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: