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Article: Chicago Transit Authority had emergency funds plan in 1998.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 14, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Jon Hilkevitch, Chicago Tribune Knight Ridder/Tribune Business News
Oct. 14--The Chicago Transit Authority insists it has no choice except to slash service next year unless the state provides extra funding, but six years ago agency President Frank Kruesi quietly devised a rainy-day strategy to keep buses and trains running in the event of a money crunch.
Kruesi's plan focused on obtaining permission from the Regional Transportation Authority to transfer some preventive-maintenance funds in the CTA's capital budget to the operating budget.
"Our experience has been that in a recession, we cannot cut operating costs fast enough to keep ...