City of Surrey's 2022-2026 Financial Plan

BUDGET SUMMARY

The current 2022 - 2026 Financial Plan has been developed based on direction provided by Council and builds on the adopted 2021 - 2025 Financial Plan. The following provides a summary of changes between the currently adopted 2022 budget and the previously adopted 2021 budget. See the relevant sections in this document for detailed schedules and additional information. CONSOLIDATED - BUDGET SUMMARY (in thousands)

2021

2022

CHANGE

REVENUE SUMMARY

BUDGET

BUDGET

$

%

General Operating Taxation

$

434,772 73,240 10,920 10,448 46,635 576,015 73,300 207,215

$

449,848 75,613 16,066 11,919 48,582 602,028 74,681 220,857

$

15,076

3.5% 3.2%

Sale of Goods and Services

2,373

Investment Income

5,146 47.1% 1,471 14.1%

Transfers from Other Governments

Other

1,947

4.2% 4.5% 1.9% 6.6% 8.0% 8.3% 5.4% -47.6%

26,013

Utilities Operating Taxation

1,381

Sale of Goods and Services

13,642

Investment Income

496

260

(236)

Transfers from Other Governments

6,674 4,041

7,211 4,378

537 337

Other

291,726

307,387 129,198 160,208

15,661

Capital Program Development Cost Charges

124,236 108,411

4,962

4.0%

Developer Contributions

51,797 47.8%

Investment Income - Reserves and Capital

324

272

(52)

-16.0% -55.8%

Transfers from Other Governments Other - Gain on Sale of Assets

82,302

36,411

(45,891)

0.0% 3.4%

2,000

2,000

-

10,816

315,273

326,089

Other Entities

Investment Income

255 246

225 200 425

(30) (46)

-11.8% -18.7%

Other

501

(76) -15.2%

Borrowing Proceeds Budgeted Revenues

130,000

20,600

(109,400)

-84.2%

$

1,315,515

$

1,258,529

$

(56,986)

-4.3%

EXPENDITURE SUMMARY General Operating General Government

$

54,729 265,551 173,535

$

56,056 276,695 175,694 19,022 74,301 602,028 234,497 70,231 307,387 478,898 100,000 579,334 144,029 (325,402) (50,000) (230,220) 260 2,659 436 1,153

$

1,327

2.4% 4.2% 1.2% 0.0% 6.1% 4.5% 7.2% 0.0% -0.1% 5.4% -6.2% 0.0%

Public Safety

11,144

Other Departments

2,159

Council Initiative Fund

260

-

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

11,935 70,005

7,087 59.4%

4,296

576,015

26,013

Utilities Operating Operating Expenditures

218,745

15,752

Fiscal Services & Municipal Debt Contributions/Transfers to/(from)

2,658

1

70,323

(92)

291,726

15,661

Capital Program Capital Expenditures

510,721 100,000

(31,823)

Contributed Assets

-

Other Entities

1,600

(1,164)

-72.8% -5.4% 1.3% -7.0% 26.1%

612,321

(32,987)

Other

Amortization

142,206

1,823

Other Entities Expenditures

1,240

(87)

Contributions/Transfers to/(from) Unspecified Capital Budget Authority

(257,993) (50,000) (164,547)

(67,409)

-

0.0%

(65,673) (56,986)

39.9%

Budgeted Expenditures & Transfers per Bylaw

$

1,315,515

$

1,258,529

$

-4.3%

Reconciliation to Annual Financial Statements: Borrowing Proceeds

(130,000) (130,000)

(20,600) (20,600)

109,400 -84.2%

Adjustment to Budgeted Revenues Revenues per Financial Statements

109,400

-84.2%

$

1,185,515

$

1,237,929

$

52,414

4.4%

Tangible Capital Asset expenditures

(612,321)

(579,334) 230,870 (10,449) (358,913)

32,987 -5.4% 63,205 37.7%

Contributions/Transfers (to)/from own sources Municipal debt & loan principal repayments

167,665

(5,570)

(4,879)

87.6%

Adjustment to Budgeted Expenditures Expenditures per Financial Statements

(450,226)

91,313 34,327

-20.3%

$

865,289

$

899,616

$

4.0%

Excess Revenues Over Expenses per Financial Statements 5.6% ** Excess Revenues Over Expenses is used primarily to fund the capital program through acquistion of tangible capital assets 320,226 $ 338,313 $ 18,087 $

City of Surrey | 2022—2026 Financial Plan | Executive Overview

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