Premier Gordon Campbell and Metro Vancouver mayors are promising to find a way to fix the under-funded public transit system, but say there's still a $400-million gap for the long-promised Evergreen Line.

Campbell spent Thursday afternoon with local leaders, who've often been at odds over spending on public transit, including how to find the money for the $1.4-billion Evergreen SkyTrain route to Coquitlam.

"Everybody wants the silver bullet, and neither I, nor the premier, nor the minister, are prepared to say, ‘Here is the panacea,'" Langley Mayor Peter Fassbender said.

For now, the mayors and the province have signed a memorandum of understanding, agreeing that they will find a sustainable funding source for transit somewhere.

"There is money that has already been collected by the federal government, by the province and by the municipal governments, so it's how we distribute that," Surrey Mayor Dianne Watts said.

At this point, nothing's been ruled out, including vehicle levies, tolls and taxes.

"Everything is on the table," Campbell said. "I do think that there's an opportunity for comprehensive public discussion and engagement....because that's how you get people committed, not just to the desire for better transit, but for the fact that you have to have a cash flow to actually fund it."

He insists the province's coffers are bare.

Meanwhile, the council of mayors has agreed to vote on a sustainable source of funding by the end of the year.

With a report from CTV British Columbia's Sarah Galashan