COS Financial Plan 2018 - 2022
FINANCIAL OVERVIEW MAJOR REVENUE SOURCES
General Operating Revenue ($ millions) 2018 Budget
2017 Budget
2017 Actual
Taxation
$351.5 $ 85.4 $ 17.3 $ 41.2 $495.4
$328.8 $ 82.7 $ 16.5 $ 40.6 $468.6
$328.2 $ 90.8 $ 14.8 $ 42.8 $476.6
Departmental Revenues
Investment Income
Other
Total
PROPERTY TAXES Surrey has three major sources of revenue, the most significant of which is property taxes. Although property taxes is a significant source of revenue, Surrey is not reliant upon any single taxpayer or business. Property tax revenues received from the ten largest properties in the City amounted to less than four percent of the City’s annual gross taxation revenues. As in recent past, Surrey has enacted general tax increases to fund increasing costs. For 2018, the City budgeted an increase to the annual property taxes of approximately $93 along with an $19 increase in the Roads and Traffic Safety levy for the average single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2017, the average single family dwelling was assessed at approximately $1,030,793 and assessment growth from new development was estimated at 2.34%. The 2018 tax rates are available now based on the BC Assessment value for each property. In 2017, Surrey generated 2017 Tax Rates (per $1,000 assessed value) Surrey Langley Township Delta Burnaby Coquitlam New Westminster
approximately 32.2% of its general property tax revenue from business and industry. Surrey’s 2017 business, light industrial, and major industrial tax rates compare favourably to neighbouring municipalities. Surrey’s tax rates are among the lowest in the region, providing a climate conducive to attracting new commercial and industrial ventures.
$50
$45
$40
$35
$30
$25
$20
$15
$10
$5
$0
Residential
Major Industry
Light Industry
Business
Source: City of Surrey Finance Department
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2018-2022 Financial Plan
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