by KEVIN FUTHEY
We’ve endorsed a No vote on Initiative 1033, which would place a cap on state, county, and city revenues. Revenue raised by special tax districts is exempt, and while this may seem to minimize the direct impact on Sound Transit, I want to suggest that the overall severity of 1033’s limits would add up, holistically, to a major hit on all modes of transit statewide.
Sound Transit covers a lot of its own costs, but cities, counties, and the state all have roles in supporting the transportation infrastructure. The Budget and Policy Center has an excellent series of reports and blog posts on 1033, which includes several graphs on revenue loss among these jurisdictions, reproduced below the jump.
1033 exempts any federal money the state gets from eligible revenue, but it contains no such exemption for cities and counties. (Similarly, state funds transferred to cities and counties would also be subject to the cap.)
It remains to be seen what the final interpretation will be if this thing gets passed, but note that the graphs above for cities and counties assume the more optimistic reading. The numbers could in fact be more severe.