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]

10. DEFERRED DEVELOPMENT COST CHARGES

Development Cost Charges (DCC’s) are collected to pay for 95% of the general capital costs due to development and 90% of utility capital costs on specified projects. In accordance with the Local Government Act, these funds must be recorded in a separate reserve fund. DCC’s are deferred and recognized as revenue when the related costs are incurred.

2014

2015

Deferred DCC’s: Arterial roads

$

55,196

$

55,763

Parkland

46,200

43,324

Drainage/storm water detention

39,856

39,685

Sanitary sewer

24,308

27,273

Collector roads

12,038

15,008

Water

14,719

12,021

Area specific

34,118

43,486

Park development

3,160

3,071

$

229,595

$

239,631

$

225,407

Deferred DCC’s, beginning of year

$

229,595

DCC’s levied for the year

58,543

66,798

Investment income

2,256

1,836

Total DCC’s deferred

60,799

68,634

Revenue recognized for General Capital

(48,078)

(43,547)

Revenue recognized for Water Capital

(2,631)

(6,945)

Revenue recognized for Sewer & Drainage Capital

(5,902)

(8,106)

Total DCC’s recognized as revenue

(56,611)

(58,598)

Net increase for the year

4,188

10,036

$

229,595

Deferred DCC’s, end of year

$

239,631

64

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