City of Surrey's Annual Financial Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS CITY OF SURREY

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

5. DUE TO OTHER GOVERNMENTS

2021

2020

$

58,438 39,000 29,321

$

Due to Federal Government (RCMP)

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

Due to TransLink (Note 13) Due to Regional Districts

9,066 9,172

Due to Province of British Columbia Due to other government entities

5,586

$

144,997

$

273,779

To support local governments during the COVID-19 pandemic in the 2020 fiscal year, the Province of British Columbia delayed the Provincial school tax remittance deadline to January 15th, 2021. As a result, the above Due to Province of British Columbia includes $9.07 million (2020 - $144.75 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 accidental death and 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:

2021

2020

$

29,738

$

Balance, beginning of year

28,663

2,114

Current service cost

1,923

659

Interest cost

777

(154)

Amortization of net actuarial gain

(169) (1,456)

(1,592) 30,765

Benefits paid

$

$

Accrued benefit liability, end of year

29,738

An actuarial valuation for these benefits was performed to determine the City’s accrued benefit obligation as at December 31, 2021. The difference between the actuarially determined accrued benefit obligation of $28.986 million and the accrued benefit liability of $30.765 million as at December 31, 2021 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 (2020 – 12 years).

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