2015 Financial Annual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey

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

5. PROPERTIES HELD-FOR-SALE

2014

2015

Opening balance

$

15,237

$

31,115

Transfer from tangible capital assets

41,006

63,836

Disposal on sale

(29,449)

(61,717)

Additions

4,321

9,272

$

31,115

$

42,506

6. INVESTMENTS

2014

2015

Investments maturing within one year

$

344,598

$

390,812

Investments maturing within two years

65,519

91,421

Investments maturing within ten years

172,036

216,172

Investment in partnership

304

304

$

582,457

$

698,709

Average portfolio yield 2.38% (2014 – 2.61%). All investments can be liquidated on demand, but may have associated penalties on liquidation. During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). During 2014 SCDC received a $396,502 distribution from Bosa LP. Accordingly, SCDC’s investment in the partnership was reduced to $303,498 at December 31, 2014. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.

7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

2014

2015

Trade accounts payable

$

62,346

$

55,187

Due to Federal Government

29,575

34,585

Employee future benefits (note 12)

24,520

25,655

Due to joint venture partners

3,140

1,340

Contractors’ holdbacks

15,811

11,768

Due to Regional Districts

9,695

7,324

Due to Province of British Columbia

5,386

4,351

Due to other government entities

1,852

1,607

Interest on debt

2,009

2,009

$

154,334

$

143,826

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