Tri-Met's WES train line, one of the worst strategic decisions ever made by a government body in Oregon, continues to rack up debt. The transit agency's latest $111 million borrowing, which became final this week, includes a few more million thrown down the WES hole:
That $3 million more for WES is "mandated" by federal law. In contrast, the whole line was "mandated" by dopiness.
Meanwhile, a reader sends us a link to this funny photo of a WES platform at "rush" hour yesterday afternoon. Keep in mind that trains in both directions stop here:
What a hotbed of activity! And just think, taxpayers, you're only subsidizing this thing to the tune of $18 a ride.
The big news in the Tri-Met bond sale, of course, is how big it is. Even leaving aside the hanky-panky that government agencies go through when telling you how much debt they're taking on, Tri-Met's long-term borrowings just went up from $308.4 million to $401.7 million -- a 30 percent increase. And all of its payroll tax revenue is mortgaged to pay off the banks and other bondholders, who get first dibs over all other creditors.
The debt numbers we just quoted don't include the moribund transit agency's unfunded pension and health care obligations to its retirees. Those amount to another $1.2 billion (with a "b"). But don't worry! We're putting our best people on this.
Comments (14)
Jack, your posted TriMet Bond breakdown has another astonishing number-the $30 Million for "Bus and rail communication system".
Why do all the governments around here spend more on communication than on providing real services?
Gee, and I just read in a Tri-Met blurb last week that WES ridership is up.
I'm sure they have to to keep the Feds happy. Trouble is, I don't think the Feds do any validity checks, or maybe they're just looking the other way, possibly for political reasons.
O/T somewhat, but I also find it very hard to believe that the NW Portland to PSU streetcar averages (?) 10,000 riders a day.
I used to work in downtown Portland and would occasionally (every six weeks) take a few hours off work to get my hair done from around 2:30 to 4:30 or so, and the hair salon was west of the streetcar line (past The Galleria). So, when my hair was done, I would often see the streetcar as I was going back to my office and I never saw that many people on it. And, frankly, with all the one-way streets, you could walk faster (especially downhill) because with the breaks in traffic you could just go ahead and cross the street.
What would prevent Tri-Met from just making up numbers, especially given the free zone? Are they ever audited or otherwise held to account for these numbers?
Remember that TriMet has to operate WES for 20 years, or else they have to pay back all of that sweet, sweet grant money to Uncle Sugar.
Problem is, they're losing enough to where they will burn through that same amount in well under 10 years. It would COST TAXPAYERS MUCH LESS to shut it down now, today, let racoons nest in the DMU's, and walk away.
As for Streetcar ridership, guess how many of those riders pay a fare? When they start enforcing the new $1 fare next month, ridership (whatever is really is) will drop markedly. PSU students are cheap. Tourists are few.
As for Alaska, don't forget that the relief trains TriMet acquired (at the 11th hour) were retired from long years of service in Alaska. So it all works out.
Remember that TriMet has to operate WES for 20 years, or else they have to pay back all of that sweet, sweet grant money to Uncle Sugar.
I believe the feds only chipped in $50 million or so, and TriMet magically came up with the rest (or local governments). I know when the planners conveniently forgot who owned the railroad between Beaverton and Tigard (Union Pacific), Washington County and TriMet lawyers had to catch a last minute flight to Omaha, Nebraska and sign over a $24 million check to UP for the five miles of track UP owned. (In comparison, the railroad line from Eugene to Coos Bay was purchased for about $16 million.)
TriMet could easily afford that, by eliminating the WES operating cost ($7 million a year) and Portland Streetcar subsidy ($10 million a year), reduce the contingency budget to $10 million ($10 million savings), eliminate the Marketing, Capital Projects and I.T. departments (about $30 million in savings). Look, I'm already $7 million in the black.
the $30 Million for "Bus and rail communication system".
Unfortunately you can blame the Federal Communications Commission for that one. The FCC years ago decided that business radio users had to convert to "narrowband" radios which use less spectrum, thus allowing the FCC to cram more users into a smaller piece of spectrum and then auction off what is no longer needed. This has affected countless government agencies AND businesses, just so the federal government can permanently sell radio spectrum for a one-time income infusion.
