City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

For the year ended December 31, 2020 [tabular amounts in thousands of dollars]

3. INVESTMENTS (CONTINUED)

b)

Other Investments

2020

2019

624 624

Government business partnership

531 531

$

$

SCDC’s joint-venture partnership in Beedie Limited Partnership (“Beedie LP”) meets the criteria of a government business partnership and therefore is accounted for under the modified equity method. Beedie LP owns and operates a build-to-suit industrial building in the City that has been occupied by a tenant under a long-term lease. The liability of SCDC is limited to the cash held in the partnership and land which it contributed to Beedie LP. SCDC’s proportionate share in respect of this entity is as follows:

2020

2019

$

507

Financial assets

$

399

(8,660)

Liabilities

(8,953)

8,777

Non-financial assets

9,085

$

624

$

531

Revenues and expenditures for the year ended were $1.05 million (2019 – $1.08 million) and $0.75 million (2019 – $0.78 million), respectively.

4. TRADE AND OTHER ACCOUNTS PAYABLE

2020

2019

$

50,946 12,174

Trade accounts payable Payroll accounts payable Contractors' holdbacks Interest payable on debt

$

51,612 17,596 11,682

9,209 2,009

2,009

$

74,338

$

82,899

59