DESPITE the challenges of the COVID pandemic, an annual financial audit confirms that the City of Surrey maintains its strong financial position in 2020.
To ensure economic resiliency along with support for Surrey’s residents and business community, Council implemented the Surrey Economic Action and Recovery Plan last May. The proactive fiscal approach allowed the City of Surrey to avoid being negatively impacted by COVID. With budget targets met and exceeded across all City departments, robust development in Surrey, and federal and provincial COVID-19 restart grants, the City balanced the books without incurring additional debt.
“The Surrey Economic Action and Recovery Plan allowed us to adapt, maximize and continue City services while meeting evolving health and safety requirements presented by the pandemic,” said Surrey Mayor Doug McCallum on Tuesday. “As the City took a measured approach to reduce our expenditures, we also found ways to ease the financial burden of our residents and businesses. A 90-day extension on late payment penalties for residential and commercial property tax payments was implemented. For the third year in a row, Council held the line on property tax increases to 2.9%, keeping Surrey in the bottom third for property taxes in Metro Vancouver. Our plan also called for financial incentives to the development community to help keep the local economy going and generate jobs. During this unprecedented year, the City recorded $1.46 billion in building permit value, surpassing the 10-year average. The confidence in our City is a result of the joint efforts of our residents, businesses, community leaders, and administration. We all play an essential role in the continued growth and well-being of Surrey.”
The Financial Statements, approved at Monday night’s Council meeting, were audited by external accounting firm, BDO Canada LLP and done in accordance with Canadian Public Sector Accounting Standards.
For more information, the full Corporate Report can be viewed here.