The Greater Victoria Harbour Authority (GVHA) have crunched the numbers and determined they came out of the 2022-23 fiscal year with a $5.4 million surplus.
All-in-all, they had revenues of $18.8 million and expenses of $13.4 million, leaving them with a surplus to play with going into next year.
The GVHA says that around 70% of their revenues come from cruise tariffs while the bulk of the remaining 30% come from their tourism activities.
“The visitor economy bounced back, and many commercial vendors at GVHA harbour properties realized bumper years,” said Robert Lewis-Manning, CEO of the GVHA.
“It was a welcomed year after the two previous fiscal years delivered financial losses of $2.6 million.”
This year, the GVHA say they received around 1.2 million visitors in the Inner Harbour, over 2,200 non-cruise ships at their four Inner Harbour marinas and over 100 non-cruise ships at their Ogden Point deepwater terminal.
This is in addition to the approximate 330 cruise ships they received between April and October.
The organization owns and stewards several properties within the Inner Harbour in an attempt to add to the diversity of commerce in Victoria.
“GVHA is a not-for-profit organization with a small team whose efforts result in immense impacts on the enjoyment of GVHA’s public harbour spaces,” said Christine Willow, board chair for the GVHA.
“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.”
The GVHA hopes the 2023-24 fiscal year will allow them to continue to grow and contribute to what makes Victoria’s Inner Harbour and Breakwater District so unique.
What would you like to see the GVHA bring to Victoria? Let us know in the comments!
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