City of Surrey's 2021 - 2025 Financial Plan

MESSAGE FROMTHE CFO/GENERAL MANAGER, FINANCE

• Operating and maintenance cost increases; and • Capital replacement needs for aging infrastructure.

To meet these funding requirements, water rates will increase in 2021 and beyond. The average metered single-family dwelling will pay $412 in 2021 ($398 in 2020) based on an average yearly consumption of 360 cubic meters. 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. The adopted Financial Plan focuses on stimulating the local economy through its commitment to invest in short-term and long-term capital infrastructure projects. These projects will improve access to and quality of cultural, recreational and community spaces within the City for a long period of time. This adopted plan includes 16 new capital projects in 2021, which include a new community centre in Newton and a new sports complex in City Centre. The City also 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 2021 - 2025 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, BBA, CPA, CMA CFO/General Manager Finance

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

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