WES ridership could be up 100% and it would still amount to nothing. Both sides (the feds and TriMet) need to face reality and cut the losses and shut it down now. Maybe they can even sell off the trains and cars to another city that could actually use them.
Why do you comment about Streetcar when it's owned by the City of Portland. TriMet operates Streetcar under an agreement so get your facts straight. About WES it may not be operating at the level expected but with this economy who and what is. Have you looked at your own personal budget lately. When the economy turns around and it will II'd like to see what song you birds will be singing then, but of course you'll find somethig else to complain about. TriMet I and many others appreciate what you do. Continue to look towards the future and expand your operations.
"Why do you comment about Streetcar when it's owned by the City of Portland. TriMet operates Streetcar under an agreement so get your facts straight."
Special, not sure which comment you're mouthing off about, or why, but since TriMet operates the streetcar for the City of Portland, would it not be TriMet who provides the ridership numbers?
By the way, even though we are still operating in a seriously impaired economy, there are many, many people with jobs and commuting to work each day. If they wanted to ride WES, they would be doing so. Furthermore, in a down economy is when you'd expect ridership to INCREASE because people would need a cheaper mode of transportation. You know, with that "personal budget" and all.
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
Quinson Fils, Cotes de Provence Rose 2011
Anindor, Pinot Gris 2010
Buenas Ondas, Syrah Rose 2010
Les Fiefs d'Anglars, Malbec 2009
14 Hands, Pinot Gris 2011
Conundrum 2012
Condes de Albarei, Albariño 2011
Columbia Crest, Walter Clore Private Reserve 2007
Penelope Sanchez, Garnacha Syrah 2010
Canoe Ridge, Merlot 2007
Atalaya do Mar, Godello 2010
Vega Montan, Mencia
Benvolio, Pinot Grigio
Nobilo Icon, Pinot Noir, Marlborough 2009
Portuga, Rose 2011
Revelation, Chardonnay, Pays d'Oc 2010
Beaulieu, Cabernet, Rutherford 2005
Monte Alto, Tinto Reserva 2005
Chateau Ste. Michelle, Cabernet, Indian Wells 2009
Espiral, Vinho Rose
Vin-Koru, Pinot Gris 2011
14 Hands, Hot to Trot Red 2009
Rodney Strong, Cabernet, Sonoma 2009
Abacela, Vintner's Blend #11
Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
Montes Alpha, Cabernet 2007
Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
The Occasional Book
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Road Work
Miles run year to date: 21
At this date last year: 52
Total run in 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (14)
Jack, your posted TriMet Bond breakdown has another astonishing number-the $30 Million for "Bus and rail communication system".
Why do all the governments around here spend more on communication than on providing real services?
Posted by lw | August 23, 2012 9:16 AM
Note that the TriMet CFO just left to go work at MercyCorps. Good timing on her part...the house of cards is about to collapse.
Posted by John Charles | August 23, 2012 9:50 AM
Remember to bridge to no where in Alaska? WES the Wasteful Expensive Scheme is the Metro-TriMet version.
Posted by TR | August 23, 2012 10:15 AM
What a fine regional friend and partner TriMet is is for Clackamas County.
Posted by Voters? | August 23, 2012 10:47 AM
Gee, and I just read in a Tri-Met blurb last week that WES ridership is up.
Posted by Max | August 23, 2012 12:39 PM
Gee, and I just read in a Tri-Met blurb last week that WES ridership is up.
I'm sure they have to to keep the Feds happy. Trouble is, I don't think the Feds do any validity checks, or maybe they're just looking the other way, possibly for political reasons.
Posted by Mr. Grumpy | August 23, 2012 1:27 PM
O/T somewhat, but I also find it very hard to believe that the NW Portland to PSU streetcar averages (?) 10,000 riders a day.
I used to work in downtown Portland and would occasionally (every six weeks) take a few hours off work to get my hair done from around 2:30 to 4:30 or so, and the hair salon was west of the streetcar line (past The Galleria). So, when my hair was done, I would often see the streetcar as I was going back to my office and I never saw that many people on it. And, frankly, with all the one-way streets, you could walk faster (especially downhill) because with the breaks in traffic you could just go ahead and cross the street.
