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Vancouver’s latest financial update shows the city’s payroll, which makes up about a third of the city’s $1.4-billion operating budget, has grown faster than either the rate of inflation or population growth over the last 10 years.

The city’s annual financial statement, which will be before council next week, provides a look at the city’s finances, including the salaries of the municipality’s highest-paid city employees.

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“The city’s financial position remains strong,” said a city news release, calling its credit ratings “among the best for Canadian municipalities.”

The city’s total payroll for last year came to about $520 million, with another $1.7 million in employee expenses. By comparison, that’s an increase of about 21 per cent over the payroll 10 years earlier, which was about $428 million after adjusting for inflation. During that same period, employee expenses have doubled, and the city’s population has grown by about 10 per cent.