2015 City of Surrey Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey

For the year ended December 31, 2015 [tabular amounts in thousands of dollars]

2. ADOPTION OF NEW ACCOUNTING POLICY

Effective January 1, 2015 the City adopted Public Sector Accounting Handbook Standard PS 3260, Liability for Contaminated Sites. This standard was applied on a retroactive basis to January 1, 2014 and did not result in any adjustments to liabilities, tangible capital assets or accumulated surplus of the City.

3. RECAST OF COMPARATIVE FIGURES

During the year, the City determined that certain immaterial adjustments were required to be made to its comparative figures. The City adjusted prior year balances to correct prior year amortization of Tangible Capital Assets overstated. The effects of the adjustments on the comparative figures are summarized below in thousands of dollars:

ACCUMULATED SURPLUS AT JANUARY 1:

2014

2015

Opening accumulated surplus, as previously reported

$

7,794,820

$

7,983,641

Amortization of TCA overstatement Opening accumulated surplus, as recast

-

1,817

$

7,794,820

$

7,985,458

TANGIBLE CAPITAL ASSETS AT DECEMBER 31:

2014

Tangible Capital Assets, as previously reported

$

7,988,160

Adjustment for Amortization Net financial assets, as recast

1,817

$

7,989,977

ANNUAL SURPLUS:

2014

As previously reported

$

188,821

Adjustment for Amortization Annual surplus, as recast

1,817

$

190,638

4. ACCOUNTS RECEIVABLE

2014

2015

General accounts receivable Development Cost Charges

$

55,797 42,867 21,514 12,108

$

31,819 36,842 20,386 12,887

Property taxes

Utility rates

Due from joint venture partners Due from other authorities Debenture debt guarantee

3,233 6,560 2,340

1,460 3,170 2,400

Tax sale properties

254

287

$

144,673

$

109,251

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