TriMet approves $1.9 billion 2026 budget

PORTLAND Ore. (KPTV) -- TriMet’s Board of Directors has approved a $1.96 billion budget for the fiscal year 2026, aiming to maintain services while addressing a $50.2 million operating deficit.

The budget includes $789.1 million in operating costs and $165.3 million for capital projects focused on maintaining aging infrastructure and improving system reliability.

An unappropriated fund balance of $771 million remains untapped in the budget. This is intended to provide a financial safety net for the agency to provide service during economic downturns or lower ridership.

“Maintaining a strong fund balance is vital for managing unforeseen revenue declines or cost increases, helping ensure that our transit services remain stable and secure,” said Roberta Altstadt, director of communications for TriMet.

To reduce the deficit, TriMet implemented 2-3% spending cuts across most divisions, saving $7.1 million. Combined with other adjustments, the agency’s projected shortfall was reduced from $74.4 million to $50.2 million. Rising costs from inflation, contracts, and system upkeep continue to pressure the agency.

TriMet says they will invest in security enhancements, including more blue-light emergency phones and expanded camera monitoring.

Major capital investments like the 82nd Avenue Transit Project and the TV Highway Transit and Safety Project are also outlined in the budget.

TriMet is partnering with the Oregon Transit Association to advocate for an increase of 0.4% in the Statewide Transportation Improvement Fund (STIF) employee payroll tax, over eight years, in the 2025 legislative session, warning that stable revenue is critical to avoid future service cuts.

“Our operating budget deficit will continue year to year,” said Altstadt. “While we are using our reserve funds to avoid reducing services right now, those funds will run out and we will face a fiscal shortfall in 2031.”

The fiscal year begins July 1, 2025.