74 / 140
64
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
10. DEFERRED DEVELOPMENT COST CHARGES
Development Cost Charges (DCC’s) are collected to pay for 95% of the general capital costs due to development and 90% of utility
capital costs on specified projects. In accordance with the Local Government Act, these funds must be recorded in a separate reserve
fund. DCC’s are deferred and recognized as revenue when the related costs are incurred.
2015
2014
Deferred DCC’s:
Arterial roads
$
55,763
$
55,196
Parkland
43,324
46,200
Drainage/storm water detention
39,685
39,856
Sanitary sewer
27,273
24,308
Collector roads
15,008
12,038
Water
12,021
14,719
Area specific
43,486
34,118
Park development
3,071
3,160
$
239,631
$
229,595
Deferred DCC’s, beginning of year
$
229,595
$
225,407
DCC’s levied for the year
66,798
58,543
Investment income
1,836
2,256
Total DCC’s deferred
68,634
60,799
Revenue recognized for General Capital
(43,547)
(48,078)
Revenue recognized for Water Capital
(6,945)
(2,631)
Revenue recognized for Sewer & Drainage Capital
(8,106)
(5,902)
Total DCC’s recognized as revenue
(58,598)
(56,611)
Net increase for the year
10,036
4,188
Deferred DCC’s, end of year
$
239,631
$
229,595