6 Charts That Break Down Vancouver's 2024 Finances — From Record Revenue to Mayor's Travel Spend

The City of Vancouver is set to approve its 2024 Statement of Financial Information (SOFI) this week — a legally required, 165-page document that discloses nearly every financial detail from the past year.

From six-figure councillor salaries to record-setting developer contributions, here are six charts and takeaways that explain how Vancouver earned and spent its money in 2024.

1. Record Revenues: $3 Billion for the First Time

For the first time in the city’s history, Vancouver’s revenues surpassed the $3 billion mark, jumping by more than half a billion dollars from 2023.

• 2024 Revenue: $3.06 billion

• Year-over-year increase: $548.5 million

• Largest contributor: Developer fees, including phased community amenity contributions and development cost levies, totaling an increase of $333.3 million

This sharp rise in development-related income contributed to an annual surplus of $860,634, which the city says will be reinvested in contingency and capital reserve funds.

2. Police Continue as Top Budget Item

Operating costs stayed largely consistent, with public safety and essential services dominating the city's spending:

• Police services: $474 million

• Utilities: $374 million

• Parks and Recreation: $194 million

• Engineering/Public Works: $155 million

The Vancouver Police Department remains the city’s largest operational expense, accounting for over 15 per cent of total expenditures.

3. Vancouver’s Top Salaries — Again Led by Police

The city’s highest-paid employee for the year was once again retiring Police Chief Adam Palmer, who received:

• Total compensation: $487,224

• Increase from 2023: 5%

Deputy police chiefs followed closely behind, each earning above $350,000, while City Manager Paul Mochrie earned $387,110 — making him the second highest-paid employee.

For the second consecutive year, all members of the city's top-10 earners made more than $300,000.

4. Every Councillor Now Makes Over $100K

For the first time, all 10 Vancouver city councillors earned six-figure salaries, thanks to adjustments for roles like deputy or acting mayor.

• Base councillor salary: $101,937.68

• Total earnings range: $102,674 – $119,749

• (Does not include additional Metro Vancouver board compensation.)

5. Mayor Ken Sim’s Compensation and Travel

Mayor Ken Sim earned $207,958 in 2024 — including additional allowances and expenses:

• Local expenses: $22,756

• Travel and conference costs: $28,034

• Total expenses billed: $50,790

While this is higher than his immediate predecessor Kennedy Stewart, it’s roughly in line with former mayor Gregor Robertson’s travel budgets during his 10-year tenure.

6. The Long Game of Political Life

Interestingly, the 2024 report comes just as former mayor Gregor Robertson re-enters political life, now running as a federal Liberal candidate — highlighting how political figures (and their spending records) often come full circle.

The full SOFI report — which includes details on employee compensation, service contracts over $25,000, and annual expenditures — is available on the City of Vancouver’s website and is required to be made public under B.C. law by June 30 each year.