Portland’s TriMet is facing significant financial challenges, with $6.4 billion in operating losses over the past decade. The agency’s average cost of providing service has increased by 56% between 2019 and 2025, according to TriMet’s Director of Communications, Roberta Altstadt.
Financial Struggles
TriMet’s 2027 budget spends down agency reserves by $187.4 million, as the deficit grew faster than the agency can reduce it. The cuts will not be enough, said Altstadt, and the agency needs to increase its revenue by identifying sustainable revenue sources for public transit with state and regional partners.
Clark County residents have expressed concerns about becoming a revenue source for TriMet, particularly after voters rejected a temporary two-year, 0.1% increase in the employee payroll tax that would have raised roughly $50 to $60 million a year. The agency’s ridership remains about 30% below 2019 figures, and nearly 25 million annual boardings below the agency’s 2012 peak ridership.
The IBR’s light rail future is also uncertain, with Phase 1 of the project not including light rail, but simply space for light rail on the bridge. Phase 2 will happen if and when the necessary funding is found. The project’s cost estimate is $7.65 billion, with $1.2 to $2.2 billion depending on the availability of funding from the Federal Transit Administration Capital Investment Grant.
Original reporting: Clark County Today (Vancouver WA) — read the source article.
