DENVER — As part of its annual evaluation of the FasTracks program, the Regional Transportation District released revised numbers for the rail project and cited a reduction in the planned final cost to finish the system.

    It could pave the way for RTD to ask voters to approve an additional tax increase for the project this year.

    The yearly report, labeled the 2010 FasTracks Annual Program Evaluation, reiterated the district’s need for 0.4 of a cent sales tax increase to complete Fastracks. That would translate to an additional four cents per each $10 spent in the metro area. RTD board members said that, with the tax increase and hoped-for federal funding, the rail system could be rolling by 2017. Even if voters approve an increase, the completion date would likely be bumped to 2025 without federal funding. Without the increase or federal funding, RTD says FasTracks completion could push as far out as 2035.

    According to figures noted in the report presented to the RTD board, the price tag for the original 199-mile system now tops out at $6.5 billion, down from a high of $6.9 billion forecast in 2009. The drop is attributed to lower materials costs, better engineering and design modifications.  

    The 2010 Annual Program Evaluation (provides updated cost and revenue projections, updated program schedule information and outlines financial plan options for the RTD board to consider. The 2010 APE reflects the impacts to the FasTracks program taking into account the most recent projected cost of materials, as well as a revised projection for the 30-year sales tax revenue horizon.

    In February, the RTD board will adopt a financial plan that will provide direction to staff for the future build-out of FasTracks and next steps regarding potential timing for a sales tax increase initiative.

    Later this month, the RTD board will hear additional cost cutting options for the FasTracks plan. The board is set to adopt a financial plan in February, and will move forward with a decision regarding a ballot question for a tax increase by April.