126 / 150
As at December 31, 2014, with comparative figures for 2013
70
Surrey Public Library
Notes to the financial statements
3. Employee future benefits (continued)
2014
2013
Accrued benefit obligation
Balance at beginning of year
$ 1,689,300
$ 2,034,900
Current service cost
126,000
120,300
Interest cost
69,800
72,900
Actuarial loss (gain)
139,800
(478,100)
Benefits paid
(110,000)
(60,700)
Accrued benefit obligation, end of year
$ 1,914,900
$ 1,689,300
Reconciliation of accrued benefit obligation to accrued benefit liability:
2014
2013
Accrued benefit obligation, end of year
$ 1,914,900
$ 1,689,300
Unamortized actuarial loss
(182,623)
(68,690)
Accrued benefit liability, end of year
$ 1,732,277
$ 1,620,610
The total expenses recorded in the financial statements in respect of obligations under these plans
amounts to $221,667 (2013 - $255,957)
Actuarial assumptions used to determine the Library’s accrued benefit obligation are as follows:
2014
2013
Discount rate
3.20%
4.00%
Expected future inflation rate
2.50%
2.50%
Expected wage and salary inflation
2.50%
2.50%
Expected wage and salary range increases
0.50%
0.50%
4. Deferred Revenue
2014
2013
Balance, beginning of year
$ 93,698
$
187,313
Amounts received for grants, sponsorships and other
151,786
136,232
Amounts recognized as Provincial and Federal grants revenue
(161,653)
(229,847)
Balance, end of year
$ 83,831
$
93,698