2018 Annual Financial Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY FINANCIAL STATEMENTS

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

8. DEBT

2017

2018

MFA Debt (i)

$

185,457

$

179,699

Loans payable (ii)

81,762

49,325

$

267,219

$

229,024

i) MFA Debt Pursuant to security issuing by-laws under authority of the Community Charter, the City obtains debt instruments through the Municipal Finance Authority of British Columbia (MFA) to finance certain capital expenditures.

Gross amount of the debt less sinking fund installments and actuarial adjustments to date are as follows:

Sinking fund installments and actuarial adjustments

Net debt 2018

Net debt 2017

MFA Issue 

Gross debt

116 121 126

$ 100,000

$

18,966

$

84,073 39,147 62,237

$

81,034 37,833 60,832

45,000 67,335

7,167 6,503

General Capital Fund

$ 212,335

$

32,636

$ 185,457

$ 179,699

Current borrowing includes:

MFA Issue

Issue Date

Term (yrs.)

Maturity

Interest Rate

* Refinancing Date

116

April 4, 2011

25

April 4, 2036

4.20%

April 4, 2021

121 126

October 4, 2012

25 30

October 4, 2037

2.90% 3.85%

October 4, 2022

September 26, 2013

September 26, 2043

September 26, 2023

*On the Refinancing Date, the City has the option to retire the debt early or refinance the borrowing at a new interest rate.

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