City of Surrey's 2024 Annual Financial Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CITY OF SURREY

For the year ended December 31, 2024 (tabular amounts in thousands of dollars)

Notes to the Consolidated Financial Statements For the year ended December 31, 2024 (tabular amounts in thousands of dollars) 9. Deferred development cost charges Development Cost Charges (“DCCs”) are collected to pay for costs that will be incurred by the City to support growth, such as development projects related to infrastructure, parks, or amenities. DCCs cover 99% (2023 – 99%) of those costs based on rates as recommended by the Engineering Department. In accordance with the Local Government Act, these funds must be held in separate reserve funds and accumulate interest until spent. DCCs are deferred and recognized as revenue when the related costs are incurred.

2024

2023

Deferred DCCs: Arterial roads

$ 88,073

$ 82,944

Parkland Drainage

60,404 53,203 33,309 29,023 24,047 86,761

62,038 54,356 42,299 31,877 23,956 89,019

Sewer

Collector roads

Water

Area specific

Park development

4,998

7,531

Deferred DCCs, end of year

$ 399,149

$ 374,689

Deferred DCCs, beginning of year

$ 374,689

$ 333,558

122,663

DCCs levied for the year

101,541

Investment income

2,215

8,572

Increase in Deferred DCCs

131,235

103,756

Revenue recognized: Arterial and Collector Roads

(39,283) (19,248) (41,224) (7,020) (106,775) $ 399,149

(30,083) (19,611) (10,002) (2,929) (62,625)

Water, Sewer, Drainage

Parkland and Park Development

Area Specific

DCCs recognized as revenue Deferred DCCs, end of year

$ 374,689

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