The previous post detailed why videos of Sound Transit Board approving a 2021 budget that spends $21.46 billion through 2026 without any provisions for funding were grounds for termination. That CEO Rogoff, who intends to spend the $21.46 billion on extensions routed through DSTT that do nothing to reduce congestion, should also be replaced.
This post details the board's response in the videos following the budget approval concerning their car tab "solution" adds to justification for termination. The issue being their response to the below proposal for dealing with legislature regarding the car-tab fees.
Continue to work collaboratively with the state legislature to support the public's desire to base vehicle taxes on a vehicle's true current value, in a revenue neutral manner that does not unconstitutionally impair bondholder contracts.
The statement concedes current MVET aren't based on "vehicles true current value". Prior to the 2016 vote, Sound Transit told residents, "a median-car owner would pay only $47 in increased tab fees". Polls have shown ST3 wouldn't have passed if voters had been aware of the board's car-tab mendacity.
Sound Transit requirement it be "revenue neutral" ignores the fact ST3 began with the board asking for legislation enabling a vote for an additional $1 billion a year for 15 years. As part of the negotiation, Sound Transit reportedly committed to giving $500 million to state's education fund for the enabling legislation.
The result of the ST3 vote was a 2020 budget "pie chart" showing $64 billion in "anticipated tax revenue" by 2041, but nothing to fund schools. That even if they halved the current MVET, the 2020 budget shows tax revenue would increase from $1.75 billion in 2021 to $2.3 billion in 2028. Any competent board would recognize there was no need to make up for any loss in revenue from MVET reduction.
The board's demand for revenue neutral legislation to "not constitutionally impair bondholder contracts" is equally absurd. (it's not clear why any bond impairment violates the Constitution.) Sound Transit's 2016 budget, before ST3 passed, included $123 million in debt service payments out of a $1.2 billion total budget. The 2020 budget shows there hasn't been any increase in "outstanding debt" since then so its unclear how many bond contracts are "impaired".
The 2020 budget also includes $100 million in annual debt service payments from 2017 to 2024. That Sound Transit's total revenue will increase from $1.7 billion to $3.9 billion during that period. It's "unlikely" any bondholder will be concerned a loss in revenue from a reduction in MVET will affect their ability to pay the $100 million.
The bottom line is the videos of Sound Transit's car tab "solution" epitomize board incompetence. In part of the video they raise no concern about finding the funds needed to spend $26 billion over the next 6 years for light rail extensions. Yet later in the same video insist in asking the legislature to make up for a reduction in car tab fees to fund the $100 million in debt service payments during that period. Any board so incompetent should be terminated.
Again, the Seattle Times Traffic Lab's "digging into thorny problems" either hasn't watched the video or doesn't recognize board's incompetence. Their continued failure to "dig into the issue" has prompted my filing as a candidate for King County Executive to inform the county they need a new Sound Transit Board and CEO.
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