Victoria, British Columbia — A vibrant cruise season, completion of the revitalization of the Steamship Terminal, modest revenue growth and strategic planning for the future characterised the fiscal year ended March 31, 2015 (FY2014/15) for the Greater Victoria Harbour Authority (GVHA).
Through the 2014 cruise season, 203 cruise ship calls brought over 467,000 passengers and nearly 195,000 crew to the capital region. Marina revenues remained stable compared to FY2013/14 and commercial revenues were up 8% over the prior year as a result of new property lease and license agreements. GVHA operated in the black recording $89,000 excess of revenue over expenses, on total revenues of $11.1 million for the year. This compares to revenue of $10.7 million in the prior year and excess of revenue over expenses of $974,075.
GVHA facilitated over $100 million of economic impact in the regional economy through its operations, particularly through a growing cruise industry, and invested nearly $1 million in the community through direct financial contributions and special initiatives to promote public access and enjoyment of its facilities.
GVHA’s Board initiated a strategic planning process that included significant consultation with GVHA’s eight Member Agencies, staff and stakeholders in order to develop a new 10-year strategic plan which will be presented at the October 2015 annual general meeting. The strategic plan reflects a lower risk appetite given GVHA’s forecasted asset investment requirements over the next decade. To this effect, GVHA developed the following supporting initiatives:
- Restricted Reserve Fund Policy—to provide guidance and methodology for growing an internal cash reserve fund in the event of a significant event affecting GVHA’s operations
- Asset Lifecycle Plan—to identify asset replacement costs and a timeline over the next 25 years
- Updated Enterprise Risk Management Program— to focus continued attention on the wide range of risks that are managed and mitigated by GVHA.
Since its creation in 2002, GVHA has invested more than $24.7 million in capital assets across all facilities that are enjoyed daily by residents and visitors and spur significant economic activity in the region. GVHA continues to ensure that the Victoria harbour remains dynamic and varied in character as well as economically sustainable and an exciting place to live, work, play and explore.
GVHA’s FY2014/15 fiscal year audited financial statements are available online here.