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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
18
City of Surrey
2. Recast of comparative figures
During the year, the City determined that certain immaterial adjustments were required to be made to its
comparative figures.
Historically, the City has recorded funds received for its Neighbourhood Concept Plan (“NCP”), and interest
earned on these funds, as liabilities within deferred revenue. Once costs were incurred, the deferred
revenue was recognized as revenue. As the funds are not externally restricted, these amounts should
be recorded as revenue. The City has also adjusted prior year balances to correct prior year amounts of
Tangible Capital Assets and to increase deferred Development Cost Charges (“DCC”) and Tangible Capital
Assets for DCCs relating to properties developed by SCDC.
The effects of the adjustments on the comparative figures are summarized below in thousands of dollars:
Accumulated surplus at January 1:
2014
2013
Opening accumulated surplus, as previously reported
$ 7,763,908
$ 7,549,945
Adjustment for NCP
23,545
21,439
Tangible Capital Assets understatement
7,367
7,367
Opening accumulated surplus, as recast
$ 7,794,820
$ 7,578,751
Net financial assets at January 1:
2014
2013
Net financial assets, as previously reported
$ 69,645
$ 153,437
Adjustment for deferred DCC
(6,399)
(2,184)
Adjustment for NCP
23,545
21,439
Net financial assets, as recast
$ 86,791
$ 172,692
Annual surplus:
2013
As previously reported
$ 213,963
Adjustment for NCP
2,106
Annual surplus, as recast
$ 216,069