2024 Annual Report-web FINAL

Consolidated Financial Statements Notes to the Consolidated Financial Statements (continued)

21. B ud g et Budget amounts represent the Financial Plan Bylaw 7989-2024 adopted by Council on April 23, 2024. The Financial Plan anticipated use of surpluses accumulated in previous years to balance against current year capital and operating 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

$ 119,703,761 61,898,526 85,245,854 20,000,000 286,848,141 61,727,170 32,742,692 29,836,443 20,445,662 18,920,261 28,009,107 11,030,455 202,711,790

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

$ 84, 1 36,35 1

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

259,000,010 4,815,755 118,161,323 24,593,930 36,924,161

$

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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 and cannot be determined with certainty at this time. 2 3 . M unicipal Pension Plan The City of Maple Ridge and its employees contribute to the Municipal Pension Plan (a jointly trusteed pension plan). The board of trustees, representing plan members and employers, is responsible for administering the plan, including investment of assets and administration of benefits. The plan is a multi-employer defined benefit pension plan. Basic pension benefits are based on a formula. As at December 31, 2023, the plan has about 256,000 active members and approximately 129,000 retired members. Active members include approximately 45,000 contributors from local governments. Every three years, an actuarial valuation is performed to assess the financial position of the plan and adequacy of plan funding. The actuary determines an appropriate combined employer and member contribution rate to fund the plan. The actuary's calculated contribution rate is based on the entry-age normal cost method, which produces the long-term rate of member and employer contributions sufficient to provide benefits for average future entrants to the plan. This rate may be adjusted for the amortization of any actuarial funding surplus and will be adjusted for the amortization of any unfunded actuarial liability.

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