City releases 2023 Statement of Financial Information

April 17 2024 -

In accordance with the Financial Information Act, the City of Vancouver has prepared its annual Statement of Financial Information (SOFI) report PDF file (6.1 MB). The SOFI report contains:

• Consolidated financial statements
• Supplementary financial information
• Remuneration and expenses for:
  • Mayor and Councillors
  • Vancouver Board of Parks and Recreation Commissioners
  • Vancouver Police Board Members
  • Vancouver Public Library Board Members
  • Employees (earning above $75,000)
• Payments to suppliers of goods and services (including grants and contributions)
• Taskforce for Climate-related Financial Disclosures annual report

The consolidated financial statements have been prepared in accordance with the Canadian public sector accounting standards and audited by the independent firm KPMG LLP.

Consolidated financial statements explained

The consolidated financial statements in the report account for all City funds including capital, operating, property endowment fund, and City entities like the PNE and EasyPark. The consolidated financial statements reported an annual surplus and accumulated surplus.

A consolidated annual surplus differs from an operating budget surplus. In many cases, a consolidated annual surplus is the result of revenues received earlier than when the corresponding expenses occur. The City's consolidated annual surplus in 2023 reflects funds reserved for future spending obligations, such as developer contributions for future civic amenities and infrastructure, senior government grants for capital programs, and Empty Homes Tax revenue to be invested in affordable housing initiatives.

The accumulated surplus largely consists of the City's investments of capital assets such as land, buildings, roads and utilities, infrastructure and fleet. The remainder of the accumulated surplus is in reserves that are set aside for specific purposes where commitments and statutory requirements are in place, such as for community amenity contributions for future City assets and amenities.

Financial position remains healthy

Revenue streams continued to stabilize in 2023, as service levels, programs and facilities returned to normal capacity and pre-COVID levels. Throughout the year, the City delivered on key initiatives that support Council's strategic priorities, including affordable housing, growing and renewing infrastructure and amenities, and vibrant and safe communities.

The City's consolidated financial position remains healthy and stable despite facing inflationary pressures in labour and construction costs.

In February 2024, S&P Global Ratings, and in October 2023, Moody's Investors Service reaffirmed the City's credit rating of AAA and Aaa with stable outlooks, respectively.

The City makes all 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

Curious about some of the vendors and the goods and services in the report? Here, we bust some myths.

Myth: The City is paying other municipalities for services.

These are payments made under the Inter-municipal Business Licence (IMBL) agreement, which allows ride-hailing companies (Uber and Lyft) to operate across multiple Lower Mainland municipalities. The City of Vancouver is the agreed-upon licensing authority for the IMBL, which means that ride-hailing companies that operate in the Lower Mainland purchase their licence directly from the City, and the City then distributes the fee revenue to municipalities that participate in the IMBL. No other funds from the City are used to distribute licence fee revenue to participating municipalities.

Myth: City seems to be spending a lot at breweries.

Beer from local Vancouver breweries is sold at civic theatres and golf course concessions, for patrons to purchase. The City establishes agreements and negotiates pricing with these vendors.