Sound Transit recently released updated revenue projections for the Puget Sound Taxpayer Accountability Act (PSTAA) fund. Due to delays in Sound Transit-3 (ST3)-related construction projects, the fund’s budget is being revised to reflect a significant reduction of projected PSTAA revenues between 2021 and 2029.
A sales and use tax collected from ST3 construction activity funds PSTAA. Construction activity varies year to year. So, the fund expects to experience fluctuations in revenue. King County still expects to receive $318 million over the lifespan of the fund, and the dollars will continue to support investments in improving education outcomes. However, these delays have extended the investment timeline from 15 years to 18 years. The latest revenue forecast shows a concentration of the revenue from 2031-2038.
Current PSTAA-funded projects will continue to move forward as described in the PSTAA implementation plan. But, the rollout of PSTAA-funded projects scheduled to launch in fall of 2021 is delayed pending approval of the updated budget by the King County Council. This includes the King County Promise (KCP) and Early Learning Facilities (ELF) strategies. The PSTAA team will release new information on KCP and ELF Request for Proposals (RFPs) as soon as we can.
For more information, contact Jennifer Tanaka, Deputy Director, at email@example.com. To learn more about PSTAA and receive funding alerts, please sign up on the PSTAA website.