2025 SCRD Annual Report for 2024 : simplebooklet.com

2024 Annual Report3Supplementary Financial Statement Information (unaudited)Schedule 1 Statement of current fund 82 Schedule 2 Summary general revenue, water utility and sewer funds 84 Schedule 3 General revenue fund 86Schedule 4 General government services 88 Schedule 5 Protective services 90Schedule 6 Transportation services 92Schedule 7 Environmental services 94Schedule 8 Public health services 95Schedule 9 Planning and development services 96Schedule 10 Recreation and cultural services 98Schedule 11 Water utility revenue fund 100Schedule 12 Sewer utility revenue fund 101 Schedule 13 Hillside development project 102Schedule 14 Statement of changes in reserve fund balances 103Schedule 15 Annual Report on COVID Safe Restart Grant Spending 105Schedule 16 Annual Report on Growing Communities Fund Grant Spending 106Schedule 17 Annual Report on Local Government Housing 107 Initiatives Fund SpendingFull Time Equivalents By Division 108STATISTICAL SECTIONStatement of financial position 109 Statement of operations 110Revenue by source 111Expenses by object 112Expenses by function 113Capital expenditures and sources of financing 114Surpluses and reserves 115Long term debt 116Net taxable property values 117Tax contributions by participating area 118Total Asssessment Values 119Demographic profile 120Operational statistics 124

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2024 Annual Report5Incorporated in 1967, the Sunshine Coast Regional District (SCRD) is one of 27 regional districts that were designed to establish a partnership between electoral areas and member municipalities within their boundaries. The octagonal shape of the SCRD logo represents the three municipalities and five electoral areas in the SCRD, which include: District of Sechelt Town of Gibsons shíshálh Nation Government District Electoral Area A—Egmont/Pender Harbour Electoral Area B—Halfmoon Bay Electoral Area D—Roberts Creek Electoral Area E—Elphinstone Electoral Area F—West Howe Sound Through the electoral area and municipal partnerships, the SCRD provides services that can be regional (supplied to the whole region), sub-regional (supplied to two or more members within the region) or local (provided to electoral areas, or within a subset of an electoral area, within the region). The SCRD is governed by the Local Government Act and Community Charter and is run by a Board of Directors. SCRD Board members also sit as members of the Regional Hospital District Board. We have three basic roles:Provide a ‘vehicle’ for advancing the interests of the region as a whole1Provide governancefor the rural areas2Provide servicesfor some or all areas3Who We Are

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2024 Annual Report7Message from the Board ChairOn behalf of the Sunshine Coast Regional District (SCRD) Board, I am pleased to present the 2024 Annual Report. This year’s report reflects the hard work and dedication of our staff, collaboration with our other local governments, and continued support and engagement of the broader community. This year brought both important progress and meaningful conversations. We saw momentum in water and transit projects, strong community involvement around parks and docks, and continued challenges related to our aging water infrastructure. A major achievement was the Church Road Well Field coming into full operation, providing vital supplemental supply to the Chapman system. This additional capacity combined with modest relief from drought conditions helped keep the Sunshine Coast’s largest water system at Stage 2 water conservation regulations through the peak summer months. At the same time, the water meter installation project ramped up in the Sechelt area. This is a critical step toward identifying leaks, improving system efficiency, and gaining better insight into regional water use. Completion of this important work is expected in early summer 2025. Transit saw key improvements as well. Following broad public engagement, expanded handyDART service launched in September, including weekend and extended weekday hours. In November, fare-free transit for youth was introduced through the new “S-Pass,” giving riders aged 13 to 17 free access to the bus system. The program was met with enthusiasm, helping young people move around the Coast more easily and independently, and helping to encourage transit as a viable transportation option as they grow. Community input played a major role in shaping upcoming projects, including renovations at Hopkins Landing Dock, trail and bridge remediation at Cliff Gilker Park, and enhancements to Coopers Green Park. Each of these received hundreds of comments and will see progress in 2025 with a strong foundation of local feedback. This was also a busy year for SCRD staff in delivering core services. In 2024, more than five billion litres of water were processed from regional sources. Over 66,000 customers were served at our solid waste facilities, and SCRD recreation centres welcomed over 217,000 visits across our five facilities. Our Planning Division responded to more than 1,500

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2024 Annual Report8Alton TothBoard ChairApril, 2025inquiries, and the popular FireSmart program conducted 750 assessments. Our four SCRD managed volunteer fire departments responded to more than 700 incidents and assisted communities throughout B.C. during the wildfire season. We ended the year with a remarkable act of generosity from the Macadam Fund with a $2.6 million donation in honour of Doreen and Duncan Macadam. Of this, $2.2 million is directed to the Gibsons and District Volunteer Fire Department, while $315,000 will enhance critical community services, including libraries, fire departments, and water infrastructure. This gift will have a lasting impact across the region. Like many local governments in B.C., we continued to face the challenge of balancing rising service demands with fiscal responsibility. These pressures have only strengthened our commitment to long-term planning and collaborative governance. Our Board, in conjunction with our senior leadership staff, began a review of all outstanding projects in the organization, with an aim to ensuring that we can prioritize the projects that are most critical to the community, while increasing transparency about the status of a project that may not be moving forward. With adoption set for 2025, this new prioritization tool will begin to influence future projects for the whole organization. I want to extend my sincere thanks to my fellow Board members, SCRD staff, our many volunteers, and the residents and visitors of the Sunshine Coast. Your ongoing contributions make this region such a special place to live, work, and play. As we look to 2025, we remain focused on building a resilient region that reflects the values and priorities of our communities. We also look forward to fostering additional conversations about sustainable development to better prepare our communities for future emergencies.

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2024 Annual Report9Message from the Chief Administrative OfficerTina Perreault, C.P.A., C.M.A.Chief Administrative OfficerApril 25, 2025As we reflect on this past year, I am proud to share the many accomplishments that continue to shape a stronger, more resilient Sunshine Coast. Our 2024 Annual Report tells the story of a workforce committed to delivering reliable services while moving forward on key priorities set by the Board. I want to recognize the dedication of our staff, whose work every day supports our growing communities. 2024 was marked by significant projects, ongoing organizational improvements, and meaningful relationship-building by our Board. The” Strategic Plan”, and “Departments & Divisions” sections of this report provide details on these key initiatives.In 2024, we developed the corporate workplan as a tool to prioritize projects and align staff efforts with the SCRD Board’s strategic focus areas of water stewardship and solid waste solutions. It supports clearer alignment between Board priorities and available resources, enabling staff to focus on delivering the most important initiatives for our region.2024 has been a year of meaningful progress across the organization. From new stairs at Bonniebrook Beach and expanded programming at our recreation centres to utility staff working tirelessly to keep our aging water infrastructure functioning reliably, the dedication of SCRD staff to serving our community has been outstanding and will continue into 2025. A highlight of the year was receiving the BC Municipal Safety Association Certificate of Recognition (COR), a meaningful acknowledgment of our commitment to employee health and safety and our ongoing focus on safe, effective service delivery.We were pleased to welcome a Senior Manager, Emergency and Protective Services to the SCRD’s senior leadership team in 2024. This new role reflects the SCRD’s commitment to strengthening emergency and protective services for our communities. The position is responsible for leading the regional emergency management program, fire protection services, and the 911 regional telecommunications system—enhancing our capacity to respond to emergencies and support public safety.As we move forward, I remain confident in our organization’s ability to adapt and grow through collaboration, professionalism, and service. I look forward to continuing this important work with our dedicated staff, Board, and community partners, ensuring the Sunshine Coast remains a thriving region for all.I hope you enjoy this Annual Report and find value in reading about some of the important work our team is doing.

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2024 Annual Report12The Sunshine Coast Regional District (SCRD) Board of Directors use Standing Committees to address specific issues, and make recommendations that are forwarded to SCRD Board meetings for final consideration and adoption. SCRD Standing Committees are established with specific yet ongoing mandates. Terms of reference for each Standing Committee provide an overview of the purpose, duties/mandate, membership, and operation of the Committee. At present, the SCRD has established the following Standing Committees:Comittee of the WholeMeets on the second and fourth Thursday of the month unless otherwise scheduled by the SCRD Board or the Chair of the Committee. Second Thursday of the MonthChair:Donna McMahonVice Chair: Leonard LeeMembers:All SCRD DirectorsFourth Thursday of the MonthChair:Kelly BacksVice Chair:Alton TothMembers:All SCRD Directors Electoral Area Services CommitteeMeets on the third Thursday of the month unless otherwise scheduled by the SCRD Board or the Chair of the Committee. Chair: Kate-Louise StamfordVice Chair: Donna McMahonMembers:Rural Area Directors Board Policy Review CommitteeMeets at least once annually and as required by the SCRD Board or the Chair of the Committee.Chair:Kate-Louise StamfordVice Chair:Donna McMahonMembers:Kelly Backs and Alton Toth Budget CommitteeMeets as required by the SCRD Board or the Chair of the Committee.Chair:Alton TothVice Chair:Justine GabiasMembers:All SCRD Directors Standing Committees

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2024 Annual Report13The SCRD employs 265.59 full time equivalents who work to provide services to residents within the SCRD each and every day. These staff regularly provide reports and recommendations on improvements to services in the Regional District which are then passed to the Board to make decisions on.The SCRD also has 120 dedicated volunteers who work in areas such as the Fire Departments and Dakota Ridge.Organizational StructureFire Chief, Gibsons and District Volunteer Fire DepartmentEmergency Management CoordinatorFire Chief, Halfmoon Bay Volunteer Fire DepartmentFire Chief, Egmont Volunteer Fire DepartmentFire Chief, Egmont Volunteer Fire DepartmentFire Chief, Roberts Creek Volunteer Fire DepartmentCommunity ServicesPlanning & Development ServicesChief Administrative OfficerExecutive AssistantManager, Transit & Fleet ServicesSenior Manager, Emergency & Protective ServicesGeneral Manager, Planning & DevelopmentManager, Planning & DevelopmentManager, Strategic Initiatives/Hillside Industrial ParkChief Building OfficialGeneral Manager, Community ServicesManager, Facility ServicesManager, Parks ServicesManager, Recreation ServicesManager, Sustainable DevelopmentManager, Solid Waste ServicesGM, Corporate ServicesChief Financial OfficerManager, Financial ServicesManager, Purchasing & Risk ManagementManager, Budgeting & GrantsHuman Resources AdvisorDeputy Corporate OfficerManager, Asset ManagementManager, Information ServicesManager, Financial PlanningSenior Manager, Human ResourcesProtective ServicesCorporate OfficerManager, Communications & EngagementCorporate Records AdministratorManager, Legislative ServicesGeneral Manager, Infrastructure ServicesManager, Utility ServicesManager, Capital ProjectsManager, Strategic InitiativesExecutive CoordinatorAdministration & Legislative ServicesCorporate ServicesHuman Resources ServicesInfrastructure Services

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2024 Annual Report14Strategic Plan 2023-2027The 2023-2027 Strategic Plan reflects the collective vision of the SCRD Board of Directors and guides the SCRD’s decisions and allocation of resources. The Strategic Plan will be implemented through annual budgets, departmental workplans, and daily practice.The implementation of this plan will be measured and monitored through regular updates to the Board and through the Annual Report, as well as ongoing dialogue to capture successes and work through challenges.The Board has identified two service delivery focus areas and four lenses for the 2023-2027 period.The two Service Delivery Focus Areas are mission-critical challenges that need to be urgently prioritized for the health and safety of our Sunshine Coast communities.The four lenses provide a framework for how we should approach all SCRD services, initiatives, and projects, in order to meet the economic, social, and environmental challenges of the day.To view the full document visit, www.scrd.ca/strategic-plan.CLIMATE RESILIENCE & ENVIRONMENTSOCIAL EQUITY & RECONCILIATIONGOVERNANCE EXCELLENCE FOCUS AREASSERVICE DELIVERY EXCELLENCELENSESWATER STEWARDSHIPSOLID WASTE SOLUTIONSLenses provide a framework for how we should approach all SCRD services, initiatives, and projects.Service Delivery Focus Areas clarify our strategic and operational priorities.LENSESFOCUS AREAS

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2024 Annual Report15As a service delivery body, the vast majority of Regional District resources are allocated to maintaining day-to-day core business. Providing consistent services at a time when the environment is changing quickly and unpredictably adds extra challenges to operations. In the 2023–2027 Strategic Plan, the Sunshine Coast Regional District (SCRD) has identified four key lenses through which the organization will consider every issue, providing a framework for how we should approach all SCRD services, initiatives and projects.Our Lenses1234 Through the Service Delivery Excellence Lens, we will always consider organizational/staff capacity, fiscal sustainability, asset management and risk to ensure our services to the public are relevant, efficient, responsive and well-communicated. Through the Climate and Environment Lens, we will reduce the carbon impact of all our services and activities, and take action to protect, adapt and restore the environment that sustains us, especially watersheds and aquifers. We will also build our capacity to respond to and recover from emergencies. Through the Social Equity and Reconciliation Lens, we will embrace compassion and reconciliation, and expand opportunities to meet the needs of all people regardless of age, ability, gender, income, education level, culture or background. Through the Governance Excellence Lens, we take leadership in advancing and modelling an organizational culture of civility, collegiality and continuous improvement; and will ensure our governance processes reflect clear priorities set by the Board and support effective, efficient and informed decision-making.

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2024 Annual Report16WHY IS THIS IMPORTANT? We need sufficient water for people, food production, firefighting and the environment. Water is critical to sustaining delivery of our services. Our climate is changing, leading to changing weather patterns and significant drought.HOW WE PLAN TO ACHIEVE IT 1. Continually improve the operations of all the Regional District’s aging water systems. 2. Improve water demand management and increase the efficiency of water use by completing installation of water meters and implementing volumetric billing. 3. Adopt the SCRD Water Strategy to confirm the strategic priorities, objectives and actions that will guide the future planning and delivery of SCRD water services. 4. Work with the shíshálh Nation Government District and Swx wú7mesh Úxwumixw (Squamish Nation) to define participation/role in the SCRD’s shared water services. 5. Work with the shíshálh Nation and the Province of BC to ensure the SCRD is able to utilize effective drought response approaches. 6. Continue to explore, enhance and develop groundwater and surface water sources. Our Service Delivery Focus AreasService Delivery Focus Areas are defined by the Board of Directors, and will be the SCRD’s areas of focus over the 2023-2027 period.Water StewardshipContinue to secure reliable and diverse water sources across the Sunshine Coast and support efficient water use while fostering responsible stewardship of this critical resource.

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2024 Annual Report18Corporate Services• Began work on the implementation of volumetric billing, beginning with the North and South Pender Water systems. • Provided financial and asset management support to address the needs of the aging water system. • Provided financial implications of new water sources. Administration and Legislative Services• The Corporate Communications and Engagement workplan focused on engagement activities related to water and waste utility rates, water conservation education, the upcoming implementation of the final phase of the water meter installation program, as well as regular updates on water supply expansion projects. Infrastructure Services• Continually improved the operations of all the Regional District’s aging water systems.• Improved water demand management and increase the efficiency of water use by completing installation of water meters and implementing volumetric billing.• Worked with the shíshálh Nation and the Province of BC to ensure the SCRD is able to utilize effective drought response approaches.• Continued to explore, enhance and develop groundwater and surface water sources.• Improved practices to find and resolve leaks in distribution system and on private properties.Community Services• Investigated an alternative water source for Sunshine Coast Arena ice installation and operations. • Tested the existing water well at Cliff Gilker as an alternative water source for the sports field irrigation system.Planning and Development Services• Bylaw enforcement support to enforce water conservation regulatory compliance efforts.• Provided climate forecasting support related to water system resilience.  INITIATIVES TO SUPPORT WATER STEWARDSHIPCorporate Services• Provided financial analysis support toward the updated Regional Solid Waste Management Plan, including options for diversion and optimization. • Provided financial analysis on long-term waste disposal solutions.• Supported analysis of enhanced diversion and recycling programs for ways to reduce costs. Administration and Legislative Services• The Corporate Communications and Engagement workplan focused on engagement activities related to the SCRD’s Solid Waste Management Plan. Infrastructure Services• Advanced updating the Solid Waste Management Plan. • Completed design and permitting for construction project at Sechelt landfill to extend its useful life.• Initiated project to confirm feasibility of a vertical expansion of the Sechelt landfill.• Initiated study to confirm what would be required for shipping waste off-coast.Community Services• Continuation of the solid waste bylaw implementation to reduce the level of organics entering the landfill through Parks and Cemetery waste bins.Planning and Development Services• Landfill emission reporting / mitigation option development support. INITIATIVES TO SUPPORT SOLID WASTE SOLUTIONS

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2024 Annual Report19HighlightsWorkplace Safety DesignationIn November, the SCRD received the BC Municipal Safety Association Certificate of Recognition for implementing an occupational health and safety management system that successfully passed an external audit and met WorkSafeBC’s standards.Photo (left to right): Mike Roberts, BCMSA CEO; Lisa Houle, BCMSA Director of Programs and Initiatives; Gerry Parker, Senior Manager of Human Resources; Tina Perreault, Interim CAO; Alton Toth, Board Chair.Donation to Boost Services and SafetyAn extraordinary contribution of $2,607,319.32 was donated to the SCRD from the Macadam Fund to support key community services, including water infrastructure, libraries, and fire departments, ensuring long-lasting improvements for the region.Sunshine Coast Snowpack at Record LowsDespite concerns of a record low snowpack, the Summer did not exceed Stage 2 water conservation regulations. This was in part thanks to the Church Road Well Field becoming fully operational.Coastal Flooding ProjectThe SCRD, Town of Gibsons, District of Sechelt, and Islands Trust launched a coastal flood mapping project to better understand current and future flood hazards on the Sunshine Coast. The mapping project will address how our region can become more resilient in dealing with the challenges and risks of coastal flooding.

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2024 Annual Report20Departments and DivisionsAdministration and Legislative ServicesThe Administration and Legislative Services Department is responsible for planning, coordination and control of corporate administrative functions in accordance with the Local Government Act and ensures the provision of services in compliance with the Regional District’s bylaws, policies, procedures, and statutory requirements. This department provides support services for all Regional District functions. Areas of responsibility include Corporate Administration, Legislative Services, Records and Information Management, and Communications and Engagement.• 33,000 (estimate) visits to Let’s Talk Community Platform• 79 News Releases Issued• 28,000 (estimated) records dispositionedDivision Goals StrategiesCorporate AdministrationDevelop and implement a corporate workplan that aligns with the Board's strategic plan.• Collaborate with Senior Leadership to develop individual workplans that are reflective of the direction given in the strategic plan.Legislative ServicesImplement long-term borrowing administration efficiencies while still being fair and transparent to the community.• Conduct a “bundled" elector approval process to seek community approval for long-term borrowing.• Develop an actionable plan to prepare and execute the bundled electoral approval process.• Effectively communicate the implications of approving and not approving the debt well in advance of the process.Records and Information ManagementProcure and implement third-party Electronic Document and Record Management System (EDRMS).• Plan and complete proper due diligence of the available options to the organization.• Collaborate with the Information Technology department to ensure the transfer is inclusive of all relevant documents.Communications and EngagementStrengthen collaborative efforts with other local governments.Highlight the work being done by the SCRD to serve the community.• Conduct monthly meetings with Communications departments of other local governments from around the province to share ideas and build relationships.• Launch #SCRD at Work social media initiative.KEYPERFORMANCEINDICATORS

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2024 Annual Report21Community ServicesThe Community Services Department is responsible for recreation and community partnerships, parks, cemetery services, facility and building services, public transit, fleet services, ports and the operations of the Gibsons & Area Community Centre, Gibsons & District Aquatic Facility, Sechelt Aquatic Centre, Sunshine Coast Arena, Pender Harbour Aquatic & Fitness Centre and Dakota Ridge Winter Recreation Area.Division Goals StrategiesCommunity ParksIn partnership with other local governments, develop a sport field strategy that provides a long term vision for the provision of sport field amenities. Continue to support community access to parks and related amenities, including community halls. • Define and develop service levels for all classifications of sport fields while ensuring consistency in application of classification system and service levels. Plan and complete routine, remedial and preventative maintenance tasks.• Construction of new community hall in Halfmoon Bay.Recreation Continue to support community access to recreation facilities through the provision of services, programs, and facility rentals.• Delivery of accessible recreation programs in aquatics, fitness and leisure. Support commu-nity groups programming through the provi-sion of facility spaces/services. Continue to strengthen the provision of aquatics through coordinated leadership and training.Transit & Fleet Enhanced customer service through technology.Review handyDART (Custom Transit) Services.• Support BC Transit in the implementation of an electronic fare system (UMO). • Coordinate with BC Transit to complete a review of the current handyDART service to inform improvements and future expansion opportunities.Facility Services Continue to support safe, regulation-compliant, and clean facilities. • Plan, schedule and complete regular inspec-tions. Complete regular preventative main-tenance tasks. Conduct annual maintenance activities at facilities. • 1,639 sports field bookings• 595,273 annual transit ridership• 217,966 recreation facility visitsKEYPERFORMANCEINDICATORS

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2024 Annual Report22Departmental ReviewsThe Corporate Services Department provides support services for the organization and public. These include: Asset Management, Community Grants, Financial Services, Information Services, Purchasing and Risk Management and the Sunshine Coast Regional Hospital District (SCRHD) Administration.Asset Management leads and supports efforts to develop asset registries, establish service levels, and assists with both capital and operational planning. Financial Services provides the overall statutory financial oversite for the organization, which includes financial planning, reporting, internal controls, and treasury management. Information Services provides essential IT and mapping support, managing hardware, software, and networks to ensure the smooth operation of SCRD’s core business systems across multiple sites. Purchasing and Risk, establish policies, and ensure cost-effective, equitable procurement and comprehensive risk control. Corporate ServicesDivision Goals StrategiesFinance Analyze impacts to Long-Term Debt levels in accordance with new Capital Renewal and overall Captial Plan.Complete a Water Rate Structure Review in order to create a sustainable recovery model for providing Water Services.• Complete an analysis on debt per service overall impact to its service participants to determine current and future affordability.• Plan for the development and implementation of a water rate structure through seeking input from various departmental stakeholders.Information TechnologyBuild organizational cybersecurity awareness.• Build a robust network to protect against malicious cyber attacks.Purchasing & Risk Manage-mentStreamline procurment processes to improve organizational efficiencies.Implement social sustainable procurement.• Support employees’ ability to complete low risk processes independently.• Provide education to organizational staff on using social sustainable procurement practices.Asset ManagementDevelop process for aligning Long-Term Financial Plans with Short-Term workplans.Incorporate Asset Criticality into Asset Management planning.• Coordinate with Finance staff and other departmental staff to improve and implement process.• Initiate review of asset criticality and incorporation of criticality into asset registry.• 5,300 IT ticket volume• 575 purchase orders issued• 5% of utility bills outstandingKEYPERFORMANCEINDICATORS

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2024 Annual Report23Human ResourcesHuman Resources is a centralized support service responsible for providing strategic workforce development processes and continuous improvement of best practices to and for all staff in all functions of the Sunshine Coast Regional District. They are responsible for promoting industry leading best practices and ensuring awareness of, and ongoing compliance with, legislative requirements such as the Workers’ Compensation Act, Employment Standards Act, BC Human Rights Code, and the BC Labour Code, all as guided by the Code of Ethics and Professional Standards of the Chartered Professionals in Human Resources (CPHR) of BC and Yukon, the BC Municipal Safety Association, and the Local Government Association.Division Goals StrategiesLabour Relations Execute new collective agreement terms.Establish a volunteer and employee recognition program.• Develop a communication plan for employees of the organization to better understand the new collective agreement and its terms.• Organize an annual appreciation event through collaboration with the relevant departments.Health and Safety Begin Certificate of Recognition Implementation.Plan and execute a North Ameri-can Occupational Safety and Health Week.• Meet with organizational staff to brief them on the process and expectations.• Engage staff in safety awareness cam-paigns.Recruitment Revise orientation materials for newly hired employees.Streamline recruitment processes.• Develop interactive orientation sessions to promote engagement. • Establish new metrics and feedback metrics to identify problem areas.• 121 job postings• 314 training and development sessions• 539 training and development sessions attendanceKEYPERFORMANCEINDICATORS

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2024 Annual Report24The Infrastructure Services Department is responsible for regional solid waste, curbside collection, Regional, North and South Pender Harbour Water Service Areas, and several wastewater services.Infrastructure ServicesDivision Goals StrategiesSolid Waste Increase lifespan of the Sechelt Landfill and Develop waste disposal options. Confirm long-term solid waste management strategies.Improve disposal site operations to maximize efficiency and safety. • Relocate contact water pond. Confirm feasibility vertical expansion. Undertake a detailed feasibility study for the disposal of solid waste off-coast. Confirm the feasibility of a vertical expansion of the Sechelt Landfill.• Update the Solid Waste Management Plan.• Undertake major upgrades to Pender Harbour Transfer stations and minor upgrades to the Sechelt Landfill site.Water Services Expand and diversify water supply sources.Improve existing functioning water distribution system. Ensure high quality drinking water is supplied to the residents of the Sunshine Coast.Improve Water Demand Management.• Development of several new water supply sources. • Development of Fire Flow Action Plan. Undertake several dam safety upgrades.• Replace major components of the Chapman Water Treatment Plant and upgrade several smaller water treatment facilities. • Install water meters on currently unmetered properties. Resolve leaks, and prepare for implementation of volumetric billing system.Wastewater Improve Asset Management practices.Improve the sustainability of service delivery.• Continue to upgrade aging infrastructure to realize full life of assets or confirm the need to do so.• Complete ongoing operational and infrastructure upgrades to achieve better effluent quality and reduce waste disposal.• 11,797 tonnage landfilled• 1,583 depot recycling tonnage• 869 tons residential curbside garbageKEYPERFORMANCEINDICATORS

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2024 Annual Report25Planning and Development ServicesThe Planning and Development Department is responsible for Rural and Regional Land Use Planning, Building Inspection, Hillside Industrial Park, and Sustainable Development.Division Goals StrategiesPlanning Shorten application timelines, improve application predictability and reduce barriers to application submissionRenew all seven Official Community Plans• Implement recommendations for Development Approval Processing Procedures completed in 2023. • In coordination with finance evaluate user Fee recovery methods to ensure adequate service funding.• Seek and review community input. • Utilize consultant expertise to supplement staff capacity.Bylaw Enforcement Greater field presence, more efficientadministration.• Use of mobile data terminals.• Filled a Vacant Bylaw Enforcement• Officer I position.Building Inspection Complete a Digital Service Enhancement to enhance the delivery of permitting and inspection services.Integrate Development Approval Process Improvements.Complete Building and Plumbing Bylaw Renewal.• Identify gaps in permitting and inspections that can be improved using digital tools. • Collaborate with the Planning and Bylaw enforcement divisions to implement quick and impactful recommendations. • Review and identify improvements within existing bylaws.Sustainable DevelopmentImplement a Corporate Carbon Neutrality Plan. Integrate a climate risk framework into core decision making processes. • Coordinate with relevant stakeholders to proceed toward plan recommendations and goals. • Develop framework that is actionable. • Develop outcome targets that are measurable and achievable.• 252 number of bylaw enforcement files opened• 1,644 planning enquiries from public • 3.59 weeks building permit processing timeKEYPERFORMANCEINDICATORS

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2024 Annual Report26Protective Services Protective Services includes Gibsons and District, Roberts Creek, Halfmoon Bay and Egmont and District Volunteer Fire Departments; Sunshine Coast Emergency Program; 9-1-1; and Bylaw Enforcement.Division Goals StrategiesSunshine Coast Emergency ProgramFurther expand Emergency programto deal with climate change.Strengthen Foundation of Emergency Program.Improve Evacuation planning and Readiness.Reduce the impact of wildfires on local communities.• Develop an Extreme Heat Response Plan. • Review and update Emergency Management Bylaws. • Seek consulting support on developing modern and effective evacuation plan templates. • Continue and expand grant funded FireSmart Program. Gibsons and District Volunteer Fire Department Improve personnel recruitment, retention, and equity.• Review compensation to volunteer members for training and emergency responses.Roberts Creek Volunteer Fire DepartmentImprove firefighter health & wellness and recruitment/retention.Upgrade for regulatory compliance• Review compensation to volunteer members for training and emergency responses. • Replace Electrical Control Panel.Halfmoon Bay Volunteer Fire DepartmentImprove recruitment, retention, and morale of firefighters.• Review compensation to volunteer members for training and emergency responses.Egmont and District Volunteer Fire DepartmentImprove readiness to respond to climate-related emergencies (wildfires).• Review compensation to volunteer members for training and emergency responses.KEYPERFORMANCEINDICATORS• 733 fire department callouts.• 10,000 pounds of material removed from forest floor for wildfire mitigation. • 724 properties received FireSmart assessments.

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2024 Annual Report27Across the Sunshine Coast, 45 distinct services are delivered to residents by SCRD staff. These services are funded through property taxes, parcel taxes, user fees and other sources of revenue. The costs of each service are recovered only from the area that benefits from that service. Some of the services provided by the SCRD involve all Electoral Areas and Municipalities while others pertain to a specific area. The SCRD is not responsible for roads, tax notices, danger trees or policing.What We Don’t Do:General Government ServicesAdministration Finance General Office Building Maintenance Human Resources Information Services Feasibility Studies Regional Hospital District Grants in Aid ElectionsProtective ServicesBylaw Enforcement Smoke Control Fire ProtectionEmergency Telephone (911) Sunshine Coast Emergency PlanningAnimal ControlRecreation and Cultural ServicesPender Harbour Pool School facilities – Joint Use Gibsons and Area Library Museum Funding Pender Harbour, Halfmoon Bay and Roberts Creek Library Funding Community Recreation Facilities Community Parks Bicycle and Walking Paths Regional Recreation Programs Dakota Ridge Winter RecreationTransportation ServicesPublic Transit Fleet ServicesRegional Street Lighting Local Street Lighting Ports Services (9 docks)Environmental ServicesRegional Solid Waste Refuse CollectionPublic Health ServicesCemeteriesPender Harbour Health ClinicPlanning and DevelopmentServicesRegional Planning Rural Areas Land Use Planning Geographic Information Services Civic Addressing Heritage Preservation Building Inspection Services Economic DevelopmentWater ServicesRegional Water Services, North and South Pender Harbour Water WastewaterAdditional ResponsibilitiesHillside Industrial ParkKey Services

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2024 Annual Report36Each year the Sunshine Coast Regional District distributes grants to sports and recreation, educational, social, environmental, arts, and cultural organizations located throughout the region. Organizations use this money for recreation and cultural program funding and special events to name a few. All organizations who receive this funding are non-profit groups that depend on the dedication of volunteers to operate and manage their organizations.Arts and Culture Coast Recital Society 500 Coast Rogue Arts Society 3,500 Deer Crossing - The Art Farm Society: Imagination Network 1,700 Deer Crossing - The Art Farm Society - Intelligence (formerly Emergence) 1,700 Gibsons Landing Heritage Society 5,000 Gibsons Public Art Gallery 2,000 Pender Harbour Music Society 5,000 Roberts Creek Community Association: Earth Day Festival 1,000 Roberts Creek Community Association: Slow Sundays in the Creek 500 Roberts Creek Mandala Project Society 2,650 Suncoast Woodcrafters Guild 400 Sunshine Coast Arts Council 3,800 Sunshine Coast Community Orchestra Association 1,500 Sunshine Coast Driftwood Players Society 2,000 Sunshine Coast Festival of the Performing Arts 5,000 Sunshine Coast Jazz & Entertainment Society 2,500 Sports and Recreation BC Special Olympics Society 2,000 Social, Educational, and Environmental British Columbia Conservation Foundation (BCCF) 5,000 Gambier Island Community Association 3,700 Halfmoon Bay Child Care Centre Society 2,790 Halfmoon Bay Community Association 4,000 Halfmoon Bay Community School - Restorative Justice 10,000 Loon Fountation (The) 5,000 Pender Harbour Community Club 5,000 Pender Harbour Community School (2014 part moved to [670]) 9,200 Pender Harbour Living Heritage Society 3,000 Raincoast Conservation Foundation 3,500 Distributed Grants

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2024 Annual Report37Restorative Justice Program of the Sunshine Coast 5,000 Roberts Creek Community Association - Creek Dayz 1,300 Roberts Creek Communlity Association: Speakers 5,000 School District No 46 (bursaries) 4,000 Society for Preservation of Sargeant Bay 900 Sunshine Coast Community Services (RCMP Victim Services) 5,000 Sunshine Coast Conservation Association 4,000 Sunshine Coast Conservation Association (Rhizome Up!Media) 3,000 Sunshine Coast Foundation 2,800 Youth Outreach 55,259 The Sunshine Coast Regional District provides direct financial assistance to local community groups engaged in community and regional economic development initiatives. Below is a list of organizations that received economic development grants in 2024.Sunshine Coast Tourism (Tourism Initiatives) 20,000Sunshine Coast Tourism 28,500 Pender Harbour Tourism Sanitation Services Pender Harbour Visitor Information Centre Washrooms Pender Harbour Visitor Information Booths BC Ferries Travel Ambassador Program Sunshine Coast Chamber of Commerce 8,500 Pender Harbour Economic Development Gibsons Visitor Services Coast Cultural Alliance 8,000

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2024 Annual Report38APPROVED GRANTSEvery year, the Sunshine Coast Regional District (SCRD) applies for grants to undertake projects in alignment where possible, with the Board’s Strategic Plan, the Integrated Five-Year Service Plan or currently approved projects.Program NameAdministered byProject Approved FundingNotification DateAreas AffectedIndigenous Engagement Requirement Funding ProgramProvince of BC Emergency Management Indigenous Engagement & Reconciliation$48,000 January 14, 2024RegionalCommunity Emergency Preparedness FundUnion of British Columbia MunicipalitiesEmergency Support Services Improvements$30,000 February 24, 2024RegionalCommunity Emergency Preparedness FundUnion of British Columbia MunicipalitiesEOC Tower Equipment and Training$28,095 March 17, 2023RegionalLocal Government Development Approvals ProgramUnion of British Columbia MunicipalitiesDevelopment Approval Process Implementation Work$150,000 May 30, 2024 A,B,D,E,FCommunity Resiliency Investment ProgramUnion of British Columbia MunicipalitiesFireSmart Community Funding and Support$1,500,000 August 14, 2024RegionalCommunity Emergency Preparedness FundUnion of British Columbia MunicipalitiesEvacuation Route Plan $119,570 August 29, 2024RegionalApproved GrantsThrough the Union of British Columbia Municipalities, the SCRD received a grant for $1.5 million to support the SCRD’s FireSmart program.Photo: SCRD FireSmart Team partnered with the SCRD Parks Division to conduct fire mitigation applications across park properties on the Sunshine Coast

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2024 Annual Report40Completed Capital Projects Service Asset Description CostService Asset Description CostBuildingsAdmin Offices Building Maintenance Board Room Modifications 94,799 Community Recreation Facilities Rubber Flooring 108,145 Total Buildings 202,944$ Furniture, Fixtures & EquipmentGeographic Information Services Aerial Imagery Orthophotos 74,913 Total Furniture, Fixtures & Equipment 74,913$ Technology EquipmentInformation Technology Computer Equipment 29,582 Information Technology Video Communication System 8,819 Information Technology Server & Digital Expansion Hardware 267,841 Information Technology Digital Phone Conversion 46,440 Roberts Creek Fire Protection Tablets 8,038 Total Technology Equipment 360,719$ Machinery & EquipmentGibsons & District Fire Protection Self-Contained Breathing Apparatus 7,995 Roberts Creek Fire Protection Stabilization Strut Set 10,039 Sunshine Coast Emergency Planning Structure Equipment 45,755 Maintenance Facility HVAC Harness Equipment 6,455 Pender Harbour Transfer Station Scale Indicator 8,279 Regional Water Service Pneumatic Boring Tool 78,717 Regional Water Service Flat Deck Trailer 13,359 Square Bay Waste Water Plant Infiltration reduction 42,957 Community Recreation Facilities Water Heating Systems 130,525 Community Recreation Facilities Zamboni 199,130 Community Recreation Facilities Eye Wash & Soaker Shower 61,500 Community Recreation Facilities HVAC Rooftop Units 366,700 Community Recreation Facilities Dehumidifier 10,800 Community Recreation Facilities SuperVac 15,830 Community Recreation Facilities Exterior Door Equipment 57,474 Community Recreation Facilities Boiler Pumps 10,616 Community Recreation Facilities Quattrolift 11,610 Community Parks Refuse Receptacles 52,078 Community Parks Mower & Landscaping Equipment 67,112 Community Parks Picnic Tables 19,190 Total Machinery & Equipment 1,216,120$ VehiclesSouth Pender Harbour Water Service Utility Truck 100,477 Regional Water Service Dump Truck 119,276 Regional Water Service Utility Truck 100,401 Total Vehicles 320,155$ Water Supply InfrastructureSouth Pender Harbour Water Service Water Treatment Equipment 108,522 Regional Water Service Minotoring Equipment 23,340 Regional Water Service Pumps 35,425 Regional Water Service Chlorination System 2,103,611 Total Water Supply Infrastructure 2,270,897$ Water Distribution InfrastructureNorth Pender Harbour Water Service Water Meter Connections 15,319 North Pender Harbour Water Service Water Meter Installations 20,738 North Pender Harbour Water Service Fire Hydrants 7,095 South Pender Harbour Water Service Water Meter Connections 23,002 South Pender Harbour Water Service Water Meter Installations 17,256 Regional Water Service Water Meter Connections 360,225 Regional Water Service Water Meter Installations 106,794 Regional Water Service Water Mains 586,868 Regional Water Service Fire Hydrants 6,500 Regional Water Service Pump Equipment 159,434 Regional Water Service Pump Station 107,688 Regional Water Service Damn Betterment & Equipment 119,079 Total Water Distribution Infrastructure 1,529,999$ Land & ImprovementsRoberts Creek Fire Protection Asphalt 9,287 Total Land & Land Improvements 9,287$ Total Cost of Tangible Capital Assets Aquired or Completed in 2024 5,985,034$ TangibleCapitalAssetsAquiredorCompletedin2024(ExcludesWorkinProgress)

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2024 Annual Report41 Service Asset Description CostService Asset Description CostBuildingsAdmin Offices Building Maintenance Board Room Modifications 94,799 Community Recreation Facilities Rubber Flooring 108,145 Total Buildings 202,944$ Furniture, Fixtures & EquipmentGeographic Information Services Aerial Imagery Orthophotos 74,913 Total Furniture, Fixtures & Equipment 74,913$ Technology EquipmentInformation Technology Computer Equipment 29,582 Information Technology Video Communication System 8,819 Information Technology Server & Digital Expansion Hardware 267,841 Information Technology Digital Phone Conversion 46,440 Roberts Creek Fire Protection Tablets 8,038 Total Technology Equipment 360,719$ Machinery & EquipmentGibsons & District Fire Protection Self-Contained Breathing Apparatus 7,995 Roberts Creek Fire Protection Stabilization Strut Set 10,039 Sunshine Coast Emergency Planning Structure Equipment 45,755 Maintenance Facility HVAC Harness Equipment 6,455 Pender Harbour Transfer Station Scale Indicator 8,279 Regional Water Service Pneumatic Boring Tool 78,717 Regional Water Service Flat Deck Trailer 13,359 Square Bay Waste Water Plant Infiltration reduction 42,957 Community Recreation Facilities Water Heating Systems 130,525 Community Recreation Facilities Zamboni 199,130 Community Recreation Facilities Eye Wash & Soaker Shower 61,500 Community Recreation Facilities HVAC Rooftop Units 366,700 Community Recreation Facilities Dehumidifier 10,800 Community Recreation Facilities SuperVac 15,830 Community Recreation Facilities Exterior Door Equipment 57,474 Community Recreation Facilities Boiler Pumps 10,616 Community Recreation Facilities Quattrolift 11,610 Community Parks Refuse Receptacles 52,078 Community Parks Mower & Landscaping Equipment 67,112 Community Parks Picnic Tables 19,190 Total Machinery & Equipment 1,216,120$ VehiclesSouth Pender Harbour Water Service Utility Truck 100,477 Regional Water Service Dump Truck 119,276 Regional Water Service Utility Truck 100,401 Total Vehicles 320,155$ Water Supply InfrastructureSouth Pender Harbour Water Service Water Treatment Equipment 108,522 Regional Water Service Minotoring Equipment 23,340 Regional Water Service Pumps 35,425 Regional Water Service Chlorination System 2,103,611 Total Water Supply Infrastructure 2,270,897$ Water Distribution InfrastructureNorth Pender Harbour Water Service Water Meter Connections 15,319 North Pender Harbour Water Service Water Meter Installations 20,738 North Pender Harbour Water Service Fire Hydrants 7,095 South Pender Harbour Water Service Water Meter Connections 23,002 South Pender Harbour Water Service Water Meter Installations 17,256 Regional Water Service Water Meter Connections 360,225 Regional Water Service Water Meter Installations 106,794 Regional Water Service Water Mains 586,868 Regional Water Service Fire Hydrants 6,500 Regional Water Service Pump Equipment 159,434 Regional Water Service Pump Station 107,688 Regional Water Service Damn Betterment & Equipment 119,079 Total Water Distribution Infrastructure 1,529,999$ Land & ImprovementsRoberts Creek Fire Protection Asphalt 9,287 Total Land & Land Improvements 9,287$ Total Cost of Tangible Capital Assets Aquired or Completed in 2024 5,985,034$ TangibleCapitalAssetsAquiredorCompletedin2024(ExcludesWorkinProgress)To encourage waste reduction and diversion and in support of the SCRD’s Organics Diversion Strategy, which includes a disposal ban for food waste, the SCRD installed food waste containers at several parks and community halls. The total cost of this capital project was $52,078.

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2024 Annual Report42The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Canadian Award for Financial Reporting to the Sunshine Coast Regional District for its annual financial report for the fiscal year ended December 31, 2023. The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports.In order to be awarded a Canadian Award for Financial Reporting, a government unit must publish an easily readable and efficiently organized annual financial report, whose contents conform to program standards. Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government’s financial picture, enhance an understanding of financial reporting by municipal governments, and address user needs.A Canadian Award for Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Canadian Award for Financial Reporting program requirements, and we are submitting it to GFOA for consideration. Government Finance Officers Association Canadian Award for Financial Reporting Presented to Sunshine Coast Regional District British Columbia For its Annual Financial Report for the Year Ended December 31, 2023 Executive Director/CEO

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2024 Annual Report43Five Year Financial PlanThe ﬁve-year plan is required under Section 374 and 375 of the Local Government Act and is to be adopted annually by March 31. The Financial Plan may be amended by bylaw at any time. The SCRD Board must undertake a process of public consultation regarding the Financial Plan before it is adopted. The Local Government Act does not specify the format of the public consultation process, and it may be varied at the Board’s discretion to suit the local community.The public consultation process on the SCRD’s ﬁve-year Financial Plan consisted of a thorough review of the draft plan by the Board in open public meetings held between November and March. The SCRD Board adopted its 2025-2029 Financial Plan Bylaw 772 on February 13, 2025. The schedule below is prepared on the basis required by legislation and is not consistent with the basis required in accordance with Canadian Generally Accepted Accounting Principles (GAAP) for local government, as recommended by the Public Sector Accounting Board (PSAB) of the Chartered Professional Accountants of Canada to report the actual results. For the current reporting year, a reconciliation of the information presented in the original financial plan and the actual information reported, is provided in the notes to the financial statements.Sunshine Coast Regional DistrictConsolidated Five Year Financial Plan (Summary)Schedule A, Bylaw 772, 20252025 - 20292025 2026 2027 2028 2029RevenuesGrants in Lieu of Taxes97,00097,00097,00097,00097,000Tax Requisitions35,526,82836,500,50636,627,82036,316,40736,401,760Frontage & Parcel Taxes8,760,3447,208,5707,121,6017,123,1517,105,416Government Transfers8,658,8034,816,1954,378,1284,378,1284,378,128User Fees & Service Charges20,159,41320,586,80420,686,48020,747,24820,811,114Member Municipality Debt1,528,2001,153,6461,148,1581,108,4751,175,074Investment Income870,709324,233133,494163,029203,170Other Revenue1,257,1861,102,0431,085,0521,085,0521,085,05276,858,48371,788,99771,277,73371,018,49071,256,714ExpensesAdministration7,230,5367,230,5367,230,5367,230,5367,230,536Internal Recoveries(10,205,973)(10,409,668)(10,366,885)(10,483,659)(10,454,021)Wages and Benefits31,902,47033,347,63633,223,27133,169,57633,229,178Operating32,392,34325,033,23724,784,43724,895,20924,999,185Debt Charges Member Municipalities1,528,2001,153,6461,148,1581,108,4751,175,074Debt Charges - Interest1,984,2101,220,3361,037,3441,419,5011,321,901Amortization of Tangible Capital Assets5,218,4895,218,4895,218,4895,218,4895,218,48970,050,27562,794,21262,275,35062,558,12762,720,3426,808,208Operating Surplus / (Deficit)8,994,7859,002,3838,460,3638,536,372OtherCapital Expenditures(68,152,429)(5,700,423)(6,579,827)(6,246,986)(5,307,943)Landfill Closure & Post Closure Expenditures(3,246,945)----Development of Land Held for Resale(219,308)(31,257)(31,257)(31,257)(31,257)Proceeds from Long Term Debt30,790,34587,5001,606,0001,569,400-Debt Principal Repayment(3,606,829)(3,333,582)(3,282,423)(3,637,982)(3,526,571)Transfer (to)/from Reserves17,093,434(3,799,747)(4,498,945)(3,887,766)(3,438,308)Transfer (to)/from Appropriated Surplus3,908,155(537,465)(536,120)(545,961)(552,482)Transfer (to)/from Other Funds8,939,7861,7001,7001,7001,700Transfer (to)/from Accumulated Surplus19,375----Prior Year Surplus/(Deficit)100,774----Unfunded Amortization5,218,4895,218,4895,218,4895,218,4895,218,489Transfer (to)/from Unfunded Liability2,346,945(900,000)(900,000)(900,000)(900,000)(6,808,208)(8,994,785)(9,002,383)(8,460,363)(8,536,372)-----Financial Plan Surplus / (Deficit)Sunshine Coast Regional DistrictConsolidated Five Year Financial Plan (Summary)Schedule A, Bylaw 772, 20252025 - 202920252026202720282029RevenuesGrants in Lieu of Taxes97,00097,00097,00097,00097,000Tax Requisitions35,526,82836,500,50636,627,82036,316,40736,401,760Frontage & Parcel Taxes8,760,3447,208,5707,121,6017,123,1517,105,416Government Transfers8,658,8034,816,1954,378,1284,378,1284,378,128User Fees & Service Charges20,159,41320,586,80420,686,48020,747,24820,811,114Member Municipality Debt1,528,2001,153,6461,148,1581,108,4751,175,074Investment Income870,709324,233133,494163,029203,170Other Revenue1,257,1861,102,0431,085,0521,085,0521,085,05276,858,48371,788,99771,277,73371,018,49071,256,714ExpensesAdministration7,230,5367,230,5367,230,5367,230,5367,230,536Internal Recoveries(10,205,973)(10,409,668)(10,366,885)(10,483,659)(10,454,021)Wages and Benefits31,902,47033,347,63633,223,27133,169,57633,229,178Operating32,392,34325,033,23724,784,43724,895,20924,999,185Debt Charges Member Municipalities1,528,2001,153,6461,148,1581,108,4751,175,074Debt Charges - Interest1,984,2101,220,336 1,037,344 1,419,501 1,321,901Amortization of Tangible Capital Assets5,218,4895,218,4895,218,4895,218,4895,218,48970,050,27562,794,21262,275,35062,558,12762,720,3426,808,208Operating Surplus / (Deficit)8,994,785 9,002,383 8,460,363 8,536,372OtherCapital Expenditures(68,152,429)(5,700,423)(6,579,827)(6,246,986)(5,307,943)Landfill Closure & Post Closure Expenditures(3,246,945)----Development of Land Held for Resale(219,308)(31,257)(31,257)(31,257)(31,257)Proceeds from Long Term Debt30,790,34587,5001,606,0001,569,400-Debt Principal Repayment(3,606,829)(3,333,582) (3,282,423) (3,637,982) (3,526,571)Transfer (to)/from Reserves17,093,434(3,799,747)(4,498,945)(3,887,766)(3,438,308)Transfer (to)/from Appropriated Surplus3,908,155(537,465)(536,120)(545,961)(552,482)Transfer (to)/from Other Funds8,939,7861,7001,7001,7001,700Transfer (to)/from Accumulated Surplus19,375----Prior Year Surplus/(Deficit)100,774----Unfunded Amortization5,218,4895,218,4895,218,4895,218,4895,218,489Transfer (to)/from Unfunded Liability2,346,945(900,000)(900,000)(900,000)(900,000)(6,808,208)(8,994,785)(9,002,383)(8,460,363)(8,536,372)-----Financial Plan Surplus / (Deficit)

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2024 Annual Report44Message from the Chief Financial OfficerIt is my pleasure to submit the 2024 Annual Report for the Sunshine Coast Regional District (SCRD). The purpose of this report is to present the corporate accomplishments and ﬁnancial results for the ﬁscal year ended December 31, 2024, in accordance with sections 376/377 of the Local Government Act and section 167 of the Community Charter. This report includes the Final Independent Auditor’s Report from MNP LLP, the Financial Statements of the Regional District, and supplementary information for the year ended December 31, 2024.For the twenty-first consecutive year, the SCRD was awarded the Canadian Award for Financial Reporting (CanFR) for the 2023 Financial Report. This award is presented by the Government Finance Officers Association (GFOA) for achievement of the high standards for Canadian government accounting and ﬁnancial reporting. The 2024 financial report has been prepared on a similar basis and incorporates suggestions for improvements provided by the GFOA, and is reflective of the open, accountable, and transparent way we operate.The financial statements of the Sunshine Coast Regional District are the responsibility of management and have been prepared in accordance with Canadian public sector accounting standards. The preparation of financial statements involves the use of estimates which have been made using careful judgment. In management’s opinion, the financial statements have been properly prepared within the framework of the accounting policies summarized in the financial statements and incorporate, within reasonable limits of materiality, all information available at (audit report date - April 24, 2025). The financial statements are also reviewed and approved by the Board of Directors. Management maintains systems of internal controls designed to provide reasonableassurance that assets are safeguarded, and that reliable financial information is available on a timely basis. These systems include formal written policies and procedures, careful selection and training of qualified personnel and appropriate delegation of authority and segregation of responsibilities within the organization. The financial statements have been examined by the Regional District’s independent external auditor, MNP LLP, whose report appears on the next page. The external auditor’s responsibility is to express their opinion on whether the financial statements, in all material respects, fairly present the Regional District’s financial position, results of operations, changes in net financial assets and cash flows in accordance with the Canadian public sector accounting and Canadian generally accepted auditing standards. Their Independent Auditor’s Report outlines the scope of their examination and their opinion. The Board of Directors is responsible for ensuring that management fulfills its responsibility for financial reporting and internal controls. The external auditor has full and open access to all records of the Regional District and has direct access to the Board where necessary.

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2024 Annual Report45The purpose of the Annual Report is to provide readers with a clear understanding of the financial information and operations of the Regional District at a point of time (December 31, 2024). The report is divided into three sections:1. Introductory Section: Provides an overview of the Regional District; our role, vision and strategic direction. It includes the nature and scope of the services provided as well as highlights and accomplishments;2. Financial Section: Presents the 2024 ﬁnancial statements, notes, supplementary schedules, and the Independent Auditors’ Report for the Regional District;3. Statistical Section: Presents a variety of statistical and ﬁnancial information on a five-year comparative basis.Financial OverviewStatement of Financial Position Analysis:The increase in cash and equivalents from $24,313,930 in 2023 to $30,890,973 in 2024 is attributable to an increase in reserve funds and appropriated capital surplus available to invest. Most of the additional funds added to the investment pool in 2024 have been placed in high interest savings accounts or GIC’s with an original maturity of 90 days or less. These investments are considered cash equivalents as opposed to portfolio investments under Public Sector Accounting Standards. All told, portfolio and cash equivalent investments increased $17,066,382 from $74,542,923 in 2023 to $91,609,305 in 2024. Concurrently, the Reserve and Capital Fund portion of accumulated surplus increased by $12,249,516. This increase in cash equivalent investments will enhance the SCRD’s ability to meet short-term cash flow obligations, including capital project expenditures, and invest in immediate priorities as they arise. The growth in investments and a stable level of accounts receivable shows the effectiveness of the SCRD’s financial policies and practices. The Statement of Financial Position now reflects a new liability for asset retirement obligations, totaling $13,499,807. This sum includes $13,098,669 for landfill remediation and an additional $401,138 for addressing asbestos and septic tank issues.The SCRD realized a change in its financial equity with an increase in net financial assets to $54,882,474 in 2024 from $39,005,808 in 2023. This is a positive indication of the financial health of the SCRD and is reflective of the increase in reserve funds available to fund future capital maintenance and replacement plans.Statement of Operations:The consolidated annual operating surplus for 2024 was $23,704,252, up from $15,725,400 in 2023, increasing the accumulated surplus to $213,647,609. This improvement was driven by higher-than-anticipated investment income and donations, along with lower-than-budgeted expenses due to the deferral of capital projects—reflected in the 151 projects carried forward into 2024.Tax requisitions increased by 7.6% over 2023 to support 101 new projects and the carryforward workload. These investments focused on critical priorities such as water stewardship and solid waste management, including the Sechelt Landfill contact water pond relocation, transit service expansion (with free access for youth), dock infrastructure repairs, and water system upgrades across the region. The increase also supported additional staffing, particularly in planning services, to address growing operational demands.User fees and service charges rose across key services. Regional water rates increased by $64, and North and South Pender rates by $47 and $82 respectively, to fund infrastructure rehabilitation, groundwater development, and ongoing maintenance, including upgrades to the Chapman Water Treatment Plant. Wastewater and refuse collection fees also saw moderate increases to reflect inflation and rising service delivery costs.Together, these revenue increases were necessary to maintain service levels, address aging infrastructure, and ensure long-term financial sustainability across the SCRD.

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2024 Annual Report46Investment in Assets:The acquisition of tangible capital assets ($13,209,423) against the amortization expense of $5,391,778 demonstrates the ongoing investment in infrastructure and assets, vital for maintaining or enhancing service delivery to our community. This yields a 2.45 multiplier, showing an ongoing investment in capital by the SCRD. This is the amount of capital invested in new construction and infrastructure renewal for every dollar that existing assets depreciate each year.Cash Flow:The statement of cash flows reveals a healthy increase in cash reserves, ensuring the district has ample financial flexibility. The net change in cash of $6,577,043 is a positive indicator of the SCRD’s liquidity status.Other items and financial items to highlight for 2024 are as follows:• Reserve fund balances increased by $11.18 million to $67.16 million (Schedule 14) from $55.98 million in 2023. The increase is the result of budgeted contributions to fund future capital projects or expenses which are in line with the Financial Sustainability Policy and Corporate Asset Management Plan as well as transfers to operating/capital reserves from 2024 surpluses and earnings from the investment of reserve funds. • Schedules 15 ,16 and 17 are to comply with the Provincial Government’s requirements related to the COVID-19 Safe Restart, Growing Communities Fund and Local Government Housing Initiatives Grants provided to local governments. These schedules will be included in the Annual Report until the grant funds are expended. The Financial Planning ProcessIn accordance with Sections 374 and 375 of the Local Government Act, all regional districts in B.C. must adopt a five-year Financial Plan by March 31 each year and conduct public engagement to ensure transparency and community input. The Sunshine Coast Regional District (SCRD) Board adopted its 2025–2029 Financial Plan Bylaw on February 13, 2025. A summary of the Plan is included in the “Five-Year Financial Plan” section of the Annual Report, and full details are available at www.scrd.ca/Budget.The 2025 budget includes 93 new projects and 270 carry forward projects from previous years, reflecting both the continued need to address historical underfunding and the SCRD’s focus on completing previously approved work. These projects align closely with the Board’s Strategic Plan, which prioritizes water stewardship, solid waste solutions, and maintaining reliable service levels.To prioritize projects, the SCRD groups initiatives into three categories: Mandatory (urgent needs due to asset failure, safety, or compliance), Strategic (aligned with Board priorities and policies), and Discretionary (beneficial but not essential). The budgeting process included three rounds of public meetings, with input from staff, community partners, and residents through online sessions, the Let’s Talk Budget site, and news updates.Key initiatives advancing in 2025 include:• Solid Waste: Relocation of the Sechelt Landfill’s contact water pond, extending landfill life by four years with reduced cost through provincial funding.• Water Infrastructure: Investments in water supply, including groundwater exploration, watermain rehabilitation, and upgrades to the Chapman Water Treatment Plant.• Transit Expansion: Increased service on main routes and introduction of free youth transit access.• Parks and Recreation: A regional recreation needs assessment, Cliff Gilker Park irrigation system (grant-funded), and repairs to docks on Gambier and Keats Islands.• Staffing: New positions to increase service capacity, including additional planning staff. The 2025 Financial Plan totals $136.7 million, with $68.5 million for operating and $68.2 million for capital projects. The capital plan is

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2024 Annual Report47funded through a mix of long-term debt ($29.9 million), grants ($3.4 million), reserves ($20.7 million), and capital funds ($9.6 million). Key capital investments include:• $41 million for Water and Wastewater• $15.5 million for Recreation and Culture• $6 million for Fire DepartmentsTo support these initiatives, property tax requisitions increased by 7.6% over 2024. Additionally:• Regional Water System parcel taxes and user rates increased by $64, with North Pender increasing by $124 and South Pender by $165.• Wastewater treatment facilities saw increases of $50 to $170 depending on the area.• Refuse collection fees rose by $11.• Community recreation parcel taxes and the Pender Harbour Pool parcel tax remained unchanged.Further changes following Round 2 Budget discussions—such as a new paid-on-call model for Fire Departments, added transit funding, and feasibility studies for future water service expansion—also contributed to the final taxation amounts.Residents can estimate their 2025 SCRD property tax contribution by dividing their home’s assessed value (from BC Assessment) by $100,000 and multiplying by the applicable tax rate listed by area. More details are available through the SCRD’s online property tax estimator and mapping tools.Financial OutlookThe 2025 financial outlook for British Columbia (BC) and the Coast presents a mix of cautious optimism and notable challenges. BC is projected to underperform nationally due to reduced consumer spending and weakened investment prospects. This is further compounded by high interest rates and a slowing labor market, which are expected to depress consumer spending further. However, stable housing starts and a dip in inflation suggests resilience in key economic areas.Here are a few economic indicators to consider:• Unemployment rates in BC were 6.2% (March 2025), increasing from 5.5% from April 2024.• The Vancouver Consumer Price Indices (CPI), 12-month average percent change is 2.5%, slightly higher than the Canadian average of 2.2%. This is a marginal improvement from over 3.6% in 2024. • As of April 21, 2025, the Municipal Finance Authority of BC’s interest rates range from 3.32% for short-term financing to 3.96% for 10-year term. The SCRD’s 2025 Financial Plan includes $30.8 million of debt funding for new capital.• Interest earned on cash and investments ranges from 2% for short-term placements up to 6.05% for longer term deposits.• Overall property assessments in the region increased to 1.68% in 2025 from 0.7% in 2024. ConclusionThe Sunshine Coast Regional District continues to strive for excellence in financial management and reporting as demonstrated by receiving the Canadian Award for Financial Reporting for the 21st consecutive year. I would like to thank members of the Board and staff for their efforts in making 2024 a successful year in moving forward the many initiatives on behalf of the community. I would also like to acknowledge the tremendous team effort not only to produce this report, but that is evident throughout the year.Respectfully,Tina Perreault, C.P.A., C.M.A.General Manager Corporate Services and Chief Financial OfficerApril 25, 2025

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2024 Annual Report48Sunshine Coast Regional District MANAGEMENT REPORT The Financial Statements contained in this Statement of Financial Information under the Financial Information Act have been prepared by management in accordance with generally accepted accounting principles or stated accounting principles, and the integrity and objectivity of these statements are management's responsibility. Management is also responsible for all the statements and schedules, and for ensuring that this information is consistent, where appropriate, with the information contained in the 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. The Board of Directors is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal control. The external auditors, MNP LLP, 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 Act. Their examination includes a review and evaluation of the corporation's system of internal control and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The external auditors have full and free access to staff and management. The Independent Auditors’ Report outlines the scope of the audit for the year ended December 31, 2024. On behalf of the Sunshine Coast Regional District, Tina Perreault Chief Financial Officer April 24, 2025 * For municipalities, the officer assigned responsibility for financial administration signs * Prepared pursuant to Financial Information Regulation, Schedule 1, section 9

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2024 Annual Report49T: 250.753.8251 F: 250.754.3999400 MNP Place, 345 Wallace Street, Nanaimo B.C., V9R 5B6MNP LLP MNP.caLLP - Nanaimo - 345 Wallace StreetIndependent Auditor's ReportTo the Board of Directors of the Sunshine Coast Regional District: OpinionWe have audited the financial statements of the Sunshine Coast Regional District (the "Regional District"), whichcomprise the statement of financial position as at December 31, 2024, and the statements of operations, changes innet financial assets, remeasurement gains and losses, and cash flows for the year then ended, and notes to thefinancial statements, including a summary of significant accounting policies.In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position ofthe Regional District as at December 31, 2024, and the results of its operations and its cash flows for the year thenended in accordance with Canadian public sector accounting standards.Basis for OpinionWe conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilitiesunder those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Regional District in accordance with the ethical requirements thatare relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilitiesin accordance with these requirements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.Supplementary InformationThe supplementary information contained in the Schedules to the financial statements have been presented forpurposes of additional analysis and are unaudited. We do not express an opinion on the Schedules because ourexamination did not extend to the detailed information therein.Other InformationManagement is responsible for the other information, consisting of an annual report, which is expected to be madeavailable to us after the date of this auditor's report.Our opinion on the financial statements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, indoing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated.When we read the annual report, if we conclude that there is a material misstatement therein, we are required tocommunicate the matter to those charged with governance.Responsibilities of Management and Those Charged with Governance for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance withCanadian public sector accounting standards, and for such internal control as management determines is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror.

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2024 Annual Report50In preparing the financial statements, management is responsible for assessing the Regional District’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Regional District or to cease operations, orhas no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Regional District’s financial reporting process.Auditor's Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance withCanadian generally accepted auditing standards will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, theycould reasonably be expected to influence the economic decisions of users taken on the basis of these financialstatements.As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Regional District’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions thatmay cast significant doubt on the Regional District’s ability to continue as a going concern. If we concludethat a material uncertainty exists, we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor's report. However, futureevents or conditions may cause the Regional District to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,and whether the financial statements represent the underlying transactions and events in a manner thatachieves fair presentation.We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that weidentify during our audit.Nanaimo, British ColumbiaApril 24, 2025Chartered Professional Accountants

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2024 Annual Report51Sunshine Coast Regional DistrictStatement Of Financial PositionDecember 31, 2024 and 20232024 2023Restated(Note 4)Financial AssetsCash and equivalents $ 30,890,973 $ 24,313,930Portfolio investments (Note 6) 60,718,332 50,228,993Accounts receivable (Note 7) 5,285,429 4,789,499Debt recoverable from member municipalities (Note 13) 12,582,475 7,518,389Restricted cash: MFA debt reserve fund (Note 16) 603,233 582,934Total Financial Assets110,080,44287,433,745LiabilitiesAccounts payable and accrued liabilities (Note 8) 6,155,845 5,148,839Employee future benefits (Note 21) 250,410 187,719Deferred revenue: Development cost charges (Note 9) 3,465,544 2,821,304Future parks acquisition (Note 10) 1,138,405 1,078,788Other(Note 11) 2,424,114 1,435,899Asset retirement obligation (Note 15) 13,499,807 13,154,095Debt (Note 13) 28,263,843 24,601,293Total Liabilities55,197,96848,427,937Net Financial Assets54,882,47439,005,808Non-Financial AssetsInventory and prepaids 1,621,022 1,388,976Land held for resale (Note 17) 1,935,135 1,904,938Tangible capital assets (Note 14) 154,933,961 147,161,539Total Non-Financial Assets 158,490,118150,455,453Accumulated Surplus213,372,592189,461,261Accumulated surplus consists of:Accumulated operating surplus (Note 19) 213,647,609 189,943,357Accumulated remeasurement loss (275,017) (482,096)Accumulated Surplus$213,372,592$189,461,261Contingent liabilities (Note 22) Tina PerreaultAlton Toth Chief Financial OfficerChairThe accompanying section "Notes to Financial Statements" form an integral part of these financial statements.1

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2024 Annual Report52Sunshine Coast Regional DistrictStatement Of OperationsFor the Years Ended December 31, 2024 and 2023Fiscal Plan2024(Note 26)Actual2024Actual2023Restated(Note 4)RevenueGrants in lieu of taxes $ 97,000 $ 107,454 $ 100,755Tax requisitions 33,017,751 33,017,750 29,334,776Frontage and parcel taxes 8,195,785 8,196,013 7,327,618Government transfers (Note 18) 13,351,211 9,835,821 6,342,649User fees and service charges 19,422,148 19,828,593 18,660,193Member municipality debt 1,506,412 1,573,005 1,392,761Investment income 805,614 4,744,391 4,029,958Contributed tangible capital assets and DCC recognized - 87,950 187,361Other revenue 997,109 4,040,355 2,251,050Total Revenue77,393,03081,431,33269,627,121Expenses(Note 25)General Government 4,327,185 3,026,385 2,821,227Protective services 6,025,630 5,604,641 5,343,775Transportation services 8,513,958 7,684,570 7,138,965Environmental services 9,019,467 8,535,835 7,976,229Public health services 367,377 333,120 332,454Planning and development services 4,660,426 3,602,934 2,947,034Recreation and cultural services 15,198,853 14,597,228 13,908,437Water utilities 14,918,343 12,197,834 11,507,069Sewer utilities 810,667 571,528 533,770Debt charges member municipalities 1,506,412 1,573,005 1,392,761Total Expenses65,348,31857,727,08053,901,721Annual Operating Surplus12,044,71223,704,25215,725,400Accumulated operating surplus, beginning of year189,943,357 189,943,357 174,217,957Accumulated Operating Surplus, end of year$201,988,069$213,647,609$189,943,357The accompanying section "Notes to Financial Statements" form an integral part of these financial statements.2

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2024 Annual Report53Sunshine Coast Regional DistrictStatement Of Changes In Net Financial AssetsFor the Years Ended December 31, 2024 and 2023Fiscal Plan2024(Note 26)Actual2024Actual2023Restated(Note 4)Annual operating surplus $ 12,044,712 $ 23,704,252 $ 15,725,400Acquisition of tangible capital assets (49,813,289) (13,209,423) (7,146,337)Amortization of tangible capital assets 4,919,663 5,391,778 5,208,437Loss (gain) on disposal of tangible capital assets - 15,029 (52,383)Proceeds from sale of tangible capital assets - 17,558 69,863Write-off of tangible capital assets (Note 14) - 12,636 656,156Change in inventory and prepaids - (232,046) (498,038)Net remeasurement gain - 207,079 176,861Development of land held for resale (104,055) (30,197) (16,203)Increase in net financial assets(32,952,969)15,876,66614,123,756Net financial assets, beginning of year39,005,808 39,005,808 24,882,052Net financial assets, end of year$6,052,839$54,882,474$39,005,808The accompanying section "Notes to Financial Statements" form an integral part of these financial statements.3Sunshine Coast Regional District Statement Of Remeasurement Gains and Losses December 31, 2024 and 2023 2024 2023 Accumulated remeasurement loss, Beginning of year $ (482,096) $ (658,957) Unrealized gain (loss) attributable to portfolio investments 207,079 176,861 Accumulated remeasurement loss, End of year $ (275,017) $ (482,096) 4The accompanying section "Notes to Financial Statements" form an integral part of these financial statements.Sunshine Coast Regional DistrictStatement Of OperationsFor the Years Ended December 31, 2024 and 2023Fiscal Plan2024(Note 26)Actual2024Actual2023Restated(Note 4)RevenueGrants in lieu of taxes $ 97,000 $ 107,454 $ 100,755Tax requisitions 33,017,751 33,017,750 29,334,776Frontage and parcel taxes 8,195,785 8,196,013 7,327,618Government transfers (Note 18) 13,351,211 9,835,821 6,342,649User fees and service charges 19,422,148 19,828,593 18,660,193Member municipality debt 1,506,412 1,573,005 1,392,761Investment income 805,614 4,744,391 4,029,958Contributed tangible capital assets and DCC recognized - 87,950 187,361Other revenue 997,109 4,040,355 2,251,050Total Revenue77,393,03081,431,33269,627,121Expenses(Note 25)General Government 4,327,185 3,026,385 2,821,227Protective services 6,025,630 5,604,641 5,343,775Transportation services 8,513,958 7,684,570 7,138,965Environmental services 9,019,467 8,535,835 7,976,229Public health services 367,377 333,120 332,454Planning and development services 4,660,426 3,602,934 2,947,034Recreation and cultural services 15,198,853 14,597,228 13,908,437Water utilities 14,918,343 12,197,834 11,507,069Sewer utilities 810,667 571,528 533,770Debt charges member municipalities 1,506,412 1,573,005 1,392,761Total Expenses65,348,31857,727,08053,901,721Annual Operating Surplus12,044,71223,704,25215,725,400Accumulated operating surplus, beginning of year189,943,357 189,943,357 174,217,957Accumulated Operating Surplus, end of year$201,988,069$213,647,609$189,943,357The accompanying section "Notes to Financial Statements" form an integral part of these financial statements.2

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2024 Annual Report54Sunshine Coast Regional DistrictStatement Of Cash FlowsFor the Years Ended December 31, 2024 and 20232024 2023Operating Transactions:Annual operating surplus$ 23,704,252 $15,725,400 Items not involving cash included in annual surplus:Amortization of tangible capital assets 5,391,778 5,208,436Loss (gain) on disposal of tangible capital assets 27,665 603,773Actuarial adjustment of long-term debt (747,611) (689,311)DCC revenue recognized - (6,811)Contributed tangible capital assets (87,950) (180,550)Change in employee future benefit liability 62,691 56,105Provision for asset retirement obligations 357,033 347,095Change in financial assets and liabilities involving cash:Increase in accounts receivable (495,930) (1,066,575)Increase (decrease) in accounts payable and accrued liabilities 1,007,006 (2,091,426)Increase (decrease) in other deferred revenue 988,215 (148,902)Increase in inventory and prepaids (232,046) (498,038)Net Change in Cash from Operating Transactions29,975,10317,259,196Investing Transaction:Cash used in investment transactions (10,282,260) (683,350)Financing Transactions:Debt proceeds 1,446,354 3,076,358Repayment of debt (2,100,279) (1,832,793)Decrease (Increase) in restricted cash: MFA debt reserve fund (20,299) (106,550)Collection of DCC and parkland aquisition (deferred revenue) 703,857 431,868Net Change in Cash from Financing Transactions29,6331,568,883Capital Transactions:Cash used to acquire tangible capital assets (13,121,473) (6,965,787)Proceeds from sale of tangible capital assets 17,558 69,863Landfill closure and post-closure costs (11,321) (10,704)Development of land held for resale (30,197) (16,203)Net Change in Cash from Capital Transactions(13,145,433)(6,922,831)Net increase (decrease) in cash and cash equivalents6,577,04311,221,898Cash and equivalents, beginning of year24,313,930 13,092,032Cash and equivalents, end of year$30,890,973$24,313,930The accompanying section "Notes to Financial Statements" form an integral part of these financial statements.5

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2024 Annual Report55Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20231.Significant Accounting PoliciesThe preparation of the Financial Statements is the responsibility of the management of the Sunshine CoastRegional District. The accounting policies used within these statements conform to Canadian Public SectorAccounting Standards ("PSAS"). They have been prepared in accordance with current recommendations issued bythe Public Sector Accounting Board of the Chartered Professional Accountants of Canada.a.Reporting entity and consolidation:The Financial Statements combine the activities of the various funds of the reporting entity - Sunshine CoastRegional District (the "Regional District"). Interfund transactions and fund balances have been eliminated forreporting purposes. There are no other organizations under the control of the Regional District Board that meetthe criteria for inclusion and consolidation in these statements.b.Fiscal plan:The fiscal plan is part of the statutory five-year financial plan adopted by the Regional District Board andreflects the anticipated revenues and expenditures for a given year. The fiscal plan is prepared on a basisconsistent with that used to report the actual results achieved. See Note 26.c.Government transfers:Government transfers are recognized as revenue when authorized and eligibility criteria have been met unless,the transfer contains stipulations that create a liability. If the transfer contains stipulations that create a liability,the related revenue is recognized over the period that the liability is extinguished. See Note 18. d.Revenue recognition:Sources of revenue are recorded on an accrual basis and recognized in the period in which the performanceobligation to the customer is satisfied. Unearned revenue in the current period is reported on the Statement ofFinancial Position as deferred revenue.Taxes are recorded at estimated amounts when they meet the definition of an asset, have been authorized andthe taxable event occurs. The Regional District requisitions each Municipality and Electoral Area for theirportion of each service in which they participate. Taxes are collected on behalf of the Regional District by theMunicipalities and the Province (for Electoral Areas) and must be paid to the Regional District by August 1 ofeach year.e.Expense recognition:Operating expenses are recognized on an accrual basis in the period in which they are incurred.6

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2024 Annual Report56Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20231.Significant Accounting Policies (Continued)f.Use of estimates:The preparation of financial statements requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities at the date of the financial statements and the reported amountsof revenues and expenses during the period. Significant areas requiring estimates include the liability foremployee future benefits, the liability for landfill closure and post-closure costs, asset retirement obligations,and the useful lives of tangible capital assets. Actual results could differ from these estimates.A liability for asset retirement obligations reflects management's best estimate of the amount required to retirethe related tangible capital asset (or component thereof). The best estimate of the liability is based uponassumptions and estimates related to the amount and timing of costs for future asset retirement.Changes to the underlying assumptions and estimates or legislative changes in the near term could have amaterial impact on the provision recognized.g.Cash and equivalents:Cash consists of cash on hand, cash in transit, and cash on deposit. Cash equivalents are short-terminvestments with an original maturity of three months or less, made to obtain a return on a temporary basis,and are carried at cost.h.Financial instruments:A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or delivereconomic benefits. The financial assets and financial liabilities portray these rights and obligations in thefinancial statements. The Regional District recognizes a financial instrument when it becomes a party to afinancial instrument contract.Financial instruments consist of cash and cash equivalents, accounts receivable, portfolio investments, bankoverdraft, accounts payable and accrued liabilities, long term debt and other liabilities. Portfolio investmentsinclude both Municipal Finance Authority of British Columbia (MFA) pooled investments, by which market-based unit values are allocated amongst the participants in the investment pool, and other long-terminvestments in securities, including money market investments.Except for portfolio investments quoted in an active market, which the Regional District records at fair value, allfinancial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs areadded to the carrying value of these investments upon initial recognition and amortized using the effectiveinterest rate method. Transaction costs are incremental costs directly attributable to the acquisition or issue ofa financial asset or a financial liability.Unrealized gains and losses from changes in the fair value of financial instruments are recognized in thestatement of remeasurement gains and losses. Upon settlement, the cumulative gain or loss is reclassifiedfrom the statement of remeasurement gains and losses and recognized in the statement of operations. Interestand dividends attributable to financial instruments are reported in the statement of operations7

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2024 Annual Report57Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20231.Significant Accounting Policies (Continued)h.Financial instruments: (Continued)All financial assets except derivatives are tested annually for impairment. When financial assets are impaired,impairment losses are recorded in the statement of operations. A write-down of a portfolio investment to reflecta loss in value is not reversed for a subsequent increase in value.For financial instruments measured using amortized cost, the effective interest rate method is used todetermine interest revenue or expense.i.Hillside Development Project land costs:The cost of Hillside Development Project Land Held for Resale (Note 17) is comprised of acquisition costs anddevelopment costs, including interest on borrowing and other direct costs. The cost of land sold, excludingdevelopment costs, is prorated to each parcel of land on an acreage basis. Development costs are allocated asincurred evenly across remaining saleable parcels of land as they are incurred. Undeveloped land and waterspace leases owned by the Regional District are recorded at historical cost.j.Service severance pay:Service severance pay to full-time employees hired prior to 1994 with over 20 years of continuous municipalservice in British Columbia is payable upon retirement from their employment with the Regional District. Theliability for such payments has been accrued and included in employee future benefits liability as set out in(Note 21).k.Trusts under administration:Public Sector Accounting Standards require that trusts administered by a government should be excluded fromthe government reporting entity. The Regional District administers a cemetery perpetual care fund which meetsthe definition of a trust under the Cremation, Interment and Funeral Services Act (Note 12). The RegionalDistrict does not have any other accounts that meet the definition of a trust. l.Non-financial assets:Non-financial assets are not available to discharge existing liabilities and are held for use in the provision ofservices. They have useful lives extending beyond the current year and are not intended for sale in the ordinarycourse of operations.8

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2024 Annual Report58Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20231.Significant Accounting Policies (Continued)m.Inventory:Inventories are valued at the lower of cost and net realizable value and are classified as non-financial assets.n.Tangible capital assets:Tangible capital assets are a special class of non-financial assets and are recorded at cost less accumulatedamortization and classified based on their functional use. Cost includes the capital expenditures, excludinginterest, directly attributable to acquisition or construction of the tangible capital asset including transportationcosts, installation costs, design and engineering fees, legal fees and site preparation costs. Contributedtangible capital assets are recorded at fair market value at the time of the donation, with the correspondingamount recorded as revenue. Amortization is recorded on a straight-line basis over the estimated life of thetangible capital asset commencing once the asset is put into service. Amortization is unfunded.Estimated useful lives of tangible capital assets are as follows:Land Improvements 15 to 50 yearsBuildings 10 to 50 yearsFurniture, Fixtures & Equipment 4 to 40 yearsTechnology Equipment 4 to 5 yearsMachinery & Equipment 4 to 20 yearsVehicles6 to 15 yearsSewer Treatment Infrastructure 20 to 50 yearsWater Supply Infrastructure 5 to 100 yearsWater Distribution Infrastructure 20 to 100 yearsLeasehold Improvements 10 to 40 yearsWork in Progress not amortized until the assets are available for useo.Liability for Contaminated Sites:The Regional District recognizes a liability for the costs to remediate a contaminated site when anenvironmental standard exists, contamination exceeds the standard, the government has responsibility forremediation, future economic benefits will be given up and a reasonable estimate can be made. There wereno such sites that had contamination in excess of environmental standards as at December 31, 2024.9

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2024 Annual Report59Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20231.Significant Accounting Policies (Continued)p.Asset Retirement ObligationsA liability for an asset retirement obligation is recognized at the best estimate of the amount required to retire atangible capital asset (or a component thereof) at the financial statement date when there is a legal obligationfor the Regional District to incur retirement costs in relation to a tangible capital asset (or component thereof),the past transaction or event giving rise to the liability has occurred, it is expected that future economic benefitswill be given up, and a reasonable estimate of the amount can be made. The best estimate of the liabilityincludes all costs directly attributable to asset retirement activities, based on information available at December31, 2024. The best estimate of an asset retirement obligation incorporates a present value technique, when thecash flows required to settle or otherwise extinguish an asset retirement obligation are expected to occur overextended future periods.When a liability for an asset retirement obligation is initially recognized, a corresponding asset retirement cost iscapitalized to the carrying amount of the related tangible capital asset (or a component thereof). The assetretirement cost is amortized over the useful life of the related asset.At each financial reporting date, the Regional District reviews the carrying amount of the liability. The RegionalDistrict recognizes period-to-period changes to the liability due to the passage of time as accretion expense.Changes to the liability arising from revisions to either the timing, the amount of the original estimate ofundiscounted cash flows or the discounted rate are recognized as an increase or decrease to the carryingamount of the related tangible capital asset.The Regional District continues to recognize the liability until it is settled or otherwise extinguished.Disbursements made to settle the liability are deducted from the reported liability when they are made.10

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2024 Annual Report60Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20232.Adoption of New Accounting Policy:(a)Revenue Recognition:Effective December 31, 2024, the Regional District adopted the Public Sector Accounting Board's(PSAB) new standard PS 3400 Revenue, which establishes standards on how to account for and reporton revenue by distinguishing between revenue arising from transactions that include performanceobligations and transactions that do not have performance obligations.Revenue from transactions with performance obligations is recognized when, or as, the performanceobligation is satisfied.Revenue from transactions with no performance obligations is recognized when the district has theauthority to claim or retain an inflow or economic resources; and identifies a past transaction or eventthat gives rise to an asset.The Regional District adopted the standard under the prospective method in 2024. Receipts of $363,139have been recorded as unearned as at December 31, 2024 under the new standard.(b)Public Private Partnerships:Effective December 31, 2024, the Regional District adopted the provisions of the public sectoraccounting standard "PS3160 Public Private Partnerships" which provides guidance on the accountingfor infrastructure projects delivered through Public Private Partnership arrangements.The standard requires the Regional District to recognize infrastructure assets and liabilities associatedwith P3s when they control the asset.The Regional District was not a participant in a Public Private Partnership in 2023 or 2024.11

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2024 Annual Report61Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20233.Change in Prior Year Presentation:During the year, a restatement of prior year comparatives was required to conform to current year presentation. 4.Prior Period Restatement:During the year, additional information with respect to new accounting standards adopted in 2023 was identified andthe financial statements have been retroactively adjusted. The change is specific to the classification of portfolioinvestments and the initial valuation of the Regional District's asset retirement obligations.In 2023, porfolio investments that were designated to be recorded at cost were instead recorded at fair value. Areview of these investments during the year determined that they are quoted in an active market and should in facthave been designated to be recorded at fair value with any unrealized gains or losses reported on the Statement ofRemeasurement Gains and Losses. A retroactive adjustment has been applied resulting in a decrease to the 2023annual operating surplus of $176,861 and the recognition of an accumulated remeasurement loss of $482,096 as atDecember 31, 2023.Also in 2023, a review of the Regional District's asset retirement obligation liability determined that the initialvaluation was understated by $398,931. A retroactive adjustment has been applied resulting in an increase toliabilities and a decrease to accumulated surplus.The cumulative impact of these changes in the prior period was to increase opening accumulated operating surplus(Note 19) by $260,026 and closing accumulated operating surplus by $83,165, decrease net financial assets by$398,931, and decrease the annual operating surplus by $176,861 as follows:Statement of Financial Position:2023(restated)2023(as reported)Asset retirement obligation $ 13,154,095 $ 12,755,164Net Financial Assets 39,005,808 39,404,739Accumulated Surplus 189,461,260 189,860,192Accumulated surplus consists of:Accumulated operating surplus (Note 19) 189,943,357 189,860,192Accumulated remeasurement loss (482,096) -Accumulated Surplus$189,461,261$189,860,19212

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2024 Annual Report63Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20235.Related Party Transactions:The Sunshine Coast Regional Hospital District is related to the Sunshine Coast Regional District since the sameindividuals are members of the Board of Directors of both organizations. As legislated by the Hospital District Act,the officers and employees of the Sunshine Coast Regional District are the corresponding officers and employeesof the Hospital District. Each of the Regional District and the Hospital District are separate legal entities as definedby separate Letters Patent and authorized by separate legislation. During the year the Hospital District purchased,at cost, $40,896 (2023 - $35,624) of administrative support services from the Sunshine Coast Regional District.These transactions are recorded at the exchange amount, which is the amount of consideration established andagreed to by the related parties.6.Portfolio Investments:2024 2023Municipal Finance Authority1$ 10,374,750 $ 9,850,698Raymond James22,988,767 2,000,000Blue Shore Financial 34,363,903 3,103,667Sunshine Coast Credit Union 45,331,723 2,060,171Canaccord Genuity58,584,727 8,076,457Canadian Western Bank610,830,974 4,500,000Bank of Montreal718,243,488 20,638,000$60,718,332$50,228,9931 Municipal Finance Authority investments are pooled investment funds by which municipalities in B.C. can access high-quality investments,while maintaining a high degree of security and liquidity. Interest rates are variable. The average yield in 2024 was 5.19% (2023 - 5.05%).These investments are for restricted funds, including reserves and development cost charges.2 Investments with Raymond James consist of bonds with an effective interest rate of 4.32% to maturity in 2029, recorded at amortized cost.3 Investments with Blue Shore Financial consist of money market securities at interest rates of 3.95% to 5.75% to maturity in 2028, recorded atcost.4 Investments with Sunshine Coast Credit Union consist of money market securities at interest rates ranging from 4.30% to 5.15% to maturityin 2029, recorded at cost.5 Investments with Cannaccord Genuity consist of money market securities at interest rates ranging from 4.05% to 6.05% to maturity in 2026,recorded at cost.6 Investments with Canadian Western Bank consist of money market securities at interest rates ranging from 4.16% to 6.03% to maturity in2028, recorded at cost.7 Investments with Bank of Montreal consist of money market securities at interest rates ranging from 3.74% to 5.67% to maturity in 2028,recorded at cost.14

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2024 Annual Report64Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 20237.Accounts Receivable:2024 2023Trade accounts receivable $ 2,643,073 $ 2,561,423Taxes receivable 1,345,178 919,898Interest receivable 1,257,953 1,268,868Other accounts receivable 39,225 39,311$5,285,429$4,789,5008.Accounts Payable and Accrued Liabilities:2024 2023Trade accounts payable $ 3,249,606 $ 1,849,186Holdbacks payable 193,989 83,735Accrued trade payables 1,294,561 969,476Accrued wages and benefits 1,013,449 805,886Taxes payable 66,321 56,577Other337,919 1,383,977$6,155,845$5,148,8379.Development Cost Charges:Development cost charges represent funds collected from developers for the sole purpose of funding the capitalcost of providing, altering or expanding water facilities in order to serve directly or indirectly, the development forwhich the charges are imposed. The development cost charges are restricted for the purpose of capitalimprovements to the water system and will be recognized as revenue in future periods when qualifying capitalprojects are undertaken. December 31,2023RestrictedInflowsRevenueRecognizedDecember 31,2024Development Cost Charges $ 2,821,304 $ 644,240 $- $ 3,465,54415

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2024 Annual Report65Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202310.Future Parks Acquisition:Under Section 510 of the Local Government Act, developers are required to provide parkland or pay an amountequivalent to the market value of the parkland when subdividing. The payments received are recorded as deferredrevenue and the use of these funds is restricted to the acquisition of park lands. The revenue will be recognized infuture periods when additional parkland is acquired. December 31,2023RestrictedInflowsRevenueRecognizedDecember 31,2024Future Parks Acquisition $ 1,078,788 $ 59,617 $- $ 1,138,40511.Deferred Revenue - Other:The Halfmoon Bay Community Association is restricted based on the provisions of a Memorandum ofUnderstanding. The Other amounts have been designated by the Regional District at the time of collection to beused for the provision of a specific service or capital project in future periods.December 31,2023RestrictedInflowsRevenueRecognizedDecember 31,2024Halfmoon Bay Community Association $ 50,521 $- $- $ 50,521Grant Funding 1,151,589 1,027,383 (431,776) 1,747,196Building Permit Fees - 491,630 (128,492) 363,138Other233,789 272,550 (243,080) 263,259$1,435,899$1,791,563$(803,348)$2,424,11412.Cemetery Care FundThe Regional District operates the Seaview Cemetery and maintains a cemetery perpetual care fund in accordancewith the Cremation, Interment and Funeral Services Act. The trust fund assets and liabilities are not included in thefinancial statements. At December 31, 2024, the balance of funds held in trust was $284,922 (2023 - $262,222).Contributions to the fund during the year totalled $22,700 (2023 - $21,898) and NIL (2023 - NIL) was withdrawn.16

