Mayors have removed property tax as a revenue source for transit essentially starting the clock on Translink facing a serious financial challenge.

Translink's Bob Paddon says the move means a big hit when it comes to what is in the transit bank account.

"It was 30 million this year and 30 million next year that we had anticipated investing in the region."

Paddon says Translink will have to spend its reserves to maintain the system and is now looking at hitting a fiscal wall in 2015.

"For now we will keep managing within our means we will hope to work with mayors and with provincial government into the future to see if we can find some way to generate new revenues to get back into position where we can be responding to the demand and the growth of public transport that is needed in the region."

Paddon says until transit funding is solved the system will remain as is.

"So what's going to happen this year and next year is we have some reserve funds, we're going to spend all of those to cover this 30-million and also the effeciencies. It does mean though we will not be expanding on anything, what we've commited to in this plan is all we can deliver."

The Mayor of Vancouver says the solution to transit funding will remain a big question mark until after may's election.

Gregor Robertson says mayors will now do what they can to take advantage of the coming campaign to push transit funding as an election issue.

"I know there will be lots of people bringing it certainly in debates and talking to MLA's in their ridings making sure they understand the need for transit you know hopefully we will see it int he platforms ultimately if it is not in the platforms of the parties then it is hard that they are going tot ake action on it in the next term."

Mayors are pushing for a vehicle levy, or a share of either a regional carbon tax or sales tax as future transit funding sources.

"It will be up to the next government of BC now that the legislature has done its work. It is up to the next government to bring in some new tools. Hopefully we some commitments from the leaders of the parties to do the good work that needs to support good transit across Metro Vancouver."

Robertson says there is only so much local governments can do on the transit funding front as the bulk of the responsibility lies with the provincial government.