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]

3. Accounts receivable

2014

2013

$ 55,797

General accounts receivable Development Cost Charges

$ 47,257

42,867 21,514 12,108

44,733 20,868 12,142

Property taxes

Utility rates

3,233 6,560 2,340

Due from joint venture partners Due from other authorities Debenture debt guarantee

6,913 4,908 2,274

254

Tax sale properties

151

$ 144,673

$ 139,246

4. Properties held-for-sale

2014

2013

$ 15,237

Opening balance

$ 14,788

41,006

Transfer from tangible capital assets

25,813

(29,449)

Disposal on sale

(26,083)

4,321

Additions

719

$ $ 31,115

$ 15,237

5. Investments

2014

2013

$ 344,598

Investments maturing within one year Investments maturing within two years

$ 388,953

65,519

88,760

172,036

Investments maturing within ten years

195,713

304

Investment in partnership

700

$ 582,457

$ 674,126

Average portfolio yield 2.61% (2013 – 2.70%). All investments can be liquidated on demand, but may have associated penalties on liquidation.

During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). During 2014 SCDC received a $396,502 distribution from Bosa LP. Accordingly, SCDC’s investment in the partnership has been reduced to $303,498 at December 31, 2014. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.

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