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1. Why does the City have such a large surplus?

The reported surplus ($234 million) includes the value of built long-term infrastructure like roads and utilities, as well as money set aside in reserves for future use—it's not all "available cash." Of the $234 million, only $1 million is available cash.  

2. If the City is doing well financially, why are taxes still going up?

Most of the City's savings are already committed to future infrastructure projects. Annual taxes cover daily services like police, fire, parks and waste collection, which increase in cost every year.

3. How much of the City’s money is actually available to spend?

The unrestricted annual surplus was $1 million in 2024. Most of the surplus reported is in restricted reserves, or tied up in assets like building and roads.

4. What are the reserves used for?

Reserves (city savings) fund big-ticket projects like new recreation centres, transportation upgrades and infrastructure replacement. They help avoid borrowing and future tax spikes.

5. Did the City take on new debt in 2024?

No—the City paid down existing debt and didn’t borrow more. 

6. Where did all the investment income come from?

The City earned $48.8 million in investment income due to higher interest rates and a larger investment balance—a balance primarily made up of capital reserves to fund future infrastructure.

7. What were some major capital projects in 2024?

Notable capital projects that were completed or progressed in 2024 include Mundy Park Pool Renewal, Town Centre Park Community Centre, Austin Works Yard Renewal, Burke Mountain Joint School/Park Site, Schoolhouse Street Bridge, Northeast Partington Creek Channel Upgrades and the Joint Flood Mitigation Project with kʷikʷəƛ̓əm First Nation.

8. How much money did the City actually spend on capital projects?

The City spent $130.3 million on capital projects and programs in 2024, with around $11.3 million of that funded by grants.

9. What financial risks is the City facing in 2025?

Economic uncertainty, rising construction costs, trade barriers and provincially legislated changes to housing regulation and development financing could affect future budgets; however, the City’s strong financial planning policies and practices will help to maintain stability.

10. How is the City preparing for future growth?

Through strong financial planning and capital investment (including optimizing city-owned land development opportunities), facility upgrades and infrastructure for new neighbourhoods.