City of Surrey's 2024-2028 Financial Plan

ECONOMIC OVERVIEW

Due to a slowdown in overall development permit activity in the City, 2023’s total building construction values associated with residential projects, along with ICI projects, declined by 8% as compared to the prior year.

Due to continued overall development planning activity within the City, aided by the City’s commitment to streamline permit processing and approval timelines, planning application fees collected in 2023 were 5% higher as compared to those collected in 2022.

An increase in the number of business licenses in Surrey led to 10% higher business license revenue in 2023 as compared to 2022. This is indicative of resumed confidence amongst the business community who continues to expand their presence

The 2024—2028 Financial Plan incorporated feedback on community priorities obtained during the City’s budget engagement process and continued its momentum with further capital investments as part of the 2024-2028 Capital Financial Plan. The City has prioritized new capital infrastructure projects that will ensure the recreational, cultural, and transportation infrastructure needs of its citizens will keep pace with the City’s growth.

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

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