The City of North Vancouver's 2025 Annual Report, in Plain Language
Every year, the City of North Vancouver publishes an annual report covering its finances, major projects, services, and progress. The 2025 report runs more than 90 pages.
There is useful information in it, but most residents will not have time to work through the full document. Here are the numbers and developments that stood out to me.
The financial picture
The City reported total revenue of $199.5 million in 2025, an increase of 9.6% from the previous year. Total expenses were $184.6 million. The difference was an annual accounting surplus of $14.9 million.
That surplus needs some context. Municipal financial statements use accrual accounting, so the figure is not automatically the same as cash left over from the operating budget or money available for a new program. It reflects the City's full financial activity, including how capital funding and other items are recognized.
The accumulated surplus was reported at $751.4 million. Again, this is not $751.4 million sitting in a bank account waiting to be spent. Much of it reflects the value of capital assets and money committed to capital purposes.
These distinctions matter. Large financial figures can sound reassuring or alarming without explaining what they actually represent.
Where the money came from
Property taxes accounted for 44% of the City's $199.5 million in revenue. Sales of services, including utilities and fees, accounted for 24%. Grants and other revenue represented another 10%.
One positive number was the $25.7 million the City reported receiving through 17 grants in 2025. That is equal to roughly 30% of the City's tax revenue.
Grant funding does not make a project free. It may require matching funds, ongoing operating costs, or commitments in future years. Still, bringing in funding from other governments and programs can help local tax dollars go further. It is work worth doing well.
## Sewer and drainage costs deserve attention
The sharpest expense change was in sewer and drainage.
Spending increased from $14.1 million to $25 million, a rise of roughly 77% in one year. According to the City, Metro Vancouver levy costs increased by $6.7 million, primarily because of cost overruns on the North Shore Wastewater Treatment Plant.
This is a regional project, but the costs are felt directly by North Shore residents through local utility bills.
CNV does not control Metro Vancouver on its own. Local leaders still have a responsibility to scrutinize regional financial decisions, ask questions at the regional table, and explain the effect on residents clearly.
What moved forward in 2025
The annual report also records several important projects and policy changes.
The Harry Jerome Community Recreation Centre remained on its $230 million project budget and opened in July 2026. Construction began on the second phase of the North Shore Neighbourhood House project, which includes 179 rental homes with 30% offered below market. New childcare centres at Mahon Park and Innova were completed. Topo Park opened in Central Lonsdale.
The City also adopted zoning changes affecting more than 4,900 properties, opening the door to more forms of housing.
These are tangible results. The next question is how well they perform over time. Are the new childcare spaces meeting local demand? Are the rental homes delivered on schedule and at the promised affordability? Are the zoning changes producing the housing types residents need?
Other numbers worth watching
The report notes that 47% of CNV households rent, based on the 2021 Census. Nearly half the city is directly affected by the availability, security, and cost of rental housing.
The City's population estimate fell from 67,117 in 2024 to 66,624 in 2025, the first decline in the five-year series shown in the report. One year does not establish a trend, but it is worth watching.
Debt increased from $0.9 million to $49.9 million through short-term borrowing, primarily for the Harry Jerome project and North Shore Neighbourhood House Phase 2. Borrowing for long-lived public assets can be reasonable. Residents should still be able to see the repayment plan, interest cost, and effect on future budgets.
Make the information easier to use
The annual report is valuable, but public accountability should not depend on residents reading 90 pages once a year.
I would like CNV to publish a simple dashboard showing the City's finances, major projects, and results. In about five minutes, a resident should be able to answer four questions:
Where are we spending?
Which projects are on budget?
What is behind schedule?
What are we actually achieving?
The City says a broader performance measurement framework is under development. That is a good opportunity to make reporting more useful, not simply more detailed.
Clear numbers help residents understand the choices Council is making. Clear results show whether those choices are working.
