Officials said the Chicago Transit Authority was back on track as they approved a no-cuts budget Wednesday, just two weeks after state lawmakers passed a massive $1.5 billion package to prevent devastating cuts to the Chicago area’s public transit systems.

There will be no service cuts, layoffs or fare increases for the CTA next year — despite previous plans to hike fares by 25 cents per ride Feb. 1.

An influx of about $142 million in new revenue derived from the state’s mass transit funding bill, which lawmakers got over the finish line after 4 a.m. on Halloween, will prevent any cuts next year and allow for some modest improvements at the agency, transit leaders said.

But plans for more significant upgrades — such as running the Orange Line to Midway International Airport 24 hours

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