Victoria Airport Authority

Index hint victoriaairport.com 302-redirects to yyj.ca/en, confirmed live site.

Completeness

• Document shelf: 20 rows (20 archived · 0 staged · 0 pending · 0 missing)
• Backgrounder: on file
• Strategy-evolution brief: on file
• Custody audit: 20 of 20 row(s) audited, all clean
• Last verified: 2026-08-03 · this org has had a full discovery-verification pass (our discovery-verification log)

Endpoints

• Website
• Open data: checked — none found
• API: checked — none found
• RSS: checked — none found
• Newsroom: checked — none found
• FOI / access requests: checked — none found

Document shelf (20 rows)

Backgrounder

Source: this library's internal records — a mechanical research draft, not independently reviewed for publication; reproduced as-is.

Victoria Airport Authority - backgrounder

Backgrounder / GOV-Q10-WAVE1-d1 / 2026-08-04 / registry row: fed-victoria-airport-authority (this library's government-document registry) / lens file for this org's series briefs

Mandate & statutory basis

Victoria Airport Authority (VAA) is one of Canada's Airport Authorities: a "private, not-for-profit, non-share capital corporation" that is "not a Crown corporation, nor an agent of the Crown," incorporated under the Canada Not-for-profit Corporations Act (Transport Canada, Airport Authorities briefing, https://tc.canada.ca/en/corporate-services/transparency/briefing-documents-transport-canada/2023-dm/transport-canada-structure-portfolio/shared-governance-organizations/airport-authorities, fetched this review; VAA is named among the 21 designated authorities on this page, with its CEO and Chairperson listed). VAA describes itself as "the not-for-profit authority that manages the safe and secure operations of the Victoria International Airport on behalf of the surrounding communities" (https://yyj.ca/en/about-yyj/, fetched this review). A Library of Parliament background paper on airport transfers confirms Victoria as one of the nine authorities (with Toronto, Vancouver, Calgary, Montreal, Edmonton, Ottawa, Winnipeg and Kelowna) paying rent to the federal government under this model, though it does not date Victoria's specific transfer (Airports in Transition, PRB 02-41E, https://publications.gc.ca/Collection-R/LoPBdP/BP/prb0241-e.htm, fetched this review).

Roles, responsibilities & scope

VAA manages, operates and develops Victoria International Airport (YYJ), "the 11th busiest airport in Canada, welcoming nearly two million passengers each year," and positions itself as "an economic catalyst for southern Vancouver Island," supporting tourism, trade, investment and regional employment (https://yyj.ca/en/about-yyj/, fetched this review). Like other Airport Authorities, VAA is financially self-sufficient, funding operations through aeronautical charges, the Airport Improvement Fee, concessions and real-estate rentals rather than government appropriations (Victoria Airport Authority Financial Statements 2025, Statement of Operations, https://yyj.ca/wp-content/uploads/2026/04/Victoria-Airport-Authority-FS-2025_ENG.pdf, registry doc fed-victoria-airport-authority-fs-2025).

Governance & reporting line

VAA uses a community-based nomination system in which member organizations - not the Authority itself - nominate directors: the Town of Sidney (2), District of North Saanich (2), District of Central Saanich (1), District of Saanich (1), City of Victoria (1), Capital Regional District (1), Province of BC (1), Government of Canada (2, with an option for a 3rd during subsidy periods) and the Greater Victoria Chamber of Commerce (1); the Board may also "appoint up to three additional directors at the discretion of the Board" (https://yyj.ca/en/about-yyj/board-of-directors/, fetched this review). Each Director may serve up to three terms to a maximum of nine years. Four standing committees oversee Human Resources, Planning and Development, Governance, and Audit and Finance, plus an Airport Consultative Committee (same source). As a non-share capital corporation operating under a federal ground lease rather than a Crown corporation, VAA has no statutory Minister reporting line; Transport Canada's relationship runs through the lease terms (Transport Canada, Airport Authorities briefing, cited above).

Budget scale

For the year ended December 31, 2025, VAA recorded total revenue of $58,525,275 (up from $49,967,139 in 2024) against total expenses of $44,276,855 (up from $40,631,389), for an excess of revenue over expenses of $14,248,420 ($8,494,537 in 2024). Revenue was led by Concessions ($16.3M), Airport Improvement Fee ($24.5M) and Aeronautical charges ($10.7M); expenses were led by Amortization ($14.1M), Salaries and employee benefits ($10.1M) and Services/supplies/administration ($8.3M). Total assets stood at $162,190,629 as at December 31, 2025 (Victoria Airport Authority Financial Statements 2025, Statements of Operations and Financial Position, https://yyj.ca/wp-content/uploads/2026/04/Victoria-Airport-Authority-FS-2025_ENG.pdf, registry doc fed-victoria-airport-authority-fs-2025).

