City of Surrey 2016 Annual Report

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

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

18. TRUST FUNDS

These funds account for assets, which must be administered as directed by agreement or statute for certain beneficiaries. In accordance with PSAB recommendations on financial statement presentation for local governments, trust funds are not included in the City’s Consolidated Financial Statements. Amounts administered by the City as trust funds are as follows:

2015

2016

Assets Cash and short term investments

$

3,321

$

3,515

Employee Benefits Fund

Cemetery Perpetual Care Fund

2015

Equity

2016

Balance, beginning of year

$

618

$

2,703

$

3,171

$

3,321

Employment insurance rebate

79

-

73

79

Contributions

-

189

164

189

Interest revenue

4

- - -

6

4

Benefits purchased

(5)

(15) (78)

(5)

Refunded to employees

(73)

(73)

Balance, end of year

$

623

$

2,892

$

3,321

$

3,515

19. SURREY HOMELESSNESS AND HOUSING SOCIETY

On June 22, 2007, the City of Surrey incorporated the Surrey Homelessness and Housing Society. The purposes of the Society are to raise funds for financing programs and projects that address homelessness in Surrey; conduct and provide financial assistance to homelessness housing initiatives; manage the disbursements of grants for projects and programs that address homelessness in Surrey and act to raise funds for these purposes. As the City appoints the majority of members in the Society, who then appoint the Society’s Board, the City is considered to have control over the Society’s functions and the Society’s financial information is fully consolidated within the City’s financial statements.

20. INNOVATION BOULEVARD CORPORATION

On October 28, 2016, the City of Surrey and Simon Fraser University (“SFU”) incorporated the Innovation Boulevard Corporation (“IBC”), a government partnership. SFU and the City are the only shareholders of IBC with each having a 50% interest. The purposes of this company is the development of an integrated innovation and technology hub in Surrey that coordinates and facilitates the efforts of private industry, investors, the City, SFU, Fraser Health Authority, other levels of government, local universities and colleges, healthcare and other service providers, not-for-profit stakeholders, researchers, and leaders to build a dynamic infrastructure to support innovation, research, community engagement, private and public investment, job creation and oversight to improve the lives of the people of Surrey and beyond. As the City jointly controls IBC, the City proportionately consolidates IBC’s statements with the City’s financial statements. As at December 31, 2016, IBC had no assets or liabilities.

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