City of Surrey's Annual Financial Report 2021

NOTESTOTHE CONSOLIDATED CITY OF SURREY FINANCIAL STATEMENTS

For the year ended December 31, 2021 [tabular amounts in thousands of dollars]

3. INVESTMENTS (CONTINUED)

b) Investment in business partnership

2021

2020

$

738

$

Business partnership

624

SCDC’s joint-venture partnership in Beedie Limited Partnership (“Beedie LP”) meets the criteria of a business partnership and results are 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 is limited to the cash held in the partnership and land which it contributed to Beedie LP. The City’s proportionate share in respect of this entity is as follows:

2021

2020

$

732

$

Financial assets

507

(8,471)

Liabilities

(8,660)

8,477

Non-financial assets

8,777

$

738

$

624

Revenues and expenditures for the year ended December 31, 2021 were $1.10 million (2020 – $1.05 million) and $0.77 million (2020 – $0.75 million), respectively.

4. TRADE AND OTHER ACCOUNTS PAYABLE

2021

2020

$

39,954 22,951 32,007

$

Trade accounts payable Payroll accounts payable

50,946 12,174

RCMP retroactive contract accrual

-

6,838 2,371

Contractors’ holdbacks Interest payable on debt

9,209 2,009 74,338

$

104,121

$

59