2020 Annual Report

For the year ended December 31, 2020 Notes to the Consolidated Financial Statements Consolidated Financial Statements 10. Employee Future Benefits (cont'd) Actuarial assumptions used to determine the City's accrued benefit obligation are as follows: 2020

2019 3.00 % 2.00 % 2.63 %

1.50 % 2.00 % 2.59 %

Discount rate (long-term borrowing rate) Expected future inflation rate

Merit and inflationary wage and salary increases averaging Estimated average remaining service life of employees (years)

11.0

11.0

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 projected Sinking Fund earnings are payable over the next five years and thereafter are as follows: Debt Payments 2021 $ 2,260,235 2022 2,306,211 2023 2,353,485 2024 2,402,094 2025 2,452,075 Thereafter 5,045,462 Sinking Fund earnings 3,856,933 $ 20,676,495 The City has the following authorized but un-issued financing available as at December 31, 2020: L/A Bylaw L/A Amount 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 Total 56,875,000

12. Tangible Capital Assets

Net book value

2020

2019

$

271,742,707 77,357,035 216,737,333 222,065,866 17,771,496 6,516,919 134,784,335 138,719,265 36,752,632 1,122,447,588

$

247,666,235 68,972,369 220,113,788 219,574,010 16,931,359 5,418,866 131,621,386 136,838,710 32,604,180

Land

Buildings

Transportation network Storm sewer system Fleet and equipment

Technology Water system

Sanitary sewer system

Other

$ 1,079,740,901 For additional information, see the Schedule of Tangible Capital Assets (Schedule 5) $

City of Maple Ridge - 2020 Annual Report 51