TORONTO -- A 10 cent increase on most TTC fares is set to come into effect in March after the transit agency’s board approved next year’s budget on Monday.

While the now-approved $2.14 billion budget for 2020 includes 128,000 hours of new transit service, hires 121 operators to increase service on 25 surface routes and provides funding to a new anti-racism strategy, the cost will mean a fare hike for riders.

The increase to all fares except the adult single cash fare of $3.25 will come into effect on March 1, 2020 and will raise an additional $31.4 million, according to the transit agency.

As a result, adult Presto card fares will increase to $3.20 per ride, a monthly adult Presto pass will increase to $156, a youth or senior Presto fare will increase to $2.25 and a youth or senior cash fare will increase to $2.30.

“In developing the $2.14 billion operating budget for conventional and wheel-trans service, the TTC found $31.6 million in efficiencies and offsets without impacting service,” a news release issued by the TTC on Monday said.

“The budget calls for an additional $27 million subsidy from the City of Toronto and another $26.4 million in revenue protection and cost recovery.”

The budget also includes 50 new staff aimed at reducing fare evasion.

The CEO of the TTC voiced concern over the amount of revenue lost due to fare evasion in recent years, saying “people who can pay should pay.”

“The Auditor General gave us a report and identified almost $60 million in fare evasion. We actually recently went out and did our own audit with our own auditors and we’re seeing some significant fare evasion in areas where I believe people can afford it so we are going to be out there, people are going to be on these vehicles as if they are staples and we are going to change the culture,” Rick Leary said on Monday.

The budget has a 4.1 per cent increase over 2019.

In the budget, the two-hour hop-on, hop-off transfer and the kids ride for free programs were protected.

The transit agency’s board also approved the $7.4 billion 2020-2029 capital budget on Monday, which invests in “longer term projects to reduce crowding, keep the system in a state of good repair, improve accessibility and increase capacity at Bloor-Yonge Station.”

Toronto Mayor John Tory said on Friday that the city, over the past five years, has increased its funding to the TTC by 44.4 per cent, which totals about $243 million.

“I support continuing and improving service further in 2020, not cutting it back despite what will again be a tough budget year, and notwithstanding the city’s significantly increased support, all of these initiatives necessitate a fare increase,” Tory said.

The TTC has authority on fare policies, but the budgets still have to go to Toronto city council for final approval at an unknown time.