TransLink revenues see bump as admin costs rise 0
Selling off surplus property, slashing plans for increased services and other “aggressive” cost-cutting measures have resulted in a boost to TransLink’s bottom line revenues, according to the transit authority’s second quarter financial report.
But the report, released Wednesday, also notes administrative costs have also gone up $1.7 million — or 18.2% — compared to 2011.
“Anytime you see a significant increase in corporate costs, you’ve got to wonder if that’s taking away from the frontline service,” said Jordan Bateman, B.C. director of the Canadian Taxpayers Federation.
TransLink announced last month it would cut plans to add 300,000 hours of additional bus service, among other projects, in an effort to find $98 million in “efficiencies” over next three years.
That money is to be used on upgrades to Expo Line stations, Evergreen Line construction and other capital projects.
The financial report stated revenues were at $713.3 million for the period ending June 30, 2012, which is 10.2% higher compared to the same period last year.
The reported also touted customer satisfaction at “record levels” of 77%, while ridership has increased 6.3%.