Mayors approve ‘stopgap’ 2024 TransLink funding, but ‘fiscal cliff’ still looms
Global News
TransLink CEO Kevin Quinn described the investment plan as a 'stopgap' measure to address congestion on the system as work continues to secure stable, long-term funding.
Metro Vancouver mayors have approved a 2024 funding plan for TransLink aimed at easing overcrowding.
TransLink CEO Kevin Quinn described the investment plan as a “stopgap” measure to address congestion on the system as work continues to secure stable, long-term funding.
“TransLink is facing an extremely problematic structural deficit, caused by lower fare revenue due to previously projected, due to the after-effects of the pandemic, declining fuel tax as we electrify our vehicles and increased costs due to inflation,” Quinn said.
“By the end of next year we hit a fiscal cliff, and the stark reality is that without additional funding we won’t have enough revenue to cover the costs of keeping the current system running, let alone funding much-needed expansion we know this region needs.”
Quinn said the transit system is facing growing pressure as the region grows, with 90,000 new people moving to Metro Vancouver last year.
At peak times, one-third of transit trips in Surrey, Langley and Vancouver are already overcrowded, he said.
TransLink’s funding sources are limited by legislation to fare increases and property tax hikes.
The 2024 investment plan incorporates an already planned July fare increase of 2.3 per cent, along with a 10 cent increase to cash fares in 2025.
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