2017 Finance Annual Report

SCHEDULE 3 UNAUDITED RESERVE FUNDS  CITY OF SURREY

As at December 31, 2017, [in thousands of dollars]

Equipment and Building Replacement

*** Municipal Land

Park Land Acquisition

*Capital Legacy

Neighbourhood Concept Plans

Balance, beginning of year

$ $34,325

$

-

$ 18,687

$ 15,638

$ 22,648

DCC’s levied for the year

-

-

-

-

-

Investment income

189

10

103

86

125

Other revenue

160

5,267

15,427

-

5,175

Other Contributions

-

821

-

-

-

349

6,098

15,530

86

5,300

Transfers from (to) Operating funds

(12,659)

(237)

-

(17,670)

356

Capital funds

11,674

27,773

7,908

21,468

3,817

Internal borrowing

-

(21,438)

-

-

-

(985)

6,098

7,908

3,798

4,173

Balance, end of year

$ 35,659

$

-

$ 26,309

$ 11,926

$ 23,775

ADDITIONAL INFORMATION: * Capital Legacy Reserve Fund (created by Bylaw in 1999):

The City borrows from this Fund to finance capital projects. Principal and interest repayment schedules are based upon reasonable business case plans approved by City Council. The debt costs are provided for annually within the operating budget of each capital project. Capital Legacy Fund Prior to Borrowing $ 46,534 Principal Repayable, Newton Fitness Facility Loan (7,993) Principal Repayable, East Clayton Fitness Facility Loan (7,586) Principal Repayable, North Surrey Arena Replacement Loan (5,157) Principal Repayable, Guildford Pool Loan (4,536) Principal Repayable, RCMP Facility Loan (4,477) Principal Repayable, Fleetwood Recreation & Library Envelope Loan (1,527) Principal Repayable, Surrey Museum Expansion Loan (1,413) Principal Repayable, Grandview Heights Pool Loan (967) Principal Repayable, Other Facility, Parks and Culture Loans (952) Funds on Hand for Financing Projects $ 11,926 ** Local Improvement Financing Reserve Fund: The City borrows from this Fund to finance local improvement projects. The property owners’ share, repayable with interest over 10 years, is levied against the benefiting properties. The City’s share, repayable with interest over 10 years, is provided for annually within General Operating Fund debt costs. Funds on Hand For Financing Projects $ 6,058 Receivable From Property Owners 10,533 Equity, December 31, 2017 $ 16,591

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