Bay Ferries has released their management fee for operating the Cat.
The amount paid annually to Bay Ferries by the province is $97,500 per month, which is $1.17 million annually.
That means Bay Ferries was paid $3.51 million to operate the ferry for the past three years in which it did not run.
The release comes almost a week after the Supreme Court of Nova Scotia ruled in favor of the PC Caucus that the Yarmouth Ferry management fee should be public knowledge.
Although the province and Bay Ferries had thirty days to appeal the Supreme Court decision, the company has elected to release the number.
The initial agreement with the province in March 2016 was a management fee of $65,000 per month, $0.78 million annually. The fee was adjusted in April 2018 to the current amount because of what Bay Ferries describes as “substantial additional duties required of the Company which were not contemplated in the original Agreement.”
Although the ferry has not sailed since the summer after the adjustment was made.
Bay Ferries says that the management fee covers 5% of all costs of the ferry operation in a normal operating year.
