City of Surrey 2019 Annual Financial Report

MESSAGE FROMTHE MAYOR

Despite the impact of the COVID-19 pandemic, the City of Surrey continues to grow and thrive. In 2019, a new highwater mark was set in building permit values issued. The total construction value exceeded $2.29 billion last year, which is 33% higher than the previous record total of $1.52 billion from 2018. During this unprecedented time, City Council has taken a forward-thinking approach when it comes to keeping our local economy afloat by ensuring that the City’s economic house is in order while keeping a keen eye on how we can ease the financial burden of our residents and businesses. Council recently approved the Surrey Economic Action and Recovery Plan which focuses around our residents, businesses and development sector. The plan puts into action a number of initiatives including the following:

90-day extension on late payment penalties for residential and commercial property tax payments. Late payment charges will now come into effect on October 1, 2020, instead of July 3.

Effective immediately, new and in-stream projects that have a construction value of greater than $25 million will benefit from a 50% reduction of many fees relating to the development.

Business licence late payment penalties have been deferred during the current Provincial State of Emergency. Late penalty fees will be applied 30 days after the Provincial State of Emergency comes to an end. The business of running the City through this challenging time has not stopped. Our Engineering crews have pushed roadwork projects up to take advantage of the drop in traffic and scheduled maintenance in our recreational and aquatic facilities have been done during the COVID-19 related closures to minimize disruption when the time comes for them to be reopened. The construction sector and the numerous jobs it creates continue to be robust in Surrey with building permit values exceeding $455 million in the first four months of 2020. Through this, Surrey continues to have one of the lowest municipal taxes in the region. The City of Surrey has not stood still during this time of pandemic and we will continue to move forward. The successes we have had, and of the ones to come, are a result of the joint efforts of our residents, businesses, community leaders, and administration. We all play a role in the continued growth of our City.

Sincerely,

Doug McCallum Mayor

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