This afternoon, King County Executive Dow Constantine, backed by a majority of of the King County Council, formally proposed an ordinance which would ask King County voters for a 0.1% increase in sales tax, and a $60 annual vehicle license fee. The tax increase would be accompanied by a new non-cash low-income fare of $1.50 (for people with incomes up to 200% of the federal poverty level), and a 25 cent increase in the adult fare.
The $130 million total expected revenue is broken down 60/40 between Metro and County Roads, effectively giving Metro $80 million per year* — just over the $75 million per year the agency has previously stated it will need to avoid the “bloodbath” 17% cut scenario. The tax would last up to ten years, unless renewed by voters; the package is expected to go before voters at the April 22nd election.
* Although by my calculations, 60% of $130 million is $78 million, which is a small but significant difference.