2026 - 2030 Surrey Financial Plan

ECONOMIC OVERVIEW

The provincial government has tabled a budget projecting a $13.3 billion deficit for the current fiscal year, marking the third consecutive year of deficits. The province also forecasts continued deficits over the next three years, with no clear timeline for returning to a balanced budget. In response to rising deficits and debt levels, credit rating agencies Moody’s and S&P Global have downgraded BC’s credit rating. S&P Global lowered the province’s long-term issuer rating from A+ to A, while Moody’s downgraded its long term issuer and senior unsecured debt ratings from Aa1 to Aa2. These downgrades are significant, as lower credit ratings can increase borrowing costs and place additional pressure on provincial finances. SURREY’S FINANCIAL PERFORMANCE In 2025, the City continued to invest in significant major capital and utility infrastructure related projects to provide citizens with access to safe, inviting, high-quality facilities, programs and services. Considerable progress has been made on projects that will significantly expand recreational opportunities and enhance Surrey’s communities. Such projects include: • Construction of a third sheet of ice at the Cloverdale Sport & Ice Complex, with completion set for the fall of 2027; • Construction on the expanded Chuck Bailey Recreation Centre, with a completion date in winter 2027. The expansion features a second gymnasium, a fitness centre, learning kitchen, arts and culture space and upgrades to seniors programming space; • Completion of major road construction for the 152 Street Road Upgrades project, which included raising and widening of 152 Street between the Nicomekl and Serpentine Rivers to improve public safety and the movement of people, goods and services on this major north-south route; • Completion of Bear Creek Stadium, which included a grandstand with three times the seating, an upgraded track and new changerooms. The $27.5 million Bear Creek Stadium was designed with accessibility and adaptability in mind, featuring extra wide passageways, accessible public washrooms, universal change rooms with accessible showers, and an elevator to bring spectators and sport officials to the upper levels of the grandstand; and • Creation of inclusive, family-friendly spaces that strengthen connections, as the City debuted its first free outdoor skating rink at Surrey Civic Plaza. Residents and visitors enjoyed a festive outdoor experience, with free skating at the new 4,000-square-foot rink and other family-friendly activities from December 1, 2025, through Family Day, February 16, 2026. In addition to significant investment in recreation and infrastructure projects, the City added additional resources and expanded programs to assist the development community. Such initiatives include: • Expansion of the Surety Bond Pilot Program to drive development projects forward by embracing innovative financing tools. This pilot program, established in 2016,

City of Surrey | 2026—2030 Financial Plan | Financial Overview

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