BURNABY

The City of Burnaby received $19,269,827 in gaming revenue in 2023, with $2,972,138 used for operating expenses and $16,297,689 for capital projects. The Gaming Reserve had a balance of $11,318,425 at the end of 2023, and the Gaming Interest Reserve had a balance of $4,624,175 after earning $718,378 in interest and funding $4,146,692 in operating expenses.

Gaming Reserve and Gaming Interest Reserve

• The City receives 10% of the net Provincial proceeds from the Grand Villa (Gateway Casino) through a Host Financial Assistance Agreement with the Province of BC.

• The Gaming Reserve and Gaming Interest Reserve are used for Council-approved initiatives.

• The Gaming Reserve had a balance of $11,318,425 at the end of 2023, after $19,269,827 in expenditures.

• The Gaming Interest Reserve had a balance of $4,624,175 at the end of 2023, after earning $718,378 in interest and funding $4,146,692 in operating expenses.

Reporting and Financial Considerations

• The information is reported to the Province annually by March 15.

• The Gaming Reserve and Gaming Interest Reserve have sufficient funding for capital and operating initiatives approved in the 2024 Financial Plan.

Summary: The Financial Management Committee received and adopted a report on the City's 2023 Investment Program and forecast for 2024.

• City Investment Portfolio: Totalled $2.23 billion on December 31, 2023, with a 4.04% annual yield.
• Investment Strategy: Focus on diversification, strong internal controls, and short/long-term products for liquidity and growth.
• Banking Relationships: Consistent in 2023, with plans for socially responsible investing and adjustments for 2024 limits.

The City of Burnaby's Financial Management Committee received a report on the city's investment portfolio as of the end of 2023. The portfolio totaled $2.23 billion, with a return of $97.65 million at an annual yield of 4.04%.

• The city's investment portfolio reached $2.23 billion as of December 31, 2023.
• The portfolio generated a return of $97.65 million, with an annual yield of 4.04%.
• Treasury Services will monitor markets for investment opportunities in 2024.

• Policy: The city's Investment Policy ensures adherence to legislative requirements, with a focus on diversification and strong internal controls.
• Investments: The city invests in short and long-term products to ensure liquidity and sustainable growth.
• Banking Relationships: Treasury Services monitors financial institutions for risk mitigation and investment procedures. Banking relationships remained consistent during 2023.
• Socially Responsible Investing: Strategies will be implemented to support the city's Corporate Strategic Plan.

• Central banks are expected to increase interest rates to combat rising inflation and economic challenges.

Bylaw No. 14633 CITY OF BURNABY BYLAW NO. 14633 A BYLAW to adopt the 2024 to 2028 Financial Plan

• Proportion of Total 2024 Revenue: Taxation Revenue 40.2%, Community Benefit Bonus 16.9%, Sale of Goods and Services 16.4%, Other Revenue 9.0%, Investment Income 8.5%, Transfer from Other Governments 5.4%, Parcel Taxes 2.2%, Contributed Asset Revenue 0.8%, Transfers from Restricted Funds and Development Cost Charges 0.6%.
• Distribution of 2024 Municipal Property Taxes: Residential 51.2%, Business 38.2%, Light Industry 5.4%, Others 5.2%.
• Permissive Tax Exemptions: Council grants exemptions based on guidelines to non-profit organizations used primarily by Burnaby residents.

Key points from the document:

• 2025 Expansion: Fraser Valley, Okanagan, and other high housing cost regions included.
• Tax Rate Increase: Foreign owners and satellite families to face 2.5% tax rate in 2025.
• New Exemption: Properties under construction or renovation to receive exemption.
• Simplified Process: SVT declaration process to be streamlined for property owners.
• Future Measures: Province to explore additional measures for housing affordability beyond SVT.