A one-time injection of funding from the Province will allow BC Ferries to cap annual fare increases at a much lower rate than initially pitched.
In March, the Ferry Commission announced that annual increases of 9.2 percent would be necessary to maintain service and fund their capital plan.
But, as part of their renewed service contract, the Province will be providing BC Ferries with a one-time boost of $500 million.
That will allow them to keep fare increases capped at 3.2 percent annually over the next four years.
It will also allow BC Ferries to move ahead with plans to purchase more vessels, add staff, and upgrade their terminals.
But, the contract also includes a stipulation requiring over 1,400 previously discretionary sailings to be added to core services on smaller routes.
In addition, the Province is set to announce penalties for missed sailings due to insufficient staff in the Spring.
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