City of Surrey's 2024 Annual Financial Report

SCHEDULE 2 CITY OF SURREY GROWING COMMUNITIES FUND

City of Surrey Schedule 2 - Growing Communities Fund Unaudited

For the year ended December 31, 2024 [tabular amounts in thousands of dollars]

As at December 31, 2024 (in thousands of dollars)

On February 10, 2023, the Province of BC announced that the Growing Communities Fund ("GCF") will provide an one-time total of $1.0 billion in grants distributed amongst all BC municipalities and regional districts, which they can use to address their community's unique infrastructure and amenity demands. GCF grants support the delivery of infrastructure projects necessary to enable community growth. On March 23, 2023, the City of Surrey received a $89.9 million GCF grant from the Local Government Instructure and Finance Branch of the Provincial Ministry of Municipal Affairs (note 21). Interest income is generated on the cumulative GCF reserve balance.

Growing Communities Fund Reserve

2024

2023

Reserve Balance, beginning of fiscal year

$

64,879

$

-

Add: Revenues

GCF Grant received

-

89,928

Interest income allocated

1,810

519

66,689

90,447

Less: Expenditures Buildings

(32,842)

(20,387) (5,181) (25,568)

Other Capital improvements

(689)

(33,531)

Unused reserve balance, end of fiscal year

$

33,158

$

64,879

Allocations of GCF grant funding towards eligible infrastructure projects have been made in accordance with the Ministry’s criteria and include: Recreation related amenities; Park additions/maintenance/upgrades including washrooms/meeting space and other amenities; Public safety/emergency management equipment and facilities not funded by senior level government; and Childcare facilities.

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