2024 Annual Report-web FINAL

Summary of Significant Accounting Policies (continued) Consolidated Financial Statements ___________________________________________________ ( n ) B asis o f se g mentation Municipal services have been segmented by grouping services that have similar service objectives (by function). Revenues that are directly related to the costs of the function have been attributed to each segment. Interest expense is allocated to functions based on the purpose of specific borrowings. ( o ) E mployee fu t u re bene f its The City and its employees make contributions to the Municipal Pension Plan, and the employees accrue benefits under this plan based on service. The City's contributions are expensed as incurred. As this is a multi-employer plan, no liability is attributed to the City and no liability is recorded in the financial statements. Sick leave benefits and retirement severance benefits are also available to the City's employees. The costs of these benefits are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. The liabilities under these benefit plans are accrued based on projected benefits prorated as the employees render services necessary to earn the future benefits. ( p ) N ew acco u ntin g standards PS 3400 Revenue Effective January 1, 2024, the City adopted Public Sector Accounting Standard 3400 (Revenue). This new standard addresses the recognition, measurement and presentation of revenue. The standard also distinguishes between exchange transactions that carry performance obligations and non-exchange transactions which do not. The impact to the consolidated financial statements resulting from prospective adoption of PS 3400 is outlined in Note 26. PS 3160 Public Private Partnerships The PS 3160 standard relates to scenarios in which a public sector entity acquires infrastructure using a private sector partner, where the private sector partner is responsible for acquisition, financing, and maintaining the infrastructure. As at December 31, 2024 the City does not have any such agreements in scope of this standard. As such, the City has determined that the adoption of PS 3160 did not have a material impact on the amounts presented in the consolidated financial statements.

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