An unexpectedly sharp drop in sales tax revenues, a softening local economy and continued high fuel costs are sparking a closer review of a Metro Transit fare proposal currently before the Metropolitan King County Council.
New projections released by the King County Office of Management and Budget show Metro will lose $45 million in sales tax revenues in the 2008-2009 biennium and $43.5 million annually beginning in 2010. This loss, combined with a projected $22 million in unanticipated costs due to rising fuel prices and other cost increases means Metro is facing an average annual budget shortfall of more than $70 million.
County Executive Ron Sims has proposed a 25 cent increase in most adult fares. Fuel prices jumped 60 percent this year alone.
Now, Sims and the council take more time to analyze the proposal.