OTTAWA, Ont. – Members of the Ottawa’s Transit Commission discussed a glum report on the state of OC Transpo finances at City Hall Thursday.

A report suggested the year-end deficit for the transit service will be $5.2-million. Halfway through 2012, lower fare revenues lead to a $2.4-million shortfall.

The report also indicated the deficit has nothing to do with the delay of the Presto Pass system, which was slated to launch this summer, but was delayed until 2013.

But OC Transpo boss John Manconi said he’s not concerned yet.

“We’re looking at all our costs but the reports show we’re tracked nicely there,” said Manconi. “We’re hoping that ridership will come back in September, we’ll see where those numbers land.”

“In the mean time, we’ll make sure we manage our costs appropriately and we’ll look for those revenues to come back.”

Despite the tough times, the OC transpo boss insisted he won’t recommend more route cuts going into 2013.