2024 Annual Report-web FINAL

Message from the Deputy Director of Finance (continued)

The change in Net Financial Assets is discussed in more detail in the Consolidated Statement of Change in Net Financial Assets. Accumulated Surplus at the end of 2024 is $1.451 billion and is comprised of an Accumulated Operating Surplus of $1.453 billion, net of a Remeasurement Loss of $2.25 million. Financial Assets: • Cash and investments increased by $5.4 million over 2023. Liabilities: Total liabilities decreased by $18.4 million from 2023. Changes to individual liability accounts are as follows: • Asset retirement obligations increased by $2.6 million. • Deferred revenues increased by $3.8 million. • Restricted revenues decreased by $21.1 million. • Refundable performance deposits increased by $1.1 million. • Debt decreased by $4.3 million due to scheduled principal payments. Non-Financial Assets: Non-financial assets are comprised of the tangible capital assets held for use in service provision, undeveloped land bank properties, supplies inventories and prepaid expenses. These represent economic resources available to the City for service provision, rather than a funding source to support the day-to-day operations of the City. In 2024 non-financial assets increased by $51.22 million over 2023, due primarily to a net increase in tangible capital assets of $49.96 million. 2. Consolidated Statement of Operations – Page 49 This statement reports the City’s changes in economic resources and accumulated operating surplus for 2024, compared with budget and with 2023 results. Since annual revenues exceeded expenses, the City increased its accumulated operating surplus during the year. Included in this statement is information about the gain or loss on the disposal of capital assets. If tangible capital assets are disposed of before the end of their estimated useful life, any remaining book value associated with them is written off, resulting in an accounting loss, not a cash loss.

Consolidated Revenue Compared to previous year (2023)

Overall revenues in 2024 increased by $36 million over 2023, with a large proportion of this increase driven by the recognition of previously restricted revenues in user fees in revenue in 2024. The following provides some commentary on specific revenue items: • Revenue from general taxation increased $8 million through a combination of higher tax levies and growth of the assessment roll. • User fees and other revenues increased by $26.2 million, with $18.7 million of that increase related to the adoption of PS3400 – Revenue. • Government transfers decreased by $13.6 million, mainly attributable to the receipt in 2023 of $16.6 million in one time funding from the Growing Communities Grant Fund. • Development revenues, often linked to capital projects, decreased by $0.8 million over 2023. Typically, year over-year changes in these revenues are related to changes in capital expenditures, reported on the • Revenue for contributed subdivision infrastructure increased by $14.8 million as a result of an increase in developer constructed infrastructure turned over to the City in 2024. Continued > Statement of Change in Net Financial Assets. • Investment revenue increased by $1.3 million

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