At Metro Vancouver’s Council of Councils meeting on April 12, Mayor Greg Moore provided a high-level update on the work being done to develop a 10-year regional transportation plan. Mayor Moore chairs a subcommittee of the Mayors’ Council on Regional Transportation tasked with developing a plan for consideration and approval by the Mayors’ Council.
Mayor Moore’s slide presentation is available here.
The presentation does not identify the projects that are being considered for inclusion in the plan. It does, however, give preliminary cost estimates for year 10. To maintain the present level of service in line with population growth and to maintain the system in a state of good repair is estimated to cost $140 million. The expansion projects under consideration would add another $300 to $450 million, producing a total cost to the region in year 10 of approximately $450 to $600 million. To put these numbers in perspective, TransLink forecasts revenues from current sources of $1.4 billion this year and $1.8 billion in 2023.
The mayors’ preferred sources for the additional revenue are shown as being a vehicle registration fee, a regional sales tax, a regional carbon tax and road pricing. The presentation notes that it will be necessary to rely on two or more of these, and that the mix may change over time. Land value capture is stated to have potential as a supporting source.
The presentation includes an interesting chart showing the rate increases for existing revenue sources and the rates for “the big four” new funding sources required to generate various amounts of annual funding.
I should add a few words about Council of Council meetings. These are meetings put on by Metro Vancouver to which mayors and councillors of all member municipalities (as well as representatives of the two non-municipal members) are invited. Metro Vancouver uses the meetings to report on major projects and on developments of interest to its members. The agenda for the April 12 meeting and all slide presentations are available from the above link.