As transit networks across the province are in an ongoing cycle of unavoidable updates, expansions and repairs, funding sources are becoming more difficult to find. Transit City, a major Toronto transit project to expand and update the current rail system, is currently under discussion between municipal and provincial politicians and Metrolinx, all partners in this project, to finalize details on funding and a reasonable timeline for completion. The Province has committed $8.15 billion to this project which is slated to be completed over ten years, a revision to the original completion time of eight years. Transit infrastructure renewal is essential for the long term economic growth of Toronto – indeed many communities - and their ability to attract and retain business investment.

A report released on Wednesday by the Toronto Board of Trade outlines sixteen revenue generating ideas that could provide funding for transit within the City of Toronto, including parking surcharges, gas taxes and road tolls. The study estimates that the Greater Toronto and Hamilton Area (GTHA) will need about $2 billion annually to fund the Metrolinx vision.

Studies like this are a great start to finding solutions, but Toronto and other municipalities across Ontario will have to continue to take a serious look at how transit is funded across all networks and develop an innovative plan to generate necessary funding to support the ongoing needs of transit infrastructure. Recently at the Ontario Chamber of Commerce Annual General Meeting, delegates from across Ontario gave their support to the exploration of alternative funding sources in light of the enormous need for transit and transportation infrastructure. The OES will be taking a critical look at alternative forms of funding for infrastructure projects in the transportation of goods, as this is vital to the future success of business within the province.

What is the best way to fund transit infrastructure in the province? Share your ideas on how to fund this investment in the future of the province.

Tags: infrastructure, oes, Transportation

This entry was posted on Friday, May 21st, 2010 at 9:09 am and is filed under Issue This. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.