Sound Transit Board Adopts Updated Long Range Plan and Approves 2015 Budget

Dec. 22, 2014
The Sound Transit Board approved a $1.2 billion budget for 2015, highlights being light rail construction, fleet replacement and retrofit and implementation of a new route.

The Sound Transit Board approved a $1.2 billion budget for 2015. Highlights of the budget include light rail construction, fleet replacement and retrofit, and implementation of new Route 580. The 2015 budget will include $932.9 million in anticipated revenues while expenditures are projected to be $1.2 billion. Sound Transit currently has $155 million in unrestricted cash on its balance sheets, which will fund the lion’s share of $280.0 million spending gap. Additional revenues will come from the Capital Replacement and Emergency/Loss reserves, which is projected to cover another $48.4 million. The agency projects that up to $173 million in bonding will be necessary to meet its obligations for 2015, largely due to capital investments, not operations.

Sound Transit is poised to see record ridership growth in 2015, while staying on track for the early, under-budget completion of light rail to the University of Washington and rollout of the next rail expansion plan.

Click HERE to read the complete article, including the updated long-range plan, on The Urbanist.