What would prevent Tri-Met from just making up numbers, especially given the free zone? Are they ever audited or otherwise held to account for these numbers?
Posted by realitybasedliberal | August 23, 2012 4:04 PM
Remember that TriMet has to operate WES for 20 years, or else they have to pay back all of that sweet, sweet grant money to Uncle Sugar.
Problem is, they're losing enough to where they will burn through that same amount in well under 10 years. It would COST TAXPAYERS MUCH LESS to shut it down now, today, let racoons nest in the DMU's, and walk away.
As for Streetcar ridership, guess how many of those riders pay a fare? When they start enforcing the new $1 fare next month, ridership (whatever is really is) will drop markedly. PSU students are cheap. Tourists are few.
As for Alaska, don't forget that the relief trains TriMet acquired (at the 11th hour) were retired from long years of service in Alaska. So it all works out.
Posted by Downtown Denizen | August 23, 2012 4:39 PM
Last I heard it was $875 million unfunded liability for retirees....
The interesting thing about that is that the management pensions are over 100% funded!
I wonder why something like that would occur?
Posted by al m | August 23, 2012 6:39 PM
Remember that TriMet has to operate WES for 20 years, or else they have to pay back all of that sweet, sweet grant money to Uncle Sugar.
I believe the feds only chipped in $50 million or so, and TriMet magically came up with the rest (or local governments). I know when the planners conveniently forgot who owned the railroad between Beaverton and Tigard (Union Pacific), Washington County and TriMet lawyers had to catch a last minute flight to Omaha, Nebraska and sign over a $24 million check to UP for the five miles of track UP owned. (In comparison, the railroad line from Eugene to Coos Bay was purchased for about $16 million.)
TriMet could easily afford that, by eliminating the WES operating cost ($7 million a year) and Portland Streetcar subsidy ($10 million a year), reduce the contingency budget to $10 million ($10 million savings), eliminate the Marketing, Capital Projects and I.T. departments (about $30 million in savings). Look, I'm already $7 million in the black.
the $30 Million for "Bus and rail communication system".
Unfortunately you can blame the Federal Communications Commission for that one. The FCC years ago decided that business radio users had to convert to "narrowband" radios which use less spectrum, thus allowing the FCC to cram more users into a smaller piece of spectrum and then auction off what is no longer needed. This has affected countless government agencies AND businesses, just so the federal government can permanently sell radio spectrum for a one-time income infusion.
Sadly, I can't blame TriMet on that one...
Posted by Erik H. | August 23, 2012 8:00 PM
Pages 36 and 37 of that bond prospectus would be funny if they were not outright bald-faced lies. (Or maybe it just means that the fix is in.)
Posted by Old Zeb | August 23, 2012 8:52 PM
WES ridership could be up 100% and it would still amount to nothing. Both sides (the feds and TriMet) need to face reality and cut the losses and shut it down now. Maybe they can even sell off the trains and cars to another city that could actually use them.
Posted by canucken | August 24, 2012 6:37 AM
Why do you comment about Streetcar when it's owned by the City of Portland. TriMet operates Streetcar under an agreement so get your facts straight. About WES it may not be operating at the level expected but with this economy who and what is. Have you looked at your own personal budget lately. When the economy turns around and it will II'd like to see what song you birds will be singing then, but of course you'll find somethig else to complain about. TriMet I and many others appreciate what you do. Continue to look towards the future and expand your operations.
Posted by Special | August 25, 2012 8:15 AM
"Why do you comment about Streetcar when it's owned by the City of Portland. TriMet operates Streetcar under an agreement so get your facts straight."
Special, not sure which comment you're mouthing off about, or why, but since TriMet operates the streetcar for the City of Portland, would it not be TriMet who provides the ridership numbers?
By the way, even though we are still operating in a seriously impaired economy, there are many, many people with jobs and commuting to work each day. If they wanted to ride WES, they would be doing so. Furthermore, in a down economy is when you'd expect ridership to INCREASE because people would need a cheaper mode of transportation. You know, with that "personal budget" and all.
Posted by realitybasedliberal | August 26, 2012 4:39 PM