2025 Annual Report-final June 4

FINANCIAL STATEMENTS

Consolidated Financial Statements Notes to the Consolidated Financial Statements (continued) Consolidated Financial Statements 10. R est r icted R evenues Restricted revenues held by the City were comprised as follows: December 31, 2024 Collections/ Interest Revenue recognized D ecembe r 3 1 , 2025 Development cost charges $ 16,888,486 $ 11,815,307 $ (6,171,340) $ 22 , 5 3 2 , 45 3 Parkland acquisition charges 1,483,110 42,984 (83,053) 1 , 44 3, 041 Parking Charges 1,423,328 433,429 - 1 ,8 56 ,7 5 7 $ 19,794,924 $ 12,291,720 $ (6,254,393) $ 25 ,83 2 , 251 Consolidated Financial Statements 10. R est r icted R evenues Restricted revenues held by the City were comprised as follows: December 31, 2024 Collections/ Interest Revenue recognized D ecembe r 3 1 , 2025 Development cost charges $ 16,888,486 $ 11,815,307 $ (6,171,340) $ 22 , 5 3 2 , 45 3 Parkland acquisition charges 1,483,110 42,984 (83,053) 1 44 3, 041 Parking Charges 1,423,328 433,429 - ,8 56 ,7 5 7 $ 19,794,924 $ 12,291,720 $ (6,254,393) $ 25 ,83 2 , 251 10. R est r icted R evenues Restricted revenues held by the City were comprised as follows: December 31, 2024 Collections/ Interest Revenue recognized (6,171,340) D ecembe r 3 1 , 2025 $ 22 , 5 3 2 , 45 3 Development cost charges Parkland acquisition charges $ 16,888,486 $ 11,815,307 $ 1,483,110 1,423,328 42,984 433,429 (83,053) 1 , 44 3, 041 1 ,8 56 ,7 5 7 Parking Charges - 11. E mployee Futu r e B enefits The City provides employee future benefits in the form of severance benefits and vested and non-vested sick leave to qualifying employees. These benefits are not separately funded. Severance benefits are cash settlements paid to employees who cease their employment with the City after a specified period of time. Employees hired before February 11, 1999 qualify for five days pay per year of employment, provided they either work a minimum of 20 years with the City or retire as defined by the Public Sector Pension Plan Act. Full time employees hired after February 11, 1999 qualify for 20 days pay provided they work a minimum of 10 years with the City and retire as defined by the Public Sector Pension Plan Act. The City permits regular employees to accumulate up to 18 days per year of service for future illnesses up to a maximum of 250 days. For certain qualifying employees a portion of this benefit vests; for the balance, this benefit does not vest and cannot be converted to any other type of benefit. An actuarial valuation of these benefits was performed to determine the City's liability and accrued benefit obligation as at December 31, 2025. The valuation resulted in an actuarial loss of $67,600 at December 31, 2025 ($(49,300) at December 31, 2024). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2025 was $2 , 4 9 4 , 500 ($2,761,600 for 2024 ), comprised as follows: 2025 2024 Accrued benefit obligation, beginning of year $ 2 ,38 2 ,3 00 $ 2,236,200 Add: Current service costs 152 , 400 143,100 Interest on accrued benefit obligation 97,8 00 91,800 Actuarial loss/(gain) 6 7, 600 49,300 Less: Benefits paid during the year (46 7,3 00 ) (138,100) Accrued benefit obligation, end of year 2 , 2 3 2 ,8 00 2,382,300 11. E mployee Futu r e B enefits The City provides employee future benefits in the form of severance benefits and vested and non-vested sick leave to qualifying employees. These benefits are not separately funded. Severance benefits are cash settlements paid to employees who cease their employment with the City after a specified period of time. Employees hired before February 11, 1999 qualify for five days pay per year of employment, provided they either work a minimum of 20 years with the City or retire as defined by the Public Sector Pension Plan Act. Full time employees hired after February 11, 1999 qualify for 20 days pay provided they work a minimum of 10 years with the City and retire as defined by the Public Sector Pension Plan Act. The City permits regular employees to accumulate up to 18 days per year of service for future illnesses up to a maximum of 250 days. For certain qualifying employees a portion of this benefit vests; for the balance, this benefit does not vest and cannot be converted to any other type of benefit. An actuarial valuation of these benefits was performed to determine the City's liability and accrued benefit obligation as at December 31, 2025. The valuation resulted in an actuarial loss of $67,600 at December 31, 2025 ($(49,300) at December 31, 2024). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2025 was $2 , 4 9 4 , 500 ($2,761,600 for 2024 ), comprised as follows: 2025 2024 Accrued benefit obligation, beginning of year ,38 2 ,3 00 $ 2,236,200 Add: Current service costs 152 , 400 143,100 Interest on accrued benefit obligation 97,8 00 91,800 Actuarial loss/(gain) 6 7, 600 49,300 Less: Benefits paid during the year (46 7,3 00 ) (138,100) Accrued benefit obligation, end of year 2 , 2 3 2 ,8 00 2,382,300 11. E mployee Futu r e B enefits The City provides employee future benefits in the form of severance benefits and vested and non-vested sick leave to qualifying employees. These benefits are not separately funded. Severance benefits are cash settlements paid to employees who cease their employment with the City after a specified period of time. Employees hired before February 11, 1999 qualify for five days pay per year of employment, provided they either work a minimum of 20 years with the City or retire as defined by the Public Sector Pension Plan Act. Full time employees hired after February 11, 1999 qualify for 20 days pay provided they work a minimum of 10 years with the City and retire as defined by the Public Sector Pension Plan Act. The City permits regular employees to accumulate up to 18 days per year of service for future illnesses up to a maximum of 250 days. For certain qualifying employees a portion of this benefit vests; for the balance, this benefit does not vest and cannot be converted to any other type of benefit. An actuarial valuation of these benefits was performed to determine the City's liability and accrued benefit obligation as at December 31, 2025. The valuation resulted in an actuarial loss of $67,600 at December 31, 2025 ($(49,300) at December 31, 2024). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2025 was $2 , 4 9 4 , 500 ($2,761,600 for 2024 ), comprised as follows: 2025 2024 Accrued benefit obligation, beginning of year ,38 2 ,3 00 $ 2,236,200 Add: Current service costs 152 , 400 143,100 Interest on accrued benefit obligation 97,8 00 91,800 Actuarial loss/(gain) 6 7, 600 49,300 Less: Benefits paid during the year (46 7,3 00 ) (138,100) Accrued benefit obligation, end of year 2 , 2 3 2 ,8 00 2,382,300 $ 19,794,924 $ 12,291,720 $ (6,254,393) $ 25 ,83 2 , 251

Add: Unamortized actuarial gain Add: Unamortized actuarial gain Add: Unamortized actuarial gain Benefit liability

261 ,7 00 261 ,7 00 , 4 9 4 , 500 $ 261 ,7 00 , 4 9 4 , 500 $

379,300 379,300 2,761,600 379,300 2,761,600 2,761,600

Benefit liability Benefit liability

$ 2 , 4 9 4 , 500 $

Actuarial assumptions used to determine the City's accrued benefit obligation are as follows: 2025 Actuarial assumptions used to determine the City's accrued benefit obligation are as follows: 2025 Discount rate (long-term borrowing rate) 4.10 % Actuarial assumptions used to determine the City's accrued benefit obligation are as follows: 2025 Discount rate (long-term borrowing rate) 4.10 % Discount rate (long-term borrowing rate) Expected future inflation rate Expected future inflation rate Merit and inflationary wage and salary increases averaging Estimated average remaining service life of employees (years) Expected future inflation rate Merit and inflationary wage and salary increases averaging Estimated average remaining service life of employees (years) Merit and inflationary wage and salary increases averaging Estimated average remaining service life of employees (years) 1 3 .0 4.10 % 2.50 % 3 .26 % 2.50 % 3 .26 % 1 3 .0 2.50 3 .26 1 3 .0

2024 4.20 % 2.50 % 3.26 % 2024 4.20 % 2.50 % 3.26 % 13.0 2024 4.20 % 2.50 % 3.26 % 13.0 13.0

12. D ebt The City obtains debt financing through the MFA, pursuant to security issuing bylaws under authority of the Community Charter, to finance certain capital expenditures. Debt is reported net of Sinking Fund balances and interest expense is reported net of Sinking Fund earnings. During the year, the City's outstanding debt balance was reduced by a combination of direct principal payments and sinking fund earnings totaling $4 , 420 , 561 ( $4,293,743 for 2024 ). Interest payments for the year totaled $1 , 12 7, 4 3 1 ($1,306,307 for 2024 ). 12. D ebt The City obtains debt financing through the MFA, pursuant to security issuing bylaws under authority of the Community Charter, to finance certain capital expenditures. Debt is reported net of Sinking Fund balances and interest expense is reported net of Sinking Fund earnings. During the year, the City's outstanding debt balance was reduced by a combination of direct principal payments and sinking fund earnings totaling $4 , 420 , 561 ( $4,293,743 for 2024 ). Interest payments for the year totaled $1 , 12 7, 4 3 1 ($1,306,307 for 2024 ). 12. D ebt The City obtains debt financing through the MFA, pursuant to security issuing bylaws under authority of the Community Charter, to finance certain capital expenditures. Debt is reported net of Sinking Fund balances and interest expense is reported net of Sinking Fund earnings. During the year, the City's outstanding debt balance was reduced by a combination of direct principal payments and sinking fund earnings totaling $4 , 420 , 561 ( $4,293,743 for 2024 ). Interest payments for the year totaled $1 , 12 7, 4 3 1 ($1,306,307 for 2024 ).

62 | City of Maple Ridge - 2025 Annual Report