City of Surrey's 2024 Annual Financial Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CITY OF SURREY

Notes to the Consolidated Financial Statements For the year ended December 31, 2024 (tabular amounts in thousands of dollars) For the year ended December 31, 2024 (tabular amounts in thousands of dollars)

17. Pension plan (continued)

This rate may be adjusted for the amortization of any actuarial funding surplus and will be adjusted for the amortization of any unfunded actuarial liability.

The most recent valuation for the Plan as at December 31, 2021, indicated a $3.8 billion funding surplus for basic pension benefits on a going concern basis.

The City paid $32.2 million (2023 - $28.2 million) for employer contributions while employees contributed $27.1 million (2023 - $24.0 million) to the Plan in fiscal 2024.

The next valuation will be as at December 31, 2024, with results available in 2025.

Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate, resulting in no consistent and reliable basis for allocating the obligation, assets and cost to the individual employers participating in the Plan.

18. Taxation revenue

2024

2023

Tax collected:

$ 515,960

$

477,058 533,367 96,557 26,113

Property taxes

617,741 98,933 33,172

Collections for other authorities

Parcel taxes

Grants-in-lieu of taxes

382

Other

345

1,266,188

1,133,440

Less transfers to other authorities: Province of BC - School Taxes

(424,640) (98,722) (19,309) (12,441) (62,629) (617,741)

(387,798) (77,413) (16,618) (11,520) (40,018) (533,367)

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Metro Vancouver Regional District

BC Assessment Authority

Other

$ 648,447

Taxation revenue

$

600,073

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