Broken record: FasTracks financial situation gets worse
November 18th, 2009 . by Tony
Like a broken record that gets stuck and keeps repeating the same thing over and over again, RTD once again delivered dire news to taxpayers about the FasTracks boondoggle. RTD now says that the project which has seen ballooning costs and budget shortfalls only has enough funding to build two of the six new rail lines it promised voters in 2004.
The Denver Post reports today that without a voter approved DOUBLING of the TaxTracks sales tax AND a $1 billion federal government grant bailout, RTD will only be able to build two lines. Those two lines, the west line and the line to DIA, would freeze out 80% of the metro area population and the vast majority of those that are paying for the project.
Despite the never-ending list of problems this project has faced, many in the public and most of our elected officials continue to support the boondoggle. They seem more than willing to ride it for all it worth despite the problems, despite the fact it will not cut pollution, despite the fact it will not decrease traffic congestion and despite the fact it is nothing less than a fleecing of taxpayers.
I would love to know from any taxpayer and particularly any elected official why we should continue to support this project? Because so many seem to have forgotten the history of FasTracks, let’s take just a brief look at the events in the last couple of years.
March 2007 – Before any construction had started at all, RTD announces that major changes will be required in the project to save money including cuts in service and lower capacity
May 2007 – RTD revisits the budget and says that the $4.7 billion project voters agreed to will now cost $6.1 billion
December 2007 – RTD says the Union Station expansion will cost $57 million more than planned. This comes on the heels of the district using eminent domain to steal property from the rightful owners.
January 2008 – The state legislature approves a quadrupling of RTD board member pay despite their mismanagement
April 2008 – The Denver Regional Council of Governments (DRCOG) sees the writing on the wall and warns of further cost increases in FasTracks. They criticize RTD for budgets that are too optimistic and its failure to complete the required environmental studies
May 2008 – Thornton City Council is warned by CDOT Commissioner Heather Barry that the north area is unlikely to get FasTracks
July 2008 – RTD finally concedes that it cannot deliver the project as promised to the voters
August 2008 – FasTracks program manager Liz Rao bails ship on the project and heads to the private sector
August 2008 – RTD says the project will now cost $7.9 billion, 68% more than what voters agreed
September 2008 – The RTD directors are “shocked” to learn of the FasTracks problems; it only took them a year and a half since news first broke to figure it out
October 2008 – RTD holds public meetings to solicit public opinion but then refuses to allow open forum discussion
October 2008 – The city of Aurora hires its own auditor, not believing RTD’s books
January 2009 – RTD releases the biased results of a survey saying taxpayers actually want to pay more for FasTracks
February 2009 – It is exposed the RTD board spent taxpayer money on “a trip to China, nights in a beachfront hotel and a dinner cruise. Records also indicate that members avoided RTD buses and light rail, opting instead to charge taxpayers for taxi rides and airport parking. Some of the spending may be in conflict with the board’s own policies.”
March 2009 – RTD has good news. Not really. They announce that project costs drop but revenue does as well thus resulting in a $2.1 billion budget shortfall
March 2009 – It is announced that RTD General Manager Cal Marsella whose base salary is already $290,286 would receive a 4.87 percent raise of $14,137 and a 12.5 percent bonus of $36,286
March 2009 – Parker Mayor David Casiano has the best quote seen yet about FasTracks: “RTD has now become the AIG of Colorado asking for a taxpayers’ bailout“
April 2009 – Cal Marsella bails ship and announces he is leaving. Good riddance, Cal! Don’t let that taxpayer funded door hit you in the you know what!
August 2009 – DRCOG returns with another analysis of FasTracks and they conclude that despite continued budget problems and repeated warnings about their overly optimistic expenses and income for the project, RTD continues to show they simply can’t do the math
November 2009 – RTD says that without a voter approved DOUBLING of the TaxTracks sales tax AND a $1 billion federal government grant bailout, RTD will only be able to build two of the six rail lines promised to voters
November 2009 – The North Area Transportation Alliance (NATA) releases a scathing report on FasTracks and RTD. The report says, “FasTracks finances “a product of management and policy failures of monumental proportions”
December 2009 – Some north metro area mayors representing cities along the US-36 corridor chicken out on endorsing the NATA report. Are they too worried about protecting their own interests instead of the taxpayer?
December 2009 – A special panel created by RTD to look at tax revenue forcasts for the FasTracks boondoggle says RTD once again blew the estimates. By their numbers, the project faces an additional $1 billion shortfall and likely even more that that.
