On the heels of City Manager's Joe Pennachetti's report outlining numerous cuts and cutbacks to Toronto services, the TTC is ready to reveal its own cheery news that it's considering a 10 cent fare hike, reductions in service-frequency, and slashing almost 500 jobs via a combination of employee buyouts and attrition. With a capital budget that's projected to be $1.5 billion in the hole over a 10-year period, the Commission is also under pressure from Mayor Rob Ford to reduce its 2012 operating budget by 10 per cent.

A number of the proposed service cuts will directly result in delays and inconveniences for passengers. Along with longer waits and the promise of overcrowded buses, cuts to Wheel Trans service have also been proposed. A potential new regulation would render dialysis patients ineligible to use the service (on account of their lack of need for a mobility device), a move that would save approximately $5 million but seriously impact the lives of those who've previously relied on the service.

According to a draft of a budgetary report obtained by the Toronto Star, here are some of the other proposals on the table:

• Hike the token price by 10 cents
• Eliminate 422 jobs (and review 500 more that might be outsourced)
• Delay the delivery of 15 of the 204 new Bombardier streetcars
• Defer the arrival of 134 new buses initially expected between 2013 and 2016
• Purchase 10 fewer Toronto Rocket subways than initially expected

According to TTC Spokesperson Brad Ross, the budget reports in question, which will be considered at a special meeting on Friday, will be made available later this afternoon. No cuts to Blue Night bus service are proposed as part of these cost-saving measures.

We'll update this post as more information becomes available.

Update: 1:30 p.m.

The TTC has released PDF versions of its shortfall reduction plans (capital budget and Wheel Trans). Here's a chart that summarizes some of what's being proposed.

Photo by Daniel N in the blogTO Flickr pool