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Yesterday, the Metropolitan Washington Council of Governments’ (COG) board established a regional panel responsible for reviewing dedicated funding options for Washington Metropolitan Area Transit Authority (WMATA).

Sponsored by the COG, Greater Washington Board of Trade and Federal City Council, the 13-member panel includes representatives from local governments, regional governmental and business leaders, transit stakeholders and commuters.

The panel will review and analyze WMATA’s current and future financing needs. In mid-December, members are expected to issue a report to the panel sponsors, as well as the District of Columbia, state of Maryland and commonwealth of Virginia.

WMATA is the only large transit agency in the country that doesn’t have a dedicated funding source, according to a prepared statement. The authority’s current budgetary challenges stem from its lack of a dedicated revenue base, which makes the agency vulnerable to recurring financial crises, according to a recent report released by the Brookings Institution, entitled "Washington’s Metro: Deficits by Design."