2020 Annual Report

For the year ended December 31, 2020 Notes to the Consolidated Financial Statements Consolidated Financial Statements 19. Budget Budget amounts represent the Financial Plan Bylaw adopted by Council on May 12, 2020. 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 $ 94,680,030 $ 94,680,030 User fees and other revenue 47,142,875 47,142,875 Other 60,971,547 60,971,547 Contributed subdivision infrastructure 20,000,000 20,000,000 Total Revenue 222,794,452 222,794,452 Expenses Protective services 44,922,846 44,922,846 Transportation services 25,615,526 25,615,526 Recreation and cultural 24,375,065 24,375,065 Water utility 17,450,962 17,450,962 Sewer utility 15,050,873 15,050,873 General Government 19,755,448 19,755,448 Planning, public health and other 7,535,741 7,535,741 Total expenses 154,706,461 154,706,461 Annual Surplus $ 68,087,991 $ 68,087,991 Less: Capital expenditures 197,634,460 Debt repayment 3,868,773 Add: Interfund transfers 59,298,959 Amortization 22,622,738 Borrowing proceeds 51,493,545 $ -

20. 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.

54 City of Maple Ridge - 2020 Annual Report