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2024 Annual Report66Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202313.Debt:Loan Authorization Bylaw Purpose MaturingInterestRate2024 2023MFA Loan Debt550 Comm. Recreation Facilities 2025 %4.77 1,188,494 2,342,372544 Water Treatment Plant 2025 %0.91 219,527 432,659557 Field Rd. Admin Building 2026 %4.88 409,685 602,787550 Comm. Recreation Facilities 2026 %4.88 282,449 415,580556 Fleet Maint. Bldg. Expansion 2026 %4.88 56,484 83,108547 Egmont VFD 2026 %4.88 13,878 20,419594 Pender Harbour Pool 2029 %4.10 283,396 333,707676 S. Pender Water Treatment 2034 %4.10 774,192 836,195617 N. Pender Water Initiatives 2035 %3.00 220,000 240,000619 S. Pender Water Initiatives 2035 %3.00 330,000 360,000707 Square Bay Waste Wtr. Plant 2039 %2.66 224,677 236,405725 Church Road Well Field 2053 %4.15 8,828,508 9,000,000VariousDebt issued for membermunicipalities2025 to20492.25% to4.97% 12,582,476 7,518,38925,413,76622,421,621Liability UnderAgreementMFA Equipment Financing Loans %4.05 2,052,015 966,186MFA Septic Field Replacements %4.05 - 6,200MFAVaucroft Dock Capital Works%4.05 - 90,000MFA Sechelt Landfill Remediation %4.05 798,062 1,117,286$28,263,843$24,601,29317

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2024 Annual Report67Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202313.Debt: (Continued)Future principal repayments on existing debt:MemberMunicipalityRegionalDistrictTotal2025 $ 1,104,577 $ 3,012,597 $ 4,117,1742026 760,236 1,599,701 2,359,9372027 787,210 1,009,559 1,796,7692028 769,194 729,828 1,499,0222029 796,753 572,656 1,369,409Thereafter8,364,504 8,757,028 17,121,532$12,582,474$15,681,369$28,263,843Interest paid on debt:During the year, gross interest paid or payable on debt was $2,170,641 (2023 - $2,174,366). Of this, $457,944,(2023 - $329,417) was recovered from member municipalities and $1,712,697 (2023 - $1,844,949) wascharged to Regional District operations.Approved debt:The Regional District has the following authorized, but un-issued debt as at December 31, 2024. The bylawsexpire five years from the date of adoption.Bylaw No. 730 - Water Meter Installations Project $7,250,000Bylaw No. 730 authorizing borrowing of up to $7,250,000 for the installation of water meters was adopted by theBoard on July 8, 2021. The maximum term for which borrowing can be issued under this Bylaw is 15 years. Therehas been no debt issued under this Bylaw as of December 31, 2024.Bylaw No. 741 - Community Recreation Facilities Roof Renewal Project $3,456,200Bylaw No. 741 authorizing borrowing of up to $3,456,200 for the Community Recreation Facilities Roof RenewalProject was adopted by the Board on July 27, 2023. The maximum term for which borrowing can be issued underthis Bylaw is 10 years. There has been no debt issued under this Bylaw as of December 31, 2024.Bylaw No. 742 - Halfmoon Bay Fire Rescue 1 Apparatus Replacement Project $623,200Bylaw No. 742 authorizing borrowing of up to $623,200 for the Halfmoon Bay Fire Rescue 1 ApparatusReplacement Project was adopted by the Board on July 27, 2023. The maximum term for which borrowing can beissued under this Bylaw is 10 years. There has been no debt issued under this Bylaw as of December 31, 2024.Bylaw No. 765 - Gibsons Fire Protection Pumper Apparatus Replacement Project $1,499,500Bylaw No. 765 authorizing borrowing of up to $1,499,500 for the Gibsons/West Howe Sound Fire ProtectionPumnper Apparatus Replacement Project was adopted by the Board on July 25, 2024. The maximum term forwhich borrowing can be issued under this Bylaw is 10 years. There has been no debt issued under this Bylaw as ofDecember 31, 2024.18

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2024 Annual Report68Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202314.Tangible Capital Assets:During the year, tangible capital assets contributed to the Regional District, totalled $87,950 (2023 - $180,550)consisting of Water Distribution Infrastructure. Revenue was recognized and the assets capitalized at their fairmarket value at the time of receipt.Included in the 2024 disposal of work in progress is $12,636 (2023 - $656,156) of water distribution infrastructurewhich was written off in the year after a review determined that the associated expenditures were not capital innature. The $656,156 of work in progress written off in 2023 consisted of $580,824 for water distributioninfrastructure work which was deemed to be repairs and maintenance, $111,427 for preliminary design work onbike path projects that have been indefinitely postponed or abandoned, and $7,293 for minor capital work that didnot meet capitalization thresholds.LandLandImprovements BuildingsFurniture,Fixtures &EquipmentTechnologyEquipmentMachinery &EquipmentCost, beginning of year$ 22,377,969 $ 1,619,070 $ 34,204,832 $3,212,100 $3,984,644$10,295,892Additions - 9,287 202,944 74,913 360,719 1,173,164Disposals - - - - (730,091) (88,213)Cost, end of year22,377,9691,628,35734,407,7763,287,0133,615,27211,380,843Accumulated amortization,beginning of year- 1,210,796 14,168,524 2,643,8283,650,6026,212,691Amortization - 36,634 888,695 116,743 174,948 668,517Disposals - - - - (728,503) (88,213)Accumulated amortization,end of year-1,247,43015,057,2192,760,5713,097,0476,792,995Net carrying amount, end ofyear$22,377,969$380,927$19,350,557$526,442$518,225$4,587,84819

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2024 Annual Report70Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202315.Asset Retirement ObligationThe Regional District is responsible for post closure monitoring on two landfills, with the Sechelt landfill still inoperations with an anticipated closure of 2030. The District is also responsible for the removal and disposal ofasbestos at district owned buildings, and other environmentally hazardous materials such as fuel tanks. TheRegional District recognizes a liability for the asset retirement obligation and a corresponding amount has beencapitalized as an asset retirement cost and added to the carrying value of the tangible capital asset. The assetretirement cost is amortized on a straight-line basis over the useful life of the tangible capital asset.Assumptions used in the calculations are reviewed annually. The obligation has been measured at current cost asthe timing of future cash flows cannot be reasonably determined. These costs have been capitalized as part of theassets' carrying value and are amortized over the assets' estimated useful lives. Landfill Closure and Post-Closure Obligation:The Regional District is responsible for the closure and post-closure care costs at the Sechelt and Pender Harbourlandfill sites. The total estimated asset retirement obligation for these sites as of December 31, 2024 is $13,098,669(2023 - $12,763,541).The reported liability is based on estimates and assumptions with respect to events extending over the remaininglife and post-closure period for each site. Post closure care costs are expected to continue for 30 years following theyear of closure at both the Pender Harbour and Sechelt Landfill sites as per Ministry of Environment Criteria issuedin 2016. The Sechelt landfill site is expected to reach its capacity in 2030. The Pender Harbour landfill site reached itscapacity and was converted to a transfer station in 2015.The Regional District has set aside funding in the reserve fund for future landfill closure and post-closure carecosts. The balance of this funding as at December 31, 2024 is $6,849,808 (2023 - $5,624,425) resulting in a currentfunding shortfall of $6,248,861 (2023 - $7,139,116).20242023Restated(Note 4)Balance, beginning of year$ 13,154,095 $ 12,817,704Liabilities settled (11,321) (10,704)Accretion 357,033 347,095Balance, end of year$ 13,499,807 $ 13,154,09521

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2024 Annual Report71Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202316.Debt Reserve Fund:The Municipal Finance Authority (MFA) provides long term capital financing for Regional Districts and their MemberMunicipalities. As protection against loan default, the MFA is required to establish a debt reserve fund into whichRegional Districts and Member Municipalities contribute amounts set out in each respective loan agreement. Cashdeposits (including investment earnings) are an obligation of the MFA to the Regional District. Demand notes arecontingent on the MFA calling the outstanding notes in the event of a loan default. Cash deposits of MemberMunicipalities are not recorded in these financial statements. 2024 2023Cash Deposits:Restricted cash: MFA debt reserve fund $ 603,233 $ 582,934Cash deposits - Member Municipalities 302,653 230,209Demand Notes:Demand notes - Regional District 1,053,641 1,053,641Demand notes - Member Municipalities 780,998 618,70417.Land Held for Resale:Included in the Reserve Fund portion of Accumulated Operating Surplus (Note 19) is a balance of $1,038,779 (2023- $1,085,038) which represents the surplus of funding for the development of the Hillside Industrial Park. Thissurplus consists of the net proceeds from the sale of lots in the Hillside Development Park and operating surpluses,net of any development costs incurred. In 2024 and 2023, the Regional District did not sell any of the Hillside lots.The assets of the Hillside Development Project are as follows:2024 2023Land held for resale $ 1,935,135 $ 1,904,938Protected lands-not for sale 11,109,877 1,109,877$3,045,012$3,014,8151 Includes demonstration forest, interpretation area, parklands and protected habitat areas. These assets are included as tangible capitalassets (Note 14) .22

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2024 Annual Report73Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202320.Investment in Non-financial Assets:The investment in Non-financial Assets represents the Regional District's equity in the non-financial assets it holds.The value is calculated as the book value of all non-financial assets minus the outstanding debt associated withpurchasing those assets. Member municipality debt is excluded from the calculation.2024 2023Investment in Non-Financial Assets, beginning of year$ 120,218,454 $ 119,330,593Add: Acquisition of tangible capital assets 13,209,423 7,146,337Change in inventory and prepaids 232,046 498,038Development of land held for resale 30,197 16,203Repayment of debt 2,847,890 2,522,104Accumulated amortization removed on sale of tangible capital assets 1,065,644 354,57917,385,20010,537,261 Deduct:Issuance of debt and other obligations to finance capital additions 1,446,354 3,076,357Change in asset retirement obligation 345,712 336,391Costs of tangible capital assets sold or written off1,110,867 1,028,216Amortization of tangible capital assets 5,391,778 5,208,4368,294,7119,649,400Investment in Non-financial Assets, end of year$129,308,943$120,218,45424

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2024 Annual Report74Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202321.Employee Future Benefits:Retirement PayRegular employees who were hired on or before January 1, 1994 and retire under the provisions of theMunicipal Pension Plan are entitled to two weeks pay for each full year of service over 20 years as a retirementbenefit. In all instances, the rate of pay used in the calculation of the retirement benefit shall be the rate of payapplicable on the last day worked. The amount recorded for this benefit is calculated by Management on anannual basis.The significant assumptions adopted in measuring the Regional District's accrued benefit liability are as follows:2024 2023Discount rates %2.50 %2.50Expected wage and salary increases %2.50 %2.5022.Contingent Liabilities:a.Pension Plan:The Regional District and its employees contribute to the Municipal Pension Plan, a jointly trusteedpension plan. The Board of Trustees, representing plan members and employers, is responsible foradministering the plan, including investment of assets and administration of benefits. The plan is a multi-employer defined benefit pension plan. Basic pension benefits provided are based on a formula. As atDecember 31, 2023, the Plan has about 256,000 active members and approximately 129,000 retiredmembers. Active members include approximately 45,000 contributors from local governments.Every three years, an actuarial valuation is performed to assess the financial position of the Plan andadequacy of plan funding. The actuary determines an appropriate combined employer and membercontribution rate to fund the plan. The actuary's calculated contribution rate is based on the entry-agenormal cost method, which produces the long-term rate of member and employer contributions sufficientto provide benefits for average future entrants to the plan. This rate may be adjusted for the amortizationof any actuarial funding surplus and will be adjusted for the amortization of any unfunded actuarialliability.The most recent valuation for the Municipal Pension Plan as of December 31, 2021 indicated a $3,761million funding surplus for basic pension benefits on a going concern basis. The next valuation will be asat December 31, 2024The Sunshine Coast Regional District paid $1,786,466 (2023 - $1,588,240) for employer contributionswhile employees contributed $1,636,884 (2023 - $1,455,135) to the plan in fiscal 2024.Employers participating in the Plan record their pension expense as the amount of employercontributions made during the fiscal year (defined contribution pension plan accounting). This is becausethe Plan records accrued liabilities and accrued assets for the Plan in aggregate, resulting in noconsistent and reliable basis for allocating the obligation, assets and cost to the individual employersparticipating in the plan.25

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2024 Annual Report75Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202322.Contingent Liabilities: (Continued)b.Reciprocal insurance exchange agreement:The Regional District is a member of the Municipal Insurance Association of British Columbia (MIABC),which operates under a reciprocal insurance exchange agreement. A key feature of the MIABC is to poolthe risks of liability claims among members, providing financial stability and risk management benefits.Under the Reciprocal Insurance Exchange Agreement, the Regional District is assessed an annualpremium based on factors such as population. The Regional District is responsible for its own deductiblefor claims, and its obligations under the Exchange are several, not joint-and-several. The RegionalDistrict and all liability pool members effectively indemnify and save harmless other members againstliability losses and costs that may arise.c.Third party claims:Various lawsuits and claims are pending by and against the Regional District. It is the opinion ofmanagement that the amount of settlement from these claims cannot be reasonably estimated, nor canthe likelihood of their outcomes be known at this time. The final determination of these claims is notexpected to materially affect the financial position of the Regional District. Any ultimate settlements willbe recorded in the year the settlement occurs.26

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2024 Annual Report76Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202323.Financial Instrument RiskThe Regional District is exposed to various risks through its financial assets and liabilities. The following analysisprovides an assessment of those risks at December 31, 2024. There have been no changes to exposure of theserisks from the prior year.a.Credit RiskCredit risk primarily arises from cash, investments and accounts receivable. The risk exposure is limitedto their carrying amounts as at the date of the statement of financial position. Accounts receivable primarily consist of amounts receivable from other government organizations andresidents. To reduce the risk, the Regional District regularly reviews the collectability of its accountsreceivable and if needed, will establish an allowance based on its best estimate of potentiallyuncollectible amounts. As at December 31, 2024, the amount of allowance for uncollectible amounts wasNIL (2023 - NIL). The Regional District historically has not had difficulty collecting receivables, nor havecounterparties defaulted on any payments.b.Interest Rate RiskInterest rate risk arises when the fair value or future cash flows of a financial instrument fluctuatebecause of changes in market interest rates. Investments bear some interest rate risk but these risks aremitigated through the diversification of the portfolio.c.Market RiskMarket risk arises when the value of an investment fluctuates as a result of changes in market prices,whether those changes are caused by factors specific to the individual investment, or factors affecting allsecurities traded in the market. The Regional District manages its market risk by holding cash balances with top rated CanadianSchedule I financial institutions. Investments are managed following the investment policy which isapproved by the Regional District Board of Directors. The District periodically reviews its investments andis satisfied that the investments are being managed in accordance with the investment policy.d.Liquidity RiskLiquidity risk is the risk that the Regional District will not be able to meet its obligations as they becomedue. The Regional District manages liquidity risk by monitoring actual and forcasted cash flows andmaintaining adequate levels of working capital to ensure all its obligations can be met when they fall due.27

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2024 Annual Report77Chapman lakeSunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202324.Contractual Obligations:The Regional District has entered into various agreements and contracts for the provision of services that extendbeyond the current year. These agreements and contracts are consistent with the financial position and usualoperations of the Regional District and do not involve a high degree of speculative risk or include obligations tomake expenditures that are abnormal in relation to the financial position and usual operations of the RegionalDistrict.Agreements and contracts for the provision of Environmental Services constitute the majority of these commitmentsincluding but not limited to Sechelt Landfill maintenance, Pender Harbour Transfer Station operations, landfillengineering services, curbside garbage and food waste pickup, recycling depot operations, green waste collection,hauling and processing and other diversion materials hauling and processing such as wood waste, metal anddrywall.The value of contracted services included in Environmental Services expenses on the Statement of Operations for2024 is $4,901,588 (2023 - $4,684,855) which is 57% (2023 – 59%) of total operating expenses for this servicegroup and 56% (2023 – 56%) of the total contracted services operating expense for the Regional District. This levelof expenditure is expected to continue for a considerable period into the future.25.Expense by Object:2024Fiscal Plan2024Actual2023Actual Operating Expenses: Salaries, wages and benefits $29,266,840 $ 27,668,251 $ 24,701,195Operating goods and services 27,732,665 21,353,684 20,521,769Debt charges - interest 1,922,738 1,712,697 1,473,787Debt charges member municipalities 1,506,412 1,573,005 1,392,761Amortization of tangible capital assets 4,919,663 5,391,778 5,208,436Loss (Gain) on disposal of tangible capital assets - 15,029 (52,383)Write-off of tangible capital assets - 12,636 656,156Total Operating Expenses$65,348,318$57,727,080$53,901,72128

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2024 Annual Report78Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202326.Fiscal Plan:Fiscal plan amounts included in the financial statements represent the original Sunshine Coast RegionalDistrict Financial Plan Bylaw No. 764 adopted by the Regional District Board on February 22, 2024.Financial Plan Bylaw No. 764 was subsequently amended by the Board on July 25, 2024 to reflect amendmentsauthorized by the Board throughout the year. These amendments are not reflected in the fiscal plan amountspresented in these Financial Statements.The original Financial Plan anticipated use of surpluses accumulated in previous years to balance againstcurrent year expenditures in excess of current revenues. The reconciliation between the operating surplus andoverall surplus/deficit per the fiscal plan is as follows:2024OriginalFiscal Plan2024AmendedFiscal PlanBudgeted surplus per bylaw: $- $-Addback:Capital expenditures 49,813,289 50,077,790Less: Amortization 4,919,663 4,919,663Landfill Closure & Post Closure Expenditures (3,219,886) (3,219,886)Development for Land Held for Resale (104,055) (104,055)Proceeds from debt 17,712,015 17,707,041Debt principal repayment (3,266,749) (3,266,749)Transfer (to)/from reserves 14,437,766 14,528,735Transfer (to)/from appropriated surplus 967,235 983,735Transfer (to)/from other funds 3,929,490 4,134,738Prior year suplus/(deficit) 73,212 73,212Budgeted transfers (to)/from accumulated surplus 2,319,886 2,319,886 Budgeted Surplus per PSAS$12,044,712$12,001,47029

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2024 Annual Report79Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202327.Segmented Reporting:A segment is a distinguishable activity or group of activities for which financial information is separately reported on.For the purpose of preparing these PSAS compliant financial statements, the basis for segment disclosures is themajor regional district funding categories. The segments are as follows:Current Fund ServicesIncludes services responsible for the overall direction, monitoring and support to all functions of the RegionalDistrict. Additional services provided include Protective Services, Transportation Services, Environmental Services,Public Health Services, Planning and Development Services, and Recreation and Cultural Services.Water Utilities Fund ServicesProvide water services to residents in the Electoral Areas and member municipalities throughout the SunshineCoast, including North Pender Harbour Water Service, South Pender Harbour Water Service and Regional WaterService. Water is also provided for fire protection, industrial use and irrigation purposes.Sewer Utilities Fund ServicesProvide 15 specific community package treatment plant and septic disposal systems.30

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2024 Annual Report80Sunshine Coast Regional DistrictNotes To The Financial StatementsFor the Years Ended December 31, 2024 and 202327.Segmented Reporting: (Continued)Current FundServicesWaterUtilities FundServicesSewerUtilities FundServicesActual2024RevenueGrants in lieu of taxes $ 107,454 $- $- $107,454Tax requisitions 33,017,750 - - 33,017,750Frontage and parcel taxes 1,746,854 6,182,891 266,268 8,196,013Government transfers 4,333,512 5,445,554 56,755 9,835,821User fees and service charges 8,355,985 10,920,415 552,193 19,828,593Member municipality debt 1,573,005 - - 1,573,005Investment income 3,279,279 1,355,442 109,670 4,744,391Contributed assets and DCC recognized - 87,950 - 87,950Other revenue 3,827,023 212,519 813 4,040,355Total Revenue56,240,86224,204,771985,69981,431,332ExpensesAdministration5,171,456 1,410,379 72,442 6,654,277Wages and benefits 23,312,908 4,215,425 139,918 27,668,251Operating 20,273,210 3,437,279 235,371 23,945,860Debt charges - interest 1,222,806 481,469 8,422 1,712,697Internal recoveries (9,219,022) (26,936) (495) (9,246,453)Debt charges member municipalities 1,573,005 - - 1,573,005Amortization of tangible capital assets2,626,451 2,649,457 115,870 5,391,778Loss (Gain) on disposal of tangible capital assets (3,096) 18,125 - 15,029Write-off of tangible capital assets - 12,636 - 12,636Total Expenses44,957,71812,197,834571,52857,727,080Annual Surplus$11,283,144$12,006,937$414,171$23,704,252Under the Local Government Act of British Columbia (the "Act"), all regional district services are separate anddistinct, and must be funded as such. The major funding categories which are disclosed as segments above arecomprised of numerous individual services. In order to satisfy the requirements of the Act, management tracksrevenues, expenditures and fund balances for each service. Financial reporting on each individual service isincluded in the Regional District's annual report as supplementary schedules, but is not part of these auditedfinancial statements. Readers are cautioned that these supplementary schedules are unaudited. 31

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2024 Annual Report82Supplementary Financial Statement of InformationThe following schedules have been prepared as supplementary information and are not audited or covered by the Independent Auditor’s Report.Sunshine Coast Regional DistrictStatement of Current Fund (unaudited)Schedule 1For the Years Ended December 31, 2024 and 202320242023General FundGeneral Government Services:Administration$-$-Finance100,000-Admin Office Building Maintenance--Human Resources--Information Services--Feasibility Studies(5,704)-SCRHD Administration44,52332,023Grants in Aid21,8179,944UBCM--Protective Services:Bylaw Enforcement--Smoke Control(1,953)-Fire Protection:Gibsons and District Fire Protection(27,515)-Roberts Creek Fire Protection(34,786)-Halfmoon Bay Fire Protection--Egmont Fire Department--Emergency Telephone - 911--Sunshine Coast Emergency Planning-(37,087)Animal Control2,4692,364Transportation Services:Public Transit--Maintenance Facility(672)48,610Regional Street Lighting12,4579,462Local Street Lighting997(94)Ports Services118-Environmental Services:Regional Solid Waste--Refuse Collection-- Public Health Services:Cemetery--Pender Harbour Health Clinic653-Planning and Development Services:Regional Planning--Rural Planning--Geographic Information Services--House numbering--Heritage--Building Inspection Services--Economic Development9,7707,992Sub-total Carried Forward (next page)122,17473,21432

