City of Surrey's 2025 Annual Financial Report

SCHEDULE 2 GROWING COMMUNITIES FUND CITY OF SURREY For the year ended December 31, 2025, with comparative figures for 2024 [tabular amounts in thousands of dollars] City of Surrey Schedule 2 - Growing Communities Fund Unaudited

For the year ended December 31, 2025, with comparative figures for 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 Infrastructure and Finance Branch of the Provincial Ministry of Municipal Affairs. Interest income is generated on the cumulative GCF reserve balance.

Growing Communities Fund Reserve

2025

2024

Reserve Balance, beginning of fiscal year

$

33,158

$

64,879

Add: Revenues

Interest income allocated

1,287

1,810

34,445

66,689

Less: Expenditures Buildings

(24,974)

(32,842)

Other Capital improvements

(260)

(689)

(25,234)

(33,531)

Unused reserve balance, end of fiscal year

$

9,211

$

33,158

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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