Title
AN ORDINANCE adopting 2024 Fund Management Policies for the Public Transportation Fund; and repealing Ordinance 18321, Section 2, and Attachment A to Ordinance 18321.
Body
STATEMENT OF FACTS:
1. Adopted transit fund management policies provide a framework to ensure the financial health and viability of the public transportation fund.
2. In July 2016, following recommendations from a staff work group and review by a special committee on transit, the 2016 Fund Management Policies for the Public Transportation Fund were adopted through Ordinance 18321.
3. The 2016 Fund Management Policies for the Public Transportation Fund set general financial practices and a fund structure for the public transportation fund, as well as policies and targets for financial and capital planning, expenditures, revenues, and reserves.
4. King County government has experienced significant operational and fiscal impacts due to the Covid-19 pandemic. Though the impacts have lessened since the height of the pandemic, many remain and are expected to continue beyond the 2023-2024 biennium, including reduced fare revenue for the public transportation fund.
5. In September 2020, the Metro transit department director informed the council that, during the 2021-2022 biennium, the Metro transit department anticipated not meeting either the farebox recovery target of thirty percent of passenger related operating costs or the farebox recovery ratio of at least twenty-five percent of passenger related operating costs set by the 2016 Fund Management Policies for the Public Transportation Fund. The council suspended those sections of the fund management policies via Ordinance 19206.
6. In October 2022, the Metro transit department director informed the council that, during the 2023-2024 biennium, the Metro transit department anticipated not meeting either the farebox recovery target of thirty percent of passenger related operating costs or the farebox recovery ratio of at least twenty-five...

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