The latest financial report shows the Port Mann Bridge is losing hundreds of millions of dollars.
The report shows a net loss of $82.5 million in the last fiscal year.
But TI Corporation said the numbers are actually lower than expected, adding that the investment is a good one.
“It’s all part of the plan, it’s part of building a bridge now for the future,” Greg Johnson with TI Corp. said.
But people have complained the tolls are too high. Commuters can pay as much as $1,500 a year.
READ MORE: Delta’s mayor calling for lower tolls on the Port Mann Bridge
“People are broke, they have massive debt, personal debt, mortgages are sky-high, you have Hydro going up, ICBC going up, MSP going up, all of these taxes, CPP going up,” said Jordan Bateman with Canadian Taxpayers Federation.
“They’re broke, they can’t afford another toll.”
The bridge has been steadily in the red, it lost $88 million dollars the last fiscal year.
But Johnson said the numbers look good.
“Traffic is up, revenue is up, and costs are down.” Johnson said. “And it all shows that this project is going to be paid off by 2050 as we announced.”
The government is planning another large project with the replacement of the Massey tunnel over the Fraser River.
READ MORE: Cost of bridge to replace Massey Tunnel estimated at $3 billion
The project is set to follow a similar toll model to cover the cost.
“The key on the Massey bridge is to make sure the business case is rock solid,” said Bateman.
“Learn the lessons from the Golden Ears and from the Port Mann, what works, what didn’t work, and find way to incorporate that.”
In seven years tolls at the Port Mann bridge have never covered the annual cost of borrowing.
The project isn’t expected to make a dent in the principal for another decade.
-With files from Aaron McArthur
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