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CTA revenues lower than expected

Updated: June 12, 2013 4:22PM

CTA fare revenues for the first four months of the year are less than expected, with seven-day passes taking the biggest hit since the agency hiked the cost of its fare passes, CTA officials revealed Wednesday.

In mid-January, the price of the CTA’s seven-day pass jumped 22 percent, from $23 to $28, although one-day and three-day passes increased by even larger percentages.

Riders seem to be switching to pay-as-you-go daily fares, which did not increase this year, CTA President Forrest Claypool told reporters after Wednesday’s monthly CTA board meeting.

“I think there’s no doubt there’s a lot of migration to pay-as-you-go,’’ Claypool said.

Overall, CTA revenues as of the end of April are about 2.5 percent less than budgeted, Claypool said.

He called the amount “not an issue” in a budget of $1.35 billion and said CTA will make adjustments accordingly, such as not filling vacancies.

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