TransLink facing massive funding shortfall, says CEO

Speaking at an annual address at the Greater Vancouver Board of Trade Friday, the CEO of TransLink said the transit authority is facing a massive funding shortfall.

Kevin Quinn underlined the importance of keeping up with a booming ridership despite being short billions of dollars to do so.

“TransLink is standing at the edge of about a $4.7 billion fiscal cliff,” Quinn said.

“We can’t just say, hey, keep everything going as it is a year from now. Our region is growing, and I can’t convey this enough to this group, and you’re probably seeing it. You’re seeing it on our roads, you’re seeing it everywhere. Our region is growing at an astronomical rate, and we can’t keep up. We have to meet that growth. We have to meet that demand.”

Quinn highlighted a number of challenges keeping the transit operator from getting up to speed.

“Among the reasons, one of the biggest is the regional shift towards electric vehicles, and even more energy-efficient vehicles,” he said.

“I think every single person in this room recognizes that is great for the environment, but on the flip side, it is depleting gas tax revenue that we use to fund our transit system.”

Transit advocate Denis Agar attended Quinn’s address and says TransLink has proposed great expansions to the transit system.

“But at the end of the day, we need to see how is TransLink’s funding deficit going to be addressed,” said Agar, the executive director of Metro Vancouver Transit Riders.

“We need to see that in the next few months.”

In July, TransLink partnered with PCI Developments on a new mixed-use development at a future Vancouver SkyTrain station at Arbutus and Broadway.

Quinn says this sets a precedent for how the company will get the money it needs.

“This is really big because it marks the beginning of a brand new revenue stream for us, one that we have been searching for and advocating for for some time: leveraging TransLink-owned land to generate income that we can invest right back into our system.”

Agar says that would be great — but only if they had the land to work with.

“Using land development to fund transit is time-tested, all around the world. Hong Kong’s service is funded 100 per cent with land development,” he said.

“But someone needs to give TransLink the land to develop, right? They just don’t have a lot at their disposal. Someone needs to give TransLink something. That’s how land development could fund better transit.”

What is more realistic, he says, is the possibility of someone giving TransLink money in the short term.

“[That’s] probably more likely to happen.”