Closing all international and Canadian ports to cruise, marine, and land borders resulted in a loss of $1.1 million for the Greater Victoria Harbour Authority.
Those calculations are based on operating revenues of $7.1 million and expenses of $8.2 million during its 2020-21 fiscal year. The organization said in a release that it had to make difficult decisions around layoffs and cuts to capital and infrastructure spending during the pandemic.
Christine Willow, GVHA board of directors chair, said in a statement that while the pandemic has spanned over two fiscal years, they continue to plan for the future with a goal to return to financial stability while reinvesting in facilities and community amenities.
More than 70 per cent of annual income is from cruise tariffs and sustainability fees, while the remaining 30 per cent is derived from tourism-related activities.
The organization extended support to its commercial customers through rent deferral in the Canadian Emergency Commercial Rent Assistance program – funding that reduced customer rent payments by 75 per cent.
A commitment to First Nations relationships remained intact despite financial challenges and the organization committed more than $85,000 toward First Nations initiatives through its First Nations Revenue Contribution Fund.
For more information visit gvha.ca.
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