Vancouver says financial position remains healthy as it releases 2022 Statement of Financial Information

THE City of Vancouver announced on Wednesday that in accordance with the Financial Information Act, it has prepared its annual Statement of Financial Information (SOFI) report.

The City said that recovery continues from the economic impacts of the COVID-19 pandemic. Its consolidated financial position improved in early 2022 as restrictions lifted, allowing it to resume service levels and open facilities and programs to full capacity.

It said that although pandemic restrictions subsided in 2022, implications on built up demand, global supply chain disruptions and low employment levels created inflationary pressures and increased interest rates. These pressures resulted in cost escalations and some delay of capital projects. The City continues to exercise prudent management and financial discipline in anticipation of budgetary pressures.

The City said its 2022 financial position remains healthy and is reflected in recent credit ratings updates. In February 2023, S&P Global Ratings, and in December 2022, Moody’s Investors Service reaffirmed the City’s credit rating of AAA and Aaa with stable outlooks, respectively.

The City noted that it makes all of its financial reports available to the public, including quarterly financial reports, City Council salaries and expenses, annual financial reports, and statements of financial information.

Background: Myth Busters

Wondering about some of the vendors and the goods and services in the report? From kombucha to pizza and yachts to golf – the City says it is busting some myths about what’s in the report.

Myth: City seems to be buying a lot of beer, pizza and gelato.
These items are not purchased for City staff, but are sold at the City’s concessions and theatres.

Beer from local Vancouver breweries is sold at golf course concessions. The City establishes agreements and negotiates pricing with the suppliers and concessions order from these vendors. Some wine sold at Vancouver Civic Theatres is supplied by the Mark Anthony Group, with whom the City holds a contract.

Gelato, kombucha and coffee are also sold at the City’s park and beach concession stands by vendors with whom we hold agreements.

Pizza Pizza is a tenant of the City of Vancouver at 103-345 Robson Street. As per Council approval, the City made a one-time payment for Tenant Allowance to Pizza Pizza; $55,000 was paid in 2021 and $108,000 was paid in 2022.

Myth: The City is doing a lot of shopping on Amazon.
Amazon purchases are for technology web services, in particular, web hosting services, and materials that are not supplied by the City’s primary sources of supply under contract or when expedited timelines must be met.

Myth: The City is in the exotic meat business.
The City purchases supplies, chicken, and other meat from a local supplier; Walter’s Exotic Meats for the kitchen at Carnegie Community Centre. The vendor sells other types of meats, which may be considered exotic (e.g. pheasant), but these are not part of the City’s purchases.

Myth: The City is spending money on golfing and yachts.
The City owns Fraserview Golf Course and makes payments to the operator, Monaghan Golf Inc., to manage the driving range, pro shop, etc. Executive Yacht Services Ltd. provides maintenance for the VFRS Fireboat. The funds cover labour and material.

Myth: Vancouver is handing over millions of dollars to the City of Delta.
The landfill is located in Delta and the City makes payments to the City of Delta for the Landfill Utility Bill – water and sewer.