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

the future lives here.

2018-2022 Financial Plan

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