March 31, 2023 financial statements
SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Rooseveltown, New York. SIBC is a wholly-owned subsidiary Canadian Crown Corporation to The Federal Bridge Corporation Limited (FBCL). It operates as a joint operation between FBCL (Canadian partner) and the Great Lakes St. Lawrence Seaway Development Corporation (American partner – GLS). 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 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.
Due to the pandemic, SIBC continues to be affected during the fiscal year ended March 31, 2023. Consequently, SIBC received $1.19M (2022 – $1.67M) in funding from the Canadian and US federal governments to cover the operating deficit. This funding allowed SIBC to continue with the operation and maintenance of the roads, bridges and buildings to provide safe crossing services for those allowed to cross the border. Furthermore, during the course of the fiscal year, the Owners invested a further $0.73M into SIBC on updates to the South Channel Bridge. Additionally, the Owners will continue to provide funding of $1.07M for various capital projects in the upcoming fiscal year.
Finally, the owners also invested in other projects that are not covered by the Owners’ balance held by SIBC, but rather paid for by additional Owner funds. During the March 31, 2023 fiscal year, FBCL has incurred $0.21M in additional capital assets and improvements.
Large construction contracts at the crossing include a minimum of 15% First Nations content.
For additional information, refer to SIBC’s latest financial statements.
March 31, 2022 financial statements
SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Massena, New York. SIBC is a wholly-owned subsidiary Canadian Crown Corporation to The Federal Bridge Corporation Limited (FBCL). It operates as a joint operation between FBCL (Canadian partner) and the Great Lakes St. Lawrence Seaway Development Corporation (American partner – GLS). 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.
Due to COVID-19 and the enforced border restrictions on personal cross-border travel, SIBC was heavily affected during the fiscal year ended March 31, 2022. Consequently, SIBC received $1.67M (2021 – $2.34M) in funding from the Canadian federal government to cover the revenue shortfall. This funding allowed SIBC to continue with the operation and maintenance of the roads, bridges and buildings to provide safe crossing services for those allowed to cross the border, while adhering to COVID-19 safety guidelines. Furthermore, during the course of the fiscal year, the Owners invested a further $2.44M into SIBC on updates to the South Channel Bridge. Additionally, the Owners will continue to provide funding of $0.93M for various capital projects in the upcoming fiscal year.
Finally, the owners also invested in other projects that are not covered by the Owners’ balance held by SIBC, but rather paid for by additional Owner funds. During the March 31, 2022 fiscal year, FBCL has incurred $66k in additional capital assets and improvements.
Large construction contracts at the crossing include a minimum of 15% First Nations content.
For additional information, refer to SIBC’s latest financial statements.
March 31, 2019 financial statements
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 – SLSDC). 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.
During the March 31, 2019 fiscal year, SIBC had an annual surplus of $262,420. The surplus has been retained in SIBC as it will be re-invested back into future capital and major repairs. In the course of the fiscal year, the owners have invested $398,889 back into roads and bridges. In addition, a significant portion of the March 31, 2019 balance remaining in the owners’ accounts will be re-invested into roads, bridges and buildings in the upcoming fiscal year. Of the $4.62M owners’ balance, the American partner, SLSDC, has earmarked $1.79M and the Canadian partner, FBCL, has earmarked $0.88M to be used primarily to update the South Channel Bridge travelers.
For additional information, refer to SIBC’s latest financial statements
March 31, 2021 financial statements
SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Massena, New York. SIBC is a wholly-owned subsidiary Canadian Crown Corporation to The Federal Bridge Corporation Limited (FBCL). It operates as a joint operation between FBCL (Canadian partner) and the Great Lakes St. Lawrence Seaway Development Corporation (American partner – GLS). 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.
Due to COVID-19 and the enforced border restrictions on personal cross-border travel, SIBC was heavily affected during the fiscal year ended March 31, 2021. Consequently, SIBC received $2.34M in funding from the Canadian federal government to cover the revenue shortfall, as well as for the purchase of necessary tangible capital assets. This funding allowed SIBC to continue with the operation and maintenance of the roads, bridges and buildings to provide safe crossing services for those allowed to cross the border, while adhering to COVID-19 safety guidelines. Furthermore, during the course of the fiscal year, the Owners invested a further $1.35M into SIBC on updating the South Channel Bridge maintenance system. Additionally, the Owners will continue to contribute towards this system in the amount of up to $2.59M in the upcoming fiscal year.
Finally, the owners also invest in other projects that are not covered by the Owner’s balance held by SIBC, but rather paid for by additional Owner funds. During the March 31, 2021 fiscal year, FBCL has incurred $0.22M in additional capital assets and improvements.
Large construction contracts at the crossing include a minimum of 15% First Nations content.
For additional information, refer to SIBC’s latest financial statements.
March 31, 2020 financial statements
SIBC operates and manages the international toll bridge system linking Cornwall, Ontario, Akwesasne and Massena, New York. SIBC is a wholly-owned 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 – SLSDC). 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.
During the March 31, 2020 fiscal year, SIBC had an annual surplus of $244,162 which will be used to fund future costs associated with the roads, bridges and buildings. In the course of the fiscal year, the owners have invested $116,023 back into roads and bridges. In addition, a significant portion of the owner’s balance of $4.8M will be used primarily for updating of the South Channel Bridge travelers with the American partner, SLSDC, contributing $2.64M and the Canadian partner, FBCL, contributing $1.24M.
Furthermore, the owners have invested into significant projects that are not covered by owner’s balance but rather covered by additional owner funds. During the March 31, 2020 fiscal year, FBCL has incurred $5.89M to the final phase of the demolition of the in-water piers of the former high-level bridge in Cornwall.
Large construction contracts on the bridges such as the pier removal and the traveler installation achieve a minimum of 15% First Nations content.
For additional information, refer to SIBC’s latest financial statements.
March 31, 2019 financial statements
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 – SLSDC). 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.
During the March 31, 2019 fiscal year, SIBC had an annual surplus of $262,420. The surplus has been retained in SIBC as it will be re-invested back into future capital and major repairs. In the course of the fiscal year, the owners have invested $398,889 back into roads and bridges. In addition, a significant portion of the March 31, 2019 balance remaining in the owners’ accounts will be re-invested into roads, bridges and buildings in the upcoming fiscal year. Of the $4.62M owners’ balance, the American partner, SLSDC, has earmarked $1.79M and the Canadian partner, FBCL, has earmarked $0.88M to be used primarily to update the South Channel Bridge travelers.
For additional information, refer to SIBC’s latest financial statements
March 31, 2018 financial statements
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.
During the March 31, 2018 fiscal year, SIBC had an annual surplus of $370,116. The surplus has been retained in SIBC as it will be re-invested back into future capital and major repairs. In the course of the fiscal year, the owners have invested $360,606 back into roads and bridges.
For additional information, refer to SIBC’s latest financial statements
March 31, 2017 financial statements
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.
