Financial Challenges & Successes

The City's Finance Department is working to find solutions to existing financial challenges while proactively addressing issues which may affect the City's future financial health.

Financial Challenges

The City presently faces a number of financial challenges, including:

  • Senior government downloading
  • Rapidly rising construction costs
  • Interest rate fluctuations
  • Provincial government's ports tax cap

Despite these challenges, the City is committed to ensuring that the quality of public safety and social services is not compromised, and that the City's ability to meet the needs of the community is not affected.

Provincial Funding Opportunities

The City actively pursues senior government grant opportunities for many capital projects and has had significant success.

The provincial government and ICBC contributed a total of $414,000 toward the Green Necklace project. Another $73,333 in provincial funding enabled the City to install energy efficient heritage-style lighting poles in Victoria Park. The City is presently applying for additional grants to help fund several street and traffic projects.

Financial Success Stories

Despite a number of significant financial challenges, the City strives to ensure that every tax dollar is maximized so residents can continue to enjoy the best possible public services and programs, resulting in the following community amenities:

Lower Lonsdale

Over the last few years, the City has sold a number of vacant properties in Lower Lonsdale to meet the community's growing need for new public amenities, and residential and commercial space. Proceeds from those land sales resulted in the new John Braithwaite Community Centre and street improvements along Esplanade.

The Pier

Several years ago, the City negotiated with real estate developer Pinnacle International to restore two waterfront piers located on the former Versatile Shipyards site. The Burrard Dry Dock Pier and St. Roch Dock have revitalized the waterfront and created a signature destination for residents and visitors.

Lonsdale Energy Corporation (LEC)

Lonsdale Energy Corporation is recognized nationally as an innovative and environmentally sustainable energy system. The City obtained federal funding for its multiple award-winning energy service, including $2 million in grant funds from the federal government's Green Municipal Enabling Fund and a loan of $2 million from the federal Green Municipal Investment Fund.

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