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Vancouver City Financial Bankruptcy Thoughts

grouse mountain eye of the wind vancouver

Apparently today there was a press release of sort where the mayor of Vancouver was urging the province to give it funds in an effort to avoid bankruptcy. The mayor I asking for about $200 million because due to everything shutting down and people being unemployed there simply isn’t enough money to maintain everything as is. The solution, give them more money or at least give people money to pay off their property tax which means the continuous flow of income to the city.

My first thought from a financial point of view is why is the immediate option to essentially give more money as opposed to finding any deficiency in the budget and adapting as needed? It would remind me of a person in debt where they still insist in doing everything the same such as dining out all the time and then insist they need more money as opposed to changing that habit due to the circumstance.

It was interesting to read this quote too where the mayor said the follow:

“It’s illegal for Vancouver and other local governments to run deficits, so the only way we can stay afloat is with the help of the federal and provincial governments.”

Again, it almost feels like it’s more about maintaining things as is even though you can probably find a lot of questionable items that can be cut or reduced. It makes you think too where these are the times to show if the people hired and paid say a six figure salary can actually do the job and budget everything appropriately. This is as opposed to getting the role and hoping things will just freely come to them. Will be an interesting event to watch.


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