2026 - 2030 Surrey Financial Plan

ECONOMIC OVERVIEW

enables developers to use surety bonds as an alternative to traditional security methods like cash or letters of credit. This approach enhances liquidity for developers, allowing them to reinvest in projects that support the city’s vision of sustainable urban development. With the expansion, the program will accommodate an even wider range of projects that meet specific eligibility criteria, including those located near Rapid Transit corridors and others that provide significant community infrastructure benefits; and • Endorsement of several permitting process improvements aimed at streamlining operations, clarifying expectations for applicants, and simplifying the overall processes. These efforts build on the city’s extensive work in reducing permit timelines and other administrative processes, all focused on achieving faster, more efficient development outcomes. The Bank of Canada trimmed its key interest rate by 1%, going from 3.25% at the end of 2024 to 2.25% at the end of 2025. The BOC chair cautioned that there is a limitation to the extent that monetary policy can support the economy and called on the federal government to implement fiscal policies that would raise Canada’s productivity. As interest rates came down in 2025 as compared to 2024, investment yields were lower within the City’s investment portfolio, as compared to 2024. Overall, the City's accumulated surplus increased by more than $645 million, as compared to 2024. The fiscal performance of the City in relation to the adopted budget is indicative of a continued stable and strong financial position. All departments are continuing to proactively manage their respective budgets and helping to retain a strong financial position for the City. The City has prioritized new capital infrastructure projects that will ensure the recreational, cultural, and transportation infrastructure needs of its citizens will keep pace with the City's growth.

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

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