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SCHEDULE 11
UNAUDITED
RESERVE FUNDS
CITY OF SURREY
As at December 31, 2016, [in thousands of dollars]
Equipment
and Building
Replacement
*** Municipal
Land
Park Land
Acquisition
*Capital
Legacy
Neighborhood
Concept Plans
Balance, beginning of year
$ 33,670
$
-
$
9,948
$ 19,486
$ 22,783
DCC’s levied for the year
-
-
-
-
-
Investment income
233
12
69
134
157
Other revenue
-
324
9,931
-
5,196
Other Contributions
345
14,200
-
-
-
578
14,536
10,000
134
5,353
Transfers from (to)
Operating funds
(11,006)
(138)
-
(10,982)
220
Capital funds
10,929
29,714
1,261
14,964
5,268
Internal borrowing
-
(15,040)
-
-
-
(77)
14,536
1,261
3,982
5,488
Balance, end of year
$ 34,325
$
-
$ 18,687
$ 15,638
$ 22,648
ADDITIONAL INFORMATION:
* Capital Legacy Reserve Fund (created by Bylaw in 1999):
The City borrows from this Fund to finance capital projects. Principal and interest repayment schedules are based upon
reasonable business case plans approved by City Council. The debt costs are provided for annually within the operating
budget of each capital project.
Capital Legacy Fund Prior to Borrowing
$ 46,120
Principal Repayable, Guildford Pool Loan
(14,349)
Principal Repayable, East Clayton Fitness Facility Loan
(5,219)
Principal Repayable, RCMP Facility Loan
(4,577)
Principal Repayable, Newton Fitness Facility Loan
(4,220)
Principal Repayable, Grandview Heights Pool Loan
(1,156)
Principal Repayable, Other Facility, Parks and Culture Loans
$
(961)
Funds on Hand for Financing Projects
$ 15,638
** Local Improvement Financing Reserve Fund:
The City borrows from this Fund to finance local improvement projects. The property owners’ share, repayable with
interest over 10 years, is levied against the benefiting properties. The City’s share, repayable with interest over 10 years,
is provided for annually within General Operating Fund debt costs.
Funds on Hand For Financing Projects
$
8,042
Receivable From Property Owners
8,101
Equity, December 31, 2016
$ 16,143