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The City of Vancouver operates under the Vancouver Charter, a statute of the B.C. government. Subject to the terms of the Charter, the City raises its own revenues, and issues its own debt.
The City’s 2010 Annual Financial Report notes total revenues of $1.3 billion, of which 45 per cent was from property taxes and an additional 55 per cent from user fees and cost recoveries. Property taxes are levied on current market values as assessed by a Provincial agency.
Slightly over half of all property taxes raised goes to fund the City; the remainder funds regional transportation, school and other activities.
Net City debt outstanding at the end of 2010 amounted to $348m. Except for local improvements, all City debt has a 10 year term. The City enjoys a triple A credit rating.
The City has a strong commitment to economic development, outlined in Guiding Principles adopted in 2006. The City and Metro Vancouver have their own substantial environmental sustainability programs, which complement those of the B.C. government.