Sound Transit Faces $30B Shortfall, Launches Enterprise Initiative

Sound Transit is facing a significant financial challenge, with its ST3 mass transit expansion plan experiencing a budget shortfall estimated between $20 billion and $40 billion. The agency has identified a 20 to 25% increase in costs compared to its Long Range Financial Plan, driven by rising capital program costs, increased service delivery expenses, and decreasing revenues. This shortfall impacts major projects including the West Seattle, Ballard, Tacoma Dome, Everett, and other Link extensions. In response, Sound Transit has launched the Enterprise Initiative, a comprehensive effort to assess affordability gaps, update the system plan, and identify cost-saving strategies while adhering to voter-approved commitments. The Sound Transit Board has adopted guiding principles aimed at balancing regional growth and funding priorities amid some contention among representatives from different counties. Agency leaders remain cautiously optimistic about finding solutions to deliver on promises to voters, despite the scale of the fiscal challenge.