City of Surrey Financial Plan 2020-2024

MESSAGE FROM THE GENERAL MANAGER, FINANCE

4.0 PARKING UTILITY FINANCIAL PLAN—SERVICE PRIORITIES The Parking Utility provides a range of parking options and choices for resident, business and transit needs, and effectively manage the demand for on and off-street parking facilities. Revenue generated from parking rates cover part of the on-going operating and maintenance costs of these parking facilities as well as contribute to the debt financing costs of the utility. Parking Meter rates vary throughout the city and are set based on market demand and may vary by time of day. In 2020, the parking rates have increased nominally in certain locations ranging from $0.50 to $1.00 per hour. This financial plan also reflects the impact of Council’s approval, late in 2018, of two hour free parking for on-street parking around Surrey Memorial Hospital and at the off-street City Hall Parkade. 5.0 ROADS & TRAFFIC UTILITY FINANCIAL PLAN—SERVICE PRIORITIES Transportation services, through the Roads & Traffic Safety Utility, improves the quality of life for those living, working or enjoying the sights and sounds in Surrey. This is achieved by enabling multi-modal mobility needs in a safe and efficient manner that balances minimizing delays with protecting the environment. A Road and Traffic Safety Levy, that is based on the assessed value of individual properties in each Property Class, was established in 2008 to ensure that a stable, sustainable funding source was available to meet the growing traffic and safety needs of the City. This levy addresses the maintenance of roads, as well as traffic calming measures, crosswalks, sidewalks, and measures to reduce congestion throughout the City. There has been no proposed increase to the Roads and Traffic Safety Levy for the years 2020 -2024 and as reflected in the Transportation section of the Financial Plan. 6.0 SEWER UTILITY FINANCIAL PLAN—SERVICE PRIORITIES The Sewer Utility provides service to more than 66,000 metered accounts, helping to support building of a healthy, sustainable community. Any projected funding requirements for sewer utilities are met by a corresponding increase in user fees. Over the last two decades, the City has been moving towards a ‘user-pay’ approach for sewer usage, with the eventual aim of retiring the ‘flat rate’ system. The Sewer Utility’s funding requirements are affected by the following factors:  Greater Vancouver Sewer and Drainage District’s (GVS&DD) projected increases of 4.9% for 2020 and an average of 12.8% for each of the remaining four years of the 2020—2024 Financial Plan;  Contractual labour increases; and  Capital replacement needs for aging infrastructure. These funding requirements will be addressed through increases in the sewer rates over the next several years. For 2020, the average metered single family dwelling will pay $374 ($358 in 2019) for sanitary sewer.

5

Made with FlippingBook - professional solution for displaying marketing and sales documents online