2020 Annual Report

For the year ended December 31, 2020 Notes to the Consolidated Financial Statements Consolidated Financial Statements

8. Deferred Revenues Deferred revenues held by the City were comprised as follows: December 31, 2019

Additions Revenue earned December 31, 2020

$ 7,602,103 $ 15,332,406 $ 15,302,554

$ 7,631,955

Property taxes

Connection Revenues

1,464,311 7,735,398

699,401 4,016,837

682,422 5,579,082

1,481,290 6,173,153

Other

$ 16,801,812 $ 20,048,644 $ 21,564,058

$ 15,286,398

9. Restricted Revenues Restricted revenues held by the City were comprised as follows:

December 31, 2019 Collections/Interest Disbursements December 31, 2020

$ 25,663,429 $ 4,169,891 $ (14,802,468)

$ 15,030,852

Development cost charges

Parkland acquisition charges

1,742,236

325,524

4,213

2,071,973

Other

9,176,009

2,816,949

1,643,081

13,636,039 $ 30,738,864

$ 36,581,674 $ 7,312,364 $ (13,155,174)

10. Employee Future Benefits The City provides employee future benefits in the form of severance benefits and vested and non-vested sick leave to qualifying employees. These benefits are not separately funded. Severance benefits are cash settlements paid to employees who cease their employment with the City after a specified period of time. Employees hired before February 11, 1999 qualify for five days pay per year of employment, provided they either work a minimum of 20 years with the City or retire as defined by the Public Sector Pension Plan Act. Full time employees hired after February 11, 1999 qualify for 20 days pay provided they work a minimum of 10 years with the City and retire as defined by the Public Sector Pension Plan Act. The City permits regular employees to accumulate up to 18 days per year of service for future illnesses up to a maximum of 250 days. For certain qualifying employees a portion of this benefit vests; for the balance, this benefit does not vest and cannot be converted to any other type of benefit. An actuarial valuation of these benefits was performed to determine the City's liability and accrued benefit obligation as at December 31, 2018 and updated for December 31, 2020. The valuation resulted in a cumulative unamortized actuarial gain of $30,300 at December 31, 2020, (cumulative unamortized gain of $669,600 for 2019). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2020 was $3,184,300, ($3,999,000 for 2019) comprised as follows:

2020

2019

Accrued benefit obligation, beginning of year

$

3,329,400 $

3,800,900 169,000 107,800 116,500 (864,800) 3,329,400

Add:

Current service costs

172,200 96,800 574,800 (855,300) 3,317,900

Interest on accrued benefit obligation

Actuarial (gain)/loss

Less:

Benefits paid during the year

Accrued benefit obligation, end of year

Add: Unamortized actuarial gain

30,300

669,600

Accrued Benefit liability

3,348,200

3,999,000

50 City of Maple Ridge - 2020 Annual Report