2019 City of Maple Ridge Annual Report

Notes to the Consolidated Financial Statements

Consolidated Financial Statements

For the year ended December 31, 2019

18. Budget Budget amounts represent the Financial Plan Bylaw adopted by Council on May 14, 2019. The Financial Plan anticipated use of surpluses accumulated in previous years to balance against current year expenditures in excess of current year revenues. The following shows how these amounts were combined: Financial Plan Bylaw Financial Statement Budget Revenue Taxation $ 90,084,654 $ 90,084,654 User fees and other revenue 44,172,582 44,172,582 Other 70,520,002 70,520,002 Contributed subdivision infrastructure 20,000,000 20,000,000 Total Revenue 224,777,238 224,777,238 Expenses Protective services 42,909,582 42,909,582 Transportation services 23,899,352 23,899,352 Recreation and cultural 22,485,994 22,485,994 Water utility 16,056,086 16,056,086 Sewer utility 14,020,250 14,020,250 General Government 18,475,279 18,475,279 Planning, public health and other 6,916,183 6,916,183 Total expenses 144,762,726 144,762,726 Annual Surplus $ 80,014,512 $ 80,014,512 Less: Capital expenditures 216,964,685 Debt repayment 3,785,954 Add: Interfund transfers 62,869,502 Amortization 21,329,763 Borrowing proceeds 56,536,862 $ -

19. Contractual Rights

Contributed Tangible Capital Assets There are a number of development projects in progress throughout the City where there is a requirement for the developer to provide infrastructure to the City, such as roads, sewers, sidewalks and street lighting. The estimated fair value of the infrastructure is recognized as "contributed tangible capital assets" revenue in these consolidated financial statements when the City accepts responsibility for the infrastructure. Estimated fair value is determined at the time the assets are recognized.

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