Higher fares are being discussed today by Metropolitan King County Council members as one of the ways to offset a potential budget deficit of nearly $100 million next year for Metro Transit.

A new rate hasn’t been determined, but it would yield about $20 million a year, according to the council.

That’s part a proposal by the council’s capital budget panel to close a gaping budget hole for Metro. Part of the proposal includes cutting $30 million from next year’s operating expenses of the transit agency.

Last August, County Executive Ron Sims reported a $70 million annual budget shortfall in Metro Transit. Since then, the projection has risen to about $90 million.

Sims attributes the budget problem to a sharp drop in sales tax revenues, a softening local economy and high fuel costs. The sales tax is a primary source of funds for Metro.

According to the council, an audit of Metro could find methods of long-term financial savings.