City of Surrey's 2025 Annual Financial Report

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2025 ANNUAL FINANCIAL REPORT	i
TABLE OF CONTENTS	iv
INTRODUCTION	vi
Surrey at a Glance	vii
Message from the Mayor	viii
City Council and Senior Management Team	ix
Organizational Chart	x
Canadian Award for Financial Reporting	xi
CITY OF SURREY OVERVIEWS	1
Awards	3
Strategic Framework	5
City Manager's Department	7
Corporate Services Department	9
Engineering Department	11
Finance Department	13
Parks, Recreation & Culture Department	15
Planning & Development Department	17
Public Safety Department	19
Surrey Public Library	21
PERFORMANCE MEASURES	22
City Manager	24
Corporate Services	24
Engineering	25
Finance	26
Parks, Recreation & Culture	27
Planning & Development	27
Public Safety	28
Surrey Public Library	30
FINANCIAL STATEMENTS	31
Audit Committee	32
Financial Management and Control	33
Report from the General Manager, Finance	34
City of Surrey Financial Statements	39
Independent Auditor’s Report	40
Consolidated Statement of Financial Position	44
Consolidated Statement of Operations	45
Consolidated Statement of Changes in Net Financial Assets	46
Consolidated Statement of Cash Flows	47
Notes to the Consolidated Financial Statements	49
Permissive Exemptions	87
STATISTICAL REVIEW	99
Population	100
Average Residential Tax and Utilities Bill	100
2025 Average Residential Tax and Utilities Bill	101
2025 Taxable Assessment and Taxation by Property Class	101
Taxable Assessment and Property Tax Notice Statistics	102
Assessment for Taxation	102
Top 10 Property Tax Folios for 2025	103
2025 Household Expenditures versus City Services	103
Number of Building Permits Issued	104
Construction Value of Building Permits Issued	104
Commercial and Industrial Development Approved in Surrey	104
Top 10 Employers in Surrey in 2025	105
Unemployment Rates	106
Full-Time Equivalent Employees	106
Surrey's Business Distribution by Sector	107
Consolidated Debt per Capita	107
Gross Debt Supported by Property Tax versus Total Debt	108
2025 Debt Servicing Costs Compared to General Taxation Revenue	108
Revenue Trend by Source of Revenue	109
Expenses Trend by Function	109
Revenue & Expenditure per Capita	110
Net Tangible Capital Asset Acquisitions	110
Financial Statistics	111
Consolidated Revenues	112
Consolidated Expenses	113
Accumulated Surplus	114

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