The tariff increase will take effect on July 1, 2021 and comes after the cancellation of a 4.6% tariff increase in 2020 due to COVID-19. In addition, the increase approved for 2021 is almost half of the originally projected rate of increase of 4.1% for this year.
As noted earlier this week based on a report from TransLink staff, the 2021 fare changes will result in increases of 5 cents for adult fare in one zone, 10 cents for adult fare in two zones, and 15 cents. cents for a three-zone rate. fare using the saved value of the Compass card.
Reduced fares (children and seniors) will increase by 5 cents on one zone and two zones, and by 10 cents on three zones using the value stored on the Compass card.
On monthly passes, adult fares will increase by $ 2.25 for one zone, $ 3 for two zones, and $ 4.05 for three zones. Monthly concession passes will increase by $ 1.30.
TransLink is required to cap annual rate increases at reduced rates through 2024 in exchange for receiving $ 644 million in emergency operating funding from the provincial and federal governments. BC Transit and BC Ferries have a similar price cap as part of their emergency operating funding agreement from top governments.
The 2021 tariff increase starting on Canada Day is expected to increase tariff revenues by $ 4 million.
The higher fares waived for the fare increases were intended to help defray the cost of the transit expansion, while the approved lower fare increase will be used to help maintain service levels during depression.
At the same meeting today, TransLink’s board of directors also approved a 2.7% increase in residential property taxes for 2021, with an average homeowner paying about $ 18 more than the previous year. The transit company’s total property tax revenue will increase to $ 435 million.