City releases 2025 Statement of Financial Information

The City of Vancouver has published its annual Statement of Financial Information (SOFI) report PDF file (6.6 MB), as required under provincial legislation.

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 greater than $25,000 (including grants and contributions)

Consolidated financial statements explained

The consolidated financial statements in the report account for the City’s funds, including the capital fund, operating fund, property endowment fund, and the City’s controlled entities like the PNE and EasyPark. They outline the City’s overall assets, liabilities, revenues and expenses and show the City’s annual and accumulated surplus for 2025.

The annual surplus represents funds reserved for future spending obligations like developer contributions, senior government grants and revenue from the Empty Homes Tax to support amenities, affordable housing and debt repayment.

Most of the accumulated surplus reflects long-term City investments in land, buildings, roads, utilities and equipment. The rest is held in dedicated reserve accounts, set aside for specific commitments and future amenities.

City’s financial position remains strong

Despite ongoing inflationary pressures associated with construction materials and labour, increased public safety services and rising costs from regional partners such as Metro Vancouver, the City’s overall financial position remains stable. Prudent financial management, exceptional liquidity, low debt burden and stable revenues support continued investment in essential infrastructure and services while maintaining affordability and fiscal resilience.

This strong financial position is reflected in recent credit ratings. S&P Global Ratings and Moody’s Ratings both reaffirmed the City’s AAA/Aaa ratings with stable outlooks.

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 were paid 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 is spending over a million dollars on staff’s personal dry cleaning.
Dry-cleaning expenses are for uniform cleaning and maintenance for the Vancouver Police Department (VPD). Police uniforms and protective garments must meet strict hygiene, safety and appearance standards, requiring regular, professional cleaning.

Myth: The City is spending excessively on credit card fees.
The City accepts payment for various services through credit cards – these fees represent charges for those transactions.

Myth: The City is spending hundreds of thousands of dollars shopping on Amazon.
These purchases support essential technology infrastructure and operations, not consumer shopping. Amazon purchases are for technology web services, in particular, web hosting services, and materials that are not supplied by our primary sources of supply under contract or when expedited timelines must be met.

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.