LA Metro Is Bracing For A Financial Shortfall In The Hundreds Of Millions
The coronavirus pandemic is (not surprisingly) pummeling ridership for the Los Angeles County Metropolitan Transportation Authority.
As of March 24, average weekday ridership on Metro trains has fallen more than 80%, and nearly 70% of the system’s daily bus riders have stopped riding.
But losing the vast majority of riders is just one part of what L.A. Metro CEO Phillip Washington described to us as the “double-whammy” the agency is facing as it navigates this new “uncharted territory.”
Metro is projecting a loss in the hundreds of millions because of the second part — falling sales tax revenue.
Metro could lose between $650 and $750 million in sales tax revenue by the end of this fiscal year, Washington said. The ridership plunge is already costing tens of millions and counting, he added.
For more on that, and the action at the federal level to help, read our full story here:
LA Metro Is In 'Uncharted Territory' And Waiting For Federal Aid To Get Back On Track
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