On the heels of a report from the North Area Transportation Alliance (NATA) that slammed RTD for its poor management of FasTracks and budgeting that was totally unrealistic, RTD’s own special panel says the project faces an additional $1 billion shortfall. 

You read that right.  This means that what was a $2.2 billion shortfall now is at least $3.2 billion and most likely will be higher. 

The new results from the panel provide an estimate of 3.7% sales tax growth from 2012 to 2035 which at that, would be the additional $1 billion shortfall.  However, the panel said that was a ‘medium’ forecast and growth could be as low as 2.8%.  Lakewood Finance Director Lawrence Dorr told the Denver Post that the new estimate of 3.7% is likely too high. 

Historically, there has been 2% growth over the past 20 years so the panel’s ‘low’ forecast doesn’t tell the whole story.  If the growth were to adhere to the historical number, that would be a total of a $4.9 billion shortfall making just the shortfall more than what we were told the entire project would cost in the first place.

When NATA released its report a week and a half ago, RTD spokesman, Scott Reed, ridiculed the study – as if the numbers were going to improve.  How ya’ feel now, Mr. Reed?  Is your employer going to make-up the new difference at no cost to the taxpayer?  I didn’t think so.  Get your own house in order first before criticizing other’s efforts to try to do something to fix this boondoggle. 

So where do we go now?  On January 5^th RTD will release its latest cost and revenue estimates for the project and that almost certainly will be an ugly affair.  How much are taxpayers expected to pay for the TaxTracks boondoggle?  Are we at the point where enough is enough?  I would sure think so.

Don’t miss: RTD’s FasTracks – Timeline of a history of problems

• On the net: Denver Post – RTD overestimated FasTracks sales-tax revenue by at least $1 billion, according to panel

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