OC Transpo digs into reserves, weighs layoffs to fill $50M hole

OC Transpo digs into reserves, weighs layoffs to fill $50M hole | CBC News ...Middle East

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OC Transpo plans to dig into a rainy day fund and cut positions to fill a deep budgetary hole next year. With ridership forecast at just three quarters of pre-pandemic levels and costs mounting faster than tax revenues, the Ottawa transit service needs to come up with about $50 million. It will pull $12.7 million from the transit operating reserve, a move the city’s chief financial officer acknowledged is “not sustainable.” Less than $4 million will remain in that pot. “It’s not something we can continue doing,” said transit commission chair Glen Gower, as councillors weighed OC Transpo’s budget on Tuesday. “I am concerned about that high amount that we’re taking from reserves.” Renée Amil

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OC Transpo digs into reserves, weighs layoffs to fill $50M hole | CBC News ...Middle East

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