The Office of Financial Management (OFM) recently published their quarterly state transportation revenue forecast. Current budget revenues (2019-21 biennium) are expected to be lower by $560.5 million and $245.8 million in the 2021-23 biennium. These losses are due to a COVID-related decrease in demand and largely situated in gas taxes, ferry fares, and tolls. These numbers are in addition to expected losses due to the passage of Initiative 976, which are expected to be around $650 million in the 2021-23 biennium.
The change in revenue is due to lower demand due to the COVID-related shutdowns with losses expected in revenues associated with gas taxes, licenses, permits and fees, and ferry revenues.
Click here to view the Transportation Revenue Forecast Council’s September full report.