City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

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

8. DEFERRED REVENUE

2020

2019

$

31,387 45,745 28,031

Development/building permits

$

31,021 33,763

Deferred capital works Deferred lease revenue

6,013 8,833

9,125

Other

$

114,288

$

79,630

9. DEFERRED DEVELOPMENT COST CHARGES

Development Cost Charges (DCCs) are collected to pay for costs that will be incurred by the City to support growth, such as development projects related to infrastructure, parks, or amenities. DCCs covers 99% (2019 – 90% to 99%) of those costs based on rates as recommended by the engineering department. In accordance with the Local Government Act, these funds must be held in a separate reserve fund and accumulates interest until spent. DCCs are deferred and recognized as revenue when the related costs are incurred.

2020

2019

Deferred DCCs: Arterial roads

$

76,997 59,519 47,103 31,497 15,904 19,797 61,574

$

78,530 58,793 45,937 30,085 19,562 18,739 54,375

Parkland

Drainage/storm water detention

Sanitary sewer Collector roads

Water

Area specific

2,119

Park development

2,471

$

314,510

$

308,492

Deferred DCCs, beginning of year

$

308,492

$

277,681

58,772 2,623 61,395

DCCs levied for the year

105,804

Investment income

1,837

Increase in Deferred DCCs

107,641

Revenue recognized: General Capital

(46,459) (2,595) (6,323) (55,377)

(62,824) (4,326) (9,680) (76,830)

Water Capital

Sewer & Drainage Capital DCCs recognized as revenue

Deferred DCCs, end of year

$

314,510

$

308,492

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