Refs & Calcs Sound Transit Voter Approved

References & Calculations

SOUND TRANSIT Voter Approved Light Rail Taxpayer Funding

  1. Sound Transit Central Link Light Rail voter approved promised performance data,
    Table 1. Costs: Electric Light Rail $1.8 billion (1995$) (includes Tacoma)
    Debt service for Table 1 projects is $171 million of $3.914 billion total proposed spending..
    Assigning debt service to Light Rail 1.8 billion *(171/3,914) = $79 million
    $1.8 billion + $79 million = $1.879 billion (1996$) for Light Rail
    Sound Move includes 25-miles of a starter light rail system (p. 15)
    25-miles total - 1.6 miles Tacoma = 23.4 miles Seattle + 26 Stations
    21-miles minimum for Seattle
  2. CPI Inflation Calculator  $1 in 1995$ = $1.55 in 2014$

  3. $1.879 billion (1995$) * 1.55 (2014$/1996$) = $2.912 billion (2014$)

  4. HistoryLink.org,  Sound Transit's Tacoma Link light rail system begins operation on August 22, 2003 from Tacoma Light Rail initial estimated cost $50 million (1996$)

  5. Sound Transit voter approved Seattle Light Rail cost
    1.879 billion (1995$) - 50 million (1995$) (Tacoma estimated cost) = 1.829 billion (1995$)
    1.829 billion (1995$) * 1.55 (2014$/(1995$) = 2.835 billion (2014$)
  6. Sound Transit Seattle Central Link Actual Light Rail Costs converted to 2014$
    Sound Transit, Table 2-2: Project Costs in 2009 $  2.665 billion  15.6 miles built (2009)
    2.665 billion (2009$)*1.10 (2014$/2009$) = 2.9315 billion (2014$)
  7. page A-5 Year of Expenditure Dollars (2009-2023) 11.821 billion Link Light Rail Capitol Costs out of 13.418 total capitol costs,  1.871 billion O&M, 1.835 billion Debt Service for all projects
    Link Light Rail Debt Service  = $1.835 billion * (11.821/13.418) = $1.617 billion  
  8. Debt Service cost as fraction of Capitol Construction =  1.617 (debt service))/ 11.821 (capitol cost) = 0.1368

  9. ST2 Light Rail estimated cost 11.821 (capitol) + 1.617 (debt service) = $11.821 billion for  36 miles of track, stations, and rolling stock in Year of Expenditure (YOE) $.   Need to convert YOE to 2014$ to compare spending to peer cities

  10. Sound Transit 2: Benefit-Cost Analysis Methodology Report, APPENDIX B BENEFIT-COST ANALYSIS RESULTS, adopted by the Sound Transit Board on July 24, 2008.  $8.6 Billion (2007$) Sound Transit Capitol Cost Estimate for ST2 Light Rail Expansion, p B-3, for 36 miles of light rail.

  11. Add debt service and convert ref l) costs to 2014$
    $8.6 Billion (2007$)* (1+0.137)*1.14 (2014$)/(2007$) = $11.147 Billion (2014$)
  12. $11.147 Billion (2014$) for 36 miles of rail = $310 million(2014$)/mile
  13. Sound Transit Website, ST2 Plan and project list.

  14. 2.9315 + 11.147 = $14.082 billion (2014$) spent and/or approved by taxpayers for Seattle Light Rail by 2008 before any lines were running and citizens could assess performance

  15.  email Sent: Wed 4/06/16 2:03 PM from Q’Deene Nagasawa of SoundTransit, "In response to your request, Light Rail capital spending as included in the DRAFT ST3 plan total $34.3 billion in YOE dollars, and $17.7 billion in 2014 dollars"



Comments