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Corporate Report CORPORATE REPORT NO: R128 COUNCIL DATE: June 28, 2021 REGULAR COUNCIL TO: Mayor & Council DATE: June 24, 2021 FROM: General Manager, Finance FILE: 1880-20 SUBJECT: 2020 Statement of Financial Information RECOMMENDATION The Finance Department recommends that Council: 1. Receive this report for information; and 2. Approve the 2020 Statement of Financial Information that is attached to this report as Appendix “I”. INTENT The purpose of this report is to fulfil the annual Financial Information Act (the “Act”) requirement to report publicly, the Statement of Financial Information. BACKGROUND The Financial Information Act was enacted in the fall of 1993 and requires all municipalities to provide the Province of British Columbia with a Statement of Financial Information on an annual basis. The Statement of Financial Information is to include, for the year being reported, the City’s audited financial statements along with information regarding the remuneration paid to the Mayor and each Councillor, the name of and the remuneration paid to each employee who received more than $75,000 from the City, the name of and the amount paid to each supplier of goods and/or services to whom the City paid more than $25,000, and grants paid by the City for more than $25,000. The Act requires that Council approve the Statement of Financial Information prior to its submission to the Province of British Columbia. The Act also requires that the Statement of Financial Information be made available to the public before June 30th of the year following the year to which the information in the Statement of Financial Information applies. 2 DISCUSSION The 2020 Statement of Financial Information has been prepared in accordance with the Act and is attached as Appendix “I” to this report. The Statement of Financial Information includes the 2020 audited consolidated financial statements, which were adopted by Council on April 26, 2021. The remuneration and expenses paid to City staff are reported in the Statement of Financial Information under three categories as follows: • Base Salary: This is the salary that the employee earned in 2020; • Taxable Benefit and Other: This includes any payout of earned time related to vacations, gratuity payments, pay for performance, lump sum payments, banked overtime, retirement and/or vehicle allowances; and • Expenses: This includes amounts paid by the City to or for the employee in performing their job function, including annual professional association and membership fees, conferences, training, seminars, and travel related to City business. As part of our ongoing efforts to be an open, transparent, and accessible government, staff will post this report to the Financial Documents section of the City’s website. SUSTAINABILITY CONSIDERATIONS The 2020 Statement of Financial Information is required as part of the Financial Information Act. This reporting supports the objectives of the City’s Sustainability Charter 2.0. In particular, this reporting supports the following Corporate Sustainability Objective “SO”: • Corporate SO8: Work towards corporate financial sustainability, including financial reporting. CONCLUSION The Act requires that municipalities provide to the Province of British Columbia, a Statement of Financial Information for each calendar year. This Statement of Financial Information is to be approved by Council before it is forwarded to the Province. The Act stipulates that the Statement of Financial Information is to be made available to the public before June 30th of the year following the year to which the information in the Statement applies. Based on the above discussion, it is recommended that Council approve the 2020 Statement of Financial Information that is attached as Appendix “I” to this report and which has been prepared in accordance with the requirements of the Act. Kam Grewal, CPA, CMA General Manager, Finance Appendix “I” 2020 Statement of Financial Information for the City of Surrey Appendix "I" CITY OF SURREY STATEMENT OF FINANCIAL INFORMATION Year Ended December 31, 2020 (In compliance with the Financial Information Act of British Columbia, Chapter 140) City of Surrey Statement of Financial Information Approval Section 1 Section Section Number Statement of Financial Information Approval 1 Management Report 2 Financial Statements 3 Schedule of Debts 4 Schedule of Guarantee and Indemnity Agreements 5 Schedule of Remuneration and Expenses 6 Statement of Severance Agreements 7 Schedule of Suppliers of Goods or Services 8 Schedule of Grants 9 2020 Statement of Financial Information Page 2 of 113 City of Surrey Statement of Financial Information Approval Section 1 The undersigned, as authorized by the Financial Information Regulation, Schedule 1, subsection 9(2), approves all the statements and schedules included in this Statement of Financial Information, produced under the Financial Information Act. ___________________________________ ___________________________________ Doug McCallum Kam Grewal, CPA, CMA Mayor, City of Surrey General Manager, Finance June __, 2021 2020 Statement of Financial Information Page 3 of 113 City of Surrey Statement of Financial Information (SOFI) Management Report Section 2 The Financial Statements contained in this Statement of Financial Information under the Financial Information Act have been prepared by management in accordance with Canadian Public Sector Accounting Standards as prescribed by the Public Sector Accounting Board (PSAB), an independent standard-setting body, of the Chartered Professional Accountants of Canada. The integrity and objectivity of these statements are management’s responsibility. Management is also responsible for all statements and schedules, and for ensuring that this information is consistent, where appropriate, with the information contained in the audited financial statements. Management is also responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. City Council, through the Audit Committee, is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal controls. The Audit Committee achieves this through the review of the audited financial statements and other financial information, the audit process and compliance of financial internal controls. The Audit Committee meets with management and the external auditors as required. The external auditors, BDO, conduct an independent examination, in accordance with generally accepted auditing standards, and express their opinion on the financial statements. Their examination does not relate to the other schedules and statements required by the Financial Information Act. Their examination includes a review and evaluation of the City’s system of internal controls and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The external auditors have full and fair access to the Audit Committee. On behalf of The City of Surrey Kam Grewal, CPA, CMA General Manager, Finance June __, 2021 2020 Statement of Financial Information Page 4 of 113 City of Surrey Statement of Financial Information (SOFI) Financial Statements Section 3 2020 Statement of Financial Information Page 5 of 113 CITY OF SURREY 2020 Annual Consolidated Financial Statements FOR THE YEAR ENDED DECEMBER 31, 2020 Page 6 of 113 45 AUDIT COMMITTEE Councillor Doug Elford, Chair Councillor Laurie Guerra, Member The primary function of the Audit Committee is to represent and assist City Council in fulfilling oversight responsibilities in relation to the internal control environment in place at the City, including the review of the audited financial statements and other financial information, and liaising with the City Manager and CFO/General Manager, Finance in relation to financial and internal controls and business improvement opportunities. Page 7 of 113 2 7 Page 8 of 113 Page 9 of 113 8 CONSOLIDATED STATEMENT OF FINANCIAL POSITION CITY OF SURREY As at December 31, 2020, with comparative figures for 2019 [in thousands of dollars] 2020 2019 FINANCIAL ASSETS Cash and cash equivalents $ 907,279 $ 366,476 Accounts receivable (Note 2) 160,653 176,695 Portfolio investments (Note 3(a)) 378,749 619,578 Other investments (Note 3(b)) 624 531 1,447,305 1,163,280 LIABILITIES Trade and other accounts payable (Note 4) 74,338 82,899 Due to other governments (Note 5) 273,779 118,582 Employee future benefits(Note 6) 29,738 28,663 Deposits and prepayments (Note 7) 294,733 284,480 Deferred revenue (Note 8) 114,288 79,630 Deferred development cost charges (Note 9) 314,510 308,492 Debt (Note 10) 214,230 221,777 1,315,616 1,124,523 NET FINANCIAL ASSETS 131,689 38,757 NON-FINANCIAL ASSETS Tangible capital assets (Note 11) 9,474,308 9,295,668 Inventories of supplies 988 874 Prepaid expenses 5,352 4,552 9,480,648 9,301,094 ACCUMULATED SURPLUS (Note 12) $ 9,612,337 $ 9,339,851 Commitments and contingencies (Note 14) Kam Grewal, BBA, CPA, CMA CFO/General Manager Finance Department To be read in conjunction with the Notes to the Consolidated Financial Statements 9 Page 10 of 113 CONSOLIDATED STATEMENT OF CITY OF SURREY OPERATIONS For the year ended December 31, 2020, with comparative figures for 2019 [in thousands of dollars] 2020 Budget 2020 2019 (Note 23) REVENUES Taxation revenue (Note 17) $ 457,727 $ 463,081 $ 438,805 Sales of goods and services 275,998 254,553 266,705 Development cost charges (Note 9) 147,514 55,377 76,830 Developer contributions 119,847
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