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City releases 2024 Statement of Financial Information

April 10 2025 –

In accordance with the Financial Information Act, the City of Vancouver has prepared its annual Statement of Financial Information (SOFI) report (6.4 MB).

The SOFI report contains:

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

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 the City’s six funds including the Capital fund, Operating fund and Property Endowment fund, and the City’s controlled entities like the PNE and EasyPark.

The consolidated financial statements reflect the assets, liabilities, revenues and expenses including the annual surplus and accumulated surplus for 2024, consistent with last year.

The consolidated annual surplus reflects funds reserved for future spending obligations, such as developer contributions, senior government grants, and Empty Homes Tax revenue to build community amenities and affordable housing, as well as funds set aside for debt repayment. 

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

Financial position remains healthy

The City’s consolidated financial position remains healthy and stable despite facing inflationary pressures in labour and supply-cost inflation, as well as higher costs passed on from Metro Vancouver and E-Comm 9-1-1. To support these budgetary pressures, the City continues to exercise prudent management and financial discipline. It takes a balanced approach, focusing on cost containment and minimizing significant tax and fee rate increases while responsibly investing in essential infrastructure and amenities. 

The City’s 2024 financial position remained healthy and is reflected in recent credit ratings updates. In February 2025, S&P Global Ratings, and in April 2025, Moody’s Ratings reaffirmed the City’s credit rating of AAA and Aaa with stable outlooks, respectively.  

The City 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 on Vendors

The SOFI contains a list of vendors who have billed over $25,000 to the City of Vancouver in the fiscal year. Curious about some of the vendors and the goods and services in the report? Here, we clarify some entries that look odd at first glance.

Myth: The City spends a lot to cater staff lunches.
Catering and food vending expenses, including food and alcohol, are sold at concessions, for patrons to purchase at various Board of Parks and Recreation locations, community centres, golf courses and civic theatres. Those are the vendor entries you see for goods like ice cream and gelato.

Myth: The City pays a lot in staff travel. 
The City incurs some expenses related to travel and accommodations for business travel as part of conferences, training and events, and includes travel for Vancouver Police Department.

Myth:  Vancouver is paying other cities to do their work. 
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: The 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. 

Myth: City staff are spending time on the links.
The City purchases equipment and supplies as part of operational expenses at the three golf courses it operates and generates revenues from - Fraserview, Langara and McCleery – and the Stanley Park Pitch and Putt.