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Burnaby reserves ballooned again in 2018, mayor says it's time to spend 'aggressively'

The City of Burnaby’s financial reserves swelled by $372 million in 2018, hitting nearly $1.7 billion – but don’t expect that figure to keep growing.
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The City of Burnaby’s financial reserves swelled by $372 million in 2018, hitting nearly $1.7 billion – but don’t expect that figure to keep growing.

The majority of the invested money has come from developers who pay the city to add more density to their developments. That revenue is expected to slow, as the city has put a moratorium on development in Metrotown as it develops a citywide plan for affordable housing, Mayor Mike Hurley said.

And the city will start spend the money “aggressively” this year, Hurley said.

He said plans are going ahead for a new hockey rink in south Burnaby, replacing C.G. Brown Memorial Pool, replacing Cameron Recreation Centre and Library, as well as replacing Willingdon Heights Community Centre.

“The projects we are taking on are massive projects, so those funds will get worn down pretty quick over the next four to five years,” Hurley said.

Hurley said provincial legislation restricts the spending of the reserves to capital projects.

“That’s why that money is so tied up and we can’t put it into operations,” he said.

Hurley said the density-bonus policies will remain but “may get adjusted a bit” to better encourage developers to build affordable housing. That will be one of many issues considered by his new housing task force set to begin meeting next month, he said.