If the transit referendum passes, the money collected through the new 0.5 per cent sales tax will be overseen by the CEO of Canada’s second-largest private company.
Billionaire B.C. businessman Jimmy Pattison will lead a “blue ribbon public accountability committee” that will oversee the funds collected in the event of a yes vote, The Mayors’ Council on Regional Transportation announced at a press conference Thursday.
Pattison will not be compensated for his work if the committee is formed, but he will have a role in determining the committee’s membership.
According to the terms of reference for the committee, Pattison will determine the membership of the committee with the help of the mayors’ council chair and vice chair -- positions currently filled by Vancouver mayor Gregor Robertson and Surrey mayor Linda Hepner.
The team that trio selects will be subject to approval from the mayors’ council as a whole.
The committee will be tasked with establishing a financial review process for the funds raised, reviewing proposed expenditures at the start of each fiscal year, and reporting to the public annually on the implementation of the mayors’ transit plan.
In a press release announcing Pattison’s agreement to lead the committee, Robertson highlighted the concerns the mayors’ council has heard from the public about how the new revenue will be spent.
“By appointing Mr. Pattison to head up this oversight committee, we are providing voters with a concrete mechanism to monitor and ensure that the funds raised will be used for the infrastructure they are meant to pay for,” he said.
In the release, Pattison offered a similar explanation for his agreement to lead the committee.
“I know how important our transportation and transit system is, both to our needs now, and to the needs of our children and grandchildren,” he said. “We need this infrastructure, and the public has a right to transparency and accountability.”
