August 1, 2008

Toronto Transit Commission

Federal money flows for new TTC buses and subway cars

TORONTO

The City of Toronto and the Toronto Transit Commission (TTC) are $100 million richer, thanks to a recent transfer of federal funding for subway and bus infrastructure.

The $100 million investment represents one of the largest one-time reimbursements for federal public transit funding ever made by the federal government. The federal funds transferred are a portion of an overall commitment of $350 million to the TTC.

Jim Flaherty, federal finance minister, called the substantial investment important for Torontonians.

“These are critical investments in modern public transit that will help keep people moving efficiently throughout the GTA,” said Flaherty.

The $100 million payment addressed two components of the TTC’s Strategic Capital Projects.

•$27.6 million was provided as a first payment for the purchase of 78 subway cars. The overall cost of the subway car order is $236.7 million, with the federal government contributing a further $64.7 million to the project. The balance of these funds will be transferred once further invoices have been provided.

•$72.4 million was provided as a first payment for the purchase of 212 hybrid buses.

Ultimately, a total of 324 buses will be purchased at a cost of $251.4 million, with the federal government contributing a further $43.4 million. Again, the balance of these funds will be transferred once further invoices have been provided.

The federal funds transferred are a portion of an overall commitment of $350 million to the TTC and the City of Toronto for improvements to subway cars and subway infrastructure; streetcar infrastructure, dedicated streetcar lanes; buses and bus infrastructure; and the PRESTO farecard system for the GTA. The funding for these investments comes from the Canada Strategic Infrastructure Fund (CSIF), which supports large-scale strategic infrastructure projects that improve quality of life and further economic growth.

DCN News Services

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