The minister responsible for TransLink, Peter Fassbender, is going to announce $246 million in capital funding for transit, according to the Vancouver Sun.

The news was leaked to the metropolitan daily paper as the TransLink Mayors' Council is scheduled to have a meeting this morning (May 26) at 10 a.m.

The federal budget promised $460 million in transit funding for B.C. over three years. Of that, Metro Vancouver expected $370 million would be invested in B.C.

The province expects TransLink to come up with $124 million.

Speaking on CBC Radio this morning, Burnaby mayor Derek Corrigan said that TransLink could borrow for capital funding, which would have to be repaid.

"The question is how do you service the debt?" he said.

In a plebiscite last year, voters rejected a proposal to increase the sales tax to fund transportation improvements.

At the time, the mayors expressed their support for building three light-rail lines in Surrey, which are expected to cost $2.1 billion.

In addition, the mayors backed a $2-billion Broadway subway from VCC-Clark Station to Arbutus Street.

In the 2013 election, Fassbender won Surrey-Fleetwood by 265 votes over former NDP MLA Jagrup Brar.