City of Surrey 2020-2024 Financial Plan

OVERVIEW OF FUND STRUCTURE

RESERVE FUNDS Under the Community Charter, City Council may use bylaws to establish Reserve Funds for specified purposes. In addition, the Community Charter also provides for the establishment of statutory Reserve Funds, these are identified below. Money in a special Reserve Fund and the interest earned on it may only be used for the purpose for which the fund was established. If the amount in a Reserve Fund is greater than required, City Council may, by bylaw, transfer all or part of the amount to another Reserve Fund. Surrey currently has the following Reserve Funds:

Capital Legacy;

Environmental Stewardship; Parking Space ( Statutory );

• •

• • • •

Municipal Land ( Statutory );

• Equipment and Building Replacement; • Neighbourhood Concept Plan; • Park land Acquisition ( Statutory ); • Local Improvement Financing;

Water Claims;

Affordable Housing; and

• Development Cost Charges ( Statutory ).

TRUST FUNDS In addition to the three major fund types above, the City maintains trust funds that are not included in the 2020—2024 Financial Plan or the City’s annual financial statements. Trust funds contain assets which are to be administered as directed by agreement or statute for certain beneficiaries. There are two trust funds: Employee Benefits Fund; and, Cemetery Perpetual Care Fund. DEPARTMENTAL/FUND RELATIONSHIP AND RELATED SCHEDULE The following pages provides a table illustrating the relationship between funds and departments, and the reserve fund, fund surpluses and deferred development cost charges schedule illustrating budgeted balances over the five-year financial plan.

73