City of Surrey's 2022-2026 Financial Plan

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OVERVIEW OF FUND STRUCTURE

The City maintains three major fund types in order to facilitate the delivery of operating and capital budgetary needs. These are: Operating, Capital and Reserve funds. The City’s Reserve Funds along with appropriated surplus reserves, which are established by Council, and committed funds assist with the long term financial stability and financial planning. Adequate levels of these various Reserve Funds, appropriated surplus reserves and committed funds provide financial flexibility, mitigate risks such as weather uncertainties, and help ensure the ongoing viability and stability of the City. These also provide leverage to enhance and sustain the City’s infrastructure needs and assist in supporting programs and municipal services to the community. The 2022 - 2026 Financial Plan consolidates the results of the City’s Operating, Capital, and Reserve Funds, as well as the surplus equity of the Surrey City Development Corporation and the Surrey Homelessness and Housing Society. Following are descriptions of these three major fund types along with a listing of funds within each type, a table illustrating the relationship between funds and departments, and the reserve fund, fund surpluses and deferred development cost charges schedule that illustrates budgeted balances over the five year financial plan. OPERATING FUNDS Operating funds are used to report the operating activities of the City. These are the primary funds for operational related municipal services and departments. Operating funds include the following:

General

Surrey City Energy

Surrey Public Library Surrey Police Service

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Solid Waste

Water Sewer

Roads & Traffic Safety

Parking

Drainage

CAPITAL FUNDS Capital funds are used to record the acquisition of capital assets, amortization and any related long-term debt. Capital funds include the following: