City of Surrey 2016 Annual Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

For the year ended December 31, 2016 [tabular amounts in thousands of dollars]

8. DEFERRED REVENUE

2015

2016

Development/building permits

$

19,471

$

21,371

Deferred gains on land sales to joint ventures

3,958 5,924 1,952

3,957 7,688 2,298

Deferred lease revenue

Other

$

31,305

$

35,314

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 recorded in a separate reserve fund. DCC’s are deferred and recognized as revenue when the related costs are incurred.

2015

2016

Deferred DCC’s:

Arterial roads

$

55,763 43,324 39,685 27,273 15,008 12,021 43,486

$

67,446 51,638 38,561 26,474 17,431 13,156 49,757

Parkland

Drainage/storm water detention

Sanitary sewer Collector roads

Water

Area specific

Park development

3,071

2,505

$

239,631

$

266,968

$

229,595

Deferred DCC’s, beginning of year

$

239,631

DCC’s levied for the year

66,798

87,398

Investment income

1,836

1,199

Total DCC’s deferred

68,634

88,597

Revenue recognized for General Capital Revenue recognized for Water Capital

(43,547) (6,945) (8,106) (58,598)

(41,464)

(4,063)

Revenue recognized for Sewer & Drainage Capital

(15,733)

Total DCC’s recognized as revenue

(61,260)

Net increase for the year

10,036

27,337

$

239,631

Deferred DCC’s, end of year

$

266,968

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