Financial Results and Historical Data
SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Massena, New York. SIBC is a subsidiary Canadian Crown Corporation to The Federal Bridge Corporation Limited (FBCL). It operates as a joint operation between FBCL (Canadian partner) and the Saint Lawrence Seaway Development Corporation (American partner). SIBC collects the tolls and pays for the daily operations and maintenance of both the North and South Channel Bridges and international roadways, including the purchases of necessary vehicles and equipment. The bridges and buildings themselves are directly owned by either the Canadian and American partners, who are responsible for all capital and major repairs. Consequently SIBC returns all money to the owners annually after paying for annual operations. These funds are then re-invested back into roads, bridges and buildings. Over the last 10 years (going back to the March 2008 fiscal year) annual operating surpluses have totaled $7.5 million and owners have invested in excess of $91 million., including the painting of the South Channel Bridge and $75 million for the construction of the new North Channel Bridge.
SIBC is very actively engaged in managing the budget and actual results, SIBC is also required by historical government arrangements to provide individual members of the Mohawk community with free passage. The Seaway has experienced significant decline in cross-border travels linked to the devaluing of the Canadian dollar and regional economic challenges. Both car volumes and truck volumes have decreased significantly since the 1990s and 2000s. Car volumes reached their peak in 1991 and 1992 for paid traffic due to the exchange rate resulting in cross border shopping. The loss on truck volumes started in 2004 as a result of the closure of multiple industrial plant customers such as Domtar, GM, Alcoa and others.
For additional information, refer to SIBC’s latest financial statements.