City of Surrey 2019 Annual Financial Report

SURREY AT A GLANCE

DEMOGRAPHIC AND ECONOMIC INFORMATION

571,610* | Population

1,154,131* | Average home assessment (detached single family home)

14,220* | Annual population change (2018-2019)

$5,136* | Average residential tax and utilities bill (before Provincial Homeowner Grant)

38.4  | Median Age

6,632* | Housing starts

$152.60 billion † | GDP

153,617* | Total households

$51,530 † | Personal income per capita

1,943* | Total residential permits issued

274,690  | Labour force

1,678* | Total non-residential permits issued

256,875  | Employment

$1,569 million* | Residential permit values

4.6%  | Unemployment rate

$726 million* | Non-residential permit values

 Statistics Canada, 2016 Census (Surrey)  † Conference Board of Canada, 2019 Metro Vancouver insights 

* City of Surrey

 Statistics Canada, 2019 Labour Force Survey

As of December 31, 2019, with comparative figures for 2018 (in thousands of dollars) CONSOLIDATED FINANCIAL INFORMATION Consolidated Statement of Financial Position

2019

2018

FINANCIAL ASSETS 1

$

1,163,280

$ 1,111,559

LIABILITIES

1,124,523

1,048,785

NET FINANCIAL ASSETS 2 NON FINANCIAL ASSETS 3 ACCUMULATED SURPLUS 4

$

38,757

$ 62,774

9,301,094

8,987,557

$ 9,339,851

$ 9,050,331

1 Financial assets: cash resources and liquid assets. 2 Net financial assets: the net financial position, calculated as the difference between financial assets and liabilities. 3 Non-financial assets: the non-financial assets that are owned which will be utilized for future services, including tangible capital assets, inventories and prepaid expenses. Non-financial assets can normally be used only for service provision to accomplish future objectives. 4 Accumulated surplus: This is an indicator of the City's overall financial health. It is the different between the combined financial assets and non-financial assets as compared to its liabilities and includes the investments in tangible capital assets (capital equity), total reserves (restricted funds), appropriated surplus (internally appropriated funds) and general or unrestricted funds.

Consolidated Statement of Operations 1 As of December 31, 2019, with comparative figures for 2018 (in thousands of dollars)

2019 Budget 2 $ 1,179,525

2019

2018

REVENUES EXPENSES

$ 1,131,945

$ 1,159,231

842,425 289,520

816,102

773,052 386,179

ANNUAL SURPLUS 3

$

$ 363,423

$

9,050,331

Accumulated Surplus, beginning of year

9,050,331

8,664,152

$ $9,339,851

Accumulated Surplus, end of year

$ 9,413,754

$ $9,050,331

1 The statement of operations shows the sources of revenues and expenses, the annual surplus or deficit and the change in the accumulated surplus. 2 The budget numbers represent the City's plan for revenue and expenses set at the beginning of the year. 3 Annual surplus is the net income/(loss) for the current year operations.

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