City of Surrey's 2024-2028 Financial Plan

BUDGET SUMMARY

The current 2024 - 2028 Financial Plan has been developed based on direction provided by Council and builds on the adopted 2023- 2027 Financial Plan. The following provides a summary of changes between the currently adopted 2024 budget and the previously adopted 2023 budget. See the relevant sections in this document for detailed schedules and additional information. CONSOLIDATED - BUDGET SUMMARY (in thousands)

2023

2024

CHANGE

REVENUE SUMMARY

BUDGET

BUDGET

$

%

General Operating Taxation

$

507,917 80,516 57,336 30,586 57,333 733,688 81,641 238,662

$

543,134 93,174 70,608 57,725 62,835 827,476 88,772 257,827

$

35,217 12,658 13,272 27,139

6.9%

Sale of Goods and Services

15.7% 23.1% 88.7%

Investment Income

Transfers from Other Governments

Other

5,502

9.6%

93,788

12.8%

Utilities Operating Taxation

7,131

8.7% 8.0%

Sale of Goods and Services

19,165

Investment Income

412

3,819 7,482 5,182

3,407

826.9%

Transfers from Other Governments

7,115 4,911

367 271

5.2% 5.5% 9.1%

Other

332,741 94,986 140,537

363,082 83,009 123,332 18,881 77,262

30,341

Capital Program Development Cost Charges

(11,977) (17,205)

-12.6% -12.2%

Developer Contributions

Investment Income - Reserves and Capital

1,572

17,309

1101.1%

Transfers from Other Governments Other - Gain on Sale of Assets

113,663

(36,401)

-32.0%

2,000

2,000

-

0.0%

352,758

304,484

(48,274)

-13.7%

Other Entities

Investment Income

225 159

190

(35)

-15.6% -100.0% -50.5%

Other

-

(159)

384

190

(194)

Borrowing Proceeds Budgeted Revenues

-

-

-

0.0% 5.3%

$ 1,419,571

$ 1,495,232

$

75,661

EXPENDITURE SUMMARY General Operating General Government

$

80,800 426,756 189,867

$

92,044 362,482 208,851 18,844 144,995 827,476 274,858 85,566 363,082 376,182 100,000 476,182 156,586 (279,102) (50,000) (171,508) 260 2,658 - 1,008

$

11,244

13.9% -15.1% 10.0%

Public Safety

(64,274)

Other Departments

18,984

Council Initiative Fund

260

-

0.0%

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

31,410

(12,566) 140,400 93,788

-40.0%

4,595

3055.5%

733,688

12.8% 10.2% 0.0% 6.2% 9.1% -4.6% 0.0% 0.0% -3.7%

Utilities Operating Operating Expenditures

249,475

25,383

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

2,658

-

80,608

4,958

332,741 394,330 100,000

30,341

Capital Program Capital Expenditures

(18,148)

Contributed Assets

- -

Other Entities

-

494,330

(18,148)

Other

Amortization

149,732

6,854

4.6%

Other Entities Expenditures

1,436

(428)

-29.8% 15.2%

Contributions/Transfers to/(from) Unspecified Capital Budget Authority

(242,356) (50,000) (141,188)

(36,746)

-

0.0%

(30,320)

21.5%

Budgeted Expenditures & Transfers per Bylaw

$ 1,419,571

$ 1,495,232

$

75,661

5.3%

Reconciliation to Annual Financial Statements: Borrowing Proceeds

-

- -

-

0.0% 0.0% 5.3%

Adjustment to Budgeted Revenues Revenues per Financial Statements

-

-

$ 1,419,571

$ 1,495,232

$

75,661

Tangible Capital Asset expenditures

(494,330) 207,153 (22,753) (309,930)

(476,182)

18,148

-3.7%

Contributions/Transfers (to)/from own sources Municipal debt & loan principal repayments

98,541

(108,612)

-52.4% -53.7% 25.2%

(10,527) (388,168)

12,226

Adjustment to Budgeted Expenditures Expenditures per Financial Statements

(78,238)

$ 1,109,641

$ 1,107,064

$

(2,577)

-0.2%

Excess Revenues Over Expenses per Financial Statements $ 78,238 25.2% ** Excess Revenues Over Expenses is used primarily to fund the capital program through acquistion of tangible capital assets 309,930 $ 388,168 $

City of Surrey | 2024—2028 Financial Plan | Executive Overview

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