Metro Vancouver to slash $364M in operating costs, $1.1B in capital spending – BC
Metro Vancouver’s board has approved a plan to slash $364 million in operating costs and $1.1 billion in capital spending over the next four years.
It comes as homeowners face big tax hikes due to cost overruns on the North Shore Wastewater Treatment plant and scrutiny over spending on travel and events.
The plan will see the district postpone some capital projects, while finding operating savings through spending cuts, resource optimization and lower debt servicing costs.
“It was important to us to get to a well-balanced place within our budget where we could ensure projects were still getting done so we can deliver great quality service, continue to do that, but at the same time keeping a laser focus on delivering it as efficiently as we can,” Board Chair and Burnaby Mayor Mike Hurley told Global News.
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The plan will see next year’s household tax hike fall from 5 per cent to 2.5 per cent, a savings of about $22.
The tax hike for 2027 has also been reduced from 5 per cent to 3 per cent. The following two years will still see a 5 per cent tax increase.
“You could argue that’s not a lot of money, but at the same time, in the way that people are struggling right now every dollar helps,” Hurley said.
The cuts come after the board voted in November to have staff conduct a review to find savings.
Board directors voted unanimously to approve it on Wednesday.
Under the plan, Metro Vancouver will delay upgrades to the Coquitlam Lake Water Supply & Water Main project and the the Waste-to-Energy Facility District Energy Project and maintenance.
There will also be major cuts from the Iona Island Waste Water Treatment Plan phased delivery and project delays in Northwest Langley and Annacis expansions.
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