2025-2029 Surrey Financial Plan

BUDGET SUMMARY

The current 2025 - 2029 Financial Plan has been developed based on direction provided by Council and builds on the adopted 2024 - 2028 Financial Plan. The following provides a summary of changes between the currently adopted 2025 budget and the previously adopted 2024 budget. See the relevant sections in this document for detailed schedules and additional information. CONSOLIDATED - BUDGET SUMMARY (in thousands)

CHANGE

2024

2025

REVENUE SUMMARY

BUDGET

BUDGET

$

%

General Operating Taxation

$

543,134 93,174 70,608 57,725 62,835

$

578,228 98,033 62,390 76,016 68,236 882,903 95,904 318,726

$

35,094

6.5% 5.2%

Sale of Goods and Services

4,859

Investment Income

(8,218)

-11.6%

Transfers from Other Governments

18,291 31.7%

Other

5,401

8.6%

827,476

55,427

6.7%

Utilities OperatingTaxation

88,772 257,827

7,132

8.0%

Sale of Goods and Services

60,899 23.6% 2,515 65.9%

Investment Income

3,819 7,482 5,182

6,334 7,818 5,192

Transfers from Other Governments

336

4.5% 0.2%

Other

10

363,082

433,974

70,892 19.5%

Capital Program Development Cost Charges

83,009 123,332 18,881 77,262

93,967 117,451 28,479 32,584

10,958 13.2%

Developer Contributions

(5,881)

-4.8%

Investment Income - Reserves and Capital Transfers from Other Governments

9,598 50.8%

(44,678)

-57.8%

Other - Gain on Sale of Assets

2,000

2,000

-

0.0%

304,484

274,481

(30,003)

-9.9%

Other Entities

Investment Income

190

200 200 400

10

5.3% 0.0%

Other

-

200

190

210 110.5%

Budgeted Revenues

$ 1,495,232

$ 1,591,758

$

96,526

6.5%

EXPENDITURE SUMMARY General Operating General Government

$

97,281 362,482 203,614

$

101,634 405,560 196,566 20,102 158,781 882,903 260 114,028 433,974 582,958 100,000 682,958 317,288 2,658

$

4,353

4.5%

Public Safety

43,078 11.9%

Other Departments Council Initiative Fund

(7,048)

-3.5% 0.0% 6.7% 9.5%

260

-

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

18,844 144,995

1,258

13,786

827,476

55,427

6.7%

Utilities Operating Operating Expenditures

274,858

42,430 15.4%

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

2,658

-

0.0%

85,566

28,462 33.3% 70,892 19.5%

363,082

Capital Program Capital Expenditures

376,182 100,000

206,776

55.0%

Contributed Assets

-

0.0%

476,182

206,776 43.4%

Other

Amortization

156,586

166,758

10,172

6.5%

Other Entities Expenditures

1,008

2,464

1,456 144.4%

Internal Borrowing

-

(229,600) (297,699) (50,000) (408,077)

(229,600) (18,597)

0.0% 6.7% 0.0%

Contributions/Transfers to/(from) Unspecified Capital Budget Authority

(279,102) (50,000) (171,508)

-

(236,569) 137.9%

Budgeted Expenditures & Transfers per Bylaw

$ 1,495,232

$ 1,591,758

$

96,526

6.5%

Reconciliation to Annual Financial Statements:

Revenues per Financial Statements

$ 1,495,232

$ 1,591,758

$

96,526

6.5%

Tangible Capital Asset expenditures

(476,182)

(682,958) 304,490 (10 ,5 81 ) (389,049)

(206,776) 205,949

43.4%

Contributions/Transfers (to)/from own sources Municipal debt & loan principal repayments

98,541

209.0%

(10,527)

(54)

0.5%

Adjustment to Budgeted Expenditures

(388,168)

(881)

0.2%

Expenditures per Financial Statements

$ 1,107,064

$ 1,202,709

$

95,645

8.6%

Excess Revenues Over Expenses per Financial Statements $ 0.2% ** Excess Revenues Over Expenses is used primarily to fund the capital program through acquistion of tangible capital assets 388,168 $ 389,049 881 $

City of Surrey | 2025—2029 Financial Plan | Executive Overview

4