City of Surrey's 2021 - 2025 Financial Plan

BUDGET SUMMARY

The current 2021 - 2025 Financial Plan has been developed based on direction provided by Council and builds on the adopted 2020 - 2024 Financial Plan. The following provides a summary of changes between the currently adopted 2021 budget and the previously adopted 2020 budget. See the relevant sections in this document for detailed schedules and additional information. CONSOLIDATED - BUDGET SUMMARY (in thousands) 2020 2021 REVENUE SUMMARY BUDGET BUDGET $ % General Operating Taxation 386,491 $ 434,772 $ 48,281 $ 12.5% Sale of Goods and Services 73,280 73,240 (40) -0.1% Investment Income 16,488 10,920 (5,568) -33.8% Transfers from Other Governments 14,575 10,448 (4,127) -28.3% Other 49,705 46,635 (3,070) -6.2% 540,539 576,015 35,476 6.6% Utilities Operating Taxation 71,236 73,300 2,064 2.9% Sale of Goods and Services 202,703 207,215 4,512 2.2% Investment Income 1,573 496 (1,077) -68.5% Transfers from Other Governments 506 6,674 6,168 1219.0% Other 3,440 4,041 601 17.5% 279,458 291,726 12,268 4.4% Capital Program Development Cost Charges 147,514 124,236 (23,278) -15.8% Developer Contributions 119,847 108,411 (11,436) -9.5% Investment Income - Reserves and Capital 857 324 (533) -62.2% Transfers from Other Governments 57,869 82,302 24,433 42.2% Other - Gain on Sale of Assets 2,000 2,000 - 0.0% 326,087 315,273 (10,814) -3.3% Other Entities Investment Income 275 255 (20) -7.3% Other 18,141 246 (17,895) -98.6% 18,416 501 (17,915) -97.3% Budgeted Revenues 1,166,500 $ 1,185,515 $ 19,015 $ 1.6% EXPENDITURE SUMMARY General Operating General Government 51,840 $ 54,729 $ 2,889 $ 5.6% Public Safety 249,952 265,551 15,599 6.2% Other Departments 167,814 173,535 5,721 3.4% Council Initiative Fund 260 260 - 0.0% Fiscal Services & Municipal Debt 13,045 11,935 (1,110) -8.5% Contributions/Transfers to/(from) 57,628 70,005 12,377 21.5% 540,539 576,015 35,476 6.6% Utilities Operating Operating Expenditures 215,467 218,745 3,278 1.5% Fiscal Services & Municipal Debt 2,658 2,658 - 0.0% Contributions/Transfers to/(from) 61,333 70,323 8,990 14.7% 279,458 291,726 12,268 4.4% Capital Program Capital Expenditures 374,358 510,721 136,363 36.4% Contributed Assets 100,000 100,000 - 0.0% Other Entities 22,157 1,600 (20,557) -92.8% 496,515 612,321 115,806 23.3% Other Amortization 149,853 142,206 (7,647) -5.1% Other Entities Expenditures 5,161 1,240 (3,921) -76.0% Internal Borrowing (5,100) - 5,100 -100.0% Contributions/Transfers to/(from) (249,926) (257,993) (8,067) 3.2% Unspecified Capital Budget Authority (50,000) (50,000) - 0.0% (150,012) (164,547) (14,535) 9.7% Budgeted Expenditures & Transfers per Bylaw 1,166,500 $ 1,315,515 $ 149,015 $ 12.8% CHANGE

Reconciliation to Annual Financial Statements: Tangible Capital Asset expenditures Contributions/Transfers (to)/from own sources Municipal debt & loan principal repayments

(496,515) 186,065

(612,321) 167,665

(115,806) (18,400)

23.3% -9.9%

(5,536)

(5,570)

(34)

0.6%

(315,986)

(450,226)

(134,240)

42.5%

Expenditures per Financial Statements

$

850,514

$

865,289

$

14,775

1.7%

Excess Revenues Over Expenses per Financial Statements 1.3% ** Excess Revenues Over Expenses is used primarily to fund the capital program through acquistion of tangible capital assets 315,986 $ 320,226 $ 4,240 $

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

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