TransLink's Financial Issues Come Home to Roost

My thoughts on local transit company TransLink's current financial situation, and s couple of suggestions on how they can at least start fixing it.

Sources:

https://movementyvr.ca/movement-responds-to-federal-transit-funding-announcement-calls-for-focus-on-relief-for-canadians/

https://thebreaker.news/business/translink-pay-parade/

https://www.comparably.com/companies/translink/executive-salaries

https://www.translink.ca/-/media/translink/documents/about-translink/corporate-reports/ecp_details.pdf (I know this is old, but whoever reads this will get the general idea)

The words I use in the recording may not match the words in the transcript.

Transcript

I attended a rally last week, organized by a local activist group named Movement, to pressure government at all levels--municipal, provincial, and federal--to provide operational funds to local transit company TransLink so it doesn't have to cut services in the city--which already range between mediocre and subpar on quite a few routes. I attended the rally because I was recently alerted to the news that bus service on several routes in the Greater Vancouver metropolitan area will be cut if TransLink doesn't get at least 600 million dollars to be able to keep up day-to-day operations.

TransLink is getting federal funding, but that's capital funding as opposed to operational funding, which means the government has given TransLink stipulations on how they spend the money--and one of those stipulations is not allowing TransLink to use these funds to address its operating deficit--the funds can only be used to repair existing equipment, or expand service; the funds cannot be used to actually operate new transit services, nor to prevent impending service cuts. Like the speakers at the rally said, the government at all levels--municipal, provincial, and federal--needs to understand that transit is essential, a need, and thus to step up and give public transit operational money; perhaps the government--at all levels--can try to convince their sponsors (of all kinds, not just corporate) to pony up some dough to make up TransLink's shortfall. I've sent my Member of Legislative Assembly an email about the issue, but I won't send one to my mayor because that person is Ken Sim and I know he doesn't care.

But TransLink also needs to be more transparent about its finances. Since the beginning of the COVID-19 pandemic, TransLink has raised fares every Canada Day, but never tells anybody what they're doing with the money--it certainly hasn't added any new buses to its current fleet or expanded service on any routes. At this point, I feel like I'm dealing with Billy McFarland: TransLink says "Give us money" every year, but won't tell the ridership what the company is doing with the money. Meanwhile, TransLink's board of directors--especially the executives--are all making out like bandits: TransLink's current chief executive officer, Kevin Quinn, currently makes $507,636; according to Comparably.com, at TransLink, the most compensated executive makes $450,000, annually, and the lowest compensated makes $53,000. The TransLink Board of Directors' remuneration includes an annual retainer of $100,000 for the chair and $25,000 for other directors, along with additional fees for committee chairs and members, and meeting fees:
              Board Chair: $100,000 annual retainer
              Other Directors: $25,000 annual retainer
              Audit Committee Chair: $8,000 per year
              Other Committee Chairs: $5,000 per year
              Committee Members: $3,000 per year
              Meeting Fees: $1,200 per meeting
Perhaps at the very least the executives on TransLink's board of directors--especially the highest-paid ones--can afford to take a pay cut so the transit system can actually continue to provide service--and even improve on it? Just a thought--besides, what do Kevin Quinn and the other highest-paid TransLink executives need all of that money for, anyway? And what exactly do they do, and to earn and deserve that kind of money? From where I'm standing, being an executive on TransLink's board of directors is money for nothing.

Transit fare increases have just been approved, and they're the highest they've been since the beginning of the COVID-19 pandemic--monthly passes, starting this year on Canada Day--will be:$111.60 for one zone, up from $107.30; $149.25 for two zones, up from $143.50; and $201.55 for three zones, up from $193.80. If transit fares here in Vancouver get any higher, they're going to get to the point where the people who need transit the most won't be able to afford it--add that to the possibility of service to routes being cut, the vast majority of people won't be able to get around, and the Greater Vancouver Regional District will eventually, if not immediately, shut down.

I can't stand the idea of being in an area, or a situation, in which, if I don't have a car or a bike or access thereto, I'm fucked--and so many people here are in that boat. One young man who spoke at the rally said he had to purchase a car because he lives in an area where access to transit is drastically limited. And we live in a metropolitan area in which the powers that be claim they want to get people out of cars and lessen the number of cars on the roads; I can't help thinking that's another case in which the people talking are all talk and no action.

Two councillors on Vancouver's city council resigned recently, meaning there's a by-election coming up soon to fill those seats; I'm crossing my fingers and hoping that the councillors I vote for will end up getting those seats and will, among other things, get Mayor Ken Sim and the ABC-dominated City Hall to loosen the death grip it has on the city coffers to contribute at least a portion towards TransLink's operating budget, and make it so not only will service not be cut, but TransLink can actually start improving its service. I have to be satisfied with that much until October of next year, when I and other voters in Vancouver will hopefully vote Ken Sim out of the mayor's office.

It would just be nice if those in power in the Greater Vancouver Regional District cared enough about the transit system to contribute some funds to its operating budget, and TransLink's highest-paid executives--including the CEO--didn't take so much money out of the company, so the people who use transit don't have to pay through the nose for something they need.