Also doing the math, I calculate the TTC's total operating costs to be about $1.522 billion, and STM to be $1.039 billion. So yeah, considering the area and services provided, why the hell does it cost 47% more to operate transit in Toronto?!
STM reported that their 2012 costs were $1.103 billion, not $1.039 billion. As I mentioned above, it looks as though TTC managed to use 2011 costs for STM which are $1.024 billion (some rounding somewhere I guess.
If you want apples to apples, Montreal is $1.157 billion for 2013. TTC is $1.522 billion. So TTC is 31.5% more. But look at ridership. In 2012 TTC was 514 million compared to 413 million in Montreal. So TTC is 24% more riders.
So not 47% more ... but 32% more ... but TTC carries 24% more passengers. Not that dissimilar. If you drill down into the differences in Montreal/Torotno ridership, you'll see that subway usage is very similar, but bus usage is much higher in Toronto. The cost per rider on buses is going to be higher than subways, given the much higher staffing.
Even in Chicago, a city of even more similar area and population as Toronto, total operating costs come to $1.035 billion!
What's area got to to do with it? Chicago CTA carries less passengers than TTC. And I'd think they'd be more efficient as well. Look a the most recent APTA ridership report -
http://www.apta.com/resources/statistics/Documents/Ridership/2013-q2-ridership-APTA.pdf. The El in Chicago carries an average of 729,400 a day compared to 901,200 on the TTC subway (not including SRT). However TTC buses and streetcars carry 1,699,600 a day compared to only 987,500 on Chicago buses.
If Toronto's operating costs were $1.1 billion, that $411 million would translate to a 38% subsidy and a 62% revenue/cost ratio.
But Toronto's operating costs aren't $1.1 billion. But they would be, if we cut bus/streetcar service so that we only carried what the Chicago buses did.