Institutional history

Victoria was transferred from Transport Canada to a Canadian Airport Authority later than the first-wave group (Vancouver, Calgary, Edmonton, Montreal, 1992); secondary sources place the Victoria, Ottawa, Thunder Bay and Winnipeg transfers in 1997-98 following the 1994 National Airports Policy (⚠️ still being checked exact incorporation/transfer year - not confirmed this review against a primary Government of Canada or VAA source; the Authority's own "Our Story" page did not surface founding-date detail on this review, https://yyj.ca/en/about-yyj/our-story/). VAA's registered document shelf includes annual reports back to 2007 (via Wayback Machine capture) confirming the Authority was an established, reporting not-for-profit by that date (registry doc fed-victoria-airport-authority-ar-2007).

Strategy evolution brief

Source: this library's internal records — a mechanical research draft, not independently reviewed for publication; reproduced as-is.

Victoria Airport Authority - strategy evolution

2026-08-02 / registry: fed-victoria-airport-authority / grounded in archived copies (cited document id + sha256) / read through our research file for that body

TL;DR: The archived series is a real 2020-2025 arc, not a static one: passenger traffic collapsed from 1.924 million (2019) to 574,874 (2020, -70.1%) and recovered to 1.986 million by 2025 — still short of 2018's 2,048,627 all-time peak — while revenue grew from $18.2M (2020) to $58.5M (2025), re-confirmed against audited financial statements. The biggest priority added is Indigenous reconciliation, which escalates every year read — from a first land acknowledgement (2021) through cultural-monitoring and art programs (2022-2023) to a new Director of Indigenous Relations position and a W̱SÁNEĆ Nations-VAA Friendship Agreement reached in 2025 (signing planned early 2026, not confirmed within the archived series). The biggest quietly dropped/changed element is a pandemic-era $2 million CIBC debt facility drawn in 2021 and repaid by 2022 with no report ever narrating the repayment directly — VAA's "debt-free" framing simply resumes from 2022 onward as if the 2021 draw hadn't happened. One open question the record cannot resolve: whether the Business Plan's forecast capital spend of $125-127 million per year by 2029-2030 (for the Upper Holdroom/Terminal Expansion Program) is realistic given every capital program actually delivered 2020-2025 topped out at $18.5 million.

Backgrounder summary

Victoria Airport Authority (VAA) is a private, not-for-profit, non-share-capital corporation that manages Victoria International Airport (YYJ) on behalf of surrounding communities, funded through aeronautical charges, the Airport Improvement Fee (AIF), concessions and real-estate rentals rather than government appropriations; it is one of Transport Canada's 21 designated Airport Authorities and is not a Crown corporation or agent of the Crown (backgrounder, citing Transport Canada's Airport Authorities briefing). Governance runs through a community-based nomination system (Town of Sidney 2, District of North Saanich 2, District of Central Saanich 1, District of Saanich 1, City of Victoria 1, Capital Regional District 1, Province of BC 1, Government of Canada 2, Greater Victoria Chamber of Commerce 1, plus up to 3 board-appointed at-large) — this structure is confirmed verbatim in every usable annual report read (e.g. ar-2024, 15f37e69de6f). Backgrounder-cited FY2025 budget figures — total revenue $58,525,275 (2024: $49,967,139), total expenses $44,276,855 (2024: $40,631,389), excess of revenue over expenses $14,248,420 (2024: $8,494,537), total assets $162,190,629 — are independently re-confirmed against the audited fs-2025 primary text below, matching to the dollar.

