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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
24
City of Surrey
10. Debt (continued)
Sinking fund installments and mortgage payments on net outstanding debenture debt and loans payable
over the next five years and thereafter are as follows:
Sinking fund installments
and actuarial adjustments
Loan payments
Total
2015
$
5,118
$
8,939
$ 14,057
2016
5,323
917
6,240
2017
5,536
954
6,490
2018
5,757
993
6,750
2019
5,987
1,033
7,020
2020 and thereafter
173,714
27,705
201,419
Total
$ 201,435
$ 40,541
$ 241,976
Interest charges on debt are as follows:
2014
2013
Cash for interest payments
$
6,342
$
4,454
Interest accrued at December 31
2,009
1,327
Less: Capitalized Interest
(259)
(276)
Total interest expense
$
8,092
$
5,505
11. 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 and accidental death, 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, and is included in accounts payable
and accrued liabilities.