The governor signed three bills related to the gas tax swap. The upshot for transit is that there will no longer be a gasoline tax available for the so-called "spillover funds." However, there will still be a diesel fuel tax, and 75% of that will go to transit. That will amount to about $350 million a year in the future, and the amount will grow if diesel fuel prices or diesel fuel consumption increase. Transit also received a one-time shot of $400 million in the bills.
However, the transit operating deficits are still a huge problem. Mayor Newsom said on a recent video that the new money will reduce the transit deficit in San Francisco by $36 milllion, but that's still about $17 million short of filling this year's gap in that city. So we're still going to have to find a more sustainable solution to make sure California has a transit system that works.
Today, T4 America released a new national poll that shows that there is a lot of public support for improving transit. If you haven't seen it yet, check it out. here:
Transportation For America » Future of Transportation National Survey (2010)