Surrey city council received a corporate report Monday from Surrey’s general manager of finance Kam Grewal indicating that while the city’s financial position was “stable” at the end of the third quarter of 2022, a “significant shortfall” of $20.9 million for policing operations is forecast.
“Staff have been in communications with both policing agencies to express concern regarding the forecasted shortfall and will work with them to mitigate the forecasted shortfall as much as possible with any final Policing Operations shortfall at year end charged to the SPS One Time Policing Operations budget,” Grewal reported. “Other city departments are proactively managing their respective budgets to ensure the financial position of the City for the remainder of the year remains strong and the City collectively meets budget at year end.”
Grewal said Surrey saw an increase in the number of building permits and “value of construction” in all categories both residential and non-residential in the first nine months of this year as compared to the same period last year with continuing population growth resulting in increased demand for all types of development.
“Overall,” he said, Surrey’s financial performance “in relation to the adopted budget” was “stronger than anticipated for the first nine months of fiscal 2022.