Greater Victoria Port Authority looks to the future despite lost $ 1.1 million in revenue – Goldstream News Gazette
The closure of all international and Canadian ports at the cruise, sea and land borders resulted in a loss of $ 1.1 million for the Greater Victoria Port Authority.
These calculations are based on operating revenues of $ 7.1 million and expenses of $ 8.2 million in its 2020-2021 fiscal year. The organization said in a statement it had to make tough decisions about layoffs and cuts in capital and infrastructure spending during the pandemic.
Christine Willow, chairman of the board of directors of GVHA, said in a statement that although the pandemic spans two fiscal years, they continue to plan for the future with the aim of returning to financial stability while reinvesting in community facilities and equipment.
Over 70 percent of annual revenue comes from cruise fares and sustainability fees, while the remaining 30 percent comes from tourism-related activities.
The organization has extended its support to its business clients through the rent deferral under Canada’s Commercial Rent Emergency Assistance Program – funding that has reduced client rent payments by 75%.
A commitment to First Nations relations has remained intact despite financial challenges and the organization has committed over $ 85,000 to First Nations initiatives through its First Nations Income Contribution Fund.
For more information visit gvha.ca.
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