2017 Finance Annual Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY FINANCIAL STATEMENTS

For the year ended December 31, 2017 [tabular amounts in thousands of dollars]

14. TAXATION REVENUE

2016

2017

Tax collected:

Property taxes

$

297,206 284,725 51,569 16,446

$

320,990 302,506 53,629 16,596

Collections for other authorities

Drainage Parcel taxes Grants-in-lieu of taxes

Other

642

480

650,588

694,201

Less transfers to other authorities: Province of BC - School Taxes Greater Vancouver Regional District

215,746

230,932

6,059 6,786

6,541 7,362

BC Assessment Authority

Greater Vancouver Transportation Authority

41,375 14,759 284,725 365,863

43,692 13,979 302,506 391,695

Other

$

Taxation revenue

$

15. SIGNIFICANTTAXPAYERS

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

16. 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:

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