TransLink’s operating surplus fell almost $10 million or 27% in 2014 compared with the year before, according to the transportation agency’s annual report.
The surplus was $26.9 million in 2014, compared with $36.8 million in 2013. One of the main drivers behind this drop was a $20.4 million increase to salaries and wages, which were $551.6 million for the year.
According to the report, “overtime costs, particularly overtime associated with increased front-line staffing levels in the later part of 2014 to ensure staff readiness to evacuate trains and close SkyTrain stations in the event of an emergency shutdown” were behind the staffing expense increase.
At the same time, total executive compensation is down 5% to $115,000, as outlined in a June 16 TransLink press release.
(Credit TransLink)
Maintenance costs grew $11 million to $113.2 million and contracted services saw a similar gain to $212 million.
Capital infrastructure contributions fell $8.5 million to $44 million
Revenue from transit itself remained virtually unchanged at $495.6 million. The number of riders was also steady, at 234.6 million passengers.
Revenue from all sources, including transit, tolls, emissions testing, government transfers and interest income, increased 1% to $1.45 billion. The biggest gains were found in government transfer income, up 6.8% to $90.3 million and a $6.4 million gain on disposal of capital assets.
This latest news come just days after the transit authority released a report stating it spent $5.8 million on a yes campaign in Metro Vancouver’s transportation tax plebiscite, the results of which are expected within the next couple weeks.
- With files from Jen St. Denis
