Voters approved Sound Transit’s $17.8 billion Sound Transit 2 package on Nov. 4, 2008.
Planners there expect the last of the projects ST2 funds throughout the central Puget Sound Region to be completed by 2023. Among the many improvements is the long awaited second parking garage at the Auburn Transit Station.
Although $17.8 billion is the amount of revenue Sound Transit had expected to receive over the entire 15-year period, voters approved the measure before the present economic recession hit in force.
Given the present state of the economy, the sales tax revenues upon which Sound Transit — along with other every other junior taxing authority — relies are coming in below what it had forecast.
Last Thursday, staff updated Sound Transit’s financial committee on the latest numbers. Between today and 2023, the cumulative impact of the recession on ST2 is forecast at $2.1 billion, 15 percent below last summer’s forecast, said Geoff Patrick, Sound Transit media relations and public information manager.
“As a result of the recession, there is going to be a hit that continues for several years,” Patrick said. “That line has taken a big dip since last summer. Economists have forecast that with the ebb and flow of the economy, things are going to pick up again, but it will take a few years for revenue to get up where supposed to be.”
Patrick added that the numbers will change with each new forecast. The length and depth of the recession and how quickly the economy rebounds will determine when the numbers improve.
Patrick stressed that this shortfall in no way translates into cancelled projects. He said Sound Transit has an array of options at its disposal.
“Before project cancellations, there would be delays. If you allow longer for revenues to pool up, that’s one way to bridge a shortfall. As we move forward with decisions on all the projects in ST2, from the concept stage through design to engineering, we will be looking at opportunities to control costs by controlling scopes there. We will also look for other revenues, including competing for federal funding that becomes available in that period,” Patrick said.
In addition to the second Auburn parking garage, south corridor projects include:
• Increasing Sounder service by 65 percent with the addition of eight new trains or four daily round trips between Seattle and Tacoma;
• Increasing the length of trains by a car;
• And, where needed, lengthening the train platforms.
Overall the plan provides for a 17 percent increase in bus service starting this year, 65 percent more Seattle to Tacoma commuter rail capacity, 36 new miles of expansion on the light rail system for 56 miles total, and easier access for transit riders.
The typical cost for each taxpayer is about $69 a year.
Patrick noted that ridership on the Sounder train is up 24 percent over this same time last year.
At this time, there are specific dates attached to any projects.
