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TransLink will begin planning this week for drastic cuts to Metro Vancouver’s transit system, which is losing $2.5 million per day amid the COVID-19 pandemic, after learning that financial aid from federal and provincial governments is not forthcoming.

With most transit users staying close to home, as directed by health officials, system-wide ridership is down more than 80 per cent.

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That, combined with a 60-per-cent drop in fuel tax revenue, a 70-per-cent drop in parking tax revenue, and the removal of fares on buses to promote physical distancing between riders and drivers, means TransLink’s revenue — more than half of which comes from fares — is projected to be down $70 million, or 51 per cent, for the month of April. The average monthly loss for the next six months is expected to be $75 million, with the worst-case scenario projecting losses of $93 million per month.

“It’s certainly becoming very, very clear that we’re running out of time on the finances,” TransLink CEO Kevin Desmond said in a telephone interview on Monday. “With this crisis, we are seeing a very, very significant drop in revenue, and we expect that drop in revenue to be fairly long-lasting, even as we get into the recovery. That kind of revenue loss is not sustainable. Period.”