A billion-dollar quibble over the Port Mann Bridge

British Columbia Auditor-General John Doyle’s omnibus report on the B.C. government’s reporting practices states that the Port Mann project office (the Transportation Investment Corp.) should not be categorized as a “government business enterprise” since its prospects for profitability are murky. “The financial model developed by the TIC forecasts that it will not be profitable until 2017/18,” says the A-G.  Perhaps more significantly, he adds, the government’s traffic and revenue estimates may be wrong.  The Port Mann project investment, he suggests at the top of his report, should be regarded as taxpayer-supported debt.  Continue reading