Annual Report 2014

Surrey Public Library Notes to the financial statements

As at December 31, 2014, with comparative figures for 2013

3. Employee future benefits (continued)

2014

2013

Accrued benefit obligation Balance at beginning of year

$ 1,689,300

$ 2,034,900

126,000

Current service cost

120,300

69,800

Interest cost

72,900

139,800

Actuarial loss (gain)

(478,100)

(110,000)

Benefits paid

(60,700)

$ 1,914,900

Accrued benefit obligation, end of year

$ 1,689,300

Reconciliation of accrued benefit obligation to accrued benefit liability: 2014

2013

$ 1,914,900

Accrued benefit obligation, end of year

$ 1,689,300

(182,623)

Unamortized actuarial loss

(68,690)

Accrued benefit liability, end of year

$ 1,732,277

$ 1,620,610

The total expenses recorded in the financial statements in respect of obligations under these plans amounts to $221,667 (2013 - $255,957)

Actuarial assumptions used to determine the Library’s accrued benefit obligation are as follows: 2014

2013

3.20%

Discount rate

4.00%

2.50% 2.50% 0.50%

Expected future inflation rate

2.50% 2.50% 0.50%

Expected wage and salary inflation

Expected wage and salary range increases

4. Deferred Revenue

2014

2013

$ 93,698

Balance, beginning of year

$

187,313 136,232 (229,847)

151,786

Amounts received for grants, sponsorships and other

(161,653)

Amounts recognized as Provincial and Federal grants revenue

$ 83,831

Balance, end of year

$

93,698

70

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