TransLink certain it’s solved uncertainty over funding gap
Posted February 3, 2014 5:07 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – TransLink is confident it’s solved some of its budget uncertainty.
The transportation authority has made up a $13 million funding gap that could have led to cuts or higher fees next year.
The gap is the result of a decision by the mayors to reject a property tax increase.
That decision by the mayors had actually left a $60 million hole, but TransLink had cut it down to $13 million through savings.
Chief Financial Officer Cathy McLay is confident they’ve taken care of the rest. “We’re working through our year-end right now, and we exceeded expectations for 2013, so we managed through that $13 million gap.”
McLay says they’ve found more savings. “Primarily in the bus company, being able to take a look at what they are doing in service optimizations and what we’ve done with not filling vacancies and delaying it.”
However, questions continue about how to fund expansion, as we await details on the province’s planned transit referendum.
