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There are cranes galore and condo towers are popping up all over Burnaby’s major town centres. The physical transformation around Brentwood, Lougheed, Metrotown and Edmonds is dramatic, with nearly 100 new residential buildings underway or in the pipeline.

All of this construction is also helping fill the city’s coffers.

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Burnaby is one of only two municipalities in B.C. that operate debt-free.

But it’s Burnaby that is known for investing its so-called “reserve funds,” which are now in excess of a staggering $1 billion. (To compare, the City of Langley, which is the other B.C. city that doesn’t carry a debt, has around $30 million to invest.)

In 2016, this $1 billion-plus fund was invested both short and long-term and returned $44 million in income.

The City of Burnaby adds to this investment pool from its annual surpluses, which in 2016 was $188.3 million (up $60.1 million from 2015).

Total city revenues for 2016 were $599 million, up $77.5 million from 2015, “mainly due to additional contributions from developers through the Community Benefit Bonus program as well as donated assets, development permits and program revenues,” according to the city’s 2016 statement of financial information.