The Greater Victoria Harbour Authority is still in good shape despite dealing with the pandemic that halted cruise ship travel earlier this year.
GVHA released its annual report, which pointed to “strong revenues and prudent fiscal management” as the reason the organization came out with $3.6 million in cash from its operations, – $700,000 better than budgeted – and concluded the fiscal year with operating revenues of $16.3 million.
A press release from the GVHA states all surplus cash is reinvested in facilities, aiming to advance the organization’s mandate of stewardship and sustainable growth to the capital’s working harbour.
Throughout the fiscal year, GVHA invested $7.3 million back into its capital assets, which included completing the 58-metre extension to the mooring dolphin at the Victoria Cruise Terminal at the Breakwater District, extending the life of the deep-water terminal.
READ ALSO: Harbour authority CEO charts course for return of cruise ships to post-pandemic Victoria
In an effort to slow the spread of the coronavirus, cruise season was postponed to July 1 and then pushed back to Oct. 31, which the GVHA has said will “severely” impact revenues in the coming fiscal year.
Revenues from cruise ship arrivals help maintain the infrastructure at places such as Ogden Point Breakwater, Ship Point and the Inner Harbour Lower Causeway, which are funded through multi-year capital project planning.
READ ALSO: Victoria cruise ship cancellations will have ‘significant economic impacts,’ GVHA says
CEO Ian Robertson issued a statement calling the year a “mix of milestone moments and major projects,” adding that “dedicated members of our organization will be what helps us navigate our way through this unexpected and challenging time toward recovery and future growth.”
During the fiscal year, the GVHA unveiled the new brand and visual identity at the Breakwater District; saw the arrival of the Royal Caribbean Ovation of the Seas, the largest ship to ever sail to the region; and completed the full-scale emissions inventory for the Victoria Cruise Terminal, which will provide baseline data for greenhouse gas emissions to begin looking at the feasibility and business case for shore power.
To read the full report visit gvha.ca/about-gvha/reports-statements.
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