May 6, 2010
Board Meeting Highlights
TTC Ridership Update
With TTC ridership at record levels, and a better-than-budgeted ridership forecast so far this year, Commissioners approved the following recommendations:
- Reinstate March 2010 service cuts starting in September.
- Cancel the scheduled September 2010 service cuts.
- Add an additional rush-hour train on the Bloor-Danforth Subway in September.
- Introduce the first phase of the Station Manager Redeployment Program to have employees dedicated to subway stations.
TTC, Build Toronto to Continue Studying Future Head Office
Commissioners approved a report authorizing TTC staff to begin work on a framework for a long-term lease of office space in a building that would be constructed and owned by Build Toronto at 4050 Yonge St. The report allows TTC and Build Toronto to begin working on the details of what it would cost to occupy future office space at Yonge and York Mills. The potential relocation of TTC Head Office from 1900 Yonge St. will proceed only if a business case shows cost-effectiveness and operating efficiencies.
TTC to Pursue Contract Option for 31 Additional Toronto Rockets
Commissioners approved a report authorizing TTC staff to exercise a contract option with Bombardier Transportation worth nearly $400 million to purchase 31 additional Toronto Rocket train sets to replace the TTC’s oldest fleet as it reaches its 30-year life expectancy, and to meet future ridership demands once the Spadina Subway extension opens for revenue service.
TTC to Report Back on 507 Streetcar Route Pilot
Commissioners directed TTC staff to report back at the June board meeting on general service improvement options, including the feasibility of reinstating – as a pilot – the 507 Long Branch streetcar service, from Long Branch Loop to Dundas West Station via Lake Shore Boulevard, The Queensway, Roncesvalles Avenue and Dundas Street.
Contract Awarded for Sheppard East LRT Tunnel
Commissioners approved the award of a contract worth $10 million for detailed design services and engineering support during construction of a light rail transit tunnel required for the Sheppard East LRT. The tunnel will run from Don Mills Station on the Sheppard Subway to east of Hwy. 404.
Environmental Study for the Scarborough RT Approved
Commissioners approved the environmental assessment study for the Scarborough RT. The modernization and extension of the current line is a Transit City priority project, which will see the line converted into a modern LRT and extended north of Sheppard Avenue and Malvern Town Centre.
Pension Fund Society Briefing
The TTC Pension Fund Chief Operating Officer John Cannell tabled a report for Commissioners’ discussion, updating his presentation of the 24th of March. Based on a final actuarial report as at Jan. 1, 2010, and the Society’s estimated position as at Jan. 1, 2011, the Society could face a going concern (real-world) surplus estimated to be in excess of $100 million. The estimated solvency valuation as at Jan. 1, 2011 showed a possible shortfall of $796 million. Mr. Cannell pointed out that if this situation exists as at Jan. 1, 2011, contributions to the Society would have to increase by $67 million annually for 10 years, starting in 2012. These contributions would be shared equally by the pension fund members and the Commission. The presentation proposed encouraging the province to grant an exemption from solvency funding for the TTC Pension Fund Society.