City of Surrey's 2023 Annual Financial Report

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2023 ANNUAL FINANCIAL REPORT	Title
TABLE OF CONTENTS	ii
INTRODUCTION	iv
Surrey at a Glance	v
Message from the Mayor	vi
City Council & Surrey Officers	vii
Organizational Chart	viii
Canadian Award for Financial Reporting	ix
CITY OF SURREY OVERVIEWS	1
Awards	2
Strategic Framework	5
City Manager's Department	7
Community Services Department	9
Corporate Services Department	11
Engineering Department	13
Finance Department	15
Fire Department	17
Investment & Intergovernmental Relations Department	19
Parks, Recreation & Culture Department	21
Planning & Development Department	23
Policing	25
Surrey Public Library	27
PERFORMANCE MEASURES	28
City Manager	30
Community Services	30
Corporate Services	31
Engineering	32
Finance	33
Fire	34
Investment & Intergovernmental Relations	34
Parks, Recreation & Culture	35
Planning & Development	36
Policing	37
Surrey Public Library	37
FINANCIAL STATEMENTS	39
Audit Committee	40
Financial Management and Control	41
Report from the General Manager, Finance	42
City of Surrey Financial Statements	47
Independent Auditor’s Report	48
Consolidated Statement of Financial Position	50
Consolidated Statement of Operations	51
Consolidated Statement of Changes in Net Financial Assets	52
Consolidated Statement of Cash Flows	53
Notes to the Consolidated Financial Statements	55
Permissive Exemptions	93
STATISTICAL REVIEW	105
Population	106
Average Residential Tax and Utilities Bill	106
2023 Average Residential Tax and Utilities Bill	107
2023 Taxable Assessment and Taxation by Property Class	107
Taxable Assessment and Property Tax Notice Statistics	108
Assessment for Taxation	108
2023 Household Expenditures versus City Services	109
Number of Building Permits Issued	110
Construction Value of Building Permits Issued	110
Commercial and Industrial Development Approved in Surrey	110
Top 10 Employers in Surrey in 2022	111
Unemployment Rates	112
Full-Time Equivalent* Employees	112
Surrey's Business Distribution by Sector	113
Consolidated Debt per Capita	113
Gross Debt Supported by Property Tax versus Total Debt	114
2023 Debt Servicing Costs Compared to General Taxation Revenue	114
Revenue Trend by Source of Revenue	115
Expenses Trend by Function	115
Revenue & Expenditure per Capita	116
Net Tangible Capital Asset Acquisitions	116
Financial Statistics	117
Consolidated Revenues	118
Consolidated Expenses	119
Reserves, Committed Funds and Surplus	120

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