City of Surrey's Annual Financial Report 2021

NOTESTOTHE CONSOLIDATED CITY OF SURREY FINANCIAL STATEMENTS

For the year ended December 31, 2021 [tabular amounts in thousands of dollars]

6. EMPLOYEE FUTURE BENEFITS (CONTINUED)

Reconciliation of accrued benefit liability to accrued benefit obligation:

2021

2020

$

30,765

$

Actuarial benefit liability, end of year

29,738

(1,779)

Unamortized actuarial gain

(19)

$

28,986

$

Accrued benefit obligation, end of year

29,719

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

2021

2020

2.55% 1.80% 12.00

Discount rate

2.15% 1.80%

Expected future inflation rate

Employee average remaining service life (years)

12.00

7. DEPOSITS AND PREPAYMENTS

2021

2020

Deposits:

$

61,720 98,702 127,100

$

Future works

57,779 87,208 89,877

Planning and development

Engineering

4,536 1,232 3,416 2,443

Pavement cuts Boulevard trees

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

Latecomer

Other deposits Total deposits

$

299,149

$

246,954

Prepayments: Taxes

$

47,119 4,475

$

43,026

Utilities

3,974

552

Other prepayments Total prepayments

779

52,146

47,779

Total deposits and prepayments

$

351,295

$

294,733

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