VICTORIA – The Greater Victoria Harbour Authority (GVHA) fiscal year 2015/16 ended March 31st, and was highlighted by a vibrant cruise season, continued progress on the Ogden Point Master Plan (OPMP) including the completion of phase 3 and the Functional & Facilities Plan, modest revenue growth and strategic planning for the future.
The 2015 cruise season saw 227 scheduled ship calls, bringing more than 535,000 passengers and nearly 200,000 crew to the capital region. Marina revenues were up four per cent compared to FY2014/15 due to increased visitor moorage throughout the summer; commercial revenues were up 11 per cent over the prior year as a result of new property lease and license agreements and increased revenue from commercial customers paying rent on a percentage basis.
GVHA operated in the black recording $805,000 excess of revenue over expenses, on total revenues of $11.7 million for the year. This compares to revenue of $11.1 million in the prior year and excess of revenue over expenses of $89,000. All operating surpluses are directly re-invested into the marine facilities GVHA owns and manages. GVHA’s 2015/16 capital program totalled $1.7 million.
It facilitated more than $100 million of economic impact in the regional economy through its operations, particularly through a growing cruise industry, and invested more than $1 million in the community through direct financial contributions and special initiatives to promote public access and enjoyment of its facilities.
Recently, the Board of Directors finalized and approved a new 10-year strategic plan after significant consultation with the GVHA’s eight Member Agencies, staff and stakeholders that guided the development of the three-year business plan commencing April 1, 2016. The strategic plan reflects a lower risk appetite given GVHA’s forecasted asset investment requirements over the next decade and identifies social initiatives to offset the growing cruise industry. As a result, GVHA developed the following supporting initiatives:
- Completing an organizational assessment including implementing the first phase of a corporate restructuring and relocating the organization’s corporate offices from the top floor of 1019 Wharf Street to the street level. This resulted in a leaner, more efficient organization with the added benefit of lower operating costs.
- Enhancing the Enterprise Risk Management Program, which achieved an “Integrated” level of maturity rating as assessed by KPMG.
- Developing a Ground Transportation Strategy with targets to reduce neighbourhood traffic impacts and enhance safety and efficiency. Implementation of the strategy began April 2016.
Since its creation in 2002, GVHA has invested more than $26.4 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 FY2015/16 fiscal year audited financial statements are available at the following link.
