Quote:
Originally Posted by Repthe250
How have the NDP invested more in our roads than the liberals? The liberals were non stop in infrastructure upgrades. Port Mann, Pitt River, Golden Ears, Bennet bridges, sea to sky, highway 17 and highway 97 upgrades, 2 new Sky Train lines… just to name a few. Sorry but I don’t believe the NDP have invested more. If they have, it’s accomplished very, very little. Especially in the interior.
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The Liberals didn't spend money in most cases - they put the projects on credit by using P3s to accumulate provincial financial commitments to make repayments over decades, while offloading the provincial part of the debt to the private sector, (and in some cases relying on tolls to cover part of their repayments).
The Port Mann wasn’t paid for – they created a debt account, partly paid off by tolls, and somewhat more by the province every year to make up the difference. The NDP added the outstanding $3.6bn still owed on the bridge to the province’s taxpayer-supported debt, as part of the promise to remove the tolls and to pay off the P3 early.
The Pitt River Bridge and Mary Hill Interchange, opened in 2009, and cost $207m to build. The Federal government paid $90m of that.
The Golden Ears Bridge also opened in 2009, and was a TransLink project, not built by the provincial government. It cost $808m, (although budgeted at $600m) and was required by the provincial government to be a P3. TransLink were paying it off over 35 years, but in 2017 the new NDP government cancelled the tolls (which, like the Port Mann, didn’t get close to covering the annual debt payments), and the $1.05bn of outstanding debt is being refunded annually to TransLink by the provincial government until 2041.
The William R Bennett Bridge opened in 2008, and was another P3. The original 2003 budget was $100m, but it cost $144m, and the provincial government will pay it back over 30 years to Protrans WRB Bridge, (which was a subsidiary of SNC-Lavalin, who built it). Similarly the Liberals didn’t pay their share of the Canada Line – they offloaded it under a 31-year operations and maintenance contract to Protrans BC.
The NDP build and pay for all their projects with government debt, with nothing outstanding as off-the-books debt (that the P3s represented).