TriMet adopts $2B budget for FY2026

TriMet's board has adopted a fiscal-year 2026 $1.96 billion budget for the Portland, Oregon transit agency. 

The budget addresses a $50.2 million deficit projected for FY2027 by tightening spending and reducing costs ahead of a fiscal cliff anticipated in 2031.

The budget, which begins July 1, features $789.1 million in operating costs, $165.3 million for capital projects and  $771 million in unappropriated funds not available for spending as part of financial saving efforts, TriMet officials said in a press release. 

Approximately $552.5 million has been dedicated to operations, $236.6 million for general and administrative costs, $165.3 million for capital and operating projects and $1 billion for contingency, debt service, fund balance and other operating requirements.

The budget includes $25.2 million for maintenance of infrastructure, including platform updates, facility upgrades, light-rail track and light-rail electrification and signaling. An additional $66.1 million is dedicated for light-rail vehicle replacements. Other major projects in the budget include the expansion of the Portland Streetcar into Montgomery Park and the replacement of an aging interstate bridge to serve multiple transportation methods. 

TriMet's FY2026 budget cuts to discretionary spending, with most divisions reducing spending by 2% to 3%, resulted in savings of $7.1 million. Other changes resulted in an additional $17.1 million reduction in the deficit.