2021 Annual Report

Notes to the Consolidated Financial Statements For the year ended December 31, 2021 Consolidated Financial Statements

8. Deferred Revenues Deferred revenues held by the City were comprised as follows: December 31, 2020 Additions

Revenue earned December 31, 2021

$ 7,631,955 $ 16,481,461 $ 15,524,180

$ 8,589,236

Property taxes

Connection Revenues

1,481,290 6,173,153

1,119,944 5,441,923

759,740 3,980,106

1,841,494 7,634,970

Other

$ 15,286,398 $ 23,043,328 $ 20,264,026

$ 18,065,700

9. Restricted Revenues Restricted revenues held by the City were comprised as follows: December 31, 2020 Collections/Interest

Disbursements December 31, 2021

$ 15,030,851 $ 8,825,955 $ (2,779,710)

$ 21,077,096

Development cost charges

Parkland acquisition charges

2,071,971

124,020

-

2,195,991

Other

13,636,042

2,944,442

(1,770,458)

14,810,026 $ 38,083,113

$ 30,738,864 $ 11,894,417 $ (4,550,168)

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, 2021. The valuation resulted in a cumulative unamortized actuarial loss of $64,200 at December 31, 2021, (cumulative unamortized gain of $30,300 for 2020). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2021 was $3,145,300 , ($3,348,200 for 2020) comprised as follows:

2021

2020

Accrued benefit obligation, beginning of year

$

3,317,900 $

3,329,400 172,200 96,800 574,800 (855,300) 3,317,900

Add: Current service costs

200,400 49,100 82,300 (440,200) 3,209,500

Interest on accrued benefit obligation

Actuarial loss

Less: Benefits paid during the year Accrued benefit obligation, end of year

Add: Unamortized actuarial (loss)/gain

(64,200)

30,300

Accrued Benefit liability

3,145,300

3,348,200

50 City of Maple Ridge - 2021 Annual Report