2023 Annual Report

Consolidated Financial Statements Notes to the Consolidated Financial Statements

d ). L ease h old imp r ovement o b li g ation The City holds a lease arrangement which contains clauses requiring the decommissioning of any leasehold improvements at the end of the lease term. The liability has been measured as of the date the City entered into the lease arrangement. Changes to asset retirement obligations in the year are as follows:

December 31, 2022 (Restated)

Liability incurred (settled)

Accretion Expense December 31, 2023

Buildings (asbestos) Leasehold obligations

$

1,014,304 $

- - - - -

$

42,296 $

1,056,600

972

37

1,009 54,218

Wells

52,048

2,170

Landfill

17,816,180 18,883,504 $

742,936

18,559,116 19,670,943

$

$

787,439 $

Liability incurred (settled)

December 31, 2021

Accretion Expense December 31, 2022

Buildings (asbestos) Leasehold obligations

$

973,701 $

- - - - -

$

40,603 $

1,014,304

930

42

972

Wells

49,964

2,084

52,048

Landfill

17,102,986 18,127,581 $

713,194

17,816,180 18,883,504

$

$

755,923 $

9 .

D efe rr ed R evenues Deferred revenues held by the City were comprised as follows: December 31, 2022

Additions Revenue earned December 31, 2023

Property taxes

$

9,138,210 1,857,967 8,479,668

$ 19,087,948

$ 18,574,767

$

9,651,391 1,951,326 8,745,054

Connection Revenues

960,456 6,668,928

867,097 6,403,542

Other

$ 19,475,845

$ 26,717,332

$ 25,845,406

$ 20,347,771

10 . R est r icted R evenues Restricted revenues held by the City were comprised as follows:

December 31, 2022 Collections/Interest

Disbursements December 31, 2023

Development cost charges Parkland acquisition charges

$ 19,394,488

$ 10,297,629

$ (11,403,934)

$ 18,288,183

2,546,913 8,648,420 1,070,659 7,218,266

69,922

(4,040) 17,568

2,612,795 11,284,116 1,303,976 7,429,127

Amenity Charges Parking Charges

2,618,128 233,317 415,624

-

Other

(204,763)

$ 38,878,746

$ 13,634,620

$ (11,595,169)

$ 40,918,197

11 . Employee Futu r e B enefits 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.

58 | City of Maple Ridge - 2023 Annual Report