The July 2008 projections were the ones used in creating the Sound Transit 2 plans. The change in the August 2009 and August 2010 projections from 2008, in absolute and relative terms, are on the right.
Since each subarea essentially pays for its projects out of its own account, the breakdown by subarea is important:
- North King (Seattle/Shoreline), already holding up relatively well, loses only an additional $43m over 30 years.
- Snohomish, already bad, doesn’t get much worse; also, they are absolutely reliant on North King remaining whole to get to the County line, so the North King numbers are also very good news.
- East King loses $223m, which puts the downtown Bellevue tunnel even further out of reach.
- South King has the most precipitous drop since the last estimate, and is now in the worst shape.
The presentation also breaks out how ST absorbed last year’s $3.1 billion drop: $2.1 billion came from project reserves and from lower construction bids; $900m in lower inflation and financial contingencies; and a $90m cut in administrative expenses.
There will be a new financial plan in September, which the Board will discuss through the end of the year.