Two items the backgrounder flagged or left ambiguous are addressed by this review: - Transfer year resolved. The backgrounder's ⚠️ still being checked on VAA's exact transfer/incorporation year is resolved by VAA's own audited financial statements: "VAA has operated the Victoria International Airport since April 1, 1997 under a lease from Transport Canada" (fs-2025, 927d4d11ad80, Note 1; identical language in ar-2024, 15f37e69de6f, Note 1) — a precise date, not the "1997-98" secondary-source estimate the backgrounder cited. - New discrepancy surfaced. The same Note 1 states VAA "is incorporated under Part II of the Canada Corporations Act" — but the backgrounder (citing a Transport Canada Airport Authorities briefing) describes VAA as incorporated under the Canada Not-for-profit Corporations Act (CNCA). These are two different statutes: Part II of the old Canada Corporations Act was the pre-2011 regime that not-for-profits were required to continue out of under the CNCA by an October 2014 deadline. VAA's own audited financial statements — in both ar-2024 and fs-2025, i.e. not a one-off typo — still cite the older Act. This brief does not resolve which is correct; it is flagged as a primary-source-vs-backgrounder-source discrepancy in Residuals & gaps.

Series inventory

_index.json: 7 ok / 0 stub-suspected / 13 extract-failed.

Own read confirms all 20 rows and both status values match _index.json exactly. All 13 pre-2020 documents (ar-2007 through ar-2019) carry _index.json status extract-failed with note "PDF extracted 0 bytes of text (likely scanned/image PDF)" — confirmed directly against the extraction directory: ls on .../fed-victoria-airport-authority/ shows no .txt file exists for any of these 13 doc_ids, only _index.json plus the 7 .txt files for the "ok" rows. This is a genuine Wayback-capture/extraction gap, not a pipeline bug and not something correctable this review, per this library's standing editorial rule.

Minor labeling-nuance note (not a detector error): the batch addendum that briefed this review described the 13 failures with the shorthand "no-manifest-match," while _index.json's actual status field for all 13 rows is literally extract-failed. Both point at the same practical outcome — no text captured, no .txt produced — but the addendum's gloss is imprecise relative to the literal status string. Flagged per this library's standing scope decision; this is a wording nuance in a briefing document, not a finding about the extraction pipeline itself.

Priority evolution

Seven usable documents span exactly six fiscal years (2020-2025) plus one financial-statements filing — a real, bounded window that happens to align almost perfectly with a COVID-19 crash-and-recovery cycle for a mid-sized regional airport. The narrative below is written full-form because the six years genuinely show change (traffic collapse and recovery, three successive strategic-goal reframings, a leadership transition, a debt cycle, and an escalating Indigenous-reconciliation commitment) — not because a longer institutional history can be reconstructed; nothing before 2020 is established by this series (see Residuals & gaps).

2020 (ar-2020, 4a63ee68703b) — crisis response. VAA entered the year on the back of what this report itself calls a "record" 2019 (near-record profits, record passenger numbers, no debt), then absorbed a 70.1% traffic collapse: 574,874 passengers vs. 1.924 million in 2019, with Q2 declines up to 98%. Response was defensive: a 25% operating-expense cut, deferral of all non-essential capital spending, and a new "TravelSafe YYJ" bio-security program (YYJ was the first Canadian airport CATSA-approved for plexiglass barriers at pre-board screening). The board adopted a five-pillar Strategic Plan 2020-2024 (Safe/Secure Airport; Exceptional Facilities & Customer Experience; Financially Responsible Airport; Environmental Protection & Management; Talented & Motivated Team). Despite the crash, the $19.9M Lower Passenger Departure Lounge Expansion — described as "the single largest capital project undertaken by YYJ" as of this report — was completed. Revenue fell to $18.2M (-53% vs. 2019); net loss $8.2M vs. net income $9.2M in 2019.

2021 (ar-2021, 211b4fd31b2c) — First Nations acknowledgement introduced; debt reintroduced. A First Nations land acknowledgement (W̱SÁNEĆ Nations; Tseycum, Tsartlip, Tsawout, Pauquachin) appears in an annual report for the first time, alongside an explicit reference to Truth and Reconciliation Call to Action #92 — the report calls 2021 "a pivotal year" for this relationship. Traffic recovered modestly to 674,000 (+17% vs. 2020, still only 35% of 2019). Cumulative pandemic revenue loss since 2020 is stated at $50 million; VAA drew $2 million on a new CIBC credit facility in June 2021 — notable because the same report's CEO-anniversary sidebar states VAA's debt had been "fully retired in 2017." New land tenants (Titan Boats, Western Canada Marine Response Corporation) completed construction; an Amazon last-mile delivery station began construction. A four-year PSAC collective agreement was ratified.

