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Jun 25, 2019 Return to Headlines

Surplus Investments Address Citizen Priorities

by Rebecca Vaughan |

COQUITLAM, BC, June 25, 2019The City finished 2018 in a positive financial position with surpluses and additional revenues, which will be invested into one-time projects that will address residents’ top priority – transportation.

Due to continued careful financial management by Council and staff, and the continued high level of growth and development, the City’s financial position at Dec. 31, 2018 was positive with a small surplus in all funds, and additional revenues from land sales and development. These surplus funds will be invested into a number of initiatives related to improving transportation infrastructure and safety that will provide immediate and noticeable benefits to the community.

Investments in Response to Citizen Feedback
The 2018 Citizen Survey completed by Ipsos showed that 98% of residents believe the quality of life in Coquitlam is good or very good. However, when residents are asked to identify important issues in the community, transportation has consistently ranked at the top; this has been the case since 2003 and was the case in 2018, when more than a third of ​respondents noted transportation issues as a top concern. 

As a result, the City has allocated surplus funding to projects that improve transportation infrastructure, transportation safety and multi-modal opportunities. These short-term projects will provide noticeable benefits to the public and help to manage costs in the long-term. Additional funding for enhancements to the Coquitlam Animal Shelter and Town Centre Recycling Depot will also improve delivery of these important community services.

How the City Handles a Surplus
In accordance with the Council-approved Surplus Policy, the surplus was contributed to the City’s Infrastructure Reserve so that these funds can be used to support priority projects. In adopting this policy, Council indicated a desire to allocate some of these funds to initiatives that will provide immediate benefit to the community and address some of the priorities highlighted by residents.  

Learn More
More information about the City’s financial position is available in the 2018 Annual Report. The report can be viewed online at www.coquitlam.ca/annualreport, or copies of the report are also available for viewing at City Hall 8 a.m. to 5 p.m. Monday to Friday.

Media contact:
Michelle Hunt
General Manager, Finance & Technology
604-927-3531
mhunt@coquitlam.ca 

 

Media Inquiries

Manager, Corporate Communications - Kathleen Vincent
Phone: 604-927-3019
Cell: 604-218-1319
Email: media@coquitlam.ca