2019 City of Maple Ridge Annual Report

Notes to the Consolidated Financial Statements

Consolidated Financial Statements

For the year ended December 31, 2019

Planning, Public Health and Other This segment is comprised of Planning, Recycling, Cemetery and Social Planning. Activities include land use guidelines, development of the City's official community plan, management of the recycling contract and improving the social well-being of the community. Unallocated Unallocated includes revenues that cannot be directly attributed to the activities of an identified functional segment. 22. Subsequent Events Subsequent to year end, the impact of COVID-19 in Canada and on the global economy increased significantly. As the impacts of COVID-19 continue there could be specific impact on the City, its citizens, employees, suppliers and other third party business associates that could impact the timing and amounts realized on the City's assets and future ability to deliver services and projects. At this time, the full potential impact of COVID-19 on the City is not known. Although disruption from the virus is expected to be temporary, given the dynamic nature of the situation and the potential duration of disruption the related financial impact cannot be reasonably estimated at this time. The market value of the City's portfolio investments initially declined after the declaration of COVID-19 as a global pandemic and, as at April 30, 2020, had subsequently recovered. During the term of individual investments there are normally, and it is expected there will continue to be, fluctuations in the market values, which if held to maturity, are expected to equal face value. The City's ability to continue delivering non-essential services and employ related staff will depend on the legislative mandates from the various levels of government. The City will continue to focus on collecting receivables, managing expenditures, and if necessary, leveraging existing reserves and available credit facilities to ensure it is able to continue providing essential services to its citizens.

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