Tuesday February 24 2015 START ING AT
The
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FLEETWOOD 778-565-4327 SCOTT ROAD 604-593-5284 GUILDFORD 604-496-3338 Vikki MacKay
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▲ Tardi wins bronze in Prince George 22
Maria Santos-Greaves
Clinic Manager
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PORT MANN BRIDGE DEFICIT CLIMBS ▶ DRIVERS SHUNNING TOLLED CROSSING; REDUCED TRAFFIC FORECAST MEANS MORE RED INK FOR HIGHWAY 1 PROJECT JEFF NAGEL
Fewer drivers than expected are using the tolled Port Mann Bridge and the resulting weak revenue has now translated into a growing deficit for the Crown corporation that manages the project. An updated financial outlook for the Transportation Investment Corp. released Tuesday with the provincial budget shows the annual operating loss will hit $100 million a year in 2015 and climb to $106 million by 2017. Annual losses were expected in the early years of the project while traffic volumes gradually increase, but they were supposed to be held to between $75 and $80 million a year. The corporation still forecasts it will fully pay off all the costs of the Port Mann/Highway 1 project by 2050, when the province has pledged tolls will be
▶ “The long-term forecast confirms that TI Corp. remains selfsufficient...” FINANCIAL REPORT
Fewer drivers than originally expected are paying tolls to use the Port Mann Bridge, spilling more red ink onto the project.
removed. The total project debt is currently $3.6 billion, up from an initial construction cost of $3.3 billion. The TI Corp revised its traffic forecast last year, cutting shortterm revenue estimates by about 20 per cent from what had been set when the bridge was designed,
prior to the 2008 recession. Last year saw a 3.9-per-cent decrease in bridge usage to 34.7 million crossings from 36.1 million in 2013, although officials claim they see early signs of a rebound this year. The last annual report blames low usage on the recession, avoid-
‘NO’ SIDE HAS LEAD IN TRANSIT REFERENDUM Our rewards
ance of Highway 1 by drivers during the construction period, higher average gas prices and the “popularity” of the new express bus service over the bridge from Langley. “The long-term forecast confirms that TI Corp. remains self-sufficient and is on track to
FILE PHOTO
meet its long-term financial obligations,” the report said. “The long-term forecast is for traffic volumes to grow on Highway 1 in the years ahead because of significant population, employcontinued on page 4
▶ POLL SHOWS 53% OF THOSE SURVEYED WILL GIVE PLAN A THUMBS-DOWN JEFF NAGEL
A new poll now gives the “no” side a strong lead in the Metro Vancouver transit improvement referendum. The latest Insights West online survey of 653
are more uplifting. More rewarding.
Metro residents found 53 per cent will “probably” or “definitely” vote against the 0.5-per-cent Metro-only sales tax to fund various upgrades, while 38 per cent will likely vote in favour. continued on page 3
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