City of Surrey's 2022-2026 Financial Plan

DEBT

The City has previously undertaken significant capital investments to meet the needs of our growing community. The 2022 – 2026 Financial Plan advances the capital initiatives of the Surrey Invests program that will deliver amenities and infrastructure which will benefit everyone who lives, works, or plays in Surrey. The 2022 – 2026 Financial Plan includes enhanced investment in the Newton Community Centre, which will now include a 50-meter swimming pool. The current Financial Plan also provides additional investments for the Bear Creek Park Athletics Centre and Cloverdale Sport and Ice Complex. $150.6M in external borrowing, provided through the MFA Long-Term Borrowing program, was accessed in 2021 to fund three major capital projects. In addition to this external borrowing, various other sources will be required to fund capital projects including, Community Amenity Contributions, contributions from General Operating, City Reserves, Gaming Revenue, and External Contributions (Grants). MFA has operated as a cooperative municipal bank for BC’s local governments since 1970. They were formed under the Municipal Finance Authority Act, but operate independently of the Province of BC. MFA currently holds the highest credit rating possible from three major rating agencies:

Commercial Paper Debenture Debt Reports

Moody's Investor Service

P-1

Aaa (Stable)

2021

Standard & Poor's

A-1+

AAA (Stable)

2021

Fitch Ratings

not rated

AAA (Stable)

2021

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

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