79 / 140
69
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
13. TANGIBLE CAPITAL ASSETS (CONTINUED)
Net Book Value by fund
December 31, 2014
December 31, 2015
(recast – note 3)
General capital
$ 2,150,169
$ 2,216,087
Transportation capital
3,525,417
3,603,485
Water capital
592,103
605,333
Sewer capital
541,931
540,766
Drainage capital
1,059,186
1,071,231
Library capital
5,673
5,418
Surrey City Development Corp.
115,498
88,120
Total
$ 7,989,977
$ 8,130,440
a) Work-in-progress
Work-in-progress is comprised of costs related to projects currently under planning, development or construction that will result in
a finished asset at a future date. Such costs are capitalized until such time as the property is ready for use or sale.
Work-in-progress having a value of $226.9 million (2014 - $401.0 million) has not been amortized. Amortization of these assets will
commence when each specific asset is put into service.
b) Contributed Tangible Capital Assets
Contributed tangible capital assets have been recognized at fair value at the date of contribution. The value of contributed assets
received during the year is $129.6 million (2014 - $146.8 million) comprised of roads infrastructure in the amount of $95.5 million (2014
- $92.4 million), water and wastewater infrastructure in the amount of $19.7 million (2014 - $45.7 million) and land in the amount of
$14.4 million (2014 - $8.7 million), including improvements.
c) Tangible Capital Assets Disclosed at Nominal Values
Where an estimate of fair value is not determinable, the tangible capital asset is recognized at a nominal value.
d) Works of Art and Historical Cultural Assets
The City manages and controls various works of art and non-operational historical cultural assets including buildings, artifacts,
paintings and sculptures located at City sites and public display areas. These assets are not recorded as tangible capital assets
and are not amortized.
e) Write-down of Tangible Capital Assets
Tangible capital assets are written down when conditions indicate that they no longer contribute to the City’s ability to provide
goods and services. Any impairment is accounted for as an expense in the consolidated statement of operations. No impairments
were identified or recorded during the year ended December 31, 2015 and 2014.