The following is a press release by the Washington State Department of Transportation about tolling increases on the State Route 520 bridge.
Toll rates on the State Route 520 floating bridge will increase 2.5 percent in July 9 cents on the peak rate of $3.50 and 3 cents on the lowest rate of $1.10 as part of a planned, small annual increase through 2016 outlined in the program s financial plan.
The Washington State Department of Transportation briefed the Washington State Transportation Commission today, March 21, that this is the first of four annual 2.5 percent rate increases planned through 2015. The rate increase is needed to ensure revenue will meet costs and make debt payments to the bondholders, as required by bond contracts and the project financial plan.
Craig Stone, WSDOT Toll Division director, also told the commission today that SR 520 traffic and revenues are meeting expectations. For February, traffic was 17 percent higher than the plan s forecast and revenues are 7 percent higher than forecast, Stone said.
Tolling began Dec. 29 and we ve had just two months of operation so far, Stone said. We re pleased with the initial toll operations, and we ll continue on course with our financial plan, which includes the upcoming, small toll increase.
The commission, which sets toll rates in the state, reviewed the toll-rate increase today and took no action. This, in effect, confirms that the increase will occur July 1. Rates will increase 2.5 percent annually through 2015, then followed by a planned increase of 15 percent in 2016. Any toll increases beyond 2016 would be determined by the transportation commission, which annually reviews traffic and revenue to determine toll rates.
The new SR 520 floating bridge is planned for completion in late 2014.
At the time of the initial rate-setting decision in January 2011, the commission chose to include the 15 percent step increase after project completion, rather than start with a higher initial toll rate, and maintain consistent annual increases of 2.5 percent for the first four years.
With the 2.5 percent change, toll rates will be charged to the penny rather than rounded to the closest nickel. With no toll booths and all-electronic tolling, tolls to the penny can easily be collected.
Raising toll rates by 2.5 percent isn t expected to cause a significant increase in diversion, Stone said. Trips across the SR 520 bridge have reached 60 to 70 percent of pre-toll levels, which is right about what we expected. And traffic volumes on I-90 have increased 5 to 10 percent also what we expected.
The July rate increase affects all rates, whether weekday, weekend, Pay By Plate, or Pay By Mail.