The Town of Princeton will review its latest transit funding update at the next regular meeting of council.
On March 17, Minister of Housing, Infrastructure and Communities Nathaniel Erskine-Smith sent a letter to Mayor Spencer Coyne, informing him that BC Transit had submitted a successful expression of interest on behalf of Princeton's transit system under the Baseline Funding stream of the Canada Public Transit Fund (CPTF).
The funding stream is an annual amount of approximately $500 million that is part of the CPFT, and the South Okanagan-Similkameen Transit System can benefit from an allocation of up to $4,115,160 over 10 years beginning in 2026 through BC Transit's Baseline Funding allocation.
The next steps in the baseline funding application process require BC Transit to submit a capital plan application along with component details. The application will be reviewed and recommended for approval on a rolling basis, according to Erskine-Smith, which ensures that projects can proceed without any potential delays.
Erskine-Smith added that capital plan application components may be subject to environmental assessments, as well as Indigenous consultation requirements, climate resilience and greenhouse gas assessments. BC Transit will work with Princeton to ensure all requirements are met.
Princeton will receive and file the letter during the next council meeting on April 2.
