Burnaby Now February 12 2016

Page 1

NEWS 3

Dog dies after coyote chase

NEWS 9

Free golf for city leaders

COMMUNITY 11

5

Run, Christine, run

THINGS TO DO THIS WEEKEND FRIDAY FEBRUARY 12, 2016

LOCAL NEWS – LOCAL MATTERS

SEE PAGE 15

There’s more at Burnabynow.com

FAMILY TIME FOR FAMILY DAY: Frank, Maggie and 14-month-old Neal Xiao enjoy the sunshine at Burnaby Lake on Family Day. Burnaby Lake Park was one of many destinations around the city offering Family Day fun, with arts and crafts activities for families giving them a chance to explore nature. See more on page 14. PHOTO JENNIFER GAUTHIER

Burnaby closes in on a billion dollars Jeremy Deutsch

jdeutsch@burnabynow.com

It’s a financial portfolio that would even make Gordon Gekko blush at least a little. At the end of 2015, the City of Burnaby’s investment portfolio topped the $900 million-mark and returned a healthy profit of

$41.5 million, or 3.91 per cent. In all, the city’s investments are worth $923 million. “Compared to other cities, we’d say yes, we’re doing well,” said Doug Spindler, assistant director of treasury services with the City of Burnaby. The numbers were re-

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cently presented at a financial management committee meeting. Under the community charter, the city may invest or reinvest money that is not immediately required for expenditures. The City of Burnaby Investment Fund includes restricted funds such as development cost charges and all

We’d say yes, we’re doing well other reserve funds. But it’s not like the city is making money off of investing in corporations like Pepsi or Apple. Under the charter there are also investment guide-

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lines, and Spindler explained the city invests in federal investments like bonds and treasury bills, while credit unions, provinces and banks are all OK. “We’re not allowed to go into corporate, the only thing we go into is bonds by the banks,” he said. In 2015 the city invested with Vancouver City Savings Credit Union, Coast Capital Savings, Gulf & Fraser Credit Union, BlueShore

Credit Union and Westminster Savings Credit Union in B.C. In addition, the city maintained investments with Servus Credit Union and First Calgary Financial, both Alberta-based credit unions. While it may not sound all that exciting, these investments are returning some big coin. Continued on page 4

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City’s investment portfolio now worth $923 million


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