City of Surrey's Annual Financial Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS CITY OF SURREY

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

8. DEFERRED REVENUE

2021

2020

$

39,461 49,828 25,606 16,099 130,994

$

Development/building permits

31,387 45,745 28,031

Deferred capital works Deferred lease revenue

Other

9,125

$

$

114,288

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 cover 99% (2020 – 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 accumulate interest until spent. DCCs are deferred and recognized as revenue when the related costs are incurred.

2021

2020

Deferred DCCs: Arterial roads

$

91,493 75,043 48,773 37,404 20,695 24,230 71,045

$

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

Parkland

Drainage/storm water detention

Sanitary sewer Collector roads

Water

Area specific

3,021

Park development

2,119

$

371,704

$

314,510

Deferred DCCs, beginning of year

$

314,510

$

308,492

101,301

DCCs levied for the year

58,772

884

Investment income

2,623

102,185

Increase in Deferred DCCs

61,395

Revenue recognized: General Capital

(36,103) (2,080) (6,808)

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

Water Capital

Sewer & Drainage Capital

(44,991)

DCCs recognized as revenue

(55,377)

Deferred DCCs, end of year

$

371,704

$

314,510

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