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Rail News: Financials
9/26/2011
Rail News: Financials
Sound Transit proposes $1 billion budget for FY2012
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Last week, Sound Transit Chief Executive Officer Joni Earl presented a proposed $1 billion budget for fiscal-year 2012 to the agency’s board. The budget includes $199 million for train and bus service, $733 million for capital projects and $111 million for agency operations.
“I told the board that even though the national recession continues to hit us hard, Sound Transit’s capital construction program remains one of the largest and most ambitious in the United States,” Earl said in a “CEO Report” posted on the agency’s website. “The 2012 budget includes 30.5 new positions, the majority of them needed as we continue expanding out north, south and east with light rail design, engineering and construction.”
At the same time, the agency is facing “significantly reduced” revenue, which is down 25 percent, or about $4 billion over the 15-year Sound Transit 2 plan, Earl said.
Sound Transit receives the bulk of its funding through sales tax revenue, and a smaller percentage from a motor vehicle excise tax and a car rental tax.
“I told the board that even though the national recession continues to hit us hard, Sound Transit’s capital construction program remains one of the largest and most ambitious in the United States,” Earl said in a “CEO Report” posted on the agency’s website. “The 2012 budget includes 30.5 new positions, the majority of them needed as we continue expanding out north, south and east with light rail design, engineering and construction.”
At the same time, the agency is facing “significantly reduced” revenue, which is down 25 percent, or about $4 billion over the 15-year Sound Transit 2 plan, Earl said.
Sound Transit receives the bulk of its funding through sales tax revenue, and a smaller percentage from a motor vehicle excise tax and a car rental tax.
