City of Surrey's Annual Financial Report 2020

SURREY AT A GLANCE

DEMOGRAPHIC AND ECONOMIC INFORMATION

580,360* | Population

$1,109,084* | Average home assessment (detached single family home)

8,750* | Annual population change (2020-2019)

$5,297* | Average residential tax and utilities bill (before Provincial Homeowner Grant)

38.4* | Median Age

4,019* | Housing starts

$143.0 billion † | Metro Vancouver GDP

153,617* | Total households

$80,300  | Metro Vancouver Median income

1,553* | Total residential permits issued

1,551  | Metro Vancouver Labour force (‘000)

1,417* | Total non-residential permits issued

1,441  | Metro Vancouver Employment (‘000)

$1,073 million* | Residential permit values

7.3%  | Metro Vancouver Unemployment rate

$383 million* | Non-residential permit values

 Statistics Canada, Dec 2020 Monthly Labour Force (Vancouver CMA)  † Vancouver Economic Commission, October 2020 Report 

* City of Surrey

 Statistics Canada, 2019 Income Statistics (Vancouver CMA)

As of December 31, 2020, with comparative figures for 2019 (in thousands of dollars) CONSOLIDATED FINANCIAL INFORMATION Consolidated Statement of Financial Position

2020

2019

FINANCIAL ASSETS 1

$

1,447,305

$ 1,163,280

LIABILITIES

1,315,616

1,124,523

NET FINANCIAL ASSETS 2 NON FINANCIAL ASSETS 3 ACCUMULATED SURPLUS 4

$

131,689

$

38,757

9,480,648

9,301,094

$ 9,612,337

$ 9,339,851

1 Financial assets: cash resources and liquid assets. 2 Net financial assets: the net financial position, calculated as the difference between financial assets and liabilities. 3 Non-financial assets: the non-financial assets that are owned which will be utilized for future services, including tangible capital assets, inventories and prepaid expenses. Non-financial assets can normally be used only for service provision to accomplish future objectives. 4 Accumulated surplus: This is an indicator of the City's overall financial health. It is the different between the combined financial assets and non-financial assets as compared to its liabilities and includes the investments in tangible capital assets (capital equity), total reserves (restricted funds), appropriated surplus (internally appropriated funds) and general or unrestricted funds.

Consolidated Statement of Operations 1 As of December 31, 2020, with comparative figures for 2019 (in thousands of dollars)

2020 Budget 2 $ 1,166,500

2020

2019

REVENUES EXPENSES

$ 1,051,629

$ $1,136,566

779,143 272,486

850,514

847,046 289,520

ANNUAL SURPLUS 3

$

$ 315,986

$

9,339,851

Accumulated Surplus, beginning of year

9,339,851

9,050,331

$ $9,612,337

Accumulated Surplus, end of year

$ 9,655,837

$ $9,339,851

1 The statement of operations shows the sources of revenues and expenses, the annual surplus or deficit and the change in the accumulated surplus. 2 The budget numbers represent the City's plan for revenue and expenses set at the beginning of the year. 3 Annual surplus is the net income/(loss) for the current year operations.

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