Clockin' dollars
When Im not in my garden reading poetry and sipping something a little fruity from a tall glass, I like to see how fast my eyes can dry out by poring over financial documents from city hall.
Really, its great fun.
So it was with hyper enthusiasm that I downloaded the citys 2011 Financial Report this week and found out what you probably already knowthe city spends a whack of cash, and rakes a lot of it in, too.
If Im reading the documents correctly, the city collected $1.4 billion in revenuesthe majority, at $619 million, from property taxesand spent $1.2 billion on expenses, including $234 million for police protection.
That left a surplus of roughly $107 million. And if you add that to what is called an accumulated surplus from previous years, the city is sitting on a $5.7 billion surplus, the majority of which are civic use assets.
Cha-ching.
But while those numbers are semi-interesting, the documents are filled with mystery and surprise surrounding other finance-related business of the city.
Heres what I found:
- The city has guaranteed a $21.4 million line of credit for the Pacific National Exhibition.
- The city has a reserve of $23.5 million, if needed to pay out legal claims.
- The city has entered into a $38 million agreement with a property owner to buy land should the owner not be able to proceed with the intended development of the property. The agreement expires May 9, 2014.
- As of Dec. 31, 2011, the citys investment in the Southeast False Creek and Olympic Village development was at $462 million. Recovery of the citys investment continues to be primarily based on the proceeds from the sale of remaining condos.
- The city receives annual lease payments of $6.7 million from the federal government for the offices it occupies at the main branch of the public library building.
- The 2011 civic election cost the city $2 million.
- The city saw a $3.2 million increase in on-street parking revenues after council increased rates and expanded meter zones.
- Of the $957.6 million in total operating costs, $30 million went to contractual wage and fringe benefit adjustments.
If you want to read more about sinking fund debentures and investment in tangible capital assets, take a gander at the report on the citys website, under this weeks finance committee agenda.
Cop shop
Speaking of cash
Seems the city isnt ready to take the wrecking ball to the Vancouver Police Departments old headquarters at 312 Main St., after all.
The main reason officers began moving out of the building in 2010 to new digs on Graveley Street was because of the age and disrepair of the 1954 structure.
Back in December 2010, I spoke to Ken Bayne, the citys general manager of business planning and services, about the buildings future.
Heres what he said:
We assumed, to be quite honest, that when the police department moved out, wed pull the building down, he said, estimating the property would be worth $5 million to $7 million. But now there is discussion about potential uses. Its just a question of whether any of them pan out.
A staff report going before council this week recommends spending $1.7 million to replace water pipes, a procedure that includes asbestos abatement work.
The report doesnt give any clues as to who is interested in moving into the old building. But, it seems, it is even more certain it will be occupied at some point.
Staff have concluded that the deteriorated water piping at 312 Main is well beyond its life span, poses an obstacle to any re-use of this facility and should be replaced before the facility is reoccupied, the report concluded.
Twitter: @Howellings
