Greater Victoria Harbour Authority releases 2022-23 Annual Report and Financial Statements
October 17, 2023, VICTORIA, BC— At its Annual General Meeting, the not-for-profit Greater Victoria Harbour Authority (GVHA) announced that it concluded the 2022-23 fiscal year with a net surplus of $5.4 million, based on operating revenues of $18.8 million and expenses of $13.4 million.
Approximately 70 per cent of annual revenues for GVHA come from cruise tariffs and sustainability fees, with the remaining majority of the 30 per cent of revenues derived from tourism-related activities.
“The visitor economy bounced back, and many commercial vendors at GVHA harbour properties realized bumper years,” said Robert Lewis-Manning, CEO of the Greater Victoria Harbour Authority. “It was a welcomed year after the two previous fiscal years delivered financial losses of $2.6 million.”
In addition to the visitor economy, non-cruise activity also bounced back. The deepwater terminal at the Breakwater District at Ogden Point received 100 non-cruise ships that exchanged cargo, accessed winter moorage and underwent ship repairs. GVHA’s four marina facilities welcomed 2,208 non-cruise vessels. The Inner Harbour Lower Causeway welcomed 1.2 million visitors who enjoyed over 20 music and cultural events.
“GVHA is a not-for-profit organization with a small team whose efforts result in immense impacts to the enjoyment of GVHA’s public harbour spaces,” said Christine Willow, board chair for the Greater Victoria Harbour Authority. “Surplus revenues are reinvested into repairs and infrastructure at our properties, some of which are Victoria’s most iconic places: the Breakwater, Fisherman’s Wharf and the Inner Harbour Lower Causeway.”
Indigenous procurement remained a top commitment for GVHA. In 2022/23, GVHA had a 41.7 per cent Indigenous procurement capital spend, mainly from a relationship with Salish Seas Industrial Services (SSIS), and a 1.2 per cent operational spend. GVHA worked with SSIS, Geo Services, Songhees Tours, Songhees Events and Catering, the Lekwungen dancers and the Xwsepsum (Esquimalt) singers and dancers.
Community impact initiatives during 2022-23 include supporting community events and fundraisers at the Breakwater District at Ogden Point: Maritime Museum Annual Garage Sale, Crabtoberfest, CFAX Santa’s Anonymous (warehouse space) and staging for the IEOA Truck Light Convoy.
Over 80 commercial vendors operate seasonally or year-round at GVHA properties. In 2022-23, GVHA continued to support its commercial customers and offered longer-term contracts, such as Helijet’s lease at Camel Point for 25 years, affording operational predictability.
About the Greater Victoria Harbour Authority
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. GVHA owns and operates several high-profile community amenities, including the Ogden Point Breakwater, Inner Harbour lower causeway, Fisherman’s Wharf and Ship Point Pier. GVHA is certified as a Canadian Council for Aboriginal Business Silver Member. Silver Members recognize the value of working with Indigenous communities and showing outcomes that have made a difference, including investment in communities, people, employment programs and business partnerships.
For more information, visit www.gvha.ca.
Stella F. Garcia
Manager, Communications & Marketing
email@example.com | 250.383.8300 ext. 251