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]

8. Deferred revenue

2014

2013 (recast-note 2) $ 16,379

$ 16,269

Development/Building Permits

4,764 3,873 1,537

Deferred gains on land sales to joint ventures

4,765 3,963 1,655

Deferred lease revenue

Other

$ 26,443

$ 26,762

9. Deferred Development Cost Charges

Development Cost Charges (DCC’s) are collected to pay for 95% of the general capital costs due to development and 90% of utility capital costs on specified projects. In accordance with the Local Government Act, these funds must be deposited into a separate reserve fund. DCC’s are deferred and recognized as revenue when the related costs are incurred.

2014

2013 (recast-note 2)

Deferred DCC’s: Arterial roads

$ 55,196

$ 49,764

46,200 39,856 24,308 12,038 14,719 34,118

Parkland

54,004 37,709 22,850 13,994 13,798 30,080

Drainage/storm water detention

Sanitary sewer Collector roads

Water

Area specific

3,160

Park development

3,208

$ 229,595

$ 225,407

Deferred DCC’s, beginning of year

$ 225,407

$ 216,298

58,543

DCC’s levied for the year

74,837

2,256

Investment income

2,655

60,799

Total DCC’s deferred

77,492

(48,078)

Revenue recognized for General Capital Fund

(53,054)

(2,631)

Revenue recognized for Water Capital

(3,823)

(5,902)

Revenue recognized for Sewer & Drainage Capital

(11,506)

(56,611)

Total DCC’s recognized as revenue

(68,383)

4,188

Net increase for the year

9,109

Deferred DCC’s, end of year

$ 229,595

$ 225,407

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