Did Translink restructuring cost $150 million?
The most recent reorganization of Translink, triggered in 2007 by former Highways Minister Kevin Falcon, arguably cost the system $150 million.
That’s how much of its accumulated surplus Translink burned through waiting for the new governance model to gather steam and produce new sources of revenue, which it finally did last September.
That’s when the Translink Mayor’s Council finally approved a package of revenue measures worth $130 million annually to cover costs without increasing service. Today, the Mayor’s Council heard Translink Commissioner outline his reasons why he has signed off on the fare increase portion of the new plan, as he must by law.
However, Crilly declined to approve Translink’s applications for fare increases for 10 years, limiting the current decision to three years.
Of 270 submissions on the fare increase, almost none were in favour.
The main news at today’s meeting: Translink will not be proceeding with another supplement application to increase revenue and service until next year at the earliest, ensuring at least another year of drift at the corporation while Victoria considers yet another legislative intervention.