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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
33
City of Surrey
17. Significant taxpayers
The City is not reliant upon the revenue from any specific large property taxpayers or businesses.
Tax revenues received from the seven largest properties amount to less than three percent of the City’s
annual gross taxation revenues.
18. Trust funds
These funds account for assets, which must be administered as directed by agreement or statute for
certain beneficiaries. In accordance with PSAB recommendations on financial statement presentation for
local governments, trust funds are not included in the City’s Consolidated Financial Statements. Amounts
administered by the City as trust funds are as follows:
2014
2013
Assets
Cash and short term investments
$ 3,171
$ 3,067
Equity
Employee
Benefits Fund
Cemetery
Perpetual
Care Fund
2014
2013
Balance, beginning of year
$
650
$
2,417
$ 3,067
$ 2,957
Employment insurance rebate
82
-
82
85
Contributions
-
122
122
116
Interest revenue
8
-
8
10
Benefits purchased
(29)
-
(29)
(35)
Refunded to employees
(79)
-
(79)
(66)
Balance, end of year
$
632
$
2,539
$ 3,171
$ 3,067
19 Surrey Homelessness and Housing Society
On June 22, 2007, the City of Surrey incorporated the Surrey Homelessness and Housing Society. The
purposes of the Society are to raise funds for financing programs and projects that address homelessness
in Surrey; conduct and provide financial assistance to homelessness housing initiatives; manage the
disbursements of grants for projects and programs that address homelessness in Surrey and act to raise
funds for these purposes. As the City appoints the majority of members in the Society, who then appoint
the Society’s Board, the City is considered to have control over the Society’s functions and the Society’s
financial information is fully consolidated within the City’s financial statements.