63 / 144
53
For the year ended December 31, 2016
[tabular amounts in thousands of dollars]
NOTESTOTHE CONSOLIDATED
CITY OF SURREY
FINANCIAL STATEMENTS
8.
DEFERRED REVENUE
2016
2015
Development/building permits
$
21,371
$
19,471
Deferred gains on land sales to joint ventures
3,957
3,958
Deferred lease revenue
7,688
5,924
Other
2,298
1,952
$
35,314
$
31,305
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 recorded in a separate reserve
fund. DCC’s are deferred and recognized as revenue when the related costs are incurred.
2016
2015
Deferred DCC’s:
Arterial roads
$
67,446
$
55,763
Parkland
51,638
43,324
Drainage/storm water detention
38,561
39,685
Sanitary sewer
26,474
27,273
Collector roads
17,431
15,008
Water
13,156
12,021
Area specific
49,757
43,486
Park development
2,505
3,071
$
266,968
$
239,631
Deferred DCC’s, beginning of year
$
239,631
$
229,595
DCC’s levied for the year
87,398
66,798
Investment income
1,199
1,836
Total DCC’s deferred
88,597
68,634
Revenue recognized for General Capital
(41,464)
(43,547)
Revenue recognized for Water Capital
(4,063)
(6,945)
Revenue recognized for Sewer & Drainage Capital
(15,733)
(8,106)
Total DCC’s recognized as revenue
(61,260)
(58,598)
Net increase for the year
27,337
10,036
Deferred DCC’s, end of year
$
266,968
$
239,631