71 / 140
61
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
2. ADOPTION OF NEW ACCOUNTING POLICY
Effective January 1, 2015 the City adopted Public Sector Accounting Handbook Standard PS 3260, Liability for Contaminated Sites. This
standard was applied on a retroactive basis to January 1, 2014 and did not result in any adjustments to liabilities, tangible capital assets
or accumulated surplus of the City.
3. RECAST OF COMPARATIVE FIGURES
During the year, the City determined that certain immaterial adjustments were required to be made to its comparative figures.
The City adjusted prior year balances to correct prior year amortization of Tangible Capital Assets overstated.
The effects of the adjustments on the comparative figures are summarized below in thousands of dollars:
ACCUMULATED SURPLUS AT JANUARY 1:
2015
2014
Opening accumulated surplus, as previously reported
$
7,983,641
$
7,794,820
Amortization of TCA overstatement
1,817
-
Opening accumulated surplus, as recast
$
7,985,458
$
7,794,820
TANGIBLE CAPITAL ASSETS AT DECEMBER 31:
2014
Tangible Capital Assets, as previously reported
$
7,988,160
Adjustment for Amortization
1,817
Net financial assets, as recast
$
7,989,977
ANNUAL SURPLUS:
2014
As previously reported
$
188,821
Adjustment for Amortization
1,817
Annual surplus, as recast
$
190,638
4. ACCOUNTS RECEIVABLE
2015
2014
General accounts receivable
$
31,819
$
55,797
Development Cost Charges
36,842
42,867
Property taxes
20,386
21,514
Utility rates
12,887
12,108
Due from joint venture partners
1,460
3,233
Due from other authorities
3,170
6,560
Debenture debt guarantee
2,400
2,340
Tax sale properties
287
254
$
109,251
$
144,673