Is Light Rail Fiscally Responsible?

I spent some time doing research on some of the nations transportation systems, specifically Light Rail.  If People are wondering why our roads are not maintained, look at this beast of a financial burden.  Portland strikes me as the most upside down, closing schools and public resources to contribute upwards of $240,000,000 per year to a light rail system from local Employment tax.  We are raised to spend wisely, not over extend ourselves, and be responsible citizens, it does not take an economics degree to clearly see these Light Rail systems is not Fiscally Responsible.

Transportation financials

C-Tran –

http://www.c-tran.com/assets/CAFR/C-TRAN_2011_CAFR.pdf

Looking for 2012

2011 shows going from a $500,000 loss to almost $6.9M (I believe this was for the purchase of some new buses, pretty reasonable price tag)

TriMet –

http://trimet.org/pdfs/publications/2012-audited-financial-statements.pdf
$488M in operating revenue (includes local income tax contribution of $248M)

$65M loss in operating costs before capital contributions

$134M in capital contributions

Phoenix
http://www.valleymetro.org/images/uploads/lightrail_publications/Rail_CAFR_12.18.12FINAL.pdf
$31M in operating revenue

$47M loss before capital contributions

$27M in capital contributions

$19M asset depreciation (-1.7%)

Los Angeles

Not online – I have on CD. LA does not separate out Light rail from the rest of their transportation system.

Denver
http://www.rtd-denver.com/PDF_Files/Financial_Reports/2012Comprehensive_Annual_Financial_Report.pdf

$118M in operating revenue

$489M operating loss 2012

$311M in capital contributions

Sacramento (all transportation)

http://www.sacrt.com/budget.stm

$136M in operating Revenue

$27M loss before state and federal contributions. This one is an anomaly and asset appreciation after the state and federal contributions.

Dallas

http://www.dart.org/ShareRoot/debtdocuments/FY2012ComprehensiveAnnualFinancialReport.pdf

$80M operating Revenue

$227M operating loss

$197M in capital contributions

Philadelphia

http://www.septa.org/reports/pdf/annual-2012.pdf

$477M in operating revenue

$49M in operation loss after capital and federal contributions

-$161M in asset loss