'Landmark investment:' Promised federal permanent transit fund would help expand Edmonton LRT, Iveson says - Edmonton Journal | Canada News Media
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'Landmark investment:' Promised federal permanent transit fund would help expand Edmonton LRT, Iveson says – Edmonton Journal

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4 years ago

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Promised permanent transit funding announced by the Prime Minister Justin Trudeau Wednesday would be used to help finance Edmonton’s planned LRT system expansion, Mayor Don Iveson said.

Although the amount of funding pegged for Edmonton hasn’t been determined, municipalities across the country will split $3 billion in pledged annual funding starting in 2026 through a new permanent transit fund, Trudeau said, announcing the effort as part of a larger $14.9-billion investment in public transit projects over the next eight years.

Iveson, also chairman of the Federation of Canadian Municipalities Big City Mayors’ Caucus, said the funding is “a landmark investment” in supporting COVID-19 recovery for cities across the country as transit projects will help create jobs, shorten commutes and help to reduce greenhouse gas emissions. With guaranteed annual funding into the future, Iveson said the city can start deciding timeframes and next steps for LRT expansion in all quadrants.

“Permanent funding really makes firm timelines for the full buildout of the LRT system imaginable,” he said. “It will mean big projects can go ahead sooner, it will mean firm timelines for longer term, even larger mega projects in cities across the country, and it will also mean acceleration of some of our green fleet initiatives.”

One of the next LRT projects on the list for the city is building the Metro Line Northwest expansion, first north to Castle Downs and then to St. Albert. The funding announcement will allow the city to start moving forward on the first phase sooner and allow for firm timelines, Iveson said.

Another project that could benefit is the planned Capital Line South extension to Ellerslie Road. Preliminary design work on the project is complete and the city was awaiting funding to be able to move forward on construction.

The money is welcome news as municipalities continue to struggle with revenue shortfalls on transit as a result of the COVID-19 pandemic, Iveson said. The city is currently forecasting a budget shortfall of $152 million in 2021 — $63 million from transit revenue reductions alone as ridership isn’t anticipated to exceed 50 per cent of usual capacity until mass vaccination.

“We’re excited about an announcement that positions municipalities as central partners in Canada’s pandemic recovery,” he said. “Permanent transit funding offers cities long-term predictability to finally be able to deliver transformational system expansion and drive durable economic growth across our country.”

Edmonton currently receives about $130 million a year for transit from the federal government based on a ridership formula.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 weeks ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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