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
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