Drafter
Clerk 10/14/2008
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AN ORDINANCE making a net supplemental appropriation of $11,396,260 for the operation of transit, the department of transportation director's office, transit revenue vehicle replacement, public transportation capital improvement program, and public transportation construction fund, for the fiscal biennium beginning January 1, 2008, and ending December 31, 2009; and amending the 2008/2009 Biennium Budget Ordinance, Ordinance 15975, Sections 109, 110, 111, 136 and 137, as amended.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings: The council makes the following findings of fact:
A. King County provides public transportation services to residents of the county who expect that the resources provided for public transportation will be used responsibly to provide the maximum amount of transit service.
B. To maintain sufficient cash flow and provide a reserve for emergency costs, the transit division maintains minimum cash balances in the public transportation operating subfund equal to approximately one-twelfth of the annual operating budget.
C. To ensure that each of its bus and van fleets is replaced at the optimal time, the transit division maintains a revenue fleet replacement fund with sufficient cash reserves.
D. King County Metro Transit derives approximately sixty-two percent of its annual revenues from the transit local option sales and use tax.
E. In November 2006, the voters of King County authorized a dedicated one-tenth of one percent sales tax to support specific categories of "Transit Now" investments, including new service to be implemented in yearly increments through 2016. With adoption of the "Transit Now" measure, the Metro Transit sales tax is now levied at the maximum rate authorized by state law.
F. Unforeseen increases in fuel costs and substantially lower sales tax revenue projections due to a slowing world and local economy have created a gap between revenues a...
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