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Reserve Funds
The City’s statutory reserve funds amount to $95.7 million at the end of 2014 compared to a balance of $110.0 million
at the end of 2013. This decrease is mainly due to the funding requirements of the projects being constructed under
the Build Surrey Program. The deferred development cost charge balance at the end of 2014 was $229.6 million,
which is an increase over the balance of $225.4 million at the end of 2013. This is a reflection of the City’s steady
development activity. These funds will be used to fund capital projects that are listed in the City’s Five-Year (2015-
2019) Financial Plan.
Financial Position
The balance in investments has decreased to $582.5 million at the end of 2014 from $674.1 million at the end of 2013;
this decrease in investments has been primarily the result of a City decision to increase its Tangible Capital Assets.
Overall, the City continues to maintain a strong financial position.
THE FUTURE
The City’s future financial, social and environmental health holds promise and opportunity. The significant growth and
transformation we have experienced in the last several years is only a glimpse of what lies ahead, as over 10,000
new residents per year make this City their home. With this level of growth expected to sustain for the next two
decades, the City will need to continue to expand its infrastructure and service levels to ensure that both current
and future residents and business needs are adequately met. In this regard, 2014 marked the opening of New City
Hall in the downtown core of the City; acting as an anchor, it will certainly attract new growth both in the residential
and commercial sectors. Furthermore, two significant construction projects in the area of recreational services, the
Guildford Pool and the Grandview Pool made significant progress in 2014, with the Guildford Pool addition opening in
early 2015 and Grandview Pool expected to open in late 2015 or early 2016. In addition, the City continues to progress
toward a public/private partnership in the construction of one of the largest Organics Biofuel Facilities in Canada and is
also finalizing construction of the City’s new Worksyard facility which is slated to open in spring of 2015.
In light of the fiscal and operational pressures that come with such significant expansion and growth, City staff will
endeavor to ensure that property owners continue to have competitive property tax rates relative to other cities of
a similar size, both in the local region and across Canada. The continued effective use of City resources will play a
critical role in ensuring fiscal prudency, and effective and efficient utilization of resources will certainly be driven by
the use of technology and the implementation of innovative solutions. The implementation of a new corporate financial
system was incorporated in 2013, with additional enhancements added in 2014; this system has enabled staff to
make business decisions quicker and more accurately, promoting effectiveness and efficiency. Staff will ensure that
continued enhancements and improvements to this system are given appropriate priority.
Staff is staying abreast with financial statement changes that are being considered by the Public Sector Accounting
Board (PSAB) with a view to ensuring that the City implements changes in a timely and efficient manner. Staff have
developed a policy that addresses the impact of proposed PSAB changes in relation to accounting for the liability
related to Contaminated Sites; this requirement by PSAB has an effective date of January 1, 2015. Furthermore, staff
have researched and studied future guidelines in respect to Related Party Transactions and Financial Instruments and
Foreign Currency Translation. Other areas of potential change include possible changes to revenue recognition, asset
disclosure and asset retirement obligation. Staff will monitor potential impacts of these areas as they evolve.
Under the direction and guidance of City Council, the City of Surrey is well positioned to continue to deliver a high
quality of services for its current and future residents and businesses in support of a continued high quality of life. The
City’s tag line, “The Future Lives Here”, aptly characterizes the growing, exciting, youthful city that Surrey has become.
Respectfully submitted,
Vivienne Wilke, CGA
General Manager, Finance & Technology