City of Surrey's Annual Financial Report 2020
SCHEDULE 4 UNAUDITED RESERVE FUNDS CITY OF SURREY
As at December 31, 2020, [in thousands of dollars]
Equipment and Building Replacement
* Capital Legacy
** Municipal Land
Neighborhood Concept Plans
Park Land Acquisition
Balance, beginning of year DCC’s levied for the year
$
- - - - -
$
11,869
$
11,742
$
12,787
$
7,949
-
-
-
-
Investment income
131
285 253
311
193
Other revenue
9,355
5,910
4,321
Other Contributions/(Deductions)
-
68
-
-
-
9,486
606
6,221
4,514
Transfers (to) / from Operating funds
10,204 (16,389)
2,119
10,433
(189)
-
Capital funds
(442)
(7,686) (4,300) (1,553)
(2,808) (4,414) (7,411)
(17,271)
Internal Borrowing
6,185
-
6,535
- -
1,677
(10,736)
Balance, end of year
$
$
23,032
$
10,795
$
11,597
$
1,727
ADDITIONAL INFORMATION: * Capital Legacy Reserve Fund (created by Bylaw in 1999):
The City borrows from this Fund to finance capital projects. Principal and interest repayment schedules are based upon reasonable business case plans approved by City Council. The debt costs are provided for annually within the operating budget of each capital project. Capital Legacy Fund Prior to Borrowing $ 48,981 Internal Borrowing (to) / from other reserves 60,497 Principal Repayable, East Clayton Hub Facility Loan (36,026) **** Principal Repayable, North Surrey Arena Replacement Loan (32,912) **** Principal Repayable, Surrey Museum Expansion Loan (8,575) **** Principal Repayable, Newton Fitness Facility Loan (7,238) **** Principal Repayable, Other Facilities, Parks and Culture Loans (6,617) **** Principal Repayable, Grandview Heights Pool Loan (2,004) **** Principal Repayable, Fleetwood Recreation & Library Envelope Loan (1,766) **** Principal Repayable, Hawthorne Rotary Park Improvements Loan (2,470) **** Principal Repayable, Cloverdale Library Renovations Loan (1,850) **** Principal Repayable, Newton Commercial Land Acquisition (10,020) **** Funds on Hand for Financing Projects $ -
*** Local Improvement Financing Reserve Fund: The City borrows from this Fund to finance local improvement projects. The property owners’ share, re- payable with interest over 10 years, is levied against the benefiting properties. The City’s share, repayable with interest over 10 years, is provided for annually within General Operating Fund debt costs. Funds on Hand For Financing Projects $
8,264
Internal Borrowing (to) / from other reserves
(11,192)
Receivable From Property Owners
9,539
Equity, December 31, 2020
$
6,611
86
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