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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
21
City of Surrey
8. Deferred revenue
2014
2013
(recast-note 2)
Development/Building Permits
$ 16,269
$ 16,379
Deferred gains on land sales to joint ventures
4,764
4,765
Deferred lease revenue
3,873
3,963
Other
1,537
1,655
$ 26,443
$ 26,762
9. 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 deposited into a separate reserve fund. DCC’s are deferred and
recognized as revenue when the related costs are incurred.
2014
2013
(recast-note 2)
Deferred DCC’s:
Arterial roads
$ 55,196
$ 49,764
Parkland
46,200
54,004
Drainage/storm water detention
39,856
37,709
Sanitary sewer
24,308
22,850
Collector roads
12,038
13,994
Water
14,719
13,798
Area specific
34,118
30,080
Park development
3,160
3,208
$ 229,595
$ 225,407
Deferred DCC’s, beginning of year
$ 225,407
$ 216,298
DCC’s levied for the year
58,543
74,837
Investment income
2,256
2,655
Total DCC’s deferred
60,799
77,492
Revenue recognized for General Capital Fund
(48,078)
(53,054)
Revenue recognized for Water Capital
(2,631)
(3,823)
Revenue recognized for Sewer & Drainage Capital
(5,902)
(11,506)
Total DCC’s recognized as revenue
(56,611)
(68,383)
Net increase for the year
4,188
9,109
Deferred DCC’s, end of year
$ 229,595
$ 225,407