It’s still early in the decision-making process, but there’s a chance the TTC will decide to raise fares next year.

On Thursday afternoon, the TTC’s budget committee met at City Hall to discuss preliminary 2016 operating budgets.

A potential budget plan tabled at the meeting estimated the TTC could earn an extra $30 million from fare increases in 2016.

TorStar News Service reported Thursday that the TTC budget committee asked staff to look into several contingency plans, including fare hikes, fare freezes, and the implications of introducing Presto payment cards.

“Somewhere in the not-too-distant future cash fare will probably have a serious jump just to get people to the card,” said TTC board chair Josh Colle in an interview with TorStar.

Materials presented at Thursday’s budget meeting indicate that the TTC is on pace for a $99 million shortfall in 2016.

Throughout the first half of 2015, passengers have used cash fare less and discounted payment methods – such as Metropasses and tokens – more, leading to the average fare per customer being two cents lower than the TTC anticipated.

The TTC says passenger fares account for 95 per cent of their total revenue.