Annual Report 2014

Surrey Public Library Notes to the financial statements

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

7. Accumulated Surplus

2014

2013

$ 5,672,972

Tangible Capital Assets

$ 5,834,737

231,187 173,338 (497,525)

Appropriated for Materials on Order

253,980 173,338 (497,525)

Unappropriated Surplus

Unfunded Employee Future Benefits

Total surplus

$ 5,579,972

$ 5,764,532

8. Pension Plan

The Library and its employees contribute to the Municipal Pension Plan (the Plan), a jointly trusteed pension plan. The Board of Trustees, representing plan members and employers, is responsible for overseeing the management of the Plan, including investment of the assets and administration of benefits. The Plan is a multi-employer contributory pension plan. Basic pension benefits provided are based on a formula. The Plan has about 182,000 active members, approximately 75,000 retired members. Active members include approximately 36,000 contributors from local government.

The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available in 2016.

Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to the individual employers participating in the Plan.

The Library paid $797,000 (2013 - $759,000) for employer contributions while employees contributed $718,000 (2013 - $681,000) to the Plan in fiscal 2014.

9. Budget Figures

The budget data presented in these financial statements is based on the 2014-2018 Financial Plan of the City of Surrey. A reconciliation of budgeted results to reported results is as follows:

2014 Budget

$

-

Budgeted operating surplus as approved

(2,492,000)

Less: Amortization

2,000,000

Add: Budgeted acquisitions of tangible capital assets

$

(492,000)

Budgeted deficit as presented

72