by
<a href="mailto:loganb@awcnet.org">Logan Bahr</a>, <a href="mailto:maggied@awcnet.org">Maggie Carol</a> | Jul 02, 2020
The Office of Financial Management (OFM) recently released their June 2020 transportation revenue forecast which shows the economic impacts of I-976 and the COVID-19 shutdowns.
The Office of Financial Management (OFM) recently released their June 2020 transportation revenue forecast which shows the economic impacts of I-976 and the COVID-19 shutdowns. The state is forecasting that transportation revenues will be down $482.5 million (7.7 percent) for the 2019‐21 biennium and $198.3 million (3.1 percent) for the 2021‐23 biennium.
Many local governments are concerned about fuel tax revenue—this revenue source is down by roughly $190 million, or 5% from the previous forecast. Ferry revenue is down sizably by $98 million, or 23% from the previous forecast. However, OFM projects these declines will dissipate to a loss of $29 million by next biennium.
Toll revenue is also impacted by the recent COVID-19 shutdowns. In the current biennium, toll revenue is down $107 million (22%) compared to the last projection.
To access the full report, click here.