2022 (ar-2022, 1805d3380ff3) — sixth strategic pillar added; debt repaid. "Air Service Development" appears for the first time as a named strategic pillar, expanding the framework from five goals to six. Traffic more than doubled (121% increase) to 1.5 million (75% of 2019), and YYJ is described as "the 10th busiest airport in Canada" as of this report. The 2021 CIBC debt draw was repaid: "Long-term debt borrowed during the pandemic was repaid and VAA is the only airport in the Canadian National Airports System that is debt free" — no report explicitly narrates the repayment as an event; it is simply reported as accomplished. A third ultra-low-cost carrier (Lynx Air) began service. Revenue reached $35.4M. A May 24 2022 suspected-IED evacuation (5-hour closure, 18 cancelled flights) led VAA to publicly raise, at the federal/provincial level, the need for a Vancouver Island-based Explosive Detection Unit.

2023 (ar-2023, c46617c47373) — CEO transition; Master Plan named. President and CEO Geoff Dickson retired after 13 years; Elizabeth Brown became President and CEO — the single largest governance inflection in the archived window. VP of Planning and Infrastructure Scott Cunningham also retired (30 years' service). Traffic reached 1.74 million (+16.9%, still ~9.5% below 2019); YYJ is described as "the 11th busiest airport in Canada" as of this report — a rank one place lower than 2022's self-reported "10th," a publication-bound fluctuation rather than a real reversal. A 20-year Master Plan is referenced for the first time, with a subsequent Business Plan Forecast citing approximately $600 million in capital developments over that planning period. Construction began on a 129-room Marriott TownePlace Suites hotel (Kothari Group lease).

2024 (ar-2024, 15f37e69de6f) — DEI-inflected goal rename; carbon-neutral target named. The "Talented and Motivated Team of Employees" pillar (2020-2023 wording) was renamed "A Talented, Engaged, and Diverse Team of Employees." A "carbon neutral airport by 2030" target is named explicitly for the first time under the Environmental goal. Traffic reached 1.87 million (+7.4%), still "11th busiest." Zero sole-source contracts over $75,000 were reported for the first time in the window (contrast: $139K in 2021, $389K in 2022, $228K in 2023). VAA's audited financial-statement notes disclose the precise April 1, 1997 transfer date and the "Part II of the Canada Corporations Act" incorporation basis (see Backgrounder summary).

2025 (ar-2025, 2ccc82e9d57c) — reconciliation crescendo; "Diverse" dropped from the team-goal name; capital escalation forecast. Traffic reached 1.986 million (+6.1%) — "our busiest year since 2018," with July-September 2025 the "busiest quarter ever recorded" and August 2025 (>227,000 passengers) "the highest monthly total in our airport's history" (both superlatives stated as of this document, the last in the series). The team-goal name changed again, to "An Aligned and Engaged Team," dropping "Diverse" one year after it was added, with no stated reason. The Indigenous-relationship thread traced since 2021 reaches a concrete institutional outcome: VAA reached agreement with all four W̱SÁNEĆ Nations on a Friendship Agreement (economic partnership, cultural placemaking, education/employment), with signing planned for early 2026 — not yet confirmed within the archived series — alongside a newly created Director of Indigenous Relations role (filled August 2025) and a VP HR title expanded to "Human Resources and Indigenous Affairs." A $14.6M capital program (28 projects) was delivered while design work completed for an Upper Holdroom/Terminal Expansion Program using an Integrated Project Delivery model; the Business Plan Forecast 2026-2030 projects capital spending escalating to $125-127 million per year by 2029-2030 — six to seven times any capital program actually delivered in 2020-2025.

