61 / 144
51
For the year ended December 31, 2016
[tabular amounts in thousands of dollars]
NOTESTOTHE CONSOLIDATED
CITY OF SURREY
FINANCIAL STATEMENTS
3.
ACCOUNTS RECEIVABLE
2016
2015
General accounts receivable
$
31,982
$
31,819
Development Cost Charges
51,438
36,842
Property taxes
17,688
20,386
Utility rates
13,059
12,887
Due from joint venture partners
82
1,460
Due from other authorities
3,721
3,170
Debt guarantee
2,467
2,400
Tax sale properties
316
287
$
120,753
$
109,251
4.
PROPERTIES HELD-FOR-SALE
2016
2015
Opening balance
$
42,506
$
31,115
Transfer from tangible capital assets
15,628
63,836
Disposal on sale
(65,089)
(61,717)
Additions
6,955
9,272
$
-
$
42,506
5.
INVESTMENTS
2016
2015
Investments maturing within one year
$
444,108
$
390,812
Investments maturing within two years
98,021
91,421
Investments maturing within ten years
275,834
216,172
817,963
698,405
Other investments
7,928
8,008
Investment in partnership
304
304
$
826,195
$
706,717
City investments had an average portfolio yield of 2.05% (2015 – 2.38%). All City investments can be liquidated on demand, but may have
associated penalties on liquidation.
Other investments include a diversified portfolio of fixed income and equity securities held by the Surrey Homelessness and Housing
Society for the purpose of supporting programs and projects related to reducing homelessness and increasing access to safe and
affordable housing in Surrey.
During 2013, SCDC invested $700,000 for a 20% ownership of Bosa Properties (Bright A.1) Limited Partnership (“Bosa”). During 2014 SCDC
received a $396,502 distribution from Bosa LP. Accordingly, SCDC’s investment in the partnership was reduced to $303,498 at December 31,
2014. SCDC does not share control of Bosa and accordingly, this has been accounted for as a portfolio investment, carried at cost.