You can read it here. The plan’s layout:
- Raise fares 25¢ this year, and raise them again 25¢ in 2010.
- Sell Metro-owned properties to cover the rest of the budget gap. Sims calls out the Metro base property in Bellevue, or “East Base”. Update See Below
- Cancel capital projects of about $65 million, he doesn’t say which these are, but I am guessing Transit Now.
- Raid the rainy day fund for $45 million ~ $65 million.
Even with this cost-cutting, property selling (that’s a huge property in Bellevue there), and fare increase, the budget deficit will return in 2011. Yikes. The bottom line: Metro is in serious, serious trouble, at a time when it’s ridership is growing faster than it ever has before. Out of sales tax funding with costs spirally out-of-control, it’s just a matter of time before something breaks, and it looks like service cuts could be coming in a few years.
I thought from my conversation with someone in Metro the Bellevue Lot was the empty lot next to the East Base, it turns out the lot is likely this one here on 6th and 112th. The land is apparently left over from the land the County sold to Bellevue for their city hall. The land has an appraised value of some $13.2 million, but is prime for development and might fetch more than that, especially if Prop. 1 passes and a Bellevue station is located near there.