Priorities added, dropped, renamed

• Added — Indigenous reconciliation as an escalating standing priority. Absent from ar-2020; first land acknowledgement + W̱SÁNEĆ Leadership Council engagement in ar-2021 (211b4fd31b2c, "pivotal year," TRC Call to Action #92 cited); cultural-monitoring program, SENĆOŦEN signage, Indigenous cultural-safety staff training in ar-2022/ar-2023 (1805d3380ff3; c46617c47373); culminates in ar-2025 (2ccc82e9d57c) with a signed-in-principle W̱SÁNEĆ Nations-VAA Friendship Agreement, a new Director of Indigenous Relations position, and an expanded VP HR & Indigenous Affairs title. This is the most sustained, evidence-rich priority evolution in the archived window.
• Added — "Air Service Development" as a named strategic pillar. Absent from the five-pillar framework in ar-2020/ar-2021; first appears as a sixth pillar in ar-2022 (1805d3380ff3) and is retained through ar-2024.
• Added — explicit "carbon neutral airport by 2030" target. First named in ar-2024 (15f37e69de6f) under the Environmental pillar; earlier reports (2020-2023) describe sustainability activity but do not name a carbon-neutrality target or date.
• Renamed — the employee-focused strategic pillar, twice. "A Talented and Motivated Team of Employees" (ar-2020 through ar-2023) → "A Talented, Engaged, and Diverse Team of Employees" (ar-2024, 15f37e69de6f) → "An Aligned and Engaged Team" (ar-2025, 2ccc82e9d57c) — "Diverse" added in 2024 and dropped again in 2025, with no report explaining either change.
• Renamed — the Strategic Plan cycle. "2020-2024 Strategic Plan" (named explicitly in ar-2020, 4a63ee68703b) is superseded by a "2023-2027 Strategic Plan" (named explicitly in ar-2025, 2ccc82e9d57c, described there as "refreshed" that year); no archived report explicitly narrates the cycle reset between 2022 and 2023, though ar-2023's CEO letter references "re-focusing the direction" and a "2024 Strategic Plan" in progress.
• Quietly added then dropped — the 2021 CIBC debt facility. A $2 million long-term-debt draw is reported as a new event in ar-2021 (211b4fd31b2c); its repayment is reported only indirectly in ar-2022 (1805d3380ff3, "long-term debt borrowed during the pandemic was repaid") with no dedicated section, after which every subsequent report (2023-2025) simply states YYJ ended the year debt-free with no further reference to the episode.
• Quietly reduced — sole-source contracting. $139,000 (2021) → $389,243 (2022) → $228,117 (2023) → $0 (2024, "no contracts over $75,000 were awarded outside of the competitive process") — a genuine downward trend across the window, though ar-2025's figure was not captured in this review (see Residuals & gaps).

Budget & mandate inflection points

• 2020 — COVID revenue collapse. Revenue fell to $18.2M (-53% vs. 2019); net loss $8.2M vs. net income $9.2M in 2019, a $17.4M swing (ar-2020, 4a63ee68703b).
• 2021 — cumulative COVID revenue loss and new debt. "The impact of COVID-19 since 2020 has reduced YYJ's overall revenue by $50 million" (ar-2021, 211b4fd31b2c); a $2M CIBC credit facility was drawn the same year.
• 2022 — debt repaid; revenue nearly doubles. Revenue $35.4M; pandemic-era debt repaid, YYJ again debt-free (ar-2022, 1805d3380ff3).
• 2023 — leadership transition and Master Plan. CEO Geoff Dickson (13 years) and VP Scott Cunningham (30 years) retire; Elizabeth Brown becomes President and CEO; a ~$600M/20-year Master Plan capital envelope is named for the first time (ar-2023, c46617c47373).
• April 1, 1997 — transfer date resolved. VAA's own audited financial statements state operations began under the Transport Canada ground lease on this date (ar-2024, 15f37e69de6f, Note 1; fs-2025, 927d4d11ad80, Note 1) — resolving the backgrounder's ⚠️ still being checked.
• 2024-2025 — revenue recovery completes; capital forecast escalates sharply. FY2025 total revenue $58,525,275 vs. FY2020's $18.2M — more than a threefold increase over the window (fs-2025, 927d4d11ad80, re-confirming the backgrounder's independently-cited figure). The Business Plan Forecast 2026-2030 (ar-2025, 2ccc82e9d57c) projects capital spending of $43.2M (2026) rising to $125.5M (2029) and $126.8M (2030) for the Upper Holdroom/Terminal Expansion Program — a scale with no precedent anywhere else in the archived series (every actually-delivered capital program 2020-2025 ranged $3.7M-$18.5M).
• 2025 — Friendship Agreement reached, signing pending. W̱SÁNEĆ Nations-VAA Friendship Agreement reached with all four W̱SÁNEĆ Nations; formal signing "planned for early 2026" — outcome not confirmed within the archived series (ar-2025, 2ccc82e9d57c).

Ontario/Toronto relevance

VAA is a Vancouver Island/British Columbia regional airport authority, and Toronto/Ontario relevance in this archived set is indirect. No document establishes any VAA program, office, or institutional presence in Ontario or Toronto. The only Toronto references found are route-level: Swoop and Flair introduced non-stop Kitchener-Waterloo/Toronto-area service in 2021 (ar-2021, 211b4fd31b2c), and Air Canada is described in 2025 as maintaining "established links...through Vancouver and Toronto" (ar-2025, 2ccc82e9d57c) — ordinary airline-route connectivity, not a documented institutional relationship. This should not be inflated into "Toronto presence"; it is the same kind of indirect, national-network relevance seen in other single-region federal-adjacent organizations in this program.

Residuals & gaps

• 13 pre-2020 documents (ar-2007 through ar-2019) are a confirmed Wayback-capture/extraction gap, not a disclosure gap or pipeline bug: each carries _index.json status extract-failed with note "PDF extracted 0 bytes of text (likely scanned/image PDF)," and ls on the extraction directory confirms no .txt file exists for any of the 13. This means the entire 2007-2019 span — including the early post-transfer build-out years, the 2008-09 financial crisis, and 2018's all-time passenger peak (2,048,627, per the ar-2025 chart) — is completely unestablished by primary text in this series; everything before 2020 in this brief is either backed by the backgrounder's separately-sourced material or left unstated.
• Minor labeling nuance (not a detector error), per operator instruction: the batch addendum described the 13 failures with the shorthand "no-manifest-match"; _index.json's literal status field is extract-failed. Same practical outcome (no text, no .txt produced), imprecise gloss in the briefing document only.
• Governance discrepancy — standing committees. Every one of the 6 usable annual reports (ar-2020 through ar-2025) states "The board has six standing committees" and lists them (Steering, Human Resources, Governance, Planning and Development, Audit and Finance, Airport Consultative Committee), consistently across the entire window. The backgrounder states "four standing committees (HR, Planning & Development, Governance, Audit & Finance) plus an Airport Consultative Committee." This is a genuine, repeated primary-source-vs-backgrounder discrepancy — VAA's own materials count Steering and Airport Consultative as standing committees where the backgrounder's framing effectively separates Airport Consultative out and omits Steering. Not resolved here; flagged for backgrounder correction.
• Incorporation-statute discrepancy. VAA's own audited financial statements (ar-2024, fs-2025) state incorporation "under Part II of the Canada Corporations Act"; the backgrounder (citing Transport Canada) states the Canada Not-for-profit Corporations Act. Flagged, not resolved — see Backgrounder summary above.
• Self-reported "busiest airport in Canada" rank is not monotonic across the window: "10th busiest" (ar-2022) vs. "11th busiest" (ar-2023, ar-2024, ar-2025) — almost certainly a real-world rank fluctuation among Canadian airports (superlatives are publication-date-bounded per house rule) rather than an error, but the two figures should not be treated as consistent without checking the specific report.
• Minor internal inconsistency within ar-2025 itself: the Integrated Project Delivery (IPD) model for the Terminal Expansion Program is described in one passage as making YYJ "the first airport in North America to adopt this approach at this scale" and in another passage as "the first airport in Canada to use this approach for a major terminal project" — two different superlative scopes (North America vs. Canada) within the same document. Not adjudicated here; noted as an internal wording inconsistency in VAA's own report.
• Two revenue bases appear side-by-side in every annual report 2021-2025: an "Actual vs. Business Plan" operations-revenue table (excludes non-cash items like deferred capital contributions) consistently shows a total slightly lower than the full audited Statement of Operations (e.g. FY2025: $57,315.0K operations-table vs. $58,525,275 audited total). This is a consistent accounting-scope difference in VAA's own materials, not a contradiction between sources, but worth noting for anyone reconciling figures across reports.
• Fate of the 2021 CIBC debt draw is never directly narrated as a repayment event — ar-2022 states debt was "repaid" in a single sentence with no amount, date, or dedicated section; treated here as adequately sourced but thin.
• ⚠️ Still being checked: whether the W̱SÁNEĆ Nations-VAA Friendship Agreement was in fact formally signed in early 2026 as planned — the archived series ends with ar-2025 (published per its source URL in 2026) stating the signing as still pending.
• ⚠️ Still being checked: whether the Business Plan Forecast's $125-127M/year capital spend for 2029-2030 materializes, or is revised downward in the way every other forward-looking multi-year forecast in this series (2022-2026, 2023-2027, 2024-2028, 2025-2029 forecasts) was revised each subsequent year — no later document exists in this archived set to check.
• ⚠️ Still being checked: 2025 sole-source-contracts-over-$75,000 figure was not captured in this review (2021: $139,000; 2022: $389,243; 2023: $228,117; 2024: $0) — a five-year trend line exists but the final data point is unconfirmed from the notes taken.