City of Surrey's 2021 - 2025 Financial Plan

MESSAGE FROMTHE CFO/GENERAL MANAGER, FINANCE

The City is continuously growing and changing to reflect our position as the second largest City in the Province and one of the largest in the Country. This change and growth are found within the many instrumental initiatives that are currently in progress, including delivering the SkyTrain extension along Fraser Highway to Fleetwood, securing funding for SkyTrain extension from Fleetwood to Clayton, and into Langley; Supporting Smart Development and implementing an independent municipal police service for Surrey. These significant initiatives will serve not only the current residents of the City, but also the thousands of new residents that choose to make Surrey their home, to work, to live, and to raise their families. Council has directed that the 2021 Financial Plan include the following: • An increase of property tax rate of approximately $60 for the average assessed single - family dwelling that will predominately be used to offset increased public safety resourcing and general expenditures; • An increase of General fee of up to 2.9% as compared to the prior year; • A $200 increase to the Capital Parcel Tax; • Modest staffing and operating cost increases to continue to provide high-level service to our residents, primarily related to new Library and Parks, Recreation and Culture facilities, additional Parks inventory and Tree programs, Seniors Programs, Contribution to Major Capital Programs, and Permitting Process improvements; and • Continued support for Council’s key priorities such as Cultural Grants, Social Well Being, Surrey City Energy, Sustainability and Crime Reduction. These additions will allow staff to address the City’s service priorities and meet Council’s goals. 3.0 DRAINAGE UTILITY FINANCIAL PLAN—SERVICE PRIORITIES The Drainage Utility supports storm water management and environment protection. This utility is structured to be self-sustaining. Projected additional funding requirements are met by a corresponding increase in the drainage parcel tax. The Drainage Utility’s funding is primarily utilized for storm water management requirements; lowland drainage dyking and flood control program; contractual labour and energy cost increases; and environmental management. These funding requirements will continue to be addressed through the drainage parcel tax. For 2021, the drainage parcel tax will see an increase of $2 to $229 ($227 in 2020) for residential and agricultural properties, and an increase of $50 to $559 ($509 in 2020) for commercial and industrial properties. 4.0 PARKING UTILITY FINANCIAL PLAN—SERVICE PRIORITIES The Parking Utility provides a range of parking options and choices for residential, 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

City of Surrey | 2021—2025 Financial Plan | Executive Overview

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