Keeping TTC fares at current levels is crucial as many Torontonians face increasing economic hardships, Mayor David Miller said Wednesday.

"To those who are understandably concerned and feeling uncertain, I want them to know our city is doing everything it can ... to help," he said.

Miller made the comments as city councillors passed Toronto's 2009 capital budget, which invests millions of dollars into civic projects and aims to prop up the city's struggling economy.

The budget will create 30,000 new jobs by pumping money into construction projects like building new transit lines, refurbishing city parks and re-invigorating the city's waterfront.

In particular, the $1.6 billion-plan will fix 240 kilometres of city roads and help purchase 204 new light rail transit cars.

Miller told reporters on Wednesday he shares Torontonians' anxiety over the troubled economy.

"They're worried about the services that keep our city working, like public transit," Miller said in a statement.
 
Although the fare freeze may prove unfavourable for the perennially cash-strapped TTC, Miller said it's time to give transit riders a break.

"While the inflationary pressures on the TTC are significant, Torontonians are also feeling the pressure of a weakened economy," he said.

The cash fare, which now stands at $2.75, has been rising steadily. In November 2007, the cost of a monthly rose by nearly $10, to the current level of $109.

Investments part of five-year plan

This year's investments of $1.6 billion are part of a decade-long initiative to bolster the city's assets and create 300,000 jobs in the process.

The $26-billion plan also outlines a range of new TTC initiatives to be rolled out over the next 10 years.

The city aims to begin the construction of three new transit lines, including light-rapid-transit rail lines the Eglinton Crosstown, Finch West and Scarborough Malvern.

The budget also details plans to purchase 204 low-floor, accessible, light-rail vehicles at a cost of $656 million as well as new subway carts and streetcars.

A revitalization of Union Station is also in the works.

"The city's first priority for major infrastructure is public transit," Miller said.

With a report from CTV Toronto's Naomi Parness