Does $15.1 million budget surplus mean Cambie merchants will get tax relief?

Post by Daniel Fontaine in ,

2 comments

A report released today from the City of Vancouver's finance office indicates that the city is expected to net a surplus of about $15 million dollars this year.

According to Annette Klein, the city's General Manager of Financial Services/Director of Finance, there were a number of factors that led to the surplus position.

She states "total revenues are anticipated to end the year with a $9.13 million surplus due primarily to surpluses expected from Short Term Interest ($5.77 million), Parking Program Revenues ($1.79 million), Provincial Revenues ($1.55 million), and Payment in Lieu of Property Taxes of ($2.78 million). Total Expenditures are anticipated to be close with a $4.54 million surplus mainly a result of vacancy savings. Uncommitted funding within Contingency Reserve of $1.34 million allows the City to come in with a potential total surplus of $15.01 million by year-end."

So much for "The big bad NPA left us in a terrible financial position...we were simply forced to raise taxes...we had no choice."

This leaves you wondering if the new Vision council will pass a motion calling on some of that $15 million surplus to be targetted toward much needed tax relief for the Cambie street merchants impacted by the Canada Line construction? Don't count on it...

If no motion is passed next week (and there was none listed on the council agenda), the money will likely be socked away in a city reserve fund to be used at some future date - say 2015.

A full copy of Annette's report can be found here:

http://vancouver.ca/ctyclerk/cclerk/20081216/documents/a17.pdf

2 Comments

what good is tax relief to the 70 Cambie Street merchants who longer exist there and for the many of merchants who lost their life savings and work from the devastation and deception caused by the Canada Line and those behind it?

What the former council should have done was to stick up for these merchants three years ago, but the City was part and parcel of the deception and devastation.

Tell me, who paid for the utility relocation along Cambie Street and the rest of the Streets, including Granville, that required relocation of underground utilities? And just what was the total cost of going underground compared to street level or elevated?

The Cambie Street merchants deserve full compensation because they were lied to about construction methods and scheduling. I have had considerable correspondence with the immovable Kevin Falcon and I kept saying to him that all he has to do is examine the accounts. If a business has been successful for several years prior to construction and they began losing revenue once it started it is obviously an
outside factor that is causingtheir losses.

Ray eagle

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