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]

18. SIGNIFICANT TAXPAYERS

The City is not reliant upon the revenue from any specific large property taxpayers or businesses. Tax revenues received from the seven largest properties amount to less than three percent of the City’s annual gross taxation revenues.

19. TRUST FUNDS

These funds account for assets, which must be administered as directed by agreement or statute for certain beneficiaries. In accordance with PSAB recommendations on financial statement presentation for local governments, trust funds are not included in the City’s Consolidated Financial Statements. Amounts administered by the City as trust funds are as follows:

2014

2015

Assets Cash and short term investments

$

3,171

$

3,321

Employee Benefits Fund

Cemetery Perpetual Care Fund

2014

Equity

2015

Balance, beginning of year

$

632

$

2,539

$

3,067

$

3,171

Employment insurance rebate

73

-

82

73

Contributions

-

164

122

164

Interest revenue

6

-

8

6

Benefits purchased

(15)

-

(29)

(15)

Refunded to employees

(78)

-

(79)

(78)

Balance, end of year

$

618

$

2,703

$

3,171

$

3,321

20. SURREY HOMELESSNESS AND HOUSING SOCIETY

On June 22, 2007, the City of Surrey incorporated the Surrey Homelessness and Housing Society. The purposes of the Society are to raise funds for financing programs and projects that address homelessness in Surrey; conduct and provide financial assistance to homelessness housing initiatives; manage the disbursements of grants for projects and programs that address homelessness in Surrey and act to raise funds for these purposes. As the City appoints the majority of members in the Society, who then appoint the Society’s Board, the City is considered to have control over the Society’s functions and the Society’s financial information is fully consolidated within the City’s financial statements.

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