Annual Report 2022

Notes to the Consolidated Financial Statements For the year ended December 31, 2022 Consolidated Financial Statements

8. Deferred Revenues Deferred revenues held by the City were comprised as follows: December 31, 2021

Additions Revenue earned December 31, 2022

Property taxes

$ 8,589,236 $ 17,332,653 $ 16,783,679

$ 9,138,210

Connection Revenues

1,841,494 7,634,970

832,804 6,053,218

816,331 5,208,520

1,857,967 8,479,668

Other

$ 18,065,700 $ 24,218,675 $ 22,808,530

$ 19,475,845

9. Restricted Revenues Restricted revenues held by the City were comprised as follows: December 31, 2021 Collections/Interest

Disbursements December 31, 2022

Development cost charges

$ 21,077,096 $ 5,533,077 $ (7,215,685)

$ 19,394,488

Parkland acquisition charges Amenity Charges Parking Charges

2,195,991 7,003,779 999,812 6,806,435

350,922 2,267,542 70,847 542,392

-

2,546,913 8,648,420 1,070,659 7,218,266

(622,901)

-

Other

(130,561)

$ 38,083,113 $ 8,764,780 $ (7,969,147)

$ 38,878,746

10. Employee Future Benefits 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, 2021 and updated for December 31, 2022. The valuation resulted in a cumulative unamortized actuarial gain of $290,000 at December 31, 2022, (cumulative unamortized loss of $64,200 for 2021). Actuarial gains or losses are amortized over the expected average remaining service life of employees. The benefit liability at December 31, 2022 was $2,861,700 , ($3,145,300 for 2021) comprised as follows:

2022

2021

Accrued benefit obligation, beginning of year

$

3,209,500 $

3,317,900 200,400 49,100 82,300 (440,200) 3,209,500

Add: Current service costs

183,200 70,900 (290,000) (532,400) 2,641,200

Interest on accrued benefit obligation

Actuarial (gain)/loss

Less:Benefits paid during the year Accrued benefit obligation, end of year

Add: Unamortized actuarial (loss)/gain

220,500 2,861,700

(64,200)

Accrued Benefit liability

3,145,300

50 City of Maple Ridge - 2022 Annual Report