2024 Annual Report-web FINAL

Notes to the Consolidated Financial Statements Consolidated Financial Statements

N otes to t h e Consolidated Financial Statements Fo r t h e y ea r ended D ecem b e r 31, 2024

For the year ended December 31, 2024

1. Cas h and cas h equivalents Cash and cash equivalents as at December 31, 2024 were comprised as follows: H oldin g R ate of r etu r n 2024

2023

Cash

N/A (2023 - N/A) 4.8% (2023 - N/A)

$

38,650,279 $ 29,777,724

GIC (Cash equivalent)

15,000,000 51,623,113

-

MFA pooled funds (Cash equivalent) 3.44% - 3.8%

31,238,139

(2023 - 3.54%-5.06%)

$

105,273,392 $ 61,015,863

Cash equivalents are comprised of a pooled mortgage fund which has generated returns at an interest rate of 3.80% (3.54% for 2023 ), a pooled short-term bond which has generated returns at an interest rate of 3.44% (n/a for 2023) and a short-term Guaranteed Investment Certificate which generated returns at a rate of 4.8% (n/a for 2023). The City held investments in a pooled money market fund which has generated returns at an interest rate of 5.06% for 2023 . There were no such holdings in 2024. 2. P o r tfolio I nvestments Portfolio investments include Canadian bank notes, Guaranteed Investment Certificates and BC Credit Union term deposits with effective interest rates of 1.41% - 6.00% and years of maturity ranging from 2025 to 2034. A portion of the of the bank notes held have interest payments linked to the performance of a set of equities or a financial index without stated or certain interest rates. These have been classified as fair value financial instruments and recorded at their market value as at December 31, 2024. Fair value financial instruments with a face value of $41,000,000 have a market value of $38,749,115 as at December 31, 2024 ($39,665,000 for 2023) resulting in an accumulated remeasurement loss of $2,250,885 ($1,313,040 for 2023). Portfolio investments as at December 31, 2024 were comprised as follows: Investment type 2024 Ca rry in g value 2024 Market value 2023 Carrying value 2023 Market value Deposit Notes $ 64,000,000 $ 62,263,635 $ 71,044,656 $ 70,671,440 GICs 133,698,856 135,890,958 167,271,797 171,601,867 197,698,856 198,154,593 238,316,453 242,273,307 Accrued interest 10,826,740 n/a 8,125,680 n/a Remeasurement loss ( 2,250,885 ) n/a (1,313,040) n/a $ 206,274,711 $ 198,154,593 $ 245,129,093 $ 242,273,307 Amortized cost is the amount at which the financial instrument asset is measured at initial recognition plus the impact of an effective interest rate between that initial amount and accrued interest as at the financial statement date. Fai r V alue Fair value estimates are made at the Statement of Financial Position date based on relevant market information and information about the financial instrument. Financial instruments recorded at fair value in the City's Statement of Financial Position are categorized based on the level of judgement required to asses fair value. Hierarchal levels of fair value are defined by PS3450 as follows:  Prices (unadjusted) of assets or liabilities quoted in active markets (Level 1); Financial I nst r uments A mo r tized Cost

3.

58 | City of Maple Ridge - 2024 Annual Report