2018 Annual Financial Report

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

For the year ended December 31, 2018 [tabular amounts in thousands of dollars]

3. INVESTMENTS (CONTINUED)

a) City investments had an average portfolio yield of 2.34% (2017 – 1.95%). All City investments can be liquidated on demand but may have associated penalties on liquidation. b) SCDC investments includes term deposits that had an average portfolio yield of 2.07% (2017 – 1.60%) and can be liquidated on demand without penalty along with GICs with a maturity date of September 17, 2019 and a yield of 1.90% (2017 – 0.0%). c) SHHS investments includes a diversified portfolio of fixed income and equity securities held by SHHS with an average yield rate of (2.22)% (2017 – 7.66%), for the purpose of supporting programs and projects related to reducing homelessness and increasing access to safe and affordable housing in Surrey. d) SCDC’s joint-venture partnership in Beedie LP meets the criteria of a government business partnership and therefore the results are accounted for under the modified equity method. e) During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). In 2014 SCDC received a $396,502 distribution from Bosa LP, reducing their investment to $303,498. During 2018 the Corporation invested an additional $80,354 in proportion to their ownership interest bringing the SCDC’s investment in the partnership to $383,852. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.

4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

2017

2018

Trade accounts payable

$

63,583 43,046 27,053

$

70,268 47,991 28,007

Due to Federal Government

Employee future benefits (Note 9) Due to joint venture partners Contractors’ holdbacks Due to Regional Districts Due to Province of British Columbia Due to other government entities

3,668

-

11,466 12,515

17,068

9,373 4,076 2,336 2,009

3,840 1,944 2,009

Interest payable on debt

$

169,124

$

181,128

56