Annual Report 2014

City of Surrey

Notes to the Consolidated Financial Statements For the year ended December 31, 2014 [tabular amounts in thousands of dollars]

2. Recast of comparative figures

During the year, the City determined that certain immaterial adjustments were required to be made to its comparative figures.

Historically, the City has recorded funds received for its Neighbourhood Concept Plan (“NCP”), and interest earned on these funds, as liabilities within deferred revenue. Once costs were incurred, the deferred revenue was recognized as revenue. As the funds are not externally restricted, these amounts should be recorded as revenue. The City has also adjusted prior year balances to correct prior year amounts of Tangible Capital Assets and to increase deferred Development Cost Charges (“DCC”) and Tangible Capital Assets for DCCs relating to properties developed by SCDC.

The effects of the adjustments on the comparative figures are summarized below in thousands of dollars:

Accumulated surplus at January 1:

2014

2013

$ 7,763,908

Opening accumulated surplus, as previously reported

$ 7,549,945

23,545

Adjustment for NCP

21,439

7,367

Tangible Capital Assets understatement

7,367

$ 7,794,820

Opening accumulated surplus, as recast

$ 7,578,751

Net financial assets at January 1:

2014

2013

$ 69,645

Net financial assets, as previously reported

$ 153,437

(6,399)

Adjustment for deferred DCC

(2,184)

23,545

Adjustment for NCP

21,439

$ 86,791

Net financial assets, as recast

$ 172,692

Annual surplus:

2013

As previously reported

$ 213,963

Adjustment for NCP

2,106

Annual surplus, as recast

$ 216,069

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