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The typically cash starved Toronto Transit Commission is reporting it didn’t need $47.7-million in taxpayer subsidy last year, but what happens with that money is in the hands of city council now, an official said.

Audited financial statements to be discussed at Wednesday’s meeting of TTC commissioners show it had “reduced operating subsidy requirements” of $46-million for the conventional service and $1.7-million for Wheel-Trans. This comes after consecutive years of fare hikes, by 5 cents last year and 10 cents in 2012.

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Brad Ross, the TTC spokesman, said the agency in 2013 spent less than it predicted in various areas including long-term liabilities for workplace safety and insurance benefits, accident claims payouts, retroactive pay, overhead costs to capital projects and administrative fees. “None of it is to do with ridership,” he said.

Councillor Karen Stintz, the former chairwoman of the TTC and a mayoral candidate, called the money a “surplus” and said it should be used to freeze fares.