City of Surrey 2017 - 2021 Financial Plan

EXECUTIVE OVERVIEW BUDGET SUMMARY

The 2017 Five Year (2017 - 2021) Financial Plan has been developed based on direction provided by Council over the course of time and builds on the adopted 2016 Five Year (2016 - 2020) Financial Plan. The following provides a summary of the 2017 Five Year Financial Plan. See the General Operating Fund, Utilities Operating Fund and Capital Program sections for detailed schedules and additional information. CONSOLIDATED - BUDGET SUMMARY (in thousands) 2016 2017 REVENUE SUMMARY BUDGET BUDGET $ % General Operating Fund Taxation 309,642 $ 328,802 $ 19,160 $ 6.2% Departmental Revenues 79,404 82,642 3,238 4.1% Other 50,591 57,137 6,546 12.9% 439,637 468,581 28,944 6.6% Utilities Operating Funds Taxation 58,635 64,066 5,431 9.3% Departmental Revenues 158,818 168,148 9,330 5.9% Other 2,299 2,305 6 0.3% 219,752 234,519 14,767 6.7% Capital Program Development Cost Charges 133,486 142,168 8,682 6.5% Other Development Charges 132,668 135,807 3,139 2.4% Government Transfers 41,350 41,702 352 0.9% 307,504 319,677 12,173 4.0% Other Other Entities 17,015 14,169 (2,846) -16.7% Investment Income - Reserves & Capital 2,136 1,212 (924) -43.3% Land Sales 5,000 3,000 (2,000) -40.0% 24,151 18,381 (5,770) -23.9% Budgeted Revenues 991,044 $ 1,041,158 $ 50,114 $ 5.1% CHANGE

EXPENDITURE SUMMARY General Operating Fund General Government

$

40,499 212,757 140,315

43,909 227,177 151,179

$

$

3,410

8.4% 6.8% 7.7% 0.0% 0.0% -9.8% 6.6% 14.2%

Public Safety

14,420 10,864

Other Departments

Council Initiative Fund

250

250

-

Fiscal Services

19,577

22,358

2,781

Carbon Emission Offsets

400

400

-

Contributions/Transfers to/(from)

25,839

23,308 468,581

(2,531)

439,637

28,944

Utilities Operating Funds Operating Expenditures

185,951 33,801 219,752 434,708 100,000 63,600 598,308 116,775 (46,585) (44,700) (292,143) (266,653)

192,075 42,444 234,519 425,820 100,000 44,546 570,366 122,987 (30,377) (35,772) (289,146) (232,308)

6,124 8,643

3.3%

Contributions/Transfers to/(from)

25.6% 6.7%

14,767

Capital Program Capital Expenditures Contributed Assets

(8,888)

-2.0% 0.0%

-

SCDC

(19,054) (27,942)

-30.0% -4.7%

Other

Amortization Other Entities

6,212

5.3%

16,208

-34.8% -20.0%

Internal Borrowing

8,928 2,997

Contributions/Transfers to/(from)

-1.0%

34,345 50,114

-12.9%

Budgeted Expenditures & Transfers per Bylaw

$

991,044

1,041,158 $

$

5.1%

Reconciliation to Annual Financial Statements: Tangible Capital Asset expenditures Contributions/Transfers (to)/from reserves

(598,308) 330,740 (10,429) (277,997)

(570,366) 294,032 (13,276) (289,610)

27,942

-4.7%

(36,708) (2,847) (11,613)

-11.1% 27.3%

Municipal Debt

4.2% 5.4%

Expenditures per Financial Statements

$

713,047

$

751,548

$

38,501

Excess Revenues Over Expenses per Financial Statements

$

277,997

$

289,610

$

11,613

4.2%

** Excess Revenues Over Expenses is used to fund the acquistion of tangible capital assets

2017-2021 FINANCIAL PLAN

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