Wednesday, June 10, 2009

TransLink and Money

This very in-depth article appeared in the Surrey Leader about TransLink and the Provincial government titled "Victoria blocks path to improved TransLink: CEO"
The provincial government is the main obstacle to Metro Vancouver getting the transit system it needs for a livable future, TransLink CEO Tom Prendergast says.

The head of the region's transportation authority says that while opinion remains split on exactly how to raise the money, a broad consensus is emerging that an aggressive expansion is needed, costing an extra $450 million a year in new revenue.
Prendergast says area mayors, business groups and virtually everyone else he's talked to back him on that point.

"There is one party still at the table I think that is in doubt as to whether $450 million is necessary. And that partner is the provincial government," he told civic leaders at a recent forum.
Adding my two cents worth, TransLink paid $63.4 milllion in debt servicing last year and has over $1.7 billion of debt. I’ve been told that most of that cost has to do with SkyTrain. So that begs the questions, is SkyTrain killing TransLink?
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2 comments:

  1. Robert W. WhiteJune 10, 2009 at 6:06 PM

    In related news, Kevin Falcon is now Minister of Health.... Shirley Bond is the new Minister of Transportation, so hopefully Victoria will be a little more helpful from here on in

    http://www.gov.bc.ca/tran/minister.html

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  2. Light Rail GuyJune 10, 2009 at 9:48 PM

    Nathan, it is old news that SkyTrain is killing TransLink and yet, we build more.

    In 1993 the GVRD put the cost of SkyTrain's annual subsidy at $157 million. In 2002, the late Des Turner, in conversation with the GVRD, found that the annual subsidy was over $200 million with the opening of the Millennium Line.

    This subsidy is paid by the province and is hidden in the general accounting of the province.

    The $63.7 million in debt servicing mentioned in your blog is probably for other charges attributed to the SkyTrain light-metro system, including refurbishments, new cars, and constant computer upgrades.

    So when one asks the province for more money for TransLink, the province is already paying $200 million annually in subsidies for SkyTrain.

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