City of Surrey's 2025 Annual Financial Report

MESSAGE FROM THE MAYOR

On behalf of Surrey City Council, I am pleased to present the 2025 Annual Financial Report. This year reflects Surrey’s continued transformation as a fast-growing city, supported by strong financial management and significant investment in infrastructure and services to meet the needs of residents and businesses. I am pleased to report that our Finance Department has received the Canadian Award for Financial Reporting for 29 consecutive years from the Government Finance Officers Association of the United

States and Canada. Even within a challenging economic environment, the City of Surrey continues to demonstrate sound financial health through disciplined oversight. Low debt levels, along with robust development growth expanding the City’s tax base, have positioned us to invest in Council priorities while maintaining affordability. Surrey continues to grow at an unprecedented pace. As the largest municipality in the Lower Mainland by land area, we are on track to become the first in British Columbia to reach one million residents. This expansion brings both opportunity and responsibility as we build a complete, connected, and livable city. Housing activity and economic momentum remained strong in 2025, with 4,746 new homes approved. These efforts reflect our ongoing work to streamline development processes and improve permitting efficiency. Notably, the City received the Most Improved – Fees award at the 2025 NAIOP Awards for Municipal Excellence for the second time in a row. Altogether, Surrey generated $2.04 billion in construction value and more than 10,000 new jobs last year. In 2026, we are delivering the largest General Capital Infrastructure Program in Surrey’s history, with $779 million planned over five years. Key projects include the 10,000-seat arena in City Centre, the expansion of the Chuck Bailey Recreation Centre, the Centre Block development, which will house Simon Fraser University’s new medical school, and the Newton Community Centre. As a fast-growing city, Surrey must continue investing in the infrastructure needed to support current and future needs while maintaining disciplined financial management and responsible stewardship of taxpayer dollars.

Together, these results reflect disciplined planning and a clear focus on Surrey’s long-term future.

Sincerely,

Brenda Locke Mayor

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