City of Surrey's 2023 Annual Financial Report

MESSAGE FROMTHE MAYOR

On behalf of City Council, it is my pleasure to present the 2023 Annual Financial Report for the City of Surrey. This report highlights major accomplishments and initiatives over the past year along with key financial information. In Surrey, our growth has been put into overdrive. Not only is Surrey the largest municipality in Metro Vancouver in terms of landmass, but we are also on track to become the most populous in BC. Surrey is projected to reach a population of one million by 2042. This growth rate is staggering.

Our strong and steady interest in commercial and residential investment showcases the economic confidence of the region. In 2023, the value of building permits were nearly $2 billion in Surrey, which saw the creation of 4,860 new homes to support Surrey’s growing community. The City continues to provide a conducive environment which fosters development of jobs, business investment, entrepreneurship, and innovation within Surrey, creating a competitive City with countless opportunities for success. From optimizing our employment lands to growing small business opportunities, the new 2024 Surrey Economic Strategy is building on what we have now and investing in the future. I am pleased to report that our Finance Department has received the Canadian Award for Financial Reporting for 27 consecutive years from the Government Finance Officers Association of the United States and Canada. This commitment to diligent financial oversight ensures the security of our assets and investments for current and future generations. Transparency and accountability in our financial procedures guarantee sound financial stewardship and the reliable delivery of city operations and services. I am honored to serve the residents of this beautiful City that we live and love. Our Council is investing for the future with additional and improved services, with the largest Capital Infrastructure Program in the City’s history, adding valuable benefits to the day-to-day lives of those who work, play, invest and live in Surrey. We are prepared to take decisive and innovative actions to ensure that both current and future residents can thrive in our modern, livable, and world-class city. The City has started the process of updating our Official Community Plan that will support Surrey’s growth, while keeping a thriving, green and inclusive City. We are developing a plan that supports affordable housing options, improved public transportation, and new recreation amenities. The ongoing effort of residents, businesses, community leaders, and administration all contribute to Surrey’s shared success. Our Council is committed to ensuring a strong financial position while continuing to foster a vibrant, innovative and sustainable City. Thank you for your continued support and trust in our city's financial management. Together, we will build a stronger and more resilient community for generations to come.

Sincerely,

Brenda Locke Mayor

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