City of Surrey 2019 Annual Financial Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

For the year ended December 31, 2019 [tabular amounts in thousands of dollars]

21. BUDGET DATA

The budget data presented in these consolidated financial statements was included in the City of Surrey 2019-2023 Consolidated Financial Plan and was adopted through Bylaw #19730 on December 19, 2018. The following table reconciles the approved budget to the budget figures reported in these consolidated financial statements.

Budget Amount

Approved consolidated budgeted revenues

$ 1,179,525

Total Revenues:

1,179,525

Approved consolidated budgeted expenditures

1,424,638

Transfers between funds

(245,113) 1,179,525

Less: Capital expenditures

(603,065)

Municipal debt principal repayments

(5,471)

Add: Transfers between funds

245,113

Total Expenses:

816,102

Annual surplus per statement of operations

$

363,423

22. COMPARATIVE FIGURES

Certain comparative information has been reclassified to conform to the financial statement presentation adopted in the current year.

23. SUBSEQUENT EVENT:

Subsequent to year end, the impact of COVID-19 in Canada and on the global economy increased significantly. At this time, the full potential impact of COVID-19 on the City is not known. Although the disruption from the virus is expected to be temporary, given the dynamic nature of these circumstances, the duration of disruption and the related financial impact cannot be reasonably estimated at this time. The City will continue to focus on collecting receivables, managing expenditures, and monitoring the situation to ensure it continues to provide services to its citizens.

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