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]

3. ACCOUNTS RECEIVABLE

2015

2016

General accounts receivable Development Cost Charges

$

31,819 36,842 20,386 12,887

$

31,982 51,438 17,688 13,059

Property taxes

Utility rates

Due from joint venture partners Due from other authorities

1,460 3,170 2,400

82

3,721 2,467

Debt guarantee

Tax sale properties

287

316

$

109,251

$

120,753

4. PROPERTIES HELD-FOR-SALE

2015

2016

Opening balance

$

31,115 63,836

$

42,506 15,628

Transfer from tangible capital assets

Disposal on sale

(61,717)

(65,089)

Additions

9,272

6,955

$

42,506

$

-

5. INVESTMENTS

2015

2016

Investments maturing within one year Investments maturing within two years Investments maturing within ten years

$

390,812 91,421 216,172 698,405

$

444,108 98,021 275,834 817,963

Other investments

8,008

7,928

Investment in partnership

304

304

$

706,717

$

826,195

City investments had an average portfolio yield of 2.05% (2015 – 2.38%). All City investments can be liquidated on demand, but may have associated penalties on liquidation. Other investments include a diversified portfolio of fixed income and equity securities held by the Surrey Homelessness and Housing Society for the purpose of supporting programs and projects related to reducing homelessness and increasing access to safe and affordable housing in Surrey. During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). During 2014 SCDC received a $396,502 distribution from Bosa LP. Accordingly, SCDC’s investment in the partnership was reduced to $303,498 at December 31, 2014. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.

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