City of Surrey's 2022-2026 Financial Plan

ECONOMIC OVERVIEW

under the Façade Enhancement Grant to include support for temporary patios; and revised the Parking to Patio Program requirements by waiving of the $200 application fee; waiving a refundable $500 security deposit for approved on-street applications; and continue to waive City Road & Right of Way Use and Traffic Obstruction permit fees. Overall, City’s financial and non-financial assets in 2021 increased by more than $300 million, as compared to 2020. The fiscal performance of the City in relation to the adopted budget is indicative of a stable and strong financial position. All departments are continuing to proactively manage their respective budgets to ensure the financial position of the City remains strong. Our City has successfully evolved and grown in-step with the changing economic landscape and responded effectively to the needs of citizens. 2021 saw a resurgence in development activity within Surrey after the pandemic related slowdown in 2020. Building permits with a construction value of over $2.0 billion were issued during the year, the 2 nd highest value after a record-setting $2.3 billion in construction value in 2019. The development community continues to see Surrey as an attractive place to invest. The real estate market remains robust with Surrey continuing its appeal as an affordable destination for young families to settle and thrive. Overall, the total number of building permits issued in 2021 were 4% higher and the number of new residential dwelling units granted permits in 2021 were 52% higher than 2020.

Aerial view of City of Surrey

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

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