Annual Report 2014

City of Surrey

City of Surrey Schedule 9

Schedule 9 Reserve Funds

As at December 31, 2014, with comparative figures for 2013 [in thousands of dollars]

Equipment and Building Replacement

**Local Improvement Financing

****Deferred Development Charges

*** Municpal Land

Park Land Acquisition

*Capital Legacy

Neighborhood Concept Plans

Environmental Stewardship

Water Claims

Affordable Housing

Parking Space

Reserves Subtotal

Future Commitments

Balance, beginning of year

$ 34,836

$ (1,378)

$     5,186

$ 23,998

$ 23,545

$ 6,558

$ 14,654

$ 1,299

$

33

$ 1,244

$ 109,975

$ 225,407

$ 150,228

DCC’s levied for the year

-

58,543

Investment income

436

21

66

301

293

82

70

16

-

16

1,301

2,256

Asset disposals

1

-

-

-

-

-

-

-

-

-

1

Other revenue

-

53

3,673

-

3,503

-

-

-

-

-

7,229

-

-

Other expenditures

86

7,267

-

-

-

-

-

-

(25)

-

7,328

523

7,341

3,739

301

3,796

82

70

16

(25)

16

15,859

60,799

-

Transfers from (to) Operating funds

(9,112)

(3,778)

-

(1,989)

63

192

(449)

-

-

-

(15,073)

-

Capital funds

8,583

35,277

49

23,434

3,442

-

-

-

-

-

70,785

(56,611)

(39,885)

Internal borrowing

(25,536)

-

(25,536)

(25,536)

(529)

5,963

49

21,445

3,505

192

(449)

-

-

-

30,176

(82,147)

(39,885)

Balance, end of year

$ 35,888

$

-

$

8,876

$

2,854

$ 23,836

$ 6,448

$ 15,173

$ 1,315

$

8

$ 1,260

$ 95,658

$ 204,059

$ 110,343

Additional Information:

*** Municipal Land Reserve Fund: The City borrows from this Fund to finance specified projects. Principal and interest repayment schedules are based upon reasonable business case plans approved by City Council. Municipal Land Fund Prior to Borrowing $ 15,832 Internal Borrowing from Reserves 25,536 Principal Repayable, City Centre Land Loan (16,204) Principal Repayable, City Centre Social Lands Loan (3,528) Principal Repayable, City Centre Development Loan (2,395) Principal Repayable, University Drive (921) Principal Repayable, City Parkway (1,091) Principal Repayable, Social Housing Loan (1,405) Principal Repayable, Heritage Railway Loan (24) Principal Repayable, Newton Athletic Park Master Plan (820) Principal Repayable, Bridgeview Ind. Land Loan (54) Principal Repayable, Green Timbers (14,926)

* Capital Legacy Reserve Fund (created by Bylaw in 1999): The City borrows from this Fund to finance capital projects. Principal and interest repayment schedules are based upon reasonable business case plans approved by City Council. The debt costs are provided for annually within the operating budget of each capital project.

Capital Legacy Fund Prior to Borrowing

$

53,356

Principal Repayable, Art Centre - South Surrey

(7,678)

Principal Repayable, Guildford Pool Loan

(42,277)

Principal Repayable, Parking Meters Loan

(534)

Principal Repayable, East Clayton Fitness Facility Loan

(13)

Funds on Hand for Financing Projects

$

2,854

** Local Improvement Financing Reserve Fund: The City borrows from this Fund to finance local improvement projects. The property owners’ share, repayable with interest over 10 years, is levied against the benefiting properties. The City’s share, repayable with interest over 10 years, is provided for annually within General Operating Fund debt costs. Funds on Hand For Financing Projects $

Funds on Hand for Financing Projects

$

-

**** Deferred Development Charges: The City borrowed from this Fund to resolve revolving fund shortfall. Principal and interest to be repaid. Deferred Development Cost Charges per note 9

6,391 8,782

Receivable From Property Owners

$ 229,595

Equity, December 31, 2012

$

15,173

Less: Internal borrowings

(25,536)

Funds on Hand for Financing Projects

$ 204,059

57

56