City of Surrey's 2024-2028 Financial Plan

OVERVIEW OF FUND STRUCTURE

RESERVE FUNDS Under the Community Charter, City Council may use bylaws to establish Reserve Funds for specified purposes. In addition, the Community Charter also provides for the establishment of statutory Reserve Funds, these are identified in the listing below. Money in a Reserve Fund and the interest earned on it may only be used for the purpose for which the fund was established. If the amount in a Reserve Fund is greater than required, City Council may, by bylaw, transfer all or part of the amount to another Reserve Fund. Surrey currently has the following Reserve Funds:

Capital Legacy;

Parking Space ( Statutory );

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• • • • •

Municipal Land ( Statutory );

Water Claims;

• Equipment and Building Replacement; • Neighbourhood Concept Plan; • Park land Acquisition ( Statutory ); • Local Improvement Financing; • Environmental Stewardship;

Affordable Housing;

BC Growing Communities Fund;

Capital Projects; and

• Development Cost Charges ( Statutory ).

TRUST FUNDS In addition to the three major funds types above, the City maintains trust funds that are not included in the 2024—2028 Financial Plan or the City’s annual financial statements. Trust funds contain assets which are to be administered as directed by agreement or statute for certain beneficiaries. There are two trust funds: Employee Benefits Fund and Cemetery Perpetual Care Fund. DEPARTMENTAL/FUND RELATIONSHIP AND RELATED SCHEDULE The following pages provide a table illustrating the relationship between funds and departments, and the reserve fund, fund surpluses and deferred development cost charges schedule illustrating budgeted balances over the Five-Year Financial Plan.

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

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