2015 Financial Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey
For the year ended December 31, 2015 [tabular amounts in thousands of dollars]
5. PROPERTIES HELD-FOR-SALE
2014
2015
Opening balance
$
15,237
$
31,115
Transfer from tangible capital assets
41,006
63,836
Disposal on sale
(29,449)
(61,717)
Additions
4,321
9,272
$
31,115
$
42,506
6. INVESTMENTS
2014
2015
Investments maturing within one year
$
344,598
$
390,812
Investments maturing within two years
65,519
91,421
Investments maturing within ten years
172,036
216,172
Investment in partnership
304
304
$
582,457
$
698,709
Average portfolio yield 2.38% (2014 – 2.61%). All investments can be liquidated on demand, but may have associated penalties on liquidation. During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). During 2014 SCDC received a $396,502 distribution from Bosa LP. Accordingly, SCDC’s investment in the partnership was reduced to $303,498 at December 31, 2014. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.
7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
2014
2015
Trade accounts payable
$
62,346
$
55,187
Due to Federal Government
29,575
34,585
Employee future benefits (note 12)
24,520
25,655
Due to joint venture partners
3,140
1,340
Contractors’ holdbacks
15,811
11,768
Due to Regional Districts
9,695
7,324
Due to Province of British Columbia
5,386
4,351
Due to other government entities
1,852
1,607
Interest on debt
2,009
2,009
$
154,334
$
143,826
62
Made with FlippingBook flipbook maker