City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

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

6. EMPLOYEE FUTURE BENEFITS (CONTINUED)

Reconciliation of accrued benefit liability to accrued benefit obligation:

2020

2019

$

29,738

Actuarial benefit liability, end of year

$

28,663

(19)

Unamortized actuarial gain

(358)

$

29,719

Accrued benefit obligation, end of year

$

28,305

Actuarial assumptions used to determine the City’s accrued benefit obligation are as follows:

2020

2019

2.15% 1.80% 12.00

Discount rate

2.70% 1.80%

Expected future inflation rate

Employee average remaining service life (years)

12.00

7. DEPOSITS AND PREPAYMENTS

2020

2019

Deposits:

$

57,779 87,208 89,877

Future works

$

56,383 80,506 89,594

Planning and development

Engineering

4,124 1,359 2,778 3,829

Pavement cuts

4,266

Boulevard trees

1,761

Latecomer

984

Other deposits Total deposits

4,753

$

246,954

$

238,247

Prepayments: Taxes

$

43,026

$

42,400

3,974

Utilities

3,206

779

Other prepayments Total prepayments

627

47,779

46,333

Total deposits and prepayments

$

294,733

$

284,480

61