City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

For the year ended December 31, 2020 [tabular amounts in thousands of dollars]

5. DUE TO OTHER GOVERNMENTS

2020

2019

$

58,551 39,000 24,973 145,669

Due to Federal Government (RCMP)

$

51,526 38,800 19,876

Due to TransLink (Note 13) Due to Regional Districts

Due to Province of British Columbia Due to other government entities

5,576 2,804

5,586

$

273,779

$

118,582

To support local governments during the COVID-19 pandemic, the Province of British Columbia provided for the delay in Provincial school tax remittances to the end of year with payment of outstanding remittances due by January 15, 2021. As a result, the above Due to Province of British Columbia includes $144.75 million (2019 - $3.44 million) of Provincial school tax payable.

6. 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.

Accrued benefit liability:

2020

2019

$

28,663

Balance, beginning of year

$

28,007

1,923

Current service cost

1,834

777

Interest cost

814

(169)

Amortization of net actuarial gain

(494)

(1,456)

Benefits paid

(1,498)

$

29,738

Accrued benefit liability, end of year

$

28,663

An actuarial valuation for these benefits was performed to determine the City’s accrued benefit obligation as at December 31, 2020. The difference between the actuarially determined accrued benefit obligation of $29.719 million and the accrued benefit liability of $29.738 million as at December 31, 2020 is an unamortized actuarial gain as noted below. The actuarial gain is amortized over a period equal to the employees’ average remaining service life of 12 years (2019 – 12 years).

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