2016-2020_Financial_Plan_Web

FINANCIAL OVERVIEW MAJOR REVENUE SOURCES

General Operating Revenue ($ millions)

2016 Budget $309.6

2015 Budget $294.5

2015 Actual $290.7 $ 76.5 $ 13.5 $ 34.7 $415.4

Taxation

Departmental Revenues

$ 79.4

$ 74.4

Investment Income

$ 13.8 $ 36.8 $439.6

$ 14.1 $ 34.5 $417.5

Other

Total

PROPERTY TAXES

Surrey has three major sources of revenue, the most significant of which is property taxes. In the recent past, Surrey has enacted moderate general tax increases. To fund increasing costs related to protective services and other City operations, the City will increase the annual property taxes by approximately $70 along with an $18 increase in the Roads and Traffic Safety levy for the average single family dwelling for 2016. Individual property taxes are calculated based on the assessed value of the property. For 2016, the average residential dwelling was assessed at approximately $720,989 and assessment growth from new development was estimated at 1.68%. The 2016 tax rates are available now based on the BC Assessment value for each property. In 2015, Surrey generated approximately 30.20% of its general property tax revenue from business and industry. Surrey’s 2015 business, light industrial, and major industrial tax rates compare favourably to neighbouring municipalities. Surrey’s tax rates are among the lowest in the region, providing a climate conducive to attracting new commercial and industrial ventures.

2015 Tax Rates (per $1,000 assessed value)  Surrey Langley Township Delta Burnaby Coquitlam New Westminster

$60

$50

$40

$30

$20

$10

$0

Residential

Major Industry

Light Industry

Business

2016-2020 FINANCIAL PLAN

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