City of Surrey's 2024 Annual Financial Report

MESSAGE FROMTHE MAYOR

On behalf of Surrey City Council, it is my pleasure to present the 2024 Annual Financial Report, which highlights key accomplishments and financial information from the past year. I am pleased to share that our Finance Department has achieved the prestigious Canadian Award for Financial Reporting for 28 consecutive years from the Government Finance Officers Association of the United States and Canada. This commitment to meticulous financial oversight safeguards our assets and investments for present and future generations.

Surrey's growth has reached unprecedented levels. As the largest municipality in the Lower Mainland by land mass, we are on course to become the most populous city in British Columbia, soon to become the first in the province to reach one million residents. As we grow, we are dedicated to fostering an atmosphere that encourages job creation, business investment, entrepreneurship, and innovation, further solidifying our reputation as the economic engine of this province. Our robust economic environment facilitates significant commercial and residential investments, contributing to the creation of over 9,000 new jobs in 2024 alone. Our newly developed 2024 Economic Strategy aims to utilize our inherent strengths while paving the way for the future, with a focus on optimizing employment lands and supporting small businesses to achieve the ambitious goal of 300,000 new jobs over the next two decades. This commitment to growth is reflected not only in job creation but also in the booming construction sector. In 2024, the total value of building permits soared to nearly $2.8 billion, facilitating the construction of a record 6,297 new homes. This success is due in part to our efforts to reduce development costs and streamline approval processes, transitioning from a system of regulation to one of facilitation. We were proud that our achievements in development costs and timelines earned us two prestigious awards at the 2024 NAIOP Awards for Municipal Excellence. As our city continues to evolve, we remain steadfast in our mission to cultivate a thriving community for families and businesses. That is why we delivered the largest Capital Infrastructure Program in Surrey's history in 2024, with $715.9 million allocated to capital projects, including 13 new initiatives, such as the highly anticipated Newton Community Centre. Additionally, we successfully completed 76.4 kilometers of new and upgraded roadways in 2024 as part of a comprehensive $300 million five-year investment in road enhancements. We are also in the midst of updating our Official Community Plan which will act as a blueprint for the next chapter of Surrey’s future. There is much to be excited about in Surrey. We aren’t waiting for opportunities to find us; we’re actively pursuing them every day. The continuous efforts of residents, local businesses, community leaders, and our administration are what drive our shared success. Thank you for your enduring support and trust in our great city. Together, we are building a stronger, more resilient Surrey for generations to come.

Sincerely,

Brenda Locke Mayor

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