2018 Annual Report

Notes to the Consolidated Financial Statements

Consolidated Financial Statements

For the year ended December 31, 2018

11. Debt (Schedule 4) The City obtains debt instruments through the Municipal Finance Authority (MFA), pursuant to security issuing bylaws under authority of the Community Charter, to finance certain capital expenditures. Debt is reported net of Sinking Fund balances and interest expense is reported net of Sinking Fund earnings. The City carries no debt for others. The following debenture debt amounts plus related interest are payable over the next five years and thereafter: Debt Payments 2019 $ 2,172,036 2020 2,215,521 2021 2,260,235 2022 2,306,211 2023 2,353,485 Thereafter 9,899,632 Sinking Fund Contributions 4,615,511 Debt principal repayments $ 25,822,631

The City has the following authorized but un-issued long term debt as at December 31, 2018: L/A Bylaw L/A Amount #6558 $ 6,000,000 #6560 275,000 #6679 1,100,000 #7370 3,500,000 #7371 7,000,000 #7372 8,500,000 #7373 1,000,000 #7374 2,500,000 #7375 1,000,000 #7376 2,500,000 #7377 23,500,000 $ 56,875,000

12. Tangible Capital Assets

Net book value

2018

2017

Land

$

234,687,064 $

226,003,706 44,141,166 218,934,481 206,751,562 14,680,214 4,516,466 116,201,245 128,186,305 16,730,081

Buildings

48,668,723 226,678,102 215,378,001 16,476,349 4,891,574 125,869,323 130,908,256 23,843,287

Transportation network Storm sewer system Fleet and equipment

Technology Water system

Sanitary sewer system

Other

$ 976,145,224 For additional information, see the Schedule of Tangible Capital Assets (Schedule 5) 1,027,400,677 $

During the year there were no write-downs of assets (2017 - $Nil). In addition, roads and related infrastructure, underground networks and land contributed to the City totaled $29,727,691 ($16,725,863 for 2017) and were capitalized at their fair value at the time of recognition Natural assets, works of art, artifacts, cultural and historic assets are not recorded as assets in these financial statements. The City controls various works of art and historical treasures including artifacts, paintings, sculptures and mosaics located at City sites and public display areas.

City of Maple Ridge - 2018 Annual Report 51