City of Surrey's 2024 Annual Financial Report

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TABLE OF CONTENTS	ii
INTRODUCTION	iv
Surrey at a Glance	v
Message from the Mayor	vi
City Council and Senior Management Team	vii
Organizational Chart	viii
Canadian Award for Financial Reporting	ix
CITY OF SURREY OVERVIEWS	1
Awards	3
Strategic Framework	5
City Manager's Department	7
Corporate Services Department	9
Engineering Department	11
Finance Department	13
Fire Department	15
Parks, Recreation & Culture Department	17
Planning & Development Department	19
Surrey Police Service	21
Social Infrastructure & Community Investments Department	23
Surrey Public Library	25
PERFORMANCE MEASURES	26
City Manager	28
Corporate Services	28
Engineering	29
Finance	30
Fire	31
Parks, Recreation & Culture	32
Planning & Development	33
Surrey Police Service	33
Social Infrastructure & Community Investments	34
Surrey Public Library	34
FINANCIAL STATEMENTS	35
Audit Committee	36
Financial Management and Control	37
Report from the General Manager, Finance	38
City of Surrey Financial Statements	43
Consolidated Statement of Financial Position	46
Consolidated Statement of Operations	47
Consolidated Statement of Changes in Net Financial Assets	48
Consolidated Statement of Cash Flows	49
Notes to the Consolidated Financial Statements	51
Permissive Exemptions	89
STATISTICAL REVIEW	101
Population	102
Average Residential Tax and Utilities Bill	102
2024 Average Residential Tax and Utilities Bill	103
2024 Taxable Assessment and Taxation by Property Class	103
Taxable Assessment and Property Tax Notice Statistics	104
Assessment for Taxation	104
Top 10 Property Tax Folios for 2024	105
2024 Household Expenditures versus City Services	105
Number of Building Permits Issued	106
Construction Value of Building Permits Issued	106
Commercial and Industrial Development Approved in Surrey	106
Top 10 Employers in Surrey in 2024	107
Unemployment Rates	108
Full-Time Equivalent Employees	108
Surrey's Business Distribution by Sector	109
Consolidated Debt per Capita	109
Gross Debt Supported by Property Tax versus Total Debt	110
2024 Debt Servicing Costs Compared to General Taxation Revenue	110
Revenue Trend by Source of Revenue	111
Expenses Trend by Function	111
Revenue & Expenditure per Capita	112
Net Tangible Capital Asset Acquisitions	112
Financial Statistics	113
Consolidated Revenues	114
Consolidated Expenses	115
Accumulated Surplus	116

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