City of Surrey's 2022-2026 Financial Plan

MESSAGE FROMTHE CFO/GENERAL MANAGER, FINANCE

To the Mayor and Council, City of Surrey

It is my pleasure to submit the 2022 - 2026 Financial Plan for the City of Surrey. This Financial Plan has been formulated based on direction from you, as our Mayor and Council, and reflects key fundamental priorities while maintaining fiscal prudence. The Community Charter requires that Council adopt a Five- Year Financial Plan each year prior to the adoption of the annual Property Tax Bylaw. This 2022 - 2026 Financial Plan document reinforces the 2022 - 2026 Financial Plan Bylaws, which received final adoption on December 24, 2021.

Kam Grewal CFO/General Manager, Finance

The goal of the Five-Year Financial Plan is to outline the financing of initiatives associated with the City’s major plans including the Sustainability Charter, the Official Community Plan, the Transportation Strategic Plan, the Parks, Recreation and Culture Strategic Plan, and the Surrey Public Library Strategic Plan, as well as Council’s key priorities. Funding these initiatives helps the City to meet the needs of its citizens. 1.0 OVERVIEW The 2022 - 2026 Financial Plan presents a Five-Year Consolidated Financial Plan, which includes forecasts for all revenues and expenditures related to the City’s operating and capital obligations over the next five years. The supporting information in this Five-Year plan provides departments with their expenditure authority. Please note that in conjunction with known information, estimates and projections have been used for the years 2023 through 2026 in relation to revenues and expenditures. These projections are updated annually prior to Council’s review and approval of the Financial Plan for that year. The COVID-19 pandemic first impacted the City's financial results in quarter one of 2020 through the closure of libraries, community/recreation centres and cultural facilities. Development and construction activity within the City also experienced a steep, albeit temporary, decline in 2020. The negative financial impacts of the COVID-19 pandemic on the City’s finances continued into 2021 with the loss of revenues due to the reopening of City facilities at less than 100% capacity. The fiscal hardship caused by the COVID-19 pandemic forced the City to continue to implement a series of measures to mitigate the impacts on the City’s financial health. As a result of Mayor and Council supported economic stimulus initiatives for Surrey residents and businesses, a slight economic recovery, savings from cost avoidance and staff vacancies, the City has avoided the need to introduce any further cost avoidance in the adopted 2022 - 2026 Financial Plan. Overall, the City was able to maintain a strong financial position in 2021. Building on the robust 2021-2025 Capital Financial Plan, the City, with support and direction from Mayor and Council, continued its momentum with further capital

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

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