Bike Share Toronto hopes new partner will help stem financial bleeding
CBC
Toronto's bike sharing agency is about to announce it's landed a major sponsor, CBC Toronto has learned — one the agency hopes will solve its nagging financial problems.
Justin Hanna, the director of Bike Share Toronto, would reveal few details of the impending deal, but says he expects to make an announcement within months.
"We're very excited to see how the business community has shown and seen how this is a worthwhile investment," Hanna told CBC Toronto.
"We're anticipating finalizing this probably early next year."
But some have criticized the agency for its inability to make ends meet. TD Canada Trust sponsored the program shortly after the Toronto Parking Authority (TPA) took it over in 2014, and covered all its operating costs. That sponsorship ended in 2016 and Bike Share Toronto has been operating in the red ever since, racking up a total of $12.3 million in losses since 2018, from a low of $1.76 million in 2020 to a high of $3.15 million in 2019.
And according to a report Monday to the TPA board, Bike Share expects another $2.77 million loss in 2023.
That doesn't sit well with Coun. Stephen Holyday, who represents Ward 2, Etobicoke Centre and who has questioned the value of expanding Bike Share in the past.
"Each year, there seems to be a loss," he said.
"I see a proposal to put multiple millions of dollars of capital into this. I think we have to take measured and careful steps on any expansion plans to make sure that we're in a secure financial position.
"I have worries about looking to the taxpayer to subsidize these types of operations."
Even so, cycling advocates say Bike Share Toronto is worth the cost, and more.
"I don't think it's fair to look at the small investment that's being made to supporting a program like Bike Share versus ... the huge investments that are being made towards maintaining and building our roads, which really serve only those that can afford to have and maintain a car," said Alison Stewart, acting co-executive director of of advocacy and public policy at Cycle Toronto.
"I don't know that breaking even is the objective."
In Monday's report, Bike Share staff say it's more popular with riders than ever.
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