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]

10. DEBT

2021

2020

$

311,608

$

167,485

MFA debt (i)

45,362 356,970

Loans payable (ii)

46,745

$

$

214,230

i)

MFA debt Pursuant to security issuing by-laws under authority of the Community Charter, the City obtains debt instruments through the Municipal Finance Authority of British Columbia (“MFA”) to finance certain capital expenditures.

Gross amount of the debt less sinking fund installments and actuarial adjustments to date are as follows:

Sinking fund installments and actuarial adjustments

Net debt 2021 71,170 33,565 56,273 150,600

Net debt 2020

MFA Issue

Gross debt

$

116 121 126 156

$ 100,000

$

28,830 11,435

$

74,589 35,044

45,000

67,335

11,062

57,852

150,600

-

-

$ 311,608

$ 362,935

$

51,327

$ 167,485

Current borrowing includes:

Issue Date

Term (yrs.)

Maturity

Interest Rate *Refinancing Date 1.47% April 4, 2026 2.90% October 4, 2022 3.85% September 26, 2023 2.58% September 27, 2041

MFA Issue

116 121 126 156

April 4, 2011

25 25 30 25

April 4, 2036

October 4, 2012

October 4, 2037

September 26, 2013 September 27, 2021

September 26, 2043 September 27, 2045

*On the Refinancing Date, the City has the option to retire the debt early or refinance the borrowing at a new interest rate.

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