Vancouver’s mayor addressed what he called “misinformation” about the city’s financial status during the COVID-19 crisis, saying the city is not on the verge of bankruptcy but needs help.
Kennedy Stewart says the city has $130 million in reserves, but much of that money should be saved for other emergencies like earthquakes.
Stewart said a plan for grace period on property tax payments is on hold for now, adding the province has denied requests for emergency grants to help shore up the city’s operating costs. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] Premier John Horgan noted that Vancouver is far from the only municipality in the province facing fiscal challenges.