Burnaby releases 2024 Annual Municipal Report for public input and approves 2025-2029 Financial Plan

The City of Burnaby has approved the 2025-2029 Financial Plan and is inviting public comment on the 2024 Annual Municipal Report. 

Annual Municipal Report: The Annual Municipal Report has the City's financial statements for 2024. The report provides our audited financial position, statistical information, and accomplishments. 

The financial statements show a surplus, which is a sign of the City’s financial health and sustainability. This surplus includes reserve funds and the value of assets like parks, recreation centers, roads, fire stations, civic buildings, and vehicles for garbage and recycling collection.

These funds are used to pay for future projects like the Cameron Community Centre and Library, Burnaby Lake Recreation Complex, and the Community Safety Building. By having surplus funds, the city avoids borrowing money and keeps tax increases low for residents.

For a summary, view the 2024 Annual Municipal Reports Highlights. The public can comment through the submission form by Wednesday, May 7, 2025, to be shared with City Council. 

2025-2029 Financial Plan: Burnaby City Council has also approved the 2025-2029 Financial Plan. The plan outlines the funding needed to meet current priorities as well as future requirements to meet the City’s growing needs.

Burnaby’s Financial Plan includes one of the lowest property tax increases in Metro Vancouver at 3.9%, which translates to an additional $78 for the average property owner. The plan also includes a new 1.9% property tax levy - labeled 'Growth Infrastructure Investment' on Burnaby residents' tax bills - that was introduced due to changes in provincial legislation on development financing. This new levy translates to an additional $38 for the average property owner. 

It also includes $438.5 million in capital investments as part of a plan to invest $2 billion in capital projects over the next 5 years. These are funded from the City’s reserves, which means we can build community amenities and infrastructure without borrowing and paying interest.

“Our priority is to ensure Burnaby residents are getting excellent value for their money,” said Mayor Mike Hurley. “By keeping our rates low and using our reserves to finance our capital projects, we’re keeping the cost of living down while ensuring our community can enjoy world-class services and facilities for generations to come.”

Although regional rates are increasing, the City of Burnaby is keeping tax increases low by using reserve funds for water and sewer services. Although Metro Vancouver has increased taxes by 7.2% for water services and nearly 50% for sewer services, Burnaby taxpayers will see zero tax increase for water services and only a 20% tax increase for sewer services.

Learn more: Financial & Annual Reports