Sound Transit opens 2027 budget and levy review under reworked financial plan

Sound Transit opened public review for its 2027 Budget and Property Tax Levy with a Thursday morning hearing as the agency begins implementing major financial adjustments to address soaring costs and stretched timelines.

The upcoming spending plan marks the first annual cycle governed by the board’s refreshed ST3 affordability framework, designed to tackle what was a projected $34.5 billion program shortfall extending through 2046.

Earlier this year, the board approved a major package of deferrals and cuts to address the projected shortfall. The new financial outlook would have Sound Transit on track for expansion to West Seattle by 2032 and Ballard by 2042.

Meanwhile, light rail has now reached the Central District as Judkins Park Station celebrated its grand opening in March, part of a full transformation into a two-line system — the original 1 Line serving the city and its north-south neighbors, and now the added 2 Line connecting Seattle to Bellevue and Redmond on the world’s first light rail on a floating bridge.

There have also been smaller points of progress including the opening of a new in-fill station in Pinehurst.

Big changes are ahead for riders at busy Capitol Hill Station where Sound Transit has announced it will add fare gates as part of a 14 station pilot. The installations are planned to be complete in either 2029 or 2030 after the completion of a design and rollout plan for the $87 million pilot program.

For Sound Transit’s fiscal environment, key policy changes taking effect in 2027 include regionalizing debt interest costs across district subareas and restarting delivery on deferred capital items, including the $315 million Sounder Maintenance Base. Funds will also reflect route restructuring outlined in the draft 2027 Service Plan across King, Pierce, and Snohomish counties.

The agency’s property tax levy remains capped at $0.25 per $1,000 of assessed value under the voter approved ST3, with annual revenue growth on existing parcels limited to 1% by state law.

Final budget adoption and levy certification are scheduled for late 2026.

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