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On Tuesday, the Regional Transportation District of Denver’s (RTD) board elected not to put a proposed FasTracks sales-tax increase on the ballot until at least 2012.

RTD officials have spent the past several months evaluating economic indicators as well as regional stakeholders’ and the public’s input on whether they should consider a ballot initiative calling for a sales-tax increase this year to raise additional funds for FasTracks, the voter-approved transit project designed to expand rail and bus service throughout the region.

At Tuesday’s special meeting, RTD staff recommended the agency move forward with the current FasTracks financial plan, which assumes a 2012 sales-tax increase of 0.4 percent to complete FasTracks by 2020.

“The RTD board realizes that while economic conditions are slowly but steadily improving in the Denver metro areas, the timing is not right for a 2011 ballot initiative,” said RTD Chairman Lee Kemp in a prepared statement. “We remain committed to work with our regional partners to complete FasTracks sooner than later.”

RTD officials will determine at a later date whether 2012 is the right time for a sales-tax ballot initiative. Without a tax increase in the near future, agency officials estimate FasTracks won’t be completed entirely until 2042.

The project calls for building 122 miles of commuter- and light-rail lines, 18 miles of bus rapid transit service and 21,000 new parking spaces, and redeveloping Denver Union Station.