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2024 Annual Report83Sunshine Coast Regional DistrictStatement of Current Fund (unaudited)Schedule 1For the Years Ended December 31, 2024 and 202320242023General Fund (Continued)Sub-total Brought Forward (previous page)122,17473,214Recreation and Cultural Services:Pender Harbour Pool--School facilities - Joint Use--Gibsons and Area Library--Museum Service651-Halfmoon Bay & Roberts Creek Library Service1,0791Egmont/Pender Harbour Library Service230-Community Recreation Facilities Service--Community Parks--Bicycle and Walking Paths--Regional Recreation Programs--Dakota Ridge Recreation Service--Total General Fund124,13473,215Water FundRegional Water Services--Sewer FundLocal Sewer Plants--Total Surplus (Deficit)124,13473,215Current FundGeneral Fund Surplus (Deficit)124,13473,215Inventory and Prepaids(1,621,022)(1,388,976)Sunshine Coast Regional District87,73787,737Appropriated Surplus3,795,2041,041,577Unfunded Post Employment Future Benefits64,41985,892Unrealized Loss on Portfolio Investments275,017482,096General Current Fund2,725,489381,541Water Fund Surplus--Sewer Fund Surplus--Total Current Fund$2,725,489$381,54133

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2024 Annual Report84Sunshine Coast Regional DistrictGeneral Revenue, Water Utility and Sewer FundsSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 2For the Years Ended December 31, 2024 and 2023GeneralRevenue Fund Water utilities Sewer utilitiesRevenueGrants in lieu of taxes$107,454$-$-Tax requisitions33,017,750--Frontage and parcel taxes1,746,8546,182,891266,268Government transfers4,333,5125,445,55456,755User fees and service charges8,355,98510,920,415552,193Member municipality debt1,573,005--Investment income3,279,2791,355,442109,670Contributed assets and DCC recognized-87,950-Other revenue3,827,023212,519813Total Revenue56,240,86224,204,771985,699ExpensesAdministration5,171,4561,410,37972,442Wages and benefits23,312,9084,215,425139,918Operating20,273,2103,437,279235,371Debt charges - interest1,222,806481,4698,422Internal recoveries(9,219,022)(26,936)(495)Debt charges member municipalities1,573,005--Amortization of tangible capital assets2,626,4512,649,457115,870Loss (gain) on disposal of tangible capital assets(3,096)18,125-Write-off of tangible capital assets-12,636-Total Expenses44,957,71812,197,834571,528Annual Operating Surplus (Deficit)11,283,14412,006,937414,171Add: Proceeds from sale of assets4,68312,875-Add: Proceeds from debt708,530737,824-Less: Debt principle repayment(2,193,725)(627,791)(26,374)Less: Acquisition of tangible capital assets(3,298,375)(9,822,844)(88,204)Less: Change in Land held for resale(30,197)--Increase (Decrease) in Financial Equity6,474,0602,307,001299,593Transfer (to)/from reserves(4,853,987)(4,689,761)(402,129)Transfer (to)/from appropriated surplus(2,875,293)111,060-Transfer (to)/from unfunded liability(858,736)385152Transfer (to)/from unfunded amortization2,626,4512,649,457115,870Transfer (to)/from unfunded loss on asset(3,096)30,761-Transfer (to)/from other funds(476,968)(390,415)(13,486)Interfund transfers18,488(18,488)-Surplus (deficit) from prior year73,215--Total Surplus (Deficit) for the year$124,134$-$-34

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2024 Annual Report86Sunshine Coast Regional DistrictGeneral Revenue FundSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 3For the Years Ended December 31, 2024 and 2023GeneralGovernmentSchedule 4ProtectiveservicesSchedule 5TransportationservicesSchedule 6RevenueGrants in lieu of taxes$106,686$-$-Tax requisitions2,614,3845,351,5724,999,501Frontage and parcel taxes---Government transfers1,526,098663,0932,058,397User fees and service charges-53,938904,338Member municipality debt1,573,005--Investment income881,039334,780220,478Other revenue402,6202,477,81132,963Total Revenue7,103,8328,881,1948,215,677ExpensesAdministration826,030517,277820,357Wages and benefits6,412,5792,474,0024,358,645Operating2,112,2212,108,8894,394,119Debt charges - interest144,05837,58329,648Internal recoveries(6,750,400)(4,125)(2,107,891)Debt charges member municipalities1,573,005--Amortization of tangible capital assets280,310471,015194,375Loss (gain) on disposal of tangible capital assets1,587-(4,683)Write-down of tangible capital assets---Total Expenses4,599,3905,604,6417,684,570Annual Operating Surplus (Deficit)2,504,4423,276,553531,107Add: Proceeds from sale of assets--4,683Add: Proceeds from debt--162,000Less: Debt principle repayment(193,102)(168,530)(141,094)Less: Acquisition of tangible capital assets(335,646)(318,495)(248,519)Less: Change in Land held for resale---Increase (Decrease) in Financial Equity1,975,6942,789,528308,177Transfer (to)/from reserves(352,193)(1,179,610)(649,771)Transfer (to)/from appropriated surplus(709,954)(2,271,495)48,786Transfer (to)/from unfunded liability21,4732,3464,288Transfer (to)/from unfunded amortization280,310471,015194,375Transfer (to)/from unfunded loss on asset1,587-4,683Transfer (to)/from other funds(1,099,346)161,15434,350Interfund transfers1,098-19,400Surplus/(deficit) from prior year41,967(34,723)57,978Total Surplus (Deficit) for the year$160,636$(61,785)$12,90036

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2024 Annual Report87EnvironmentalservicesSchedule 7Public healthservicesSchedule 8Planning anddevelopmentservicesSchedule 9Recreationand culturalservicesSchedule 10Actual2024Budget2024Actual2023Restated$-$-$536$232$107,454$97,000$100,7555,376,484330,0122,236,16412,109,63333,017,75033,017,75129,334,776---1,746,8541,746,8541,746,5921,746,904--28,84557,0794,333,5126,334,8085,828,6564,218,54550,2311,116,0752,012,8588,355,9858,183,5748,276,213----1,573,0051,506,4121,392,761493,07030,968224,6641,094,2803,279,279702,9652,947,901646,1812,175215,93949,3343,827,023931,3091,877,52810,734,280413,3863,822,22317,070,27056,240,86252,520,41151,505,494923,66730,897431,4411,621,7875,171,4565,171,4564,812,6501,598,32545,9162,624,8795,798,56223,312,90824,367,84320,840,8725,823,045252,501848,9504,733,48520,273,21024,206,97919,680,05049,399--962,1181,222,8061,336,8811,151,712(7,610)(338)(336,797)(11,861)(9,219,022)(9,533,500)(8,715,308)----1,573,0051,506,4121,392,761149,0094,14434,4611,493,1372,626,4512,563,2372,660,510----(3,096)-(37,626)------75,2618,535,835333,1203,602,93414,597,22844,957,71849,619,30841,860,8822,198,44580,266219,2892,473,04211,283,1442,901,1039,644,612----4,683-51,607---546,530708,53010,944,399274,691(319,225)--(1,371,774)(2,193,725)(2,353,430)(2,075,882)(110,920)(104,189)(74,913)(2,105,693)(3,298,375)(22,800,443)(2,015,368)--(30,197)-(30,197)(104,055)(16,203)1,768,300(23,923)114,179(457,895)6,474,060(11,412,426)5,863,457(1,053,703)31,59815,255(1,665,563)(4,853,987)7,280,671(4,799,410)26,839-(162,055)192,586(2,875,293)1,551,035(2,325,706)(890,256)--3,413(858,736)(900,000)(802,035)149,0094,14434,4611,493,1372,626,4512,563,2372,660,510----(3,096)-37,635-(11,166)-438,040(476,968)793,334(628,063)(189)-(62)(1,759)18,48850,9377,055--7,992173,21573,21259,772$-$653$9,770$1,960$124,134$-$73,21537

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2024 Annual Report88Sunshine Coast Regional DistrictGeneral Revenue Fund - General Government ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 4For the Years Ended December 31, 2024 and 2023AdministrationFinanceAdmin OfficeBuildingMaintenanceHumanResourcesInformationServicesRevenueGrants in lieu of taxes$106,686$-$-$-$-Tax requisitions2,181,540----Government transfers1,516,098----Member municipality debt-----Investment income797,14762,074134,74724,95559,808Other revenue329,128--3,086-Total Revenue4,930,59962,074134,74728,04159,808ExpensesAdministration765,005-20,802--Wages and benefits2,508,1591,807,734381,978706,544858,182Operating646,471313,024261,899104,253513,133Debt charges - interest--144,058--Internal recoveries(1,116,955)(2,245,958)(951,758)(825,390)(1,609,870)Debt charges member municipalities-----Amortization of tangible capital assets10,375-108,308-161,627Loss (gain) on disposal of tangible capital assets----1,587Total Expenses2,813,055(125,200)(34,713)(14,593)(75,341)Annual Operating Surplus (Deficit)2,117,544187,274169,46042,634135,149Less: Debt principle repayment--(193,102)--Less: Acquisition of tangible capital assets(24,344)-(12,709)-(298,593)Increase (Decrease) in Financial Equity2,093,200187,274(36,351)42,634(163,444)Transfer (to)/from reserves52,552(87,083)(76,848)(42,534)(157,489)Transfer (to)/from appropriated surplus(872,907)-6,115-156,838Transfer (to)/from unfunded liability21,473----Transfer (to)/from unfunded amortization10,375-108,308-161,627Transfer (to)/from unfunded loss on asset----1,587Transfer (to)/from other funds(1,304,691)-(1,734)--Interfund transfers(2)(191)510(100)881Surplus/(deficit) from prior year-----Total Surplus (Deficit) for the year$-$100,000$-$-$-38

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2024 Annual Report89FeasibilityStudies Grants in AidSCRHDAdministrationUBCM Fiscal ServicesActual2024Budget2024Actual2023$-$-$-$-$-$106,686$97,000$100,309704207,733-224,407-2,614,3842,614,3852,182,97510,000----1,526,0981,359,0503,239,471----1,573,0051,573,0051,506,4121,392,7611351,3513747,527-1,088,118151,9691,301,49328,426-40,8961,084-402,620109,302114,77739,265209,08441,270233,0181,573,0057,310,9115,838,1188,331,78670414,0397,03718,443-826,030826,030816,0479653,32815,724129,965-6,412,5796,998,5255,798,45643,165179,8576,07644,343-2,112,2212,951,1521,971,010-----144,058144,058144,057-(207)(67)(195)-(6,750,400)(6,881,328)(6,194,983)----1,573,0051,573,0051,506,4121,392,761-----280,310288,748286,639-----1,587--44,834197,01728,770192,5561,573,0054,599,3905,833,5974,213,987(5,569)12,06712,50040,462-2,711,5214,5214,117,799-----(193,102)(193,103)(185,676)-----(335,646)(922,972)(270,730)(5,569)12,06712,50040,462-2,182,773(1,111,554)3,661,393(135)(194)-(40,462)-(352,193)1,177,271(527,298)-----(709,954)251,139(2,271,312)-----21,473-21,473-----280,310288,748286,639-----1,587-------(1,306,425)647,0501,138,918-----1,098(520)(43,492)-9,94432,023--41,96741,96653,482$(5,704)$21,817$44,523$-$-$160,636$-$41,96739

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2024 Annual Report90Sunshine Coast Regional DistrictGeneral Revenue Fund - Protective ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 5For the Years Ended December 31, 2024 and 2023Gibsons andDistrict FireProtectionRoberts CreekFire ProtectionHalfmoon BayFire ProtectionEgmont FireDepartmentRevenueTax requisitions$1,694,660$853,549$901,097$241,359Government transfers29,25724,65733,68623,725User fees and service charges--100-Investment income90,89549,12265,91526,402Other revenue2,422,18117,53621,243-Total Revenue4,236,993944,8641,022,041291,486ExpensesAdministration134,43565,12276,92228,126Wages and benefits787,199284,887265,65988,632Operating653,870389,930297,70692,741Debt charges - interest13,0826,04013,5814,880Internal recoveries(1,177)(545)(568)(190)Amortization of tangible capital assets210,890117,784102,49914,414Loss (gain) on disposal of tangible capital assets----Total Expenses1,798,299863,218755,799228,603Annual Operating Surplus (Deficit)2,438,69481,646266,24262,883Add: Proceeds from sale of assets----Add: Proceeds from debt----Less: Debt principle repayment(68,734)(31,736)(61,519)(6,541)Less: Acquisition of tangible capital assets(196,035)(30,859)--Increase (Decrease) in Financial Equity2,173,92519,051204,72356,342Transfer (to)/from reserves(267,391)(169,121)(316,116)(70,697)Transfer (to)/from appropriated surplus(2,302,104)---Transfer (to)/from unfunded liability2,346---Transfer (to)/from unfunded amortization210,890117,784102,49914,414Transfer (to)/from unfunded loss on asset----Transfer (to)/from other funds(154,819)-(6,394)(59)Interfund transfers-(2,500)2,500-Surplus/(deficit) from prior year----Total Surplus (Deficit) for the year$(27,515)$(34,786)$-$-40

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2024 Annual Report91Smoke ControlBylawEnforcementEmergencyTelephone -911SunshineCoastEmergencyPlanningAnimalControlActual2024Budget2024Actual2023$-$521,404$480,425$609,092$49,986$5,351,572$5,351,572$4,760,937---551,768-663,093560,224372,0831002,42019,800-31,51853,93833,35140,80976517,40658,77010,97314,532334,7803,184234,458-1,35015,000501-2,477,8115,400830,767865542,580573,9951,172,33496,0368,881,1945,953,7316,239,05431475,77036,62088,46811,500517,277517,277499,6103,594361,41727,084624,33131,1992,474,0022,641,7792,053,711-57,688297,705301,76017,4892,108,8892,277,4332,223,970-----37,58381,18740,272-(454)(345)(772)(74)(4,125)---6,4397,54311,446-471,015507,954531,212-------(5,000)3,908500,860368,6071,025,23360,1145,604,6416,025,6305,343,775(3,043)41,720205,388147,10135,9223,276,553(71,899)895,279-------5,000------2,122,700175,900-----(168,530)(166,142)(142,323)--(43,770)(47,831)-(318,495)(3,702,071)(477,992)(3,043)41,720161,61899,27035,9222,789,528(1,817,412)455,8641,090(48,159)(191,770)(81,629)(35,817)(1,179,610)1,205,412(938,146)--22,6098,000-(2,271,495)101,000(22,609)-----2,346-2,284-6,4397,54311,446-471,015507,954531,212-------(5,000)-----161,154(37,269)(61,131)------500484---(37,087)2,364(34,723)(34,723)2,320$(1,953)$-$-$-$2,469$(61,785)$-$(34,722)41

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2024 Annual Report92Sunshine Coast Regional DistrictGeneral Revenue Fund - Transportation ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 6For the Years Ended December 31, 2024 and 2023Public TransitMaintenanceFacilityRegionalStreet LightingRevenueTax requisitions$4,064,231$-$42,284Government transfers2,053,1865,211-User fees and service charges904,248--Investment income79,09538,243248Other revenue19,25610,707-Total Revenue7,120,01654,16142,532ExpensesAdministration694,79465,4868,014Wages and benefits3,502,328797,0953,163Operating2,788,6691,353,74428,404Debt charges - interest-26,757-Internal recoveries(7,162)(2,100,347)(44)Amortization of tangible capital assets18,33549,066-Loss (gain) on disposal of tangible capital assets-(4,683)-Write-down of tangible capital assets---Total Expenses6,996,964187,11839,537Annual Operating Surplus (Deficit)123,052(132,957)2,995Add: Proceeds from sale of assets-4,683-Add: Proceeds from debt-162,000-Less: Debt principle repayment-(51,094)-Less: Acquisition of tangible capital assets-(22,944)-Increase (Decrease) in Financial Equity123,052(40,312)2,995Transfer (to)/from reserves(140,313)31,792-Transfer (to)/from appropriated surplus48,786--Transfer (to)/from unfunded liability2,1442,144-Transfer (to)/from unfunded amortization18,33549,066-Transfer to/ (from) unfunded loss on asset-4,683-Transfer to/(from) other funds-(158,737)-Interfund transfers(52,004)71,448-Surplus/(deficit) from prior year-48,6109,462Total Surplus (Deficit) for the year$-$(672)$12,45742

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2024 Annual Report94Sunshine Coast Regional DistrictGeneral Revenue Fund - Environmental ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 7For the Years Ended December 31, 2024 and 2023Regional SolidWasteRefuseCollectionActual2024Actual2023RevenueTax requisitions$5,376,484$-$5,376,484$4,846,479User fees and service charges2,970,5751,247,9704,218,5453,989,141Investment income468,31324,757493,070338,702Other revenue646,181-646,181603,911Total Revenue9,461,5531,272,72710,734,2809,778,233ExpensesAdministration810,637113,030923,667777,848Wages and benefits1,573,75424,5711,598,3251,358,550Operating4,725,7741,097,2715,823,0455,691,167Debt charges - interest49,399-49,399-Internal recoveries(6,432)(1,178)(7,610)-Amortization of tangible capital assets139,3259,684149,009148,664Total Expenses7,292,4571,243,3788,535,8357,976,229Annual Operating Surplus (Deficit)2,169,09629,3492,198,4451,802,004Add: Proceeds from debt---29,633Less: Debt principle repayment(319,225)-(319,225)(319,225)Less: Acquisition of tangible capital assets(110,920)-(110,920)(32,548)Increase (Decrease) in Financial Equity1,738,95129,3491,768,3001,479,864Transfer (to)/from reserves(1,014,670)(39,033)(1,053,703)(804,578)Transfer (to)/from appropriated surplus26,839-26,839-Transfer (to)/from unfunded liability(890,256)-(890,256)(833,290)Transfer (to)/from unfunded amortization139,3259,684149,009148,664Transfer (to)/from other funds---9,898Interfund transfers(189)-(189)(558)Total Surplus (Deficit) for the year$-$-$-$-44

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2024 Annual Report95Sunshine Coast Regional DistrictGeneral Revenue Fund - Public Health ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 8For the Years Ended December 31, 2024 and 2023CemeteryPenderHarbour HealthClinicActual2024Actual2023RevenueTax requisitions$141,000$189,012$330,012$315,748User fees and service charges50,231-50,23159,283Investment income28,8652,10330,96824,943Other revenue2,175-2,175-Total Revenue222,271191,115413,386399,974ExpensesAdministration21,9258,97230,89729,531Wages and benefits45,916-45,91640,715Operating76,942175,559252,501258,064Internal recoveries(160)(178)(338)-Amortization of tangible capital assets4,144-4,1444,144Total Expenses148,767184,353333,120332,454Annual Operating Surplus (Deficit)73,5046,76280,26667,520Less: Acquisition of tangible capital assets(104,189)-(104,189)(200)Increase (Decrease) in Financial Equity(30,685)6,762(23,923)67,320Transfer (to)/from reserves37,707(6,109)31,598(71,464)Transfer (to)/from unfunded amortization4,144-4,1444,144Transfer (to)/from other funds(11,166)-(11,166)-Total Surplus (Deficit) for the year$-$653$653$-45

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2024 Annual Report96Sunshine Coast Regional DistrictGeneral Revenue Fund - Planning and Development ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 9For the Years Ended December 31, 2024 and 2023RegionalPlanning Rural PlanningGeographicInformationServicesRevenueGrants in lieu of taxes$2$-$-Tax requisitions215,3511,759,679-Government transfers-28,845-User fees and service charges-280,44011,494Investment income12,30832,10618,861Other revenue64,87411,62516,021Total Revenue292,5352,112,69546,376ExpensesAdministration37,872223,825-Wages and benefits97,1441,387,208307,558Operating72,705442,73859,540Internal recoveries(181)(1,443)(333,827)Amortization of tangible capital assets--17,421Loss (gain) on disposal of tangible capital assets---Total Expenses207,5402,052,32850,692Annual Operating Surplus (Deficit)84,99560,367(4,316)Add: Proceeds from sale of assets---Less: Acquisition of tangible capital assets--(60,000)Less: Net change in land held for resale---Increase (Decrease) in Financial Equity84,99560,367(64,316)Transfer (to)/from reserves(84,995)(136,446)47,194Transfer (to)/from appropriated surplus-75,048-Transfer (to)/from unfunded amortization--17,421Transfer (to)/from unfunded loss on asset---Interfund transfers-1,031(299)Surplus/(deficit) from prior year---Total Surplus (Deficit) for the year$-$-$-46

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2024 Annual Report98Sunshine Coast Regional DistrictGeneral Revenue Fund - Recreation and Cultural ServicesSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 10For the Years Ended December 31, 2024 and 2023PenderHarbour PoolSchoolfacilities - JointUseGibsons andArea LibraryMuseumServiceHalfmoon Bay& RobertsCreek LibraryServiceRevenueGrants in lieu of taxes$-$-$-$-$1Tax requisitions651,79151,362882,945185,352398,587Frontage and parcel taxes48,536----Government transfers-----User fees and service charges75,085----Investment income64,2332,10223,1109911,642Other revenue1,385----Total Revenue841,03053,464906,055186,343400,230 ExpensesAdministration86,5533,22257,95110,80718,774Wages and benefits423,6173,1613,639--Operating133,40421,602853,096175,062289,987Debt charges - interest28,696----Internal recoveries(661)(49)(879)(177)(294)Amortization of tangible capital assets101,634-52,182--Loss (gain) on disposal of tangible capital assets-----Write-down of tangible capital assets-----Total Expenses773,24327,936965,989185,692308,467Annual Operating Surplus (Deficit)67,78725,528(59,934)65191,763Add: Proceeds from sale of assets-----Add: Proceeds from debt-----Less: Debt principle repayment(50,310)----Less: Acquisition of tangible capital assets(8,424)----Increase (Decrease) in Financial Equity9,05325,528(59,934)65191,763Transfer (to)/from reserves(110,238)(25,528)(81,933)--Transfer (to)/from appropriated surplus----(1,000)Transfer (to)/from unfunded liability-----Transfer (to)/from unfunded amortization101,634-52,182--Transfer to/ (from) unfunded loss on asset-----Transfer (to)/from other funds(449)----Interfund transfers--89,685-(89,685)Surplus/(deficit) from prior year----1Total Surplus (Deficit) for the year$-$-$-$651$1,07948

