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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
32
City of Surrey
15. 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 overseeing
the management of the Plan, including investment of the assets and administration of benefits. The Plan
is a multi-employer contributory pension plan. Basic pension benefits are based on a formula. The Plan
has about 182,000 active members, approximately 75,000 retired members. Active members include
approximately 36,000 contributors from local government.
The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding deficit for
basic pension benefits. 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, with the result that there is no consistent
and reliable basis for allocating the obligation, assets and cost to the individual employers participating in
the Plan.
The City paid $16.0 million (2013 - $14.5 million) for employer contributions while employees contributed
$13.2 million (2013 - $12.0 million) to the Plan in Fiscal 2014.
16. Taxation revenue
2014
2013
Tax collected:
Property taxes
$ 262,365
$ 248,683
Collections for other authorities
276,085
268,608
Drainage Parcel taxes
31,918
29,116
Grants-in-lieu of taxes
16,266
15,219
Other
475
274
587,109
561,900
Less transfers to other authorities:
Province of BC - School Taxes
211,600
203,664
Greater Vancouver Regional District
6,151
6,180
BC Assessment Authority
6,792
6,593
Greater Vancouver Transportation Authority
42,765
41,413
Other
8,777
10,758
276,085
268,608
Taxation revenue
$ 311,024
$ 293,292