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4/21/2020
The San Diego Metropolitan Transit System's (SDMTS) board last week approved a $100 million capital improvement budget for fiscal-year 2021, which begins July 1.
The budget allocates funding for rail, including $26 million toward 47 new low-floor trolleys, and $10.9 million to keep the rail network in a state of good repair.
Also last week, the board announced it anticipates a $33.5 million loss for FY2020 and $100 million in FY2021 because of costs and lost revenue related to the COVID-19 pandemic.
During both fiscal years, agency officials project operating income from advertising revenue, energy credits, rental income and interest to drop by $7 million.
In FY2021, agency officials anticipate a $30 million to $50 million loss in fare revenue, and a decrease of $13.5 million to $23 million in state and local sales tax revenue.
SDMTS anticipates receiving $220 million in federal stimulus funding to offset the financial losses.
Also in response to the pandemic, the board has postponed plans to put a transit-only revenue measure on the November ballot.