City of Surrey's 2024-2028 Financial Plan

MESSAGE FROMTHE CFO/GENERAL MANAGER, FINANCE

To the Mayor and Council, City of Surrey

It is my pleasure to submit the 2024 - 2028 Financial Plan for the City of Surrey. This Financial Plan has been formulated based on direction from you, as our Mayor and Council, and reflects key fundamental priorities while maintaining fiscal prudence. The Community Charter requires that Council adopt a Five- Year Financial Plan each year prior to the adoption of the annual Property Tax Bylaw. This 2024 - 2028 Financial Plan document reinforces the 2024 - 2028 Financial Plan Bylaws, which received final adoption on May 6, 2024.

Kam Grewal CFO/General Manager, Finance

The goal of the Five-Year Financial Plan is to outline the financing of initiatives associated with the City’s key strategic plans including the Sustainability Charter, the Official Community Plan, the Transportation Strategic Plan, the Parks, Recreation and Culture Strategic Plan, the Surrey Public Library Strategic Plan, as well as Council’s key priorities. Funding these initiatives helps the City to meet the needs of its citizens.

1.0 OVERVIEW

The 2024 - 2028 Financial Plan presents a Five-Year Consolidated Financial Plan, which includes forecasts for all revenues and expenditures related to the City’s operating and capital expenditure requirements over the next five years. The supporting information in this Five-Year plan provides departments with their expenditure authority. Please note that, in conjunction with known information, estimates and projections have been used for the years 2025 through 2028 in relation to revenues and expenditures. These projections are updated annually prior to Council’s review and approval of the Financial Plan for that year. In undertaking its 2024 budget process, the City engaged with the community and solicited feedback on budget priorities, as desired by Mayor and Council. The 2024 – 2028 Financial Plan incorporated City strategies and resource requirements to maintain service delivery, along with feedback on community priorities obtained during the City’s budget engagement process. Street team activations in central business district areas and high traffic commercial locations enhanced engagement efforts for this latest Financial Plan. Business leaders participated in focused meetings and provided input. Overall, 50,725 community members were reached through this budget engagement. This Five-Year Financial Plan addresses Council’s key strategic priorities such as enhancing public safety, building infrastructure, positioning Surrey as an investment destination and innovation centre, and preparing the City for future growth. It also takes into consideration inflationary pressures and the current environment of increased economic uncertainty.

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

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