City of Surrey 2020-2024 Financial Plan

MESSAGE FROMTHE GENERAL MANAGER, FINANCE

The Water Utility’s funding requirements are affected by the following factors: • Greater Vancouver Regional District’s (GVRD) increases of 6.0% for 2020 and an average of 8.73% for each of the remaining four years of the 2020—2024 Financial Plan; • Contractual labour and energy cost increases; and • Capital replacement needs for our aging infrastructure. To meet these funding requirements, water rates will increase in 2020 and beyond. The average metered single family dwelling will pay $464 in 2020 ($445 in 2019) based on an average yearly consumption of 360 cubic metres. 10.0 GENERAL CAPITAL FINANCIAL PLAN—SERVICE PRIORITIES In recent years, the City has built world class recreation and parks facilities for our residents to enjoy, and this trend will continue into future years with support from Mayor and Council to ensure our City offers the best civic facilities in the country and the world. These projects include the completion of a new recreation and cultural facility in Clayton and a walking loop at Bear Creek Park and other key planned projects include the development of the Nicomekl Riverfront Park (with partial grant funding from the Federal Government) and a new Kabaddi facility. The City dedicates significant resources to its ongoing capital initiatives that include exterior and interior upgrades to facilities, building envelope repairs, playground renovations, minor park improvements and equipment replacement and upgrades. Additional details of planned capital projects can be found in the Capital Program section of this document. 11.0 CONCLUSION The 2020 - 2024 Financial Plan is a direct reflection of Council’s strategic priorities and direction in relation to property tax increases and general fiscal prudence, including the minimization of new debt. Accordingly, the City of Surrey continues to have one of the lowest property tax rates in the Metro Vancouver Region. Finally, I would like to acknowledge the world class staff that the City of Surrey are proud to employ, it is their hard work, dedication and commitment to the delivery of quality services to Surrey citizens and businesses that make our City world class.

Respectfully,

Kam Grewal, CPA, CMA General Manager, Finance

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