Greater Victoria Harbour Authority releases 2019-20 Annual Report and Financial Statements
Sept. 30, 2020, Victoria, BC, Canada – At its Annual General Meeting, the not-for-profit Greater Victoria Harbour Authority (GVHA) announced that it concluded the 2019-20 fiscal year with operating revenues of $16.3 million.
Strong revenues and prudent fiscal management resulted in the organization having remaining cash from operations of $3.6 million, which was $700,000 better than budgeted. All surplus cash generated from operations is reinvested in its facilities and helps advance the organization’s mandate of stewardship and sustainable growth of Victoria’s dynamic working harbour.
In 2019-20, GVHA also invested $7.3 million back into its capital assets, including the completion of the 58-metre extension to the mooring dolphin at the Victoria Cruise Terminal at The Breakwater District, which will further extend the life of the deep-water terminal.
“An annual general meeting allows a Board of Directors and its constituents to look back at a period of time; this year we have the opportunity to look back on the successes of 2019-20 through the lens of living in a global pandemic,” said Dave Cowen, Chair of the Board of Directors for the Greater Victoria Harbour Authority. “While we’re focused on resiliency and recovery as we look forward, it is important to remember the strength of the organization upon which we intend to build.”
Highlights from 2019-20 include the unveiling of the new brand and visual identity at The Breakwater District at Ogden Point; the return of Cunard Line to the region with the inaugural call of Queen Elizabeth; the arrival of Royal Caribbean Ovation of the Seas, the largest ship to ever sail to the region; and the completion of the full-scale emissions inventory for the Victoria Cruise Terminal, which provided baseline data for greenhouse gas emissions at the largest facility owned and operated by GVHA and allowed the Board of Directors to begin the feasibility and business case for shore power.
“Last year was filled with a mix of milestone moments and major projects, and I am incredibly proud of our team for pushing our organization forward,” said Ian Robertson, CEO of the Greater Victoria Harbour Authority. “The hard-working, dedicated members of our organization will be what helps us navigate our way through this unexpected and challenging time toward recovery and future growth.”
The impact of COVID-19 will be felt by the organization for many years to come. While there is no ability to predict the length or depth of the impact of COVID-19 on travel, and specifically cruise travel, the organization faced the reality that the cruise season would not begin until at least July 1, 2020 – which was then extended to Oct. 31, 2020 – severely impacting revenues for the coming fiscal.
Revenues from cruise ship arrivals help maintain the infrastructure at the deep-water terminal as well as across the various community amenities that GVHA stewards. The spaces that Victorians love, such as the Ogden Point Breakwater, Ship Point, and the Inner Harbour Lower Causeway are maintained through multi-year capital project planning and ongoing repair and maintenance work.
The 2019 Annual Report may be found here.
About the Greater Victoria Harbour Authority
The Greater Victoria Harbour Authority is a community-based, not-for-profit organization that is committed to the stewardship and sustainable growth of Victoria’s dynamic working harbour. The organization is governed by a 13-member Board of Directors, represented by four independent community members and eight Member Agencies: Esquimalt Nation, Songhees Nation, Capital Regional District, City of Victoria, Township of Esquimalt, The Chamber, Victoria Esquimalt Harbour Society, and Destination Greater Victoria.
The Greater Victoria Harbour Authority owns and operates several high-profile community amenities including the Ogden Point Breakwater, Inner Harbour lower causeway, Ship Point, and customs dock at Raymur Point. Within its commercial and marine industrial holdings are The Breakwater District at Ogden Point, Fisherman’s Wharf, four Inner Harbour marinas, and the historic Steamship Terminal. The organization manages the Victoria Cruise Terminal at The Breakwater District, which contributes more than $130 million annually to the Greater Victoria economy and is responsible for 800 direct and indirect jobs.