2015 Financial Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey
For the year ended December 31, 2015 [tabular amounts in thousands of dollars]
16. PENSION PLAN
The City and its employees contribute to the Municipal Pension Plan (the Plan), a jointly trusteed pension plan. The Board of Trustees, representing plan members and employers, is responsible for administering the Plan, including investment of the assets and administration of benefits. The Plan is a multi-employer defined benefit pension plan. Basic pension benefits provided are based on a formula. As at December 31, 2015, the Plan has about 185,000 active members and approximately 80,000 retired members. Active members include approximately 37,000 contributors from local government. The most recent valuation for the Plan as at December 31, 2012 indicated a $1,370 million funding deficit for basic pension benefits on a going concern basis. The next valuation will be as at December 31, 2015 with results available in 2016. Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate, resulting in no consistent and reliable basis for allocating the obligation, assets and cost to the individual employers participating in the Plan. The City paid $16.8 million (2014 - $16.0 million) for employer contributions while employees contributed $14.0 million (2014 - $13.2 million) to the Plan in Fiscal 2015.
17. TAXATION REVENUE
2014
2015
Tax collected:
Property taxes
$
262,365
$
276,588
Collections for other authorities
276,085
281,012
Drainage Parcel taxes
31,918
50,108
Grants-in-lieu of taxes
16,266
17,440
Other
475
520
587,109
625,668
Less transfers to other authorities: Province of BC - School Taxes
211,600
212,851
Greater Vancouver Regional District
6,151
6,022
BC Assessment Authority
6,792
6,764
Greater Vancouver Transportation Authority
42,765
42,055
Other
8,777
13,320
276,085
281,012
$
311,024
Taxation revenue
$
344,656
73
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