TransLink ended 2013 with a $47.9 million surplus, even as an ongoing funding hole continued to impact transit service and put several planned upgrades on hold.
In its annual report released March 31, TransLink says it achieved the surplus through cutting costs and was able to squeeze more revenue out of the system by reallocating buses to busier routes and by increasing its earnings from park and ride lots.
In 2013, TransLink is reporting it spent $997 million and made $1.3 billion. In 2012, it spent $1.43 billion and revenue was $1.42 billion.
However, bus service hours are expected to continue to fall and capital funding for the road network TransLink is responsible for has been scaled back to 2011 levels.
TransLink’s 2014 Base Plan notes:
“The number of people using transit is expected to continue to grow; however, current funding levels cannot keep pace with regional transportation strategy targets. For example, increases in transit services since 2009 have been overtaken by population growth. Per capita service levels have begun to decline and will continue to do so without new funding.”
Several hoped-for funding sources were nixed in the past few years. In 2012, the province did not approve a vehicle levy, and Metro Vancouver mayors withdraw their support for a temporary property tax increase. TransLink’s commissioner also did not approve the agency’s application to raise fares.
While TransLink was able to raise the share of gas tax it receives, that revenue has been steadily falling as people drive less and fuel efficiency improves.
Revenue from the tolled Golden Ears bridge has been lower than expected as drivers opted for the discounted toll rate offered by the Port Mann bridge, TransLink said. That discount ended in January.
The funding impasse has led the province to require the region to hold a referendum on any new source of funding for transit. That referendum must take place by June 2015. The question for the referendum has not yet been formulated.
