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Regional revenue measure, state loan and cap‑and‑trade reauthorization top SFMTA director’s report
Summary
SFMTA staff told the board that Senate Bill 63 — a proposed 14‑year regional transit revenue measure — has cleared the Legislature and is now with the governor; the agency also briefed the board on a possible state loan and reauthorization of the state'wide cap‑and‑trade program ("Cap and Invest").
Judson True, SFMTA chief of staff and director of external affairs, told the board the Legislature approved Senate Bill 63 and sent it to the governor, who has 30 days to act.
SB 63 would authorize a 14‑year regional transit operations measure on the November 2026 ballot in five Bay Area counties. True said the bill would allow a half‑cent sales tax in Alameda, Contra Costa, San Mateo and Santa Clara counties and up to 1 cent in San Francisco; revenues would not begin to flow until mid‑2027. He said SFMTA'specific revenue modeling projects roughly $170,000,000 a year for the agency in the measure''s first full fiscal year, subject to the final measure and voter approval.
True also briefed the board on ongoing state discussions about a one‑time state loan (language carried in SB 105 and AB 105) that would help shore up near‑term operating shortfalls while ballot measures are pursued. He said the loan discussions remain active and the governor and Legislature included related budget language to keep options open.
Why it matters: SFMTA and other Bay Area transit operators face a projected operating shortfall in the coming year. The regional measure and any state support are intended to provide multi‑year operating revenue to maintain service. True emphasized the bill includes a range of accountability provisions, including an independent oversight committee with one county representative per county and a two‑phase independent third‑party financial efficiency review overseen by the Metropolitan Transportation Commission.
True also summarized late‑session state action to extend California's cap‑and‑trade program and rename it "Cap and Invest." He said the reauthorization runs through 2045 and adopts a $4.2 billion annual expenditure plan that, by priority, sets aside roughly $1.0 billion per year for high‑speed rail, $1.0 billion discretionary for the Legislature and allocates the remainder to continuously appropriated climate and transit programs. True identified two continuously appropriated programs of interest to SFMTA: the Transit and Intercity Rail Capital Program (TRCP/TRSIP) with a roughly $400,000,000 cap and Low Carbon Transit Operations Program (LCTOP) at approximately $200,000,000 in the new plan.
Quotes in context are from SFMTA officials: "SB 63 authorizes a 14 year regional transit operations revenue measure..." (Judson True) and "we will continue working on this in the months ahead" (True).
What comes next: True said the agency will provide additional written detail to the board and expects more public briefings as the governor acts on SB 63 and as loan and implementation details are negotiated.
Speakers quoted or referenced in this article: Judson True, Victoria Wise.
