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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