CAnFR 2017 Full Report

Consolidated Financial Statements ___________________________________________________

Tangible capital assets do not include works of art or historical treasures. Costs related to the acquisition of such items are expensed in the year in which they are acquired.

(e)

Liability for Contaminated Sites Contaminated sites are a result of contamination being introduced into air, soil, water or sediment of a chemical, organic or radioactive material or live organism that exceeds an environmental standard. Liabilities are recorded net of any expected recoveries. A liability for remediation of a contaminated site is recognized when a site is not in productive use and the following criteria are met: i. an environmental standard exists;

ii. contamination exceeds the environmental standards; iii. the City is directly responsible or accepts responsibility; iv. it is expected that future economic benefits will be given up; and v. a reasonable estimate of the amount can be made.

The liability is recognized as management's best estimate of the cost of post4remediation including operation, maintenance and monitoring that are an integreal part of the remediation strategy for a contaminated site. Management has assessed its potential liabilities for contamination, including sites that are no longer in productive use and sites for which the City accepts responsibility. There were no such sites that had contamination in excess of an environmental standard requiring remediation at this time, therefore no liability was recognized at December 31, 2017 or December 31, 2016. Taxes are recorded at estimated amounts when they meet the definition of an asset, have been authorized and the taxable event occurs. Annual levies for non4optional municipal services and general administrative services are recorded as taxes for municipal services in the year they are levied. Taxes receivable are recognized net of an allowance for anticipated uncollectable amounts. Levies imposed by other taxing authorities are