2023 Annual Report

Consolidated Financial Statements Notes to the Consolidated Financial Statements

11. E mplo y ee Futu r e B enefits ( cont ' d ) An actuarial valuation of these benefits was performed to determine the City's liability and accrued benefit obligation as at December 31, 2021 and updated for December 31, 2023. The valuation resulted in an actuarial gain of $291,400 at December 31, 2023 (actuarial gain of $290,000 at December 31, 2022). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2023 was $2, 718 , 6 00 ($2,861,700 for 2022), comprised as follows:

2023

2022

Accrued benefit obligation, beginning of year

$ 2, 6 4 1 ,200 $ 3,209,500

Add: Current service costs

1 54, 1 00 111 ,300 ( 29 1 ,400 ) ( 3 7 9,000 ) 2,23 6 ,200

183,200 70,900 (290,000) (532,400) 2,641,200

Interest on accrued benefit obligation

Actuarial (gain)/loss

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

Add: Unamortized actuarial (loss)/gain

4 8 2,400

220,500

Benefit liability

$ 2, 718 , 6 00 $ 2,861,700

Actuarial assumptions used to determine the City's accrued benefit obligation are as follows: 2023

2022 4.30 % 2.00 % 2.68 %

Discount rate (long-term borrowing rate)

4 .1 0 % 2 . 00 % 2 .6 9 %

Expected future inflation rate

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

1 2 . 0

12.0

1 2 . Debt 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. During the year, the City's outstanding debt balance was reduced by a combination of direct principal payments and sinking fund earnings totaling $4, 16 9,502 ($4,045,217 for 2022). Interest payments for the year totaled $ 1 ,4 81 , 176 ($1,632,244 for 2022 ). The gross amount of debt less sinking fund installments and actuarial adjustments to date are as follows:

M F A I ssue

By law N o . P u r pose

R ate Due

Gr oss Debt

Cumulative P a y ments 24,713,660 13,075,095 424,962 498,425 229,538 217,454 434,908 528,103 124,259 124,259 1,113,153 41,483,816

2023 Debt O utstanding 7,386,340 3,224,905 200,038 1,021,575 470,462 4,886,847 3,282,546 6,565,092 7,971,897 1,875,741 1,875,741 38,761,184

2022 Debt O utstanding 9,107,923 4,258,061 247,089 1,078,101 496,494 5,449,591 3,392,478 6,784,956 8,238,875 1,938,559 1,938,559 42,930,686

93 99

6246 Downtown Civic Facilities 6246 Downtown Office Complex

5.70% 2027 5.00% 2026 2.90% 2027 2.90% 2037 2.90% 2037 2.41% 2031 2.41% 2046 2.41% 2046 2.41% 2046 2.41% 2046 2.41% 2046

32,100,000 16,300,000 625,000 1,520,000 700,000 6,000,000 3,500,000 7,000,000 8,500,000 2,000,000 2,000,000 80,245,000

121 6560 Animal Shelter 121 6559 Cemetery Expansion 121 6679 Cemetery Expansion 153 6558 Fire Hall #4 153 7370 Leisure Ctr. Reno 153 7371 Synthetic Field 153 7372 Albion Community Ctr. 153 7374 Hammond Community Ctr. 153 7376 MRSS Track Facility

City of Maple Ridge - 2023 Annual Report | 59