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RAIL EMPLOYMENT & NOTICES



Rail News Home Passenger Rail

8/9/2010



Rail News: Passenger Rail

Sound Transit projects long-term capital funding to drop 25 percent


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Sound Transit recently released updated long-term revenue forecasts, which show that capital construction plan funding levels are forecasted to decline by $3.9 billion, or about 25 percent.

Last fall, Sound Transit estimated long-term revenue levels to drop about 20 percent, or $3.1 billion, through 2023.

The agency receives the majority of its funding through sales tax revenue and a smaller percentage from the Motor Vehicle Excise Tax within the Sound Transit district that covers urban areas in King, Pierce and Snohomish counties.

This fall, the board plans to develop short- and long-term spending priorities during the normal budgeting process, Sound Transit officials said in a prepared statement. Options for reducing the shortfall may include reducing the scope of projects, extending project timelines, and reducing operating and administrative costs.

The new forecasts will not impact projects already under construction, such as the University Link light-rail project, which is scheduled to open in late 2016.


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