Taxpayers groups are shaking their heads over word that the City of Vancouver is paying upwards of $450,000 in severance to the city's former chief financial officer, Estelle Lo.

The news comes just after city taxpayers found out they'll be faced with an eight per cent hike in property taxes this year.

The city's former chief financial officer is getting the payoff after she was said to have "resigned" following word of Olympic Village financial problems back in the fall.

What has really made critics sit up and take notice is that about $200,000 of this is for unused vacation time.

The numbers reveal a benefits plan that would be the envy of most private sector workers.

"This is gold plated stuff... big time," said columnist Gary Mason of the Globe and Mail, who broke the story. "Mayor Robertson and his colleagues really need to take a hard look at what's going on there, the perks that are available."

City of Vancouver employees get between 15 days off per year to 30 days for more senior staff. They also get 11 statutory days, and can earn up to 18 more days for putting in extra time.

Compare that to the typical private sector plan which provides a similar amount of vacation days but fewer stats and only limited opportunity for overtime.

But the real difference is the ability of city workers to carry over and cash out their days -- hence the $200,000 payoff.

Compare that to the private sector which only allows limited carry over. Even the federal government only lets civil servants carry a maximum of five weeks at any one time.

"They are making much more than the equivalent position in the private sector and it's those in the private sector that are stuck paying the bills for these people," said Maureen Bador of the Canadian Taxpayers Federation.

Mayor Gregor Robertson said this is how the system had been set up by previous administrations, and he said he is "surprised" by the numbers.

"I'm interested in looking at how we make that more realistic and fair. Over the next year I think we'll have a good look at all those components of compensation," he said.

With a report by CTV British Columbia's Stephen Smart.