Highway 104 Western Alignment Corporation
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Letters to StakeholdersAnnual Report 1998-1999Lee Rankin,PresidentFor the first full fiscal year Cobequid Pass was in operation -the period covered in this annual report- there were no fatalities or serious injuries on the highway. I remain convinced Cobequid Pass has saved lives. In the last ten years of Highway 104's operation through the Wentworth Valley, 50 people were killed, four in the year before Cobequid Pass opened. On March 4, the 3 millionth vehicle crossed the toll plaza at Cobequid Pass. This highway was build for safety, and despite the unexpected high volume of traffic, its accident rate remains remarkably low. Because of Cobequid Pass, there are now two safe roads in and out of the province. The old highway 104, Trunk 4, has become a quiet, rural road. Several Wentworth residents have commented on the relief they feel waking up to the sound of birds rather that the road of trucks. Wentworth resident, Dianne Powell, echoed this in Coastal Communities News when she wrote of the "safe road..., quiet classrooms in the school, and children who can bike or walk to work along the road without fearing for life and limb." The two roads that now lead in and out of the province have not only improved the safety of the drive, but helped restore a community's sense of security.
Don Piercey, General ManagerAs Cobequid Pass approaches its second anniversary this November, the 104 Corporation continues to receive letters from drivers praising the highway's beauty, efficiency, and safety. These endorsements are substantiated by traffic statistics: In the past year, passenger traffic averaged 5,546 vehicles per day; commercial vehicles 1,515 vehicles per day. This is an 11 percent increase in total traffic over the 1997-98 fiscal year, and a 108 percent increase over original baseline traffic predictions. The exceptional performance of the highway has resulted in increased revenue. However, increased revenues also mean additional operational costs for extra toll collection shifts and the administrative costs associated with handling large numbers of customer accounts. Nonetheless, such increased costs are more than met by increased revenue. The additional revenues have allowed the Corporation to reduce its exposure to subordinate debt at a rate significantly ahead of projections. The 1998-99 revenues have also meant capital improvements such as modifications to the toll plaza -better advance signing, lighting, fencing and video surveillance- all designed to enhance safety. It is expected that the capital improvements will be completed early in the next fiscal year. Transponders sales increased from 9,000 units to 13,000 this fiscal year. These accounts now number 8,000 of which 856 are commercial. The Corporation continues to work with others tolling agencies (such as the Halifax Dartmouth Bridge Commission) to explore the use of one transponder and account for most tolling facilities in the Maritimes. This annual report provides the Corporation's financial statements as well as a detailed explanation of where toll revenues go to meet financial obligations. Staffs of the 104 Corporation are happy to answer any questions you may have. The numbers are listed on Contact us. |
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Copyright © 2004 Highway 104 Western Alignment Corporation
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