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2024 Annual Report99CommunityRecreationFacilitiesServiceCommunityParksBicycle andWalking PathsDakota RidgeRecreationServiceRegionalRecreationProgramsEgmont/Pender HarbourLibrary ServiceActual2024Actual2023$231$-$-$-$-$-$232$16,747,5632,549,501134,806231,746210,68265,29812,109,63311,394,3181,698,318-----1,746,8541,746,904-57,079----57,07962,1161,878,26441,156-18,477(124)-2,012,8581,915,229847,716100,40825,83721,2146,6773501,094,280893,77828,54919,400----49,33450,36411,200,6412,767,544160,643271,437217,23565,64817,070,27016,062,7101,071,071320,63810,41025,75412,9113,6961,621,7871,559,0164,178,4511,111,6288,35966,5443,163-5,798,5625,302,6832,080,757746,41152,195139,866179,32061,7854,733,4854,579,639930,6682,754----962,118947,521(7,380)(1,838)(49)(250)(221)(63)(11,861)-1,060,875186,25485,6096,583--1,493,1371,479,686-------(28,076)-------67,9689,314,4422,365,847156,524238,497195,17365,41814,597,22813,908,4371,886,199401,6974,11932,94022,0622302,473,0422,154,273-------42,057546,530-----546,53069,158(1,308,743)(12,721)----(1,371,774)(1,313,059)(1,612,326)(478,435)(6,508)---(2,105,693)(823,633)(488,340)(89,459)(2,389)32,94022,062230(457,895)128,796(942,538)(419,648)(24,109)(39,507)(22,062)-(1,665,563)(1,917,896)197,605(4,019)----192,58620,998-3,413----3,4133,3231,060,875186,25485,6096,583--1,493,1371,479,686-------39,892172,398325,202(59,111)---438,040226,936-(1,743)-(16)--(1,759)41,805------1(23,539)$-$-$-$-$-$230$1,960$149

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2024 Annual Report100Sunshine Coast Regional DistrictWater UtilitySummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 11For the Years Ended December 31, 2024 and 2023Actual2024Budget2024Actual2023RevenueFrontage and parcel taxes$6,182,891$6,182,318$5,348,946Government transfers5,445,5545,534,931487,143User fees and service charges10,920,41510,701,1589,848,978Investment income1,355,442101,341996,572Contributed assets and DCC recognized87,950-187,361Other revenue212,51965,800373,522Total Revenue24,204,77122,585,54817,242,522ExpensesAdministration1,410,3791,410,3791,292,501Wages and benefits4,215,4254,671,0083,708,221Operating3,437,2796,019,8613,211,407Debt charges - interest481,469574,547313,380Internal recoveries(26,936)-(18,603)Amortization of tangible capital assets2,649,4572,242,5482,434,025Loss (gain) on disposal of tangible capital assets18,125-(14,757)Write-off of tangible capital assets12,636-580,895Total Expenses12,197,83414,918,34311,507,069Annual Operating Surplus (Deficit)12,006,9377,667,2055,735,453Add: Proceeds from sale of assets12,875-18,256Add: Proceeds from debt737,8246,555,5242,801,667Less: Debt principle repayment(627,791)(869,215)(420,007)Less: Acquisition of tangible capital assets(9,822,844)(24,806,377)(5,049,757)Increase (Decrease) in Financial Equity2,307,001(11,452,863)3,085,612Transfer (to)/from reserves(4,689,761)6,959,227(4,670,104)Transfer (to)/from appropriated surplus111,060132,514(387,286)Transfer (to)/from unfunded liability385-(375)Transfer (to)/from unfunded loss on asset2,649,4572,242,5482,434,025Transfer (to)/from unfunded amortization30,761-566,138Transfer (to)/from other funds(390,415)2,167,812(1,021,705)Interfund transfers(18,488)(49,238)(7,055)Total Surplus (Deficit) for the year$-$-$-50

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2024 Annual Report101Sunshine Coast Regional DistrictSewer FundSummary Statement of Revenue, Expenses and Transfers (unaudited)Schedule 12For the Years Ended December 31, 2024 and 2023Actual2024Budget2024Actual2023RevenueFrontage and parcel taxes$266,268$266,875$231,768Government transfers56,7551,481,47226,850User fees and service charges552,193537,416535,002Investment income109,6701,30885,485Other revenue813--Total Revenue985,6992,287,071879,105ExpensesAdministration72,44272,44249,294Wages and benefits139,918227,989152,102Operating235,371385,048209,779Debt charges - interest8,42211,3108,694Internal recoveries(495)--Amortization of tangible capital assets115,870113,878113,901Total Expenses571,528810,667533,770Annual Operating Surplus (Deficit)414,1711,476,404345,335Add: Proceeds from debt-212,092-Less: Debt principle repayment(26,374)(44,104)(26,215)Less: Acquisition of tangible capital assets(88,204)(2,206,469)(81,212)Increase (Decrease) Financial Equity299,593(562,077)237,908Transfer (to)/from reserves(402,129)197,868(351,863)Transfer (to)/from unfunded liability(152)-(148)Transfer (to)/from unfunded amortization115,870113,878113,901Transfer to/(from) other funds(13,486)250,331(94)Total Surplus (Deficit) for the year$-$-$-51

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2024 Annual Report103Sunshine Coast Regional DistrictStatement of Changes in Reserve Fund Balances (unaudited)Schedule 14For the Years Ended December 31, 2024 and 2023Bylaw PurposeBalance,Beginning ofYearContributions/ TransfersInvestmentEarningsBalance, End ofYearGeneral Government495General Administration Capital$48,221$-$2,598$50,819648General Government Operating941,765(145,182)47,681844,264496/743Administration Building544,21851,36929,342624,929648Finance936,66738,15248,9321,023,751648Human Resources390,53922,48920,045433,073504/648Information Services1,011,890105,99851,4911,169,379648Area D Grant in Aid3,604-1943,798648Electoral Area Services115,13134,0256,437155,593648Corporate Sustainability131,68817,1257,094155,907648Regional Sustainability124,64911,4646,667142,780648Area D Feasibility Studies2,500-1352,635649/677Bylaw Enforcement276,03333,28914,870324,192744Halfmoon Bay Smoke Control1,736(1,800)64-650Roberts Creek Smoke Control13,568(55)70214,215489/497Gibsons Fire Protection Capital1,176,474262,91967,3461,506,739678Gibsons Fire Protection Operating130,408(69,665)6,79167,534490Roberts Creek Fire Protection820,517123,04246,079989,638491/745Halfmoon Bay Fire Protection1,103,408253,37262,7441,419,524601/746Egmont Fire Protection406,21248,60022,097476,909492/747911 Telephone1,040,759134,92856,8421,232,529493/748SC Emergency Planning128,22374,9696,660209,852651/680Animal Control261,98221,70414,113297,799529/652Sunshine Coast Transit878,152101,22939,0841,018,465486/607Ports1,760,453440,242101,0072,301,702563/749Maintenance Facility226,583(43,857)12,065194,791750Building Maintenance79,532(8,139)4,27675,669653Regional Solid Waste Operating1,713,833907,32390,0442,711,200670Zero Waste Operating312,79048116,822330,093451/452Landfill Closure Reserve5,624,424900,000325,3846,849,808654Refuse Collection Operating349,87120,85518,178388,904515Pender Harbour Health Clinic19,0275,0001,10925,136655Cemetery Operating526,665(65,678)27,972488,959681Regional Planning209,71673,69711,297294,710656/657Rural Planning370,401117,35619,090506,847504/648Property Information & Mapping325,349(64,046)16,851278,154751House Numbering166,7218408,814176,375659/752Building Inspection1,651,355(241,211)88,3151,498,459715Hillside - Operating1,085,038(102,997)56,7381,038,779590/609Community Recreation Facilities5,118,276661,501281,0376,060,814494/660Pender Harbour Pool715,16471,40138,837825,402753School Facilities - Joint Use33,94623,6991,82959,474609/754Gibsons Library322,27463,73418,199404,207533/662Community Parks1,468,471336,24083,4081,888,119683Bicycle & Walking Paths339,639(9,264)18,212348,587755Area A Bicycle & Walking Paths136,3887,8147,347151,549756Regional Recreation Programs100,98416,6225,440123,046757Dakota Ridge367,86419,69019,817407,371Total General Reserve Funds33,513,1084,249,2751,830,09639,592,47953

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2024 Annual Report104Sunshine Coast Regional DistrictStatement of Changes in Reserve Fund Balances (unaudited)Schedule 14For the Years Ended December 31, 2024 and 2023Bylaw PurposeBalance,Beginning ofYearContributions/ TransfersInvestmentEarningsBalance, End ofYearWater Revenue488Regional Water Capital11,945,7371,289,579685,18713,920,503664Regional Water Operating4,581,1291,830,060275,4466,686,635498Regional Water Land19,808-1,06720,875589North Pender Water Capital850,570207,24149,5521,107,363605North Pender Water Operating726,792216,08740,525983,404602South Pender Water Capital1,410,794(231,184)77,4251,257,035663South Pender Water Operating1,023,396194,07854,6981,272,172Total Water Reserve Funds20,558,2263,505,8611,183,90025,247,987Sewer Revenue512/608Greaves Road17,5224,11699322,631512/608Sunnyside53,964(7,483)2,38748,868512/608Jolly Roger102,07414,9465,603122,623512/608Secret Cove80,01516,1894,502100,706512/608Lee Bay699,53751,85938,404789,800726Sqaure Bay115,26648,4586,628170,352512/608Langdale108,09230,2385,956144,286512/608Canoe Road16,8234,24897722,048512/608Merrill Crescent30,30617,8921,82150,019512/608Curran Road134,95027,0917,687169,728512/608Roberts Creek Co-housing54,08228,9133,11386,108667/727Lily Lake Village48,31610,0122,70261,030665/666Woodcreek Park263,80815,28914,411293,508668/669Painted Boat105,84614,7575,883126,486728/758Sakinaw Ridge81,88620,1144,423106,423Total Sewer Reserve Funds1,912,487296,639105,4902,314,616Total Reserve Funds$55,983,821$8,051,775$3,119,486$67,155,08254

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2024 Annual Report105Sunshine Coast Regional District Annual Report on COVID Safe Restart Grant Spending (unaudited) Schedule 15 For the Years Ended December 31, 2024 and 2023 This annual report on COVID Safe Restart Grant spending is a requirement of the Province of British Columbia and will be provided annually until the grant funds are fully spent. Actual Actual 2024 2023 COVID Safe Restart Grant Balance, beginning of year $ 228,712 $ 443,816 Provincial COVID Safe Restart Grant funds received - - Total Grant Funds Available 228,712 443,816 Less: Funds Spent Expansion of Digital Online Collaboration Software & Hardware - 60,622 Hybrid Meeting Solutions and Board Room Modifications 24,019 94,423 Administration Building Workspace Modifications 6,116 35,919 Temporary Parks Backfill - 15,180 Water Management Planning 116 8,960 Server Replacements 156,838 - Balance, end of year $41,623 $ 228,712 COVID Safe Restart Funding is classified as an unconditional Provincial operating government transfer (Note 14) with revenue recognized on the Statement of Operations in the period in which the funds were received in 2020 and 2021. Unspent funding totaling $41,623 as at December 31, 2024 (2023 – $228,712) has been segregated within the Current Fund as an appropriated surplus to be allocated to projects in the Financial Plan at the discretion of the Regional District Board of Directors. COVID Safe Restart Grant Funding Allocation by Service Category General Government Administration $ 609,352 Protective Services 30,000 Recreation & Cultural Services 122,648 Total COVID Safe Restart Funds Received $ 762,000 Total funding allocations by service category include funds already spent from 2020-2024 and amounts allocated to fund various projects in the 2025-2029 Financial Plan. These amounts represent the total funding received of $762,000. 55

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2024 Annual Report106Sunshine Coast Regional District Annual Report on Growing Communities Fund Grant Spending (unaudited) Schedule 16 For the Years Ended December 31, 2024 and 2023 This annual report on Growing Communities Fund grant spending is a requirement of the Province of British Columbia and will be provided annually until the grant funds are fully spent. Actual Actual 2024 2023 Growing Communities Fund Grant Balance, beginning of year $ 2,221,000 $ - Provincial Growing Communities Fund grant funds received -2,221,000Total Grant Funds Available 2,221,000 2,221,000 Less: Funds Spent Vertical Landfill Expansion 16,642 - Landfill Contact Water Pond Relocation 10,197 - Water Well Investigation 37,310 - Balance, end of year $ 2,156,851 $ 2,221,000 The Growing Communities Fund is classified as an unconditional Provincial capital government transfer (Note 14) with revenue recognized on the Statement of Operations in the period in which the funds were received in 2023. Unspent funding totaling $2,156,851 as at December 31, 2024 (2023 – $2,221,000) has been segregated within the Capital Fund as an appropriated surplus to be allocated to projects in the Financial Plan at the discretion of the Regional District Board of Directors. Growing Communities Fund Grant Funding Allocation by Service Category Environmental Services $ 585,000 Recreation & Cultural Services 62,956 Water & Waste Water 1,573,044 Total Growing Communities Fund Grant Received $ 2,221,000 Total funding allocations by service category include funds already spent in 2024 and amounts allocated to fund various projects in the 2025-2029 Financial Plan. These amounts represent the total funding received of $2,221,000. 56

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2024 Annual Report107Sunshine Coast Regional District Annual Report on Local Government Housing Initiatives Fund Spending (unaudited) Schedule 17 For the Years Ended December 31, 2024 and 2023 This annual report on Local Government Housing Initiatives Fund grant spending is a requirement of the Province of British Columbia and will be provided annually until the grant funds are fully spent. Actual Actual 2024 2023 Local Government Housing Initiatives Fund Grant Balance, beginning of year $ -$ - Provincial Local Government Housing Initiatives grant funds received 174,383 - Total Grant Funds Available 174,383 - Less: Funds Spent Official Community Plan Renewal 25,000 - Housing Needs Assessment Report 55,000 - Balance, end of year $ 94,383 $ - The Local Government Housing Initiatives Fund is classified as a conditional Provincial operating government transfer (Note 14) with revenue recognized on the Statement of Operations in the period in which they can be matched against eligible expenditures under the terms associated with the funding. Unspent funding totaling $94,383 as at December 31, 2024 (2023 – $NIL) has been recorded within the Current Fund as deferred revenue to be allocated to projects in the Financial Plan at the discretion of the Regional District Board of Directors. Local Government Housing Initiatives Fund Grant Funding Allocation by Service Category Planning & Development Services $ 55,000 Unallocated 94,383 Total Local Government Housing Initiatives Fund Grant Received $ 174,383 Total funding allocations by service category include funds already spent in 2024 and the residual balance of $94,383 for allocation to future projects. These amounts represent the total funding received of $174,383. 57

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2024 Annual Report108Full Time Equivalents by DivisionFull Time Equivalents by Division Curent Divisions 2022 2023 2024 2025 2026 2027 2028 2029Office of the CAO2.83 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Human Resource Services4.60 4.87 5.00 5.00 5.00 5.00 5.00 5.00 Administration and Legislative ServicesSenior Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Administration 4.30 3.80 3.80 3.80 3.80 3.80 3.80 3.80 Legislative Services3.95 4.75 5.80 6.00 6.20 6.00 6.00 6.00 9.25 9.55 10.60 10.80 11.00 10.80 10.80 10.80 Corporate ServicesSenior Management/Admin Asst. 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Financial Services 9.70 10.28 11.50 12.00 12.00 12.00 12.00 12.00 Purchasing and Risk Management 3.00 3.30 3.30 3.30 3.30 3.30 3.30 3.30 Asset Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Information Technology and GIS Servcies9.80 9.83 9.95 9.95 9.80 9.80 9.80 9.80 26.50 27.41 28.75 29.25 29.10 29.10 29.10 29.10 Infrastructure ServicesSenior Management/Admin Asst. 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Strategic Infrastucture Initiatives 7.50 7.50 7.00 7.00 7.00 7.00 7.00 7.00 Utility Services 37.19 38.83 41.22 45.94 46.83 45.09 45.04 45.04 Solid Waste Services 13.14 13.45 14.57 15.61 15.62 15.02 15.02 15.02 59.83 61.78 64.79 70.55 71.45 69.11 69.06 69.06 Planning & Development ServicesSustainability Services 1.33 1.33 1.33 1.76 1.33 1.33 1.33 1.33 Senior Management/Admin Asst. 1.90 2.00 2.10 2.20 2.20 1.90 1.90 1.90 Planning and Development Services 8.00 8.75 10.50 11.10 10.60 9.10 9.10 9.10 Building Services 6.75 7.00 7.00 7.00 7.00 7.00 7.00 7.00 Bylaw Services2.05 2.65 4.00 4.00 4.00 4.00 4.00 4.00 20.03 21.73 24.93 26.06 25.13 23.33 23.33 23.33 Protective Services11.15 12.91 15.46 17.36 17.09 13.71 13.71 13.71 Community ServicesTransit and Fleet Services 38.07 38.96 40.44 41.48 44.54 44.54 44.54 44.54 Recreation and Community Partnerships 29.20 28.90 28.13 28.45 28.45 28.45 28.45 28.45 Ports Services 0.90 0.98 1.14 1.14 0.90 0.90 0.90 0.90 Pender Harbour Recreation 3.42 3.42 4.31 4.33 4.33 4.33 4.33 4.33 Facility Services 16.61 16.72 18.36 36.0775 17.9169 17.92 17.92 17.92 Parks 12.20 12.82 12.96 12.89 12.80 12.80 12.80 12.80 Senior Management/Admin Asst.1.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 101.90 103.80 107.34 126.37 110.95 110.95 110.95 110.95 Total Full Time Equivalent Positions236.09 245.05 259.88 288.39 272.72 265.00 264.95 264.95 Previous Proposed

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2024 Annual Report109Statistical SectionStatement of Financial PositionLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024Restated*Financial AssetsCash and equivalents 17,142,033$ 25,034,606$ 13,092,032$ 24,313,930$ 30,890,973$ Portfolio investments 28,736,078 31,143,435 49,368,782 50,228,993 60,718,332 Accounts receivable 2,142,608 2,308,387 3,722,924 4,789,499 5,285,429 Debt recoverable from municipalities 10,594,436 8,929,740 7,222,339 7,518,389 12,582,475 Restricted cash: MFA debt reserve fund 476,121 484,219 476,384 582,934 603,233 59,091,276 67,900,387 73,882,461 87,433,745 110,080,442 LiabilitiesAccounts payable and accrued liabilities 4,073,853 5,713,556 7,240,265 5,148,839 6,155,845 Employee future benefits 150,200 71,700 131,614 187,719 250,410 Deferred revenue:Development cost charges 2,400,014 2,634,234 2,567,121 2,821,304 3,465,544 Future parks acquisition 660,497 839,093 907,914 1,078,788 1,138,405 Other 581,254 1,617,612 1,584,801 1,435,899 2,424,114 Provision for landfill future closure and post-closure costs 7,272,630 8,025,529 - - Asset retirement obligation 12,418,773 13,154,095 13,499,807 Long-term debt 23,122,471 19,417,713 23,750,990 24,601,293 28,263,843 38,260,919 38,319,437 48,601,478 48,427,937 55,197,968 Net Financial Assets (Net Debt) 20,830,357 29,580,950 25,280,983 39,005,808 54,882,474 Non-financial AssetsInventory 846,939 882,078 890,938 1,388,976 1,621,022 Land held for resale 1,839,397 1,855,964 1,888,735 1,904,938 1,935,135 Tangible capital assets 135,133,165 135,268,595 145,897,275 147,161,539 154,933,961 137,819,501 138,006,637 148,676,948 150,455,453 158,490,118 Accumulated Surplus 158,649,858$ 167,587,587$ 173,957,931$ 189,461,261$ 213,372,592$ *Notes: a) In 2024, additional information with respect to new accounting standards adopted in 2023 were identified and the financial statements were retroactively adjusted. The change is specific to the classification of portfolio investments and the initial valuation of the Regional District's asset retirement obligations. In 2023, portfolio investments that were designated to be recorded at cost were instead recorded at fair value. A review of these investments determined that they were quoted in an active market and should in fact have been designated to be recorded at fair value with any unrealized gains or losses reported on the statement of Remeasurement Gains and Losses. A retroactive adjustment have been applied resulting in a decrease to the 2023 annual operating surplus of $176,861 and the recognition of an accumulated remeasurement loss of $482,096 as at December 31, 2023. Also in 2023, a review of the asset retirement obligation liability determined that the initial valuation was understated by $398,931. A retroactive adjustment has been applied resulting in an increase to liabilities and a decrease to accumulated surplus. The cumulative impact of these changes to 2023 was to increase opening accumulated operating surplus by $260,026 and closing accumulated operating surplus by $83,165, decrease net financial assets by $398,931 and decrease the annual operating surplus by $176,861.

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2024 Annual Report110Statement of OperationsLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024Restated*RevenueGrants in lieu of taxes 93,104$ 98,254$ 101,713$ 100,755$ 107,454$ Tax requisition 21,168,637 24,449,190 26,262,457 29,334,776 33,017,750 Frontage and parcel taxes 5,634,590 5,914,944 6,184,488 7,327,618 8,196,013 Government transfers 3,609,225 4,227,696 3,377,413 6,342,649 9,835,821 User fees and service charges 12,731,226 14,532,891 16,107,193 18,660,193 19,828,593 Member municipality debt repayments 1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 Investment income 1,836,081 930,404 1,483,117 4,029,958 4,744,391 Developer contributions 1,274,069 240,555 1,584,276 187,361 87,950 Other revenue 932,370 1,694,362 2,019,764 2,251,050 4,040,355 49,137,683 53,870,007 58,854,616 69,627,121 81,431,332 ExpensesGeneral government 1,712,840$ 1,826,782$ 2,573,866$ 2,821,227$ 3,026,385$ Protective services 3,111,493 3,376,128 4,017,315 5,343,775 5,604,641 Transportation services 5,403,566 5,863,292 6,459,925 7,138,965 7,684,570 Environmental services 6,684,153 7,378,608 7,248,910 7,976,229 8,535,835 Public health services 278,783 336,377 331,734 332,454 333,120 Planning and development services 2,077,042 2,337,949 2,753,150 2,947,034 3,602,934 Recreation and cultural services 11,020,772 12,091,045 12,988,289 13,908,437 14,597,228 Water utilities 8,205,295 9,454,307 10,189,266 11,507,069 12,197,834 Sewer utilities 463,807 513,792 624,487 533,770 571,528 Debt charges, member municipalities 1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 PSAB/Employee future benefits 12,846 (27,713) - - - 40,828,978 44,932,278 48,921,137 53,901,721 57,727,080 Net Revenue (Expenses) before Capital Activity 8,308,705 8,937,729 9,933,479 15,725,400 23,704,252 Capital activity 4 4Annual Operating Surplus (Deficit) 8,308,705 8,937,729 9,933,479 15,725,400 23,704,252 Accumulated Surplus, beginning of year 150,341,153 158,649,858 164,024,452 174,217,957 189,943,357 Accumulated Surplus, end of year 158,649,858$ 167,587,587$ 173,957,931$ 189,943,357$ 213,647,609$ a)In 2024, additional information with respect to new accounting standards adopted in 2023 were identified and the financial statements were retroactively adjusted. The change is specific to the classification of portfolio investments and the initial valuation of the Regional District's asset retirement obligations. In 2023, portfolio investments that were designated to be recorded at cost were instead recorded at fair value. A review of these investments determined that they were quoted in an active market and should in fact have been designated to be recorded at fair value with any unrealized gains or losses reported on the statement of Remeasurement Gains and Losses. A retroactive adjustment have been applied resulting in a decrease to the 2023 annual operating surplus of $176,861 and the recognition of an accumulated remeasurement loss of $482,096 as at December 31, 2023. Also in 2023, a review of the asset retirement obligation liability determined that the initial valuation was understated by $398,931. A retroactive adjustment has been applied resulting in an increase to liabilities and a decrease to accumulated surplus. The cumulative impact of these changes to 2023 was to increase opening accumulated operating surplus by $260,026 and closing accumulated operating surplus by $83,165, decrease net financial assets by $398,931 and decrease the annual operating surplus by $176,861.

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2024 Annual Report111Revenue by SourceLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024Grants in lieu of taxes 93,104$ 98,254$ 101,713$ 100,755$ 107,454$ Tax requisitions 21,168,637 24,449,190 26,262,457 29,334,776 33,017,750 Frontage and parcel taxes 5,634,590 5,914,944 6,184,488 7,327,618 8,196,013 Government transfers 3,609,225 4,227,696 3,377,413 6,342,649 9,835,821 User fees and service charges 12,731,226 14,532,891 16,107,193 18,660,193 19,828,593 Member municipality debt 1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 Investment income 1,836,081 930,404 1,483,117 4,029,958 4,744,391 Contributed assets 1,274,069 240,555 1,584,276 187,361 87,950 Other revenue 932,370 1,694,362 2,019,764 2,251,050 4,040,355 Total Revenue by Source 49,137,683$ 53,870,007$ 58,854,616$ 69,627,121$ 81,431,332$ Grants in lieu of taxes0.13%Tax requisitions40.55%Frontage and parcel taxes10.06%Government transfers12.08%User fees and service charges24.35%Member municipality debt1.93%Investment income5.83%Contributed assets0.11%Other revenue4.96%Revenue by Source - 2024Revenue by SourceLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024Grants in lieu of taxes 93,104$ 98,254$ 101,713$ 100,755$ 107,454$ Tax requisitions 21,168,637 24,449,190 26,262,457 29,334,776 33,017,750 Frontage and parcel taxes 5,634,590 5,914,944 6,184,488 7,327,618 8,196,013 Government transfers 3,609,225 4,227,696 3,377,413 6,342,649 9,835,821 User fees and service charges 12,731,226 14,532,891 16,107,193 18,660,193 19,828,593 Member municipality debt 1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 Investment income 1,836,081 930,404 1,483,117 4,029,958 4,744,391 Contributed assets 1,274,069 240,555 1,584,276 187,361 87,950 Other revenue 932,370 1,694,362 2,019,764 2,251,050 4,040,355 Total Revenue by Source 49,137,683$ 53,870,007$ 58,854,616$ 69,627,121$ 81,431,332$ Grants in lieu of taxes0.13%Tax requisitions40.55%Frontage and parcel taxes10.06%Government transfers12.08%User fees and service charges24.35%Member municipality debt1.93%Investment income5.83%Contributed assets0.11%Other revenue4.96%Revenue by Source - 2024

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2024 Annual Report112Expenses by ObjectLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024Operating Expenses:Salaries, wages and benefits 17,578,226$ 19,698,366$ 22,671,021$ 24,701,195$ 27,668,251$ Operating goods and services 15,088,950 16,284,829 17,943,719 20,521,769 21,353,684 Regional District debt servicing1,275,144 1,243,244 1,384,911 1,473,787 1,712,697 Member Municipalities debt servicing1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 Amortization 5,019,268 5,105,188 5,067,756 5,208,436 5,391,778 Loss/(Gain) on disposal of assets 9,009 210,903 119,535 (52,383) 15,029 Write-off of tangible capital assets - 608,037 - 656,156 12,636 Per Statement of Operations 40,828,978$ 44,932,278$ 48,921,137$ 53,901,721$ 57,727,080$ Capital acquisitions 4,822,592 6,059,558 15,319,935 7,146,337 13,209,423 Debt principal repayment 2,064,662 2,178,692 2,473,908 2,522,104 2,847,890 Total Expenses by Object 47,716,232$ 53,170,528$ 66,714,980$ 63,570,162$ 73,784,393$ Salaries,wagesandbenefits37.50%Operatinggoodsandservices28.94%RegionalDistrictdebtservicing2.32%MemberMunicipalitiesdebtservicing2.13%Amortization7.31%Loss/(Gain)ondisposalofassets0.02%Write‐offoftangiblecapitalassets0.02%Capitalacquisitions17.90%Debtprincipalrepayment3.86%TotalExpensesbyObject‐ 2024(IncludingCapital&Debt)

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2024 Annual Report113Expenses by FunctionLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024General Government 1,712,840$ 1,826,782$ 2,573,866$ 2,821,227$ 3,026,385$ Protective Services 3,111,493 3,376,128 4,017,315 5,343,775 5,604,641 Transportation 5,403,566 5,863,292 6,459,925 7,138,965 7,684,570 Environmental Services 6,684,153 7,378,608 7,248,910 7,976,229 8,535,835 Public Health 278,783 336,377 331,734 332,454 333,120 Planning and Development 2,077,042 2,337,949 2,753,150 2,947,034 3,602,934 Recreation and Culture 11,020,772 12,091,045 12,988,289 13,908,437 14,597,228 Water Utilities 8,205,295 9,454,307 10,189,266 11,507,069 12,197,834 Sewer Utilities 463,807 513,792 624,487 533,770 571,528 Member Municipality Debt Payments1,858,381 1,781,711 1,734,195 1,392,761 1,573,005 PSAB/Employee Future Benefits 12,846 (27,713) - - - Per Statement of Operations $ 40,828,978 $ 44,932,278 $ 48,921,137 $ 53,901,721 $ 57,727,080 Capital Acquisitions 4,822,592 6,059,558 15,319,935 7,146,337 13,209,423 Debt Principal Repayment 2,064,662 2,178,692 2,473,908 2,522,104 2,847,890 Total Expenses by Function47,716,232$ 53,170,528$ 66,714,980$ 63,570,162$ 73,784,393$ General Government4.10%Protective Services7.60%Transportation10.41%Environmental Services11.57%Public Health0.45%Planning and Development4.88%Recreation and Culture19.78%Water Utilities16.53%Sewer Utilities0.77%Member Municipality Debt Payments2.13%Capital Acquisitions17.90%Debt Principal Repayment3.86%Total Expenses by Function - 2024(Including Capital & Debt Repayments)

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2024 Annual Report114Capital Expenditures and Sources of FinancingLast Five Fiscal Years ComparisonAs at December 31Sources of Capital Financing 2020 2021 2022 2023 2024GeneralTransfer from operating 17,565-$ 56,380-$ 1,894,861-$ 342,692$ 292,174$ Debt proceeds 450,000 - 2,316,252 274,691 708,530 Contributed assets 179,974 - 33,593 - Transfer from reserves 1,600,511 1,000,663 1,554,602 1,187,936 1,259,246 Other Revenue - - - - 60,000 Grants/Donations 24,933 63,100 87,049 59,769 112,905 Appropriated surplus - 7,429 82,230 133,604 367,990 Transfer (to)/from other funds (450,000) 2,172,126 6,885 16,677 497,530 1,787,853$ 3,186,938$ 2,185,750$ 2,015,368$ 3,298,375$ WaterTransfer from operating 449,287$ 1,341,858$ 1,656,422$ 267,208-$ 1,376,188$ Debt proceeds 192,750 138,630 6,198,333 2,801,667 737,824 Contributed assets 1,094,095 240,555 882,594 180,550 87,950 Transfer from reserves 683,549 753,365 3,045,465 900,128 2,012,207 Other revenue - 34,868 565,015 78,809 814 Grants/Donations - 61,996 52,150 465,069 5,445,554 Appropriated Surplus - - - 815,436 90,165 Transfer (to)/from other funds 480,476 223,752 665,655 75,306 72,142 2,900,157$ 2,795,024$ 13,065,634$ 5,049,757$ 9,822,844$ SewerTransfer from operating 1,270$ 5,500$ 4,839-$ 29,663$ 31,442$ Debt proceeds 44,966 - - - Contributed assets - - - - Transfer from reserves 88,346 47,435 16,203 24,699 6 Other revenue - - 15,000 - Grants/Donations - - 22,675 26,850 56,755 Transfer (to)/from other funds - 24,660 19,512 - 134,582$ 77,595$ 68,551$ 81,212$ 88,204$ TotalTransfer from operating 432,992$ 1,290,978$ 243,278-$ 105,147$ 1,699,804$ Debt proceeds 687,716 138,630 8,514,585 3,076,358 1,446,354 Contributed assets 1,274,069 240,555 916,187 180,550 87,950 Transfer from reserves 2,372,406 1,801,463 4,616,270 2,112,763 3,271,460 Other revenue - 34,868 580,015 78,809 60,814 Grants/Donations 24,933 125,096 161,874 551,688 5,615,214 Appropriated surplus - 7,429 82,230 949,040 458,155 Transfer (to)/from other funds 30,476 2,420,538 692,052 91,983 569,672 4,822,592$ 6,059,558$ 15,319,935$ 7,146,337$ 13,209,423$ Capital Expenditures by Function2020 2021 2022 2023 2024General Government 175,092$ 56,339$ 281,462$ 270,730$ 335,647$ Protective Services 334,286 765,544 1,213,976 477,992 318,495 Transportation 404,975 109,611 40,961 352,664 248,519 Environmental Services 193,670 1,590,125 85,838 32,548 110,920 Public Health - 18,920 - 200 104,189 Planning and Development44,637 44,713 - 57,601 74,913 Recreation and Culture 635,193 601,686 563,513 823,633 2,105,692 Water Utilities 2,900,157 2,795,024 13,065,634 5,049,757 9,822,844 Sewer Utilities 134,582 77,596 68,551 81,212 88,204 4,822,592$ 6,059,558$ 15,319,935$ 7,146,337$ 13,209,423$

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2024 Annual Report115Surpluses and ReservesLast Five Fiscal Years ComparisonAs at December 312019 2020 2021 2022 2023 2024Financial plan surplus (deficit) (45,689)$ (17,138)$ 216,422$ 59,772$ 73,215$ 124,134$ Appropriated surplus 311,107 833,908 1,120,902 1,056,238 1,041,577 3,795,204 Other 87,737 87,737 87,737 87,737 569,833 362,754 Total Surpluses 353,155 904,507 1,425,061 1,203,747 1,684,625 4,282,092 Invested in inventory (unfunded) (791,360) (846,939) (882,078) (890,938) (1,388,976) (1,621,022) Unfunded liabilities:Post employment benefits 113,971 101,125 128,838 107,365 85,892 64,419 Landfill post-closure costs (5,016,740) (4,666,187) (4,565,014) Current Fund (5,340,974) (4,507,494) (3,893,193) 420,174 381,541 2,725,489 General 13,638,366 16,068,110 20,493,793 23,089,276 33,513,108 39,592,479 Water 10,574,086 13,568,555 16,049,774 15,888,123 20,558,226 25,247,987 Sewer 1,317,058 1,356,048 1,482,233 1,560,623 1,912,487 2,314,616 Reserve Fund 25,529,510$ 30,992,713$ 38,025,800$ 40,538,022$ 55,983,821$ 67,155,082$ Development Cost Charges 2,139,133$ 2,400,014$ 2,634,234$ 2,567,121$ 2,821,304$ 3,465,544$ Future Parks Acquisition 635,151$ 660,497$ 839,093$ 907,914$ 1,078,788$ 1,138,405$

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2024 Annual Report116Long Term DebtLast Five Fiscal Years ComparisonAs at December 312020 2021 2022 2023 2024General government services 1,226,790$ 998,968$ 788,459$ 602,784$ 409,683$ Protective services 181,302 105,302 681,050 714,626 546,096 Environmental services 1,406,878 1,117,286 798,062 Transportation services 516,990 403,322 288,707 173,108 194,014 Recreation & culture services 7,093,915 5,764,892 4,393,632 3,149,731 2,324,486 Total debt supported through tax requisitions9,018,997 7,272,484 7,558,726 5,757,535 4,272,341 Water utilities 3,167,892 2,900,770 8,681,623 11,063,283 11,173,315 Sewer utilities 341,146 314,719 288,302 262,086 235,712 Total SCRD debt 12,528,035 10,487,973 16,528,651 17,082,904 15,681,368 Member municipality debt 10,594,436 8,929,740 7,222,339 7,518,389 12,582,475 Total long-term capital debt 23,122,471$ 19,417,713$ 23,750,990$ 24,601,293$ 28,263,843$ Regional District Population Estimate (Source: BC Stats)32,516 33,156 33,722 34,020 34,208 SCRD Debt per capita385 316 490 502 458 Total Debt per capita711 586 704 723 826 Interest on debt* 1,275,144 1,243,244 1,384,912 1,844,949 1,712,697 Debt principal repayments* 2,064,663 2,178,692 2,473,908 2,522,104 2,847,890 Total debt payments* 3,339,807$ 3,421,936$ 3,858,820$ 4,367,053$ 4,560,587$ * excludes member municipality debt Total Revenue 47,279,302 52,088,296 57,120,421 68,234,360 79,858,327 (excluding member municipality debt recovery)Total debt servicing costs as a % of Total Revenue*7.06% 6.57% 6.76% 6.40% 5.71%* excluding member mucicipality debt payments & recoveriesLegal debt limit (N/A)0510152025302020 2021 2022 2023 2024$ MillionLong Term DebtGeneral -paidthrough taxrequisitionsWater Utilities -paid through userfeesMemberMunicipality - paidby municipality

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2024 Annual Report117Net Taxable Property Values (Final Roll)Last Five Fiscal Years Comparison2020 2021 2022 2023 2024Land 1,351,518,085 1,410,670,080 2,212,086,296 2,381,711,572 2,386,532,748 Improvements 696,264,781 736,881,219 867,316,082 925,326,470 965,729,879 Total 2,047,782,866 2,147,551,299 3,079,402,378 3,307,038,042 3,352,262,627 Land 1,003,260,164 1,032,857,164 1,579,850,200 1,780,921,500 1,712,633,450 Improvements 633,906,300 664,890,800 760,123,600 812,644,800 850,095,700 Total 1,637,166,464 1,697,747,964 2,339,973,800 2,593,566,300 2,562,729,150 Land 926,363,399 1,021,076,134 1,365,378,980 1,518,557,538 1,487,655,202 Improvements 493,171,687 520,304,374 618,360,799 675,464,300 701,934,750 Total 1,419,535,086 1,541,380,508 1,983,739,779 2,194,021,838 2,189,589,952 Land 668,757,765 706,522,426 965,239,815 1,087,903,718 1,047,663,128 Improvements 447,349,024 472,270,749 565,801,837 626,715,825 649,448,850 Total 1,116,106,789 1,178,793,175 1,531,041,652 1,714,619,543 1,697,111,978 Land 955,517,631 1,081,378,678 1,465,851,456 1,587,549,936 1,615,066,231 Improvements 581,783,890 612,782,233 709,572,427 752,030,775 785,521,847 Total 1,537,301,521 1,694,160,911 2,175,423,883 2,339,580,711 2,400,588,078 Land 123,631,302 131,210,902 168,319,302 170,579,802 165,584,102 Improvements 80,282,201 80,175,401 108,282,701 116,146,101 125,009,501 Total 203,913,503 211,386,303 276,602,003 286,725,903 290,593,603 Land 1,035,683,381 1,097,818,194 1,475,185,947 1,698,598,450 1,652,485,058 Improvements 566,271,870 555,757,847 665,635,982 727,542,927 750,372,547 Total 1,601,955,251 1,653,576,041 2,140,821,929 2,426,141,377 2,402,857,605 Land 2,162,740,184 2,274,447,525 3,357,821,189 3,975,799,783 3,785,107,447 Improvements 1,524,393,252 1,572,618,078 1,851,147,207 2,026,599,167 2,001,915,093 Total 3,687,133,436 3,847,065,603 5,208,968,396 6,002,398,950 5,787,022,540 Land 8,227,471,911 8,755,981,103 12,589,733,185 14,201,622,299 13,852,727,366 Improvements 5,023,423,005 5,215,680,701 6,146,240,635 6,662,470,365 6,830,028,167 Total 13,250,894,916 13,971,661,804 18,735,973,820 20,864,092,664 20,682,755,533 Land -4.29% 6.42% 43.78% 12.80% -2.46%Improvements 1.18% 3.83% 17.84% 8.40% 2.51%Total -2.29% 5.44% 34.10% 11.36% -0.87%% Change Area BArea ASCRD TotalArea FArea EArea D shíshálh Nation Government DistrictTown of GibsonsDistrict of Sechelt $- $5,000,000,000 $10,000,000,000 $15,000,000,000 $20,000,000,000 $25,000,000,0002020 2021 2022 2023 2024Net Taxable Property Values

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2024 Annual Report118Tax Contributions by Participating AreaLast Five Fiscal Years Comparison2020 2021 2022 2023 2024Area A - Pender Harbour/Egmont 2,437,101$ 2,892,247$ 3,291,368$ 3,645,342$ 4,158,506$ 12.59%Area B - Halfmoon Bay 3,533,647 4,076,382 4,568,106 4,868,976 5,505,574 16.67%Area D - Roberts Creek 2,746,064 3,203,955 3,402,077 3,867,666 4,349,063 13.17%Area E - Elphinstone 2,119,221 2,452,232 2,651,326 2,971,732 3,338,759 10.11%Area F - West Howe Sound 3,406,054 3,916,269 3,998,392 4,362,870 5,025,160 15.22%District of Sechelt 3,996,693 4,587,654 4,860,355 5,693,298 6,211,774 18.81%shíshálh Nation Government Distric340,339 386,301 413,746 454,344 528,239 1.60%Town of Gibsons 2,589,518 2,934,150 3,077,086 3,470,548 3,900,674 11.81%Total 21,168,637$ 24,449,190$ 26,262,456$ 29,334,776$ 33,017,751$ 100.00%Note: Regional Districts do not have the authority to tax. Property taxes are requisitioned from the Province and Member Municipalities who are responsible for collection of the taxes.Area A - Pender Harbour/Egmont12.59%Area B - Halfmoon Bay16.67%Area D - Roberts Creek13.17%Area E - Elphinstone10.11%Area F - West Howe Sound15.22%District of Sechelt18.81%shíshálh Nation Government District1.60%Town of Gibsons11.81%Tax Contributions by Participating Area - 2024

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2024 Annual Report127#SCRD at WorkLocal fire departments, in addition to members from the Pemberton fire department, conducted wildfire training on the Sunshine Coast. This training allows our fire departments to refine their skills and also share knowledge between the jurisdictions. Members of our FireSmart team attended several events throughout the year across the Sunshine Coast. Lots of great conversations about FireSmart in the community.Biocover material was placed at the Sechelt landfill to capture landfill gas. A biocover is a type of landfill final cover that is designed to oxidize methane emissions into carbon dioxide to reduce greenhouse gas emissions.Utility crews and environmental technicians responded with a spill response trailer and equipment, to ensure that a fuel spill was contained and did not contaminate the drinking water supply from Garden Bay Lake.The annual Islands Clean Up program, a residential garbage and recycling collection service for island residences, was once again a great success. 175 individual barge stops and five on land events collected:• 128 mattresses for recycling.• 95 fridges/freezers for refrigerant removal and recycling.• 26 tonnes of garbage for burial in the Sechelt landfill.• 8 tonnes of scrap metal for recycling.

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2024 Annual Report128ADMINISTRATION OFFICE1975 Field Road Sechelt, BC V7Z 0A8604-885-68001-800-687-5753info@scrd.cawww.scrd.caStay connected at scrd.ca/letstalkIn 2007, this 25-foot pole was placed outside the Sunshine Coast Regional District (SCRD) building in recognition of the joint management agreement between the shíshálh Nation and the SCRD to protect and mutually watch over the Chapman Creek and Gray Creek watersheds. The pole was carved by the late master carver ?antuni (Tony) Paul of shíshálh Nation.Symbolism of the Pole Each figure on the totem is symbolic of protection, strength, friendship and unity and our combined strength as a community.At the base of the pole a grizzly bear protects the shíshálh Nation territory from a land point of view. The eagle which is above the grizzly bear protects the territory from the sky. Their combined power and strength watches over the territories. The human figure sitting at the top of the pole hanging on to the ears of the eagle is a watchman making sure that everything is right within the shíshálh Nation territory. The frog between the eagle and the grizzly represents friendship and unity, the unity that the shíshálh Nation has with the surrounding communities. The eagle’s wings are semi wrapped around the frog which protects the unity within the shíshálh Nation and the surrounding community.