The February 14th and 15th Seattle Times Traffic Lab articles concerning a "$11.5 billion shortfall in Sound Transit funding" typify the Traffic Lab failure to recognize CEO Rogoff incompetence. The Times describes Traffic Lab as a project the "digs into the regions's thorny transportation issues and spotlights promising approaches to easing gridlock". Their approach has been to continue a decade of Seattle Times abiding if not abetting his incompetence.
The February 14th article reported, "this shortage was revealed last month in the midst of environmental studies of the voter approved Sound Transit projects". That they projected "a $6 billion reduction in tax revenue due to the COVID-19 recession". Apparently the Times Traffic Lab and those doing the study were unaware of a CEO Rogoff October 10th presentation of the Sound Transit "Financial Plan update & Proposed 2021 Budget" to the board's Finance and Accounting Committee.
It included a chart, "Financial Plan unaffordable under current forecasts" showing the pandemic had reduced "Available sources" for funding 2017-20 expenditure from $97.9 B to $95.8B. That, as of October 10th, the pandemic's affect was limited to a $2.1B loss in revenue for 2017-2041.
The $2.1B loss, along with a $0.6B increase in "Expenditures", resulted in $2.7B of "Unfunded Expenditures". The October 10th solution in another chart showed a 4-year-delay "realignment" made the plan affordable and delayed the need to increase "Outstanding Debt" until 2029. That other than the realignment, the only pandemic financial affect was an increase in "Outstanding Debt" from $17B to $20B when ST3 funding ended in 2041. Their clearly was no "immanent" $11.5 billion shortfall in October.
The Traffic Lab was also apparently unaware of Sound Transit December 17th meetings concerning 2021 budget. Videos of presentations to the board's Finance and Accounting committee and later to the entire Sound Transit board showed both reviewing and approving 2021 budget.
That budget also included a Transit Development Plan to spend $21.6 billion from 2020 to 2026 on "board approved light rail extensions." The board approved the total budget in 10 minutes and was applauded afterward by CEO Rogoff for that response. He clearly had no concern about any $11.5 billion shortfall on December 17th.
Meanwhile, the Traffic Lab articles concerning Sound Transit finances prior to the February articles was limited to a December 17th article heralding CEO Rogoff austerity for "skipping" a $29,000 increase to his $379,000 for the coming year.
Now, barely two months later, the traffic Lab is abiding CEO Rogoff "urging the board to identify both new money and cost reductions this year". "That we cannot wait until we can no longer make payments for capital projects or operations to start making decisions".
Yet, he was the one who, on December 17th asked the board to approve the $21.6 billion for his TDP with no plans for financing. Two months later he's asking the board to provide "new money and cost reductions" for his budget. While the February 15th article suggesting another transit-tax ballot may be the "new money", his expecting them to provide cost reductions is practically laughable.
The bottom line is CEO Rogoff should have been asked to explain how a budget he presented on October 10th and approved on December 17th with no increase in "Outstanding Debt" until 2029 could result in "a looming $11.5 billion regional funding shortfall" on February 14th. Especially since the 2021 budget projected Sound Transit, even with the pandemic, would still have access to $95.8 billion from ST3 funding without additional taxes until 2042. It's "unfortunate" the Times Traffic Lab's "digging into thorny issues" didn't include doing so.
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