City of Surrey's 2024-2028 Financial Plan

MESSAGE FROMTHE CFO/GENERAL MANAGER, FINANCE

The Water Utility’s funding requirements are affected by the following factors:

• Combined City and Greater Vancouver Water District’s (“GVWD”) increases of 3.8% for 2024;

• GVWD water rates are projected to increase an average of 5.37% per year for each of the remaining four years of the Five-Year Plan;

• Operating and maintenance cost increases; and

• Capital replacement needs for aging infrastructure.

To meet these funding requirements, water rates will increase in 2024 and beyond. Excluding the base charge, the average metered single-family dwelling will pay $457.34 in 2024 ($440.60 in 2023) based on an average yearly consumption of 360 cubic meters. 10.0 GENERAL CAPITAL FINANCIAL PLAN—SERVICE PRIORITIES In recent years, the City has built world class recreation and parks facilities for our residents to enjoy. This trend will continue into future years with support from Mayor and Council to ensure our City offers civic facilities that best meet the needs of users. The 2024 - 2028 General Capital Program represents the most significant financial commitment in the City’s history; with over $715.9M allocated over the next five years. The program focuses on stimulating the local economy through its commitment to invest in short and long-term capital infrastructure projects. These projects will improve the access to and quality of cultural, recreational and community spaces within the City now and into the future. 37 major general capital projects, including 13 new projects in 2024, were included in the adopted 2024 - 2028 Financial Plan. Examples of significant major general capital projects include the Cloverdale Sport & Ice Complex, Bear Creek Athletics Centre, City Centre Sports Complex-Phase 1, Newton Community Centre, and the Nicomekl Riverfront Park. Investing in major capital projects spurs economic activity that can catalyze growth while supporting our vision of a thriving, green and inclusive community. Examples of the on-going general capital initiatives that will be addressed over the next five years include Guildford Recreation Centre Flat Roof replacement, Surrey Sport & Leisure Complex HVAC upgrade, Fleetwood Recreation and Library glazing replacement, parking lot repairs, Bear Creek Skatepark upgrades, Bridgeview Tennis Courts resurfacing, South Surrey Athletic Park Skatepark upgrades, playground expansion at McIntyre Park and William Beagle Park and access control system upgrades at various civic facilities.

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

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