City of Surrey 2019 Annual Financial Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

For the year ended December 31, 2019 [tabular amounts in thousands of dollars]

18. TRUST FUNDS

These funds account for assets, which must be administered as directed by agreement or statute for certain beneficiaries. In accordance with PSAB recommendations on financial statement presentation for local governments, trust funds are not included in the City’s Consolidated Financial Statements. Amounts administered by the City as trust funds are as follows:

2019

2018

Assets Cash and short-term investments

$ 4,703

$ 4,239

Employee Benefits Fund

Cemetery Perpetual Care Fund

Equity

2019

2018

$ 4,239

Balance, beginning of year

$ 733

$ 3,506

$ 3,929

97

Employment insurance rebate

97

-

92

455

Contributions

-

455

302

6

Interest revenue

6

- - -

3

(17) (77)

Benefits purchased

(17) (77)

(17) (70)

Refunded to employees

$ 4,703

Balance, end of year

$ 742

$ 3,961

$ 4,239

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