As I mentioned in my opening statement, our transit agency is already looking at implementing cuts of about 40% to our transit system here in metro Vancouver. If, over the next few months, though, we're not able to get provincial and federal support, and continue to lose the revenue that we anticipate even with the cuts, we will have to be looking at a difficult discussion about cutting transit service even more.
I think it is going to be very odd to the general public that, as we move out of the health crisis and move into the economic recovery, we are going to have a failing transportation system that is going to provide fewer and fewer mobility options at the exact time people need more and more options there. I think we're dealing with an immediate financial crisis but also longer-term issues. Our transit is estimating a revenue deficit in the range of between $450 million to $700 million this year. Currently we are using our reserves to be able to help support the losses, but these are reserves that were put in place to help maintain and build our transit system. Those reserves would be fully depleted by later this fall, into the end of the year.
I think that certainly should highlight the urgency we face. I also want to be clear that the challenges we face are challenges that are faced by major transit agencies all across the country.