Caltrain’s Board of Directors have approved its operating and capital budgets for Fiscal Years (FY) 2024 and 2025.
The FY2024 operating budget will be $192.7 million while FY2025 will be $238.1 million. The operating budget relies on Measure RR, gradual ridership recovery, and utilization of State Transit Assistance (STA) carryforward funds.
The operating budget will continue to fund Caltrain’s highest ever service levels of 104 trains per weekday as the agency endeavors to provide service that works for all potential riders. Caltrain has increased its midday and evening service in order to appeal to a wider and more diverse group of riders. The budget will cover expanded service to south Santa Clara County. It will also fund the electrified service, which is expected to launch in fall 2024.
Caltrain’s FY2024 $510.2 million capital budget and FY2025 $74.6 million capital budget will be funded through a combination of federal, regional and state grants, local funding and member agency funding.
The Caltrain capital budget covers long-term infrastructure improvement and maintenance projects, including maintenance work on stations and intermodal access, right of way signals and communications, and rolling stock. The capital budget also includes additional funding for the Guadalupe River Bridge Replacement Project, the San Francisquito Creek Bridge Replacement Project, right of way fencing, the Track Tie Replacement Project, improved visual messaging signs at stations, improved storm drains and the general state of good repair for the system at large.
Caltrain is projecting a deficit of $33 million in FY2026 and $58 million in FY2027 based on the Strategic Financial Plan that was presented at the board workshop in March. An update to the Financial Plan will be made in September 2023.
FY2024 begins on July 1, 2023, and ends on June 30, 2024.
