In accordance with the Fiscal Facts Act, the City of Vancouver has ready its once-a-year Statement of Economic Information (SOFI) report. PDF file (4.2 MB)
The SOFI report incorporates:
- Consolidated money statements Schedules of debts and warranty and indemnity agreements
- Remuneration and fees for:
- Mayor and Councillors
- Vancouver Board of Parks and Recreation Commissioners
- Vancouver Law enforcement Board Associates
- Workers (earning higher than $75,000)
- Payments to suppliers of goods and expert services (which includes grants and contributions)
The consolidated economic statements have been well prepared in accordance with the Canadian public sector accounting benchmarks and audited by the unbiased firm KPMG LLP
Comprehending the consolidated economic statements
The consolidated financial statements in the SOFI report consist of all Town resources these as funds, working, house endowment fund, and entities like the PNE, Vancouver Economic Fee, and EasyPark. These money stick to public sector specifications for reporting of property, liabilities and functions.
The consolidated fiscal statements show an yearly surplus, dependable with the yr prior, as effectively as an gathered surplus. The City’s consolidated once-a-year surplus demonstrates funds reserved for potential paying obligations, these types of as developer contributions, senior governing administration grants, and empty households tax revenue to construct neighborhood facilities and very affordable housing, as properly as money established aside for debt compensation.
The City’s gathered surplus mainly is composed of the City’s investments of funds property such as land, properties, streets and utilities infrastructure, and equipment. The remainder of the accumulated surplus is primarily in reserves that are established aside for certain functions wherever commitments and statutory needs are in area, these as neighborhood amenity contributions for long run Town belongings and facilities.
Fiscal placement remains healthy
Recovery proceeds from the economic impacts of the COVID-19 pandemic. The City’s consolidated financial position enhanced in early 2022 as limits lifted, enabling the Metropolis to resume service ranges and open up services and plans to total capacity.
While pandemic constraints subsided in 2022, implications on constructed up demand, world provide chain disruptions and very low employment concentrations produced inflationary pressures and greater fascination charges. These pressures resulted in price tag escalations and some hold off of funds tasks. The Metropolis continues to training prudent administration and monetary willpower in anticipation of budgetary pressures.
The City’s 2022 monetary place stays healthier and is reflected in the latest credit history rankings updates. In February 2023, S&P World wide Scores, and in December 2022, Moody’s Investors Provider reaffirmed the City’s credit ranking of AAA and Aaa with secure outlooks, respectively.
The Town of Vancouver will make all of its economical reviews out there to the public, together with quarterly fiscal reviews, Town Council salaries and costs, once-a-year fiscal experiences, and statements of monetary information.
Qualifications: Myth Busters
Wondering about some of the distributors and the merchandise and solutions in the report? From kombucha to pizza and yachts to golfing – we’re busting some myths about what’s in the report.
Fantasy: Town looks to be buying a whole lot of beer, pizza and gelato.
These things are not obtained for Metropolis personnel, but are offered at our concessions and theatres.
Beer from neighborhood Vancouver breweries is sold at golf training course concessions. The City establishes agreements and negotiates pricing with the suppliers and concessions buy from these suppliers. Some wine bought at Vancouver Civic Theatres is supplied by the Mark Anthony Group, with whom the Metropolis retains a agreement.
Gelato, kombucha and espresso are also marketed at our park and beach front concession stands by vendors with whom we maintain agreements.
Pizza Pizza is a tenant of the Town of Vancouver at 103-345 Robson Road. As for every Council acceptance, the Metropolis produced a a person-time payment for Tenant Allowance to Pizza Pizza $55k was paid in 2021 and $108k was paid out in 2022.
Fantasy: The Town is undertaking a great deal of buying on Amazon.
Amazon buys are for technology world-wide-web products and services, in unique, web web hosting solutions, and elements that are not equipped by our major resources of provide under contract or when expedited timelines have to be fulfilled.
Fantasy: The Metropolis is in the exotic meat business
The Town buys provides, chicken, and other meat from a area supplier Walter’s Exotic Meats for the kitchen at Carnegie Group Centre. The seller sells other styles of meats, which may well be viewed as exotic (e.g. pheasant), but these are not aspect of the City’s purchases.
Myth: Vancouver is handing over millions of bucks to the Metropolis of Delta
The landfill is positioned in Delta and the Metropolis would make payments to the City of Delta for the Landfill Utility Bill – water and sewer.