City of Surrey's 2024 Annual Financial Report

SCHEDULE 3 CAPACITY FUNDING CITY OF SURREY

City of Surrey Schedule 3 - Capacity Funding Unaudited

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

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

In January 2024, the Province of BC announced Capacity Funding for Local Government Housing Initiatives ("Capacity Funding"), providing a one-time total of $51.0 million in grants distributed to all BC municipalities, regional districts and the Islands Trust. The grants are intended to support local government planning capacity to adopt legislated Local Government Housing Initiative requirements for small-scale multi-unit housing, pro-active planning, transit-oriented development areas and development finance tools.

On January 31, 2024, the City of Surrey received a $3.02 million Capacity Funding grant from the Ministry of Housing (note 21).

Capacity Funding

Funding Balance, beginning of fiscal year

$

-

Add: Funding Received

Capacity Funding Grant received

3,022 3,022

Less: Expenditures

Small Scale Multi-Unit Legislation

(323) (440)

DCC and ACC Legislation

Transit Oriented Areas Legislation

(346) (1,109)

Unused Funding balance, end of fiscal year

1,913

$

88

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