2024 Annual Report-web FINAL

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

25. Contin g encies and Commitments : ( a ) Where losses related to litigation are likely and can be reasonably estimated management accrues its best estimate of loss. These amounts are included in accounts payable and accrued liabilities. There are various other claims by and against the City for which the liability is not recorded because the outcomes cannot reasonably be determined. Any ultimate settlements will be recorded in the year the settlements can be determined. There are claims outstanding that may result in material losses but for which no amount has been recorded due to the the uncertainty of occurrence and amount of, if any. Any amount of losses, if any, will be recorded at the time the outcomes are determinable and amounts are reasonably estimable. ( b ) In 1998 the City entered into an agreement to purchase ice sheet time for five years commencing in 1999, with five five-year renewal options. In 2023, the agreement was renewed for an additional five-year period. The minimum annual payment due for the provision of ice time is $834,591. Additional ice time is purchased separately. These payments are recorded as expenses when the ice time is provided. ( c ) The City is a shareholder and member of E-Comm Emergency Communications for British Columbia Incorporated ("E-Comm") whose services provided include: regional 9-1-1 call centre for the Greater Vancouver Regional District; Wide Area Radio network; dispatch operations; and records management. The City has 2 Class A shares and 1 Class B share (of a total of 37 Class A shares and 18 Class B shares issued and outstanding as of December 31, 2024. As a Class A shareholder, the City shares in both funding the future operations and capital obligations of E Comm (in accordance with a cost sharing formula), including any lease obligations committed to by E-Comm up to the shareholder's withdrawal date. An amount of $18,713,244 in opening Restricted Revenue was assessed to meet the criteria criteria for recognition under PS 3400 Revenue. This was recognized as revenue in the current period which resulted in an increase of surplus of the corresponding amount. For the year ended December 31, 2023: An amount of $8,125,680 that was previously reported under Accounts Receivable was assessed to meet the criteria of financial instruments and has been reclassified to Portfolio Investments accordingly. This correction has no impact on surplus for the years ended December 31, 2024 and 2023 as it relates to the classification of assets within the Statement of Financial Position. The 2023 comparative financial statements including significant accounting policies have been restated to reflect this correction. 26. Accountin g c h an g es and reclassification of prior year presentation For the year ended December 31, 2024:

City of Maple Ridge - 2024 Annual Report | 69