Coquitlam's QNet program, which provides businesses, schools and residential highrises with high-speed broadband internet access, expanded in 2014.
Five new buildings connected to the state-of-the-art fibre optic network last year, bringing the total to 45 across the municipality, according to an annual report presented Monday to Coquitlam city council.
The document also noted that QNet made $434,060 in revenue in 2014, up 16% from the year before, producing a cash flow surplus of $94,431. The revenue, which comes from the leasing out of unused network capacity to business, governments and telecom service providers, was $10,000 more than forecast.
"QNet was initially started to take advantage of unused capacity in our fibre optic network," said Coquitlam city manager Peter Steblin, who is also board chair of QNet. "In fact, Coquitlam was the first municipality in Canada to do so."
The city predicts continued growth with its QNet program in to 2015. Staff expect that the service will be able to repay the city's $4.95 million initial investment, plus $1.7 million in interest charges, by 2028. Close to $11 million in accumulated profit is projected by 2037.
@GMcKennaTC
