Due to recent climbing ridership that is expected to continue, the organization that owns Caltrain expects to recover more of its costs from passengers without raising fares, according to Caltrain staff.
The Peninsula Corridor Joint Powers Board, which owns and operates the commuter train that runs from Gilroy to San Francisco, will increase its farebox recovery goals for fiscal year 2014 to between 45 and 65 percent, a press release from Caltrain said. That’s up from the 38 to 50 percent range that was adopted as part of the budget in 2008.
The farebox recovery projection has no direct correlation to fare prices, and there are no plans to raise Caltrain fares in the coming year, according to Caltrain communications manager Jayme Ackemann.
“Because ridership has grown so dramatically, we’re getting more fares than we projected,” Ackemann said.
Almost all public transportation, including roads and highways, require subsidies to operate, Caltrain staff said. Caltrain’s farebox recovery ratio is one of the highest among Bay Area transportation systems, but the service still requires additional funding. That funding relies heavily on contributions from the members of the joint powers board (VTA, San Mateo County Transit District and the City and County of San Francisco), and on one-time-only funds to close year-to-year funding gaps.
“Caltrain’s strong farebox recovery is a testament to the efficiency with which the system operates,” said Mark Simon, Caltrain’s executive officer for public affairs. “But without a dedicated funding source, we lack the financial stability necessary to assure the system’s long-term future and the service reliability our customers deserve.”
In fiscal year 2012, Caltrain recovered more than 58 percent of its operating costs through fares, Caltrain staff said.
Caltrain’s total operating budget for fiscal year 2013 is about $111.4 million.
The cost of a one-way Caltrain ticket from Gilroy to San Francisco is $13; or $7 from Gilroy to Mountain View.
