Burnaby’s 2023 Annual Municipal Report is available for public input

The City of Burnaby's 2023 Annual Municipal Report, which includes the City's financial statements for the year ended December 31, 2023, is now available for your feedback. Residents may submit their comments and questions through the submission form by Friday, April 19, 2024 to be shared with City Council. The report provides the City's audited financial position, statistical information, and accomplishments. 

For an executive summary of the City’s financial results along with supplementary information, view the 2023 Annual Municipal Reports Highlights.

The process of annual reporting helps residents understand the City’s responsibilities and priorities while providing an opportunity to provide feedback on our financial reports. 

Understanding the financial statements

The consolidated accumulated surplus reported on the financial statements is a key measure of the City of Burnaby’s financial strength and long-term sustainability. The accumulated surplus consists of the City’s reserve funds and reserves as well as the value of our capital assets used to provide our core services and programs such as park land, recreation centres, roads, fire halls, civic buildings, and vehicles used for garbage and recycling collection and servicing the community. 

The 2023 annual surplus represents the growth in the accumulated surplus from the previous year. The majority of the surplus was generated from developer contributions such as community benefit bonus contributions, grants received for future capital projects, and associated investment income earned. These funds will continue to help the City finance future infrastructure and community amenities such as the Cameron Community Centre and Library, Burnaby Lake Recreation Complex, and James Cowan Theatre Redevelopment. These capital reserves also fund the City’s investments in non-market housing and more. 

Setting aside surplus in the City’s reserve funds and reserves saves money for Burnaby taxpayers. By setting aside these funds, the City is able to build community amenities and infrastructure without borrowing and incurring debt charges. This stability also allows the City to keep tax increases consistently among the lowest in the region. 

As the City’s population continues to grow, the ability to invest into the future while minimizing the impact on tax rates remains a Council priority.  

Please provide your comments regarding the 2023 Annual Municipal Report. For an executive summary of the City’s financial results along with supplementary information view our Annual Municipal Reports Highlights. 

Learn more: Annual Municipal Report Feedback Form