CHICAGO (CBS) — The daily fee for renting a Divvy bike is going up more than 40 percent, starting next week.

Despite the popularity of the bike sharing program, the system is working in the red, and city officials said although people use Divvy a good deal, ridership is down a bit, so more money is needed to keep it running.

Starting Wednesday, the fee for a 24-hour pass will go up from $7 to $9.95.

The move is expected to generate about $800,000 in additional annual revenue for Divvy.

A daily pass allows a user unlimited 30-minute trips on a Divvy bike. A ride of 30 to 60 minutes costs $2, a ride of 60 to 90 minutes costs $6, and each additional 30 minutes beyond that costs $8.

The annual pass will remain at $75. Annual memberships allow users unlimited 30-minute trips. With an annual pass, trips up to 60 minutes cost $1.75 extra; up to 90 minutes costs $4.50; and each additional 30 minutes cost $6.