A closer look At old-time cArs
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July 18 2014 www.burnabynewsleader.com
Ford parties on with its fun new Fiesta, says Alexandra straub. see Page a9
NEB delays pipeline review Burnaby Mountain section to be subject of more scrutiny Wanda Chow
wchow@burnabynewsleader.com
NeWsleader file
The City of Burnaby’s reserves are not just sitting around, says Mayor Derek Corrigan. One use of the money is to self-finance capital projects, such as the $42-million Edmonds Community Centre, paying itself interest to ensure the reserves continue to grow in step with inflation.
Burnaby finances in good health Fraser Institute study finds it tops list of Metro Vancouver cities Wanda Chow
wchow@burnabynewsleader.com
It appears the right-leaning Fraser Institute is all for the approach to civic finances taken by left-leaning Burnaby city hall. In a report released Tuesday, the think tank compared the debt and other liabilities at the City of Vancouver to other Metro Vancouver municipalities.
As of 2012, the latest year for net liabilities, followed by West comparable data, Vancouver was in Vancouver with $1 million in the red by $268 million. liabilities. Burnaby, on the other hand, The report notes that was in the strongest financial Vancouver is unlike other position with $676 million in Metro cities since it’s the net financial assets. only one that can directly Richmond was in second issue long-term debt without place at $469 million in first getting the approval CorrigaN the black, followed by of the Municipal Finance Coquitlam with $166 million Authority, provincial in net assets. government and the regional district On the other end of the scale, board. Belcarra was just ahead of From 2002 to 2012, Vancouver Vancouver with $3 million in has consistently been in the red
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when other Metro Vancouver municipalities have collectively been in a net asset position. Its net liabilities more than quadrupled between 2006 and 2011, partly due to having to bankroll the troubled Olympic Village project as part of the 2010 Olympics. “An important consequence of increasing liabilities is that the cost of servicing municipal government debt also increases, which means less money is available for municipal services,” the report said. Please see ‘it’s Not a City role’, a3
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The National Energy Board (NEB) has extended the review process by seven months for the proposed Trans Mountain pipeline expansion project to allow for more scrutiny of a new route through Burnaby. Last month Kinder Morgan told the NEB its preferred route to the Westridge Marine Terminal in North Burnaby would now run through Burnaby Mountain. It also stated it needed to do more studies which should be completed by Dec. 1. While the National Energy Board Act requires the review be completed within 15 months, if the NEB requires the applicant to provide more information, the period of time it takes to comply is not included in that time frame, the NEB explained in a press release. The period excluded from the time limit calculation will run July 11 to Feb. 3, 2015. Please see loNg-overdue viCtory, a4