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•Caltrain, BART, SFMTA, and AC Transit are facing deficits <br />as post-pandemic fare revenue lags and operating costs <br />rise <br />•Despite ridership gains and cost efficiency measures, <br />expenses are outpacing revenues <br />•Federal and state support has declined <br />•Need for a stable, predictable source of funds to keep <br />these agencies going <br />4 <br />Key Issue