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Coun. Peter Milczyn will have city staff study the option of a 15 cent fare hike at an upcoming TTC meeting. ((CBC))

The TTC will consider adding a nickel to a proposed 10 cent fare hike as a way to maintain current service levels into next year.

The proposed 2012 city budget calls for a 10 per cent fare hike. Even with riders paying that extra dime, there will be service reductions on 56 bus and six streetcar routes.

The current cash fare to ride the TTC is $3.

Coun. Peter Milczyn will have city staff study the option of a 15 cent fare hike at an upcoming TTC meeting.

"If you added an extra nickel for next year, we could maintain current service levels for 2012," Milczyn told CBC News on Thursday. "My view is that if we’re going to ask riders to pay somewhat more, then at least provide the same level of service."

However Milczyn said even if the 15 cent fare hike is approved, it will only provide a temporary solution to the TTC’s funding problems.

That’s because in 2013 the city won’t have enough buses to maintain current service levels due to a shortfall in its capital budget.

"Right now, we don’t have any federal or provincial funding to buy extra vehicles," said Milczyn. "In 2013 that level of service will have to come down because we don’t have enough buses. It just buys us 12 months of certainty. Beyond that, there is no certainty. You can’t hike fares enough to buy buses or streetcars."

The city's budget committee will continue to hear deputations on Thursday into the city's proposed 2012 budget.