The City of Vancouver operates under the Vancouver Charter, a statute of the B.C. government. Subject to the terms of the Charter, the City raises its own revenues, and issues its own debt.

The City’s 2006 Annual Financial Report notes total revenues of just over $1 billion, of which 48 per cent was from property taxes and an additional 43 per cent from user fees and cost recoveries. Property taxes are levied on current market values as assessed by a Provincial agency. The 2007 tax rate amounted to about 2.5 per cent of assessed value for most commercial properties.

Slightly over half of all property taxes raised goes to fund the City; the remainder funds regional transportation, school and other activities.

Net City debt outstanding at the end of 2006 amounted to approximately $730 per capita. Except for local improvements, all City debt has a 10 year term. The City enjoys a triple A credit rating. Tax arrears have declined from $35 million in 2002 to $22 million in 2006 (2.21 per cent of taxes levied).

The City has a strong commitment to economic development, outlined in Guiding Principles adopted in 2006. The City and Metro Vancouver have their own substantial environmental sustainability programs, which complement those of the B.C. government.

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