City of Surrey's 2023 Annual Financial Report

SURREY AT A GLANCE

DEMOGRAPHIC AND ECONOMIC INFORMATION

| Average home assessment (detached single family home)

610,483* | Population

$1,736,132*

| Average residential tax and utilities bill (before Provincial Homeowner Grant)

9,382* | Annual population change (2023-2022)

$6,644*

38.4* | Median age

6,269* | Housing starts

$158.00 billion † | Metro Vancouver GDP

160,734* | Total households

$80,500  | Metro Vancouver median income

1,187* | Total residential permits issued

1,704  | Metro Vancouver labour force (‘000)

1,268* | Total non-residential permits issued

1,611  | Metro Vancouver employment (‘000)

$1,414 million* | Residential permit values

5.9%  | Metro Vancouver unemployment rate

$473 million* | Non-residential permit values

 Statistics Canada, 2021 Census

 Statistics Canada, Dec 2023 Monthly Labour Force Survey (Vancouver CMA) † Conference Board of Canada, 2023 Metro Vancouver insights

* City of Surrey

As of December 31, 2023, with comparative figures for 2022 (in thousands of dollars) CONSOLIDATED FINANCIAL INFORMATION Consolidated Statement of Financial Position

2023

2022

FINANCIAL ASSETS 1

$ 2,271,805

$ 1,916,453

LIABILITIES

1,509,517

1,468,652

NET FINANCIAL ASSETS 2 NON FINANCIAL ASSETS 3 ACCUMULATED SURPLUS 4

$

762,288

$ 452,801

10,260,024

9,945,329

$ 11,022,312

$ 10,398,130

1 Financial assets: cash resources and liquid assets. 2 Net financial assets: the net financial position, calculated as the difference between financial assets and liabilities. 3 Non-financial assets: the non-financial assets that are owned which will be utilized for future services, including tangible capital assets, inventories and prepaid expenses. Non-financial assets can normally be used only for service provision to accomplish future objectives. 4 Accumulated surplus: This is an indicator of the City's overall financial health. It is the difference between the combined financial assets and non-financial assets as compared to liabilities and includes the investments in tangible capital assets (capital equity), total reserves (restricted funds), appropriated surplus (internally appropriated funds) and general or unrestricted funds.

Consolidated Statement of Operations 1 For the year ended December 31, 2023, with comparative figures for 2022 (in thousands of dollars)

2023 Budget 2 $ 1,419,571

2023

2022

REVENUES EXPENSES

$ 1,650,550

$ 1,430,784

1,026,368

1,109,641

945,577 485,207

ANNUAL SURPLUS 3

$

624,182

$ 309,930

$

10,398,130

Accumulated Surplus, beginning of year

10,398,130

9,912,923

$ 11,022,312

Accumulated Surplus, end of year

$ 10,708,060

$ 10,398,130

1 The statement of operations shows the sources of revenues and expenses, the annual surplus or deficit and the change in the accumulated surplus. 2 The budget numbers represent the City's plan for revenue and expenses set at the beginning of the year. 3 Annual surplus is the net income/(loss) for the current year's operations.

v