City of Surrey 2017 - 2021 Financial Plan

FINANCIAL OVERVIEW MAJOR REVENUE SOURCES

General Operating Revenue ($ millions) 2017 Budget

2016 Budget

2016 Actual

Taxation

$328.8 $ 82.7 $ 16.5 $ 40.6 $468.6

$309.6 $ 79.4 $ 13.8 $ 36.8 $439.6

$306.9 $ 84.4 $ 13.7 $ 42.3 $447.3

Departmental Revenues

Investment Income

Other

Total

PROPERTY TAXES Surrey has three major sources of revenue, the most significant of which is property taxes. In the recent past, Surrey has enacted moderate general tax increases. To fund increasing costs related to protective services and other City operations, the City will increase the annual property taxes by approximately $82 along with an $18 increase in the Roads and Traffic Safety levy for the average single family dwelling for 2017. Individual property taxes are calculated based on the assessed value of the property. In 2016, the average single family dwelling was assessed at approximately $733,407 and assessment growth from new development was estimated at 1.76%. The average single family dwelling value in 2017 has risen to $1,030,900 and assessment growth from new development is estimated at 2.1%, however, the individual property taxes will not be available until May 2017.

In 2016, Surrey generated approximately 32.30% of its general property tax revenue from business and industry. Surrey’s 2016 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.

2016 Tax Rates (per $1,000 assessed value) Surrey Langley Township Delta Burnaby Coquitlam New Westminster

$60

$50

$40

$30

$20

$10

$0

Residential

Light Industry

Business

Major Industry

Source: City of Surrey Property Tax Department

2017-2021 FINANCIAL PLAN

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