Annual Report 2014

City of Surrey

Notes to the Consolidated Financial Statements For the year ended December 31, 2014 [tabular amounts in thousands of dollars]

10. Debt (continued)

Sinking fund installments and mortgage payments on net outstanding debenture debt and loans payable over the next five years and thereafter are as follows:

Sinking fund installments and actuarial adjustments

Total

Loan payments

$ 14,057

2015 2016 2017 2018 2019

$

5,118 5,323 5,536 5,757 5,987

$

8,939

6,240 6,490 6,750 7,020

917 954 993

1,033

201,419

2020 and thereafter

173,714

27,705

$ 241,976

Total

$ 201,435

$ 40,541

Interest charges on debt are as follows:

2014

2013

$

6,342

Cash for interest payments

$

4,454

2,009

Interest accrued at December 31

1,327

(259)

Less: Capitalized Interest

(276)

$

8,092

Total interest expense

$

5,505

11. Employee future benefits

The City provides certain post-employment and sick leave benefits to its employees. These benefits include accumulated non-vested sick leave, post-employment service pay and post-retirement top-ups for dental, life insurance and accidental death, dismemberment insurance, vacation deferral, supplementary vacation and benefit continuation for disabled employees. The liability associated with these benefits is calculated based on the present value of expected future payments pro-rated for services, and is included in accounts payable and accrued liabilities.

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