The Saskatchewan Transportation Company has released its 2017-18 annual report and the NDP opposition party is not pleased with one part of it. In addition to the final period of operation, the report also includes the results of the sale of vehicles, equipment, land, and buildings. Total net proceeds were $27.6 million, resulting in a dividend payment of $22 million. There is still one final property to be sold. The balance of net proceeds will be provided as a dividend upon dissolution. That’s not detailed enough for the NDP. They want a line-by-line breakdown of the revenues from the sale of STC’s assets. The party is calling for a full financial audit into the sell-off to ensure transparency.
In its report, STC says ridership declined by 35 per cent since 2012 and 77 per cent since 1980. Subsidies required to support STC were forecast to total more than $85 million in the next five years. According to the report, in 1980, STC was carrying over 787 thousand passengers. By the 2016-17 fiscal year, that number had dropped to less than 186 thousand.