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The Province is moving the operations and management of the British Columbia Railway Company (BCRC) into the Ministry of Transportation and Infrastructure, reducing administrative costs and ensuring maximum value for taxpayer dollars, Transportation and Infrastructure Minister Shirley Bond announced.

“Over the past eight years, BCRC has generated close to $1.5 billion for British Columbia and the company has remained debt-free,” said Bond. “After an extensive review, our government and the board of directors agree that BCRC’s scope of work has evolved to a point where it could be most efficiently managed within the Ministry of Transportation and Infrastructure.”

In the speech from the throne yesterday, the provincial government announced the transition as a result of its commitment to review Crown corporations. Legislation to facilitate the transition will be presented to the legislature in the current sitting of the House.

“By integrating BCRC’s day-to-day operations into the ministry, there will be ongoing savings and benefits from a reduction in operating costs,” said Bond. “By having greater flexibility around the use of the assets of BC Rail, the Province will be better able to strategically manage those assets as part of the Pacific Gateway Strategy, including port operations and strategic land acquisitions.”

The BCRC board of directors have resigned effective March 31, 2010. The president and CEO and executive vice-president of real estate will stay on until that time to facilitate the transition of BCRC to the ministry. Beginning April 1, 2010, the Ministry of Transportation and Infrastructure will assume responsibility for the company’s operations, including:

• Supporting and facilitating the BC Ports Strategy and Pacific Gateway Strategy, which includes the railway corridor, strategic port lands and related infrastructure investments.
• Overseeing the 2004 Revitalization Agreement with CN Rail.
• Overseeing the lease agreement with Kinder Morgan Canada Terminals for operating the Vancouver Wharves’ marine terminal facilities.
• Retaining ownership of all former BC Rail railway lands and track infrastructure.
• Retaining the ownership and operation of the BCRC Port Subdivision, a 38-kilometre line for the port terminals at Roberts Bank.
• Disposing of remaining residual land assets, except those related to rail or Pacific Gateway operations.

The move to the Ministry of Transportation and Infrastructure does not alter the Province’s 2004 Revitalization Agreement with CN Rail or other existing agreements or contracts. BCRC will continue as a legal entity, with its existing legislative authority, including ownership of all BCRC’s rights-of-way, railbed, tracks and land.

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