City of Surrey's 2024-2028 Financial Plan

OVERVIEW OF FUND STRUCTURES Reserve Funds, Fund Surpluses and Deferred Developer Cost Charges (in thousands)

2022

2023

2023

2024 PLAN

2025 PLAN

2026 PLAN

2027 PLAN

2028 PLAN

ACTUAL

ACTUAL

BUDGET

Reserve Funds Capital legacy

$

49,317 69,894 37,959 41,618 13,600 18,104

$

49,539 112,928 39,336 53,534

$

49,539 112,928 39,336 53,534

$

50,121 108,115 37,391 67,829 10,067 18,648

$

51,880 113,131 39,095 75,349 10,348 18,927

$

53,425 116,287 40,866 79,051 10,887 19,214

$

56,779 119,531 38,148 82,277 11,191 19,509

$

61,492 122,866 39,857 87,573 11,503 19,812

Municipal land

Equipment and building replacement

Neighbourhood Concept Plans

Park land acquisition

6,217

6,217

Local improvement financing Environmental stewardship

18,372

18,372

6,945 3,746 1,382 2,100

6,958 9,410 1,386 3,715

6,958 9,410 1,386 3,715

7,040 9,398 1,396 7,101

7,187

7,339

7,495

7,655

Parking space Water claims

11,460

11,680

11,906

12,138

1,435 8,299

1,475 9,531

1,516

1,558

Affordable housing

10,797 85,894 16,220 461,262 (199,154)

12,098 88,290

Capital Projects

30,412

65,176

65,176

79,088 64,879 461,073

81,295 48,659 467,065

83,563 32,440 465,757 (229,600)

Growing Communities Fund

-

-

-

-

275,077

366,571

366,571

464,842

Internal Borrowing

(126,035)

(103,160)

(103,160)

(63,032)

(30,991)

(170,067)

Appropriated Surplus and Committed Funds Infrastructure replacement

19,616 13,490 12,328

43,475 13,490 12,193

43,475 13,490 12,193

58,571 22,390 13,540 14,510

34,431 22,390 12,748 14,510

14,547 22,390 11,956 14,510

2,856

28,315 22,390 10,372 14,510

Revenue stabilization

22,390 11,164 14,510

Self insurance

Operating contingency and emergencies

8,610 7,210

8,610 7,244

8,610 7,244

Environmental emergencies

7,277

7,277

7,277

7,277

7,277

Committed Funds

288,311 349,565

300,945 385,957

321,251 406,263

436,298 552,586

445,422 536,778

456,646 527,326

461,824 520,021

480,167 563,031

Other Deferred Development Cost Charges

371,704 371,704

333,558 333,558

333,558 333,558

374,689 374,689

384,052 384,052

395,549 395,549

407,259 407,259

419,309 419,309

Opening Reserve Balance

$ 870,311

$ 982,926

$ 1,003,232

$ 1,325,316

$ 1,356,904

$ 1,159,032

$ 1,189,388

$ 1,277,114

Increases to Reserves Investment Income

1,422

5,756

5,757

22,508 268,345 83,800

24,560 269,014 91,500

24,868 267,923 107,600

24,940 235,580 110,600

25,134 264,400 111,900

Operating Reserves & Surplus Contributions

198,765 83,818 30,255 23,118

233,261 101,541

266,431 95,600

Development Cost Charges (DCC)

Asset Proceeds

8,303

2,000

2,000

2,000

2,000

2,000

2,000

Repayment of Internal Borrowing

46,116 394,976

14,738 384,526

32,041

30,991 418,065

30,446 432,837

29,087 402,207

27,692 431,126

$ 337,378

$

$

$ 408,694

$

$

$

$

Decreases to Reserves Capital Expenditures from Reserves Capital Expenditures from DCCs

(32,669) (122,761)

(68,274) (62,625) (5,988)

(77,139) (94,986)

(51,853) (83,009)

(56,432) (90,719) (229,600) (239,186) (615,936) (197,872)

(61,347) (106,926)

(54,412) (109,913)

(36,739) (111,049)

Use of Internal Borrowing

(243)

-

-

-

-

-

Operating Reserves & Surplus Expenditures

(69,090)

84,301

(154,359) (326,484)

(242,244)

(234,208) (402,480)

(150,157) (314,481)

(152,683) (300,471)

$ (224,763)

$ $

(52,586)

$ $

$ (377,106)

$ $

$ $

$ $

$ $

Net Increase(Decrease) to Reserve

$ 112,615

342,390

58,042

$

31,588

30,356

87,726

130,655

Ending Reserve Balance

$ 982,926

$ 1,325,316

$ 1,061,275

$ 1,356,904

$ 1,159,032

$ 1,189,388

$ 1,277,114

$ 1,407,769

Classification Adjustments and Other Entities Development Cost Charges Surrey City Development Corporation Surrey Homelessness & Housing Society

(333,558)

(374,689)

(336,388) (10,526)

(384,052)

(395,549)

(407,259)

(419,309)

(431,860)

10,153

9,551 8,433 1,828 8,513

8,051 8,517 1,846 8,598

7,051 8,602 1,864 8,684

6,051 8,688 1,883 8,771

5,051 8,775 1,902 8,859

4,051 8,863 1,921 8,948

8,591 1,917 7,464

2,374 1,936 7,539

Inventory

Prepaid Expenses

Equity in Tangible Capital Assets

9,720,637

10,043,360

9,698,968

9,997,301

9,946,308

9,889,870

9,831,360

9,758,926

Total Accumulated Surplus

$ 10,398,130

$ 11,022,312

$ 10,425,177 10,997,165 $

$ 10,735,992

$ 10,697,393

$ 10,713,752

$ 10,758,618

Note: The following are Appropriated Surplus funds that may exist in any of the following City's funds - Infrastructure replacement Operating Funds Revenue stabilization Operating Funds Self insurance Operating Funds Operating contingency and emergencies Operating Funds Environmental emergencies Operating Funds The following are Committed funds that are specific to the noted City's funds - General operating General Operating Fund Roads & traffic operating and capital Roads & Traffic Safety Operating Fund Sewer & drainage operating and capital Sewer Operating Fund as well as Drainage Operating Fund Surrey City Energy Surrey City Energy Operating Fund Water operating and capital Water Operating Fund

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

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