SURREY (NEWS1130) – Are you still avoiding tolls by steering clear of the Port Mann Bridge?
Tuesday’s BC budget shows toll revenue for the bridge is more than $20 million below projections, while losses are up. Operating losses were $100 million this year and are expected to hit $106 million by 2017.
TI Corp operates the bridge and had projected $75 million to $80 million in losses in the early years of the project, meaning this is a shortfall of up to $26 million.
Without giving any specifics, the company says it is still on track to pay off the bridge by the original target date of 2050. But TI Corp did not return a phone call looking for comment on how they plan to do that or whether it will modify projections.
As for toll revenue, that was supposed to hit $144 million last year, but fell short of that, coming in at $120 million.
Revenue isn’t expected to hit that $144-million mark until 2017. Initial projections called for revenue of $174 million by then.
The company’s last annual report puts some of the blame on an express bus service from Langley to New Westminster, which has seen a steady growth in ridership from 2013 to 2014.
It also blames high gas prices.