2017 Finance Annual Report

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

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

16. TRUST FUNDS (CONTINUED)

2016

2017

Assets Cash and short term investments

$

3,515

$

3,929

Employee Benefits Fund

Cemetery Perpetual Care Fund

2016

Equity

2017

Balance, beginning of year

$

623

$

2,892

$

3,321

$

3,515

Employment insurance rebate

86 43

-

79

86

Contributions

361

189

404

Interest revenue

4

- - -

4

4

Benefits purchased

(16) (64)

(5)

(16) (64)

Refunded to employees

(73)

Balance, end of year

$

676

$

3,253

$

3,515

$

3,929

17. SURREY CITY DEVELOPMENT CORPORATION

On April 24, 2007 the City of Surrey incorporated the Surrey City Development Corporation (“SCDC”) with the purpose of advancing the commercial, industrial, institutional and residential development of the City. The City is the sole shareholder of the Development Corporation and has provided financing to sustain operations and the development. As a controlled other government organization, the Corporation’s financial information is fully consolidated within the City’s financial statements.

As at December 31, 2017, SCDC has entered into Government Partnerships as follows: a) The Grove Limited Partnership

The Grove Limited Partnership (“Grove”) is a partnership for the development of 141 three-level townhomes located in the East Clayton area of Surrey. SCDC mutually contributed a beneficial interest in lands valued at $2,844,000 and cash consideration of $1,341,597, for a 50% interest in the Grove. The proportionate amounts included in the consolidated financial statements at December 31, 2017 are as follows:

Assets

$

113

Liabilities

(3)

Accumulated surplus

$

110

Revenues and expenditures for the year ended were $13 thousand (2016 – $436 thousand) and $0 thousand (2016 - $103 thousand), respectively.

64