2023 Annual Report

Consolidated Financial Statements Notes to the Consolidated Financial Statements

21. B ud g et Budget amounts represent the Financial Plan Bylaw 7926-2023 adopted by Council on May 9, 2023. 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 the reconciliation of the amounts presented on the financial statements to the approved budget:

R evenue Taxation

$ 111,038,735 58,314,886 64,129,363 20,000,000 253,482,984 55,566,651 32,055,084 27,828,618 20,050,610 17,531,029 26,375,157 8,988,852 188,396,001

User fees and other revenue

Other

Contributed subdivision infrastructure

Total R evenue

E xpenses Protective services Transportation services Recreation and cultural

Water utility Sewer utility

General Government

Planning, public health and other

Total expenses

A nnual Surplus

$ 65,086,983

Less: Capital expenditures Debt repayment Add: Interfund transfers Borrowing proceeds Financial Plan B ylaw Amortization

213,047,785 4,174,419 98,820,331 24,593,930 28,720,960

$

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22. Contractual R i g hts 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.

64 | City of Maple Ridge - 2023 Annual Report