The numbers are in and not enough people are driving over the Port Mann Bridge to bring up revenue.
In fact, the bridge has been steadily in the red.
The most recent financial report for fiscal 2016 shows the Port Mann bridge is down $82.5 million.
That’s in increase of $6 million, compared to $88 million last year.
But spokesperson for TI Corp Greg Johnson, which operates the bridge says both revenue and driver numbers are up, and that it’s not fair to call this a “loss.”
“You’ll see a line item that says it’s a net loss, but that’s because it’s a long term investment. But it’s like the mortgage on your house. If you haven’t paid off your whole mortgage and you take 25, 30 years to pay it off. It’s the same thing, your bank doesn’t call that a net loss…”
Revenues are fueled by tolls to pay off the $3.3 billion bridge, and numbers show two to three more million people are driving over the bridge in the first 6 months of this year compared to 2015.
Johnson says the project is on track to meet its long term financial goal.
“That’s what the TI corp and the Port Mann bride are there to do. Build infrastructure now and pay it over the long term. It’s not like we’re losing money, no one’s gone to the casino and come back with empty pockets. We built a bridge, and we’re paying it off between now and 2050.”
Numbers in February’s budget revealed the bridge is set to lose about $100 million every year of the government’s three-year forecast.
Mayors have called on the province in the past to review tolling policy to relieve pressure off un-tolled bridges.