursday.
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