2025 Annual Report-final June 4

FINANCIAL STATEMENTS

Consolidated Financial Statements Notes to the Consolidated Financial Statements (continued) Consolidated Financial Statements 21. B ud g et Budget amounts represent the Financial Plan Bylaw 8019-2025 adopted by Council on April 8, 2025. 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: 21. B ud g et Budget amounts represent the Financial Plan Bylaw 8019-2025 adopted by Council on April 8, 2025. 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 R evenue Taxation

$ 127,542,066 68,112,857 65,683,969 20,000,000 281,338,892 $ 127,542,066 68,112,857 65,683,969 20,000,000 281,338,892 68,157,049 32,292,104 34,997,240 22,417,635 23,412,159 29,813,918 9,459,136 220,549,241 68,157,049 32,292,104 34,997,240 22,417,635 23,412,159 29,813,918 9,459,136 220,549,241 $ 60, 7 89,65 1 $ 60, 7 89,65 1 241,255,306 4,960,197 241,255,306 4,960,197 117,762,550 30,808,007 36,855,295 117,762,550 30,808,007 36,855,295

User fees and other revenue User fees and other revenue

Other Other

Contributed subdivision infrastructure Contributed subdivision infrastructure

Total R evenue Total R evenue

E xpenses Protective services Transportation services Recreation and cultural E xpenses Protective services Transportation services Recreation and cultural

Water utility Sewer utility Water utility Sewer utility

General Government General Government Planning, public health and other Planning, public health and other

Total expenses Total expenses A nnual Surplus A nnual Surplus

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

$ $

- -

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, 2024, the plan has about 273,000 active members and approximately 133,000 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. 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, 2024, the plan has about 273,000 active members and approximately 133,000 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.

City of Maple Ridge - 2025 Annual Report | 67