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]

15. Pension plan

The City 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 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 City paid $16.0 million (2013 - $14.5 million) for employer contributions while employees contributed $13.2 million (2013 - $12.0 million) to the Plan in Fiscal 2014.

16. Taxation revenue

2014

2013

Tax collected:

$ 262,365

Property taxes

$ 248,683

276,085

Collections for other authorities

268,608

31,918

Drainage Parcel taxes

29,116

16,266

Grants-in-lieu of taxes

15,219

475

Other

274

587,109

561,900

Less transfers to other authorities: Province of BC - School Taxes

211,600

203,664

6,151

Greater Vancouver Regional District

6,180

6,792

BC Assessment Authority

6,593

42,765

Greater Vancouver Transportation Authority

41,413

8,777

Other

10,758

276,085

268,608

Taxation revenue

$ 311,024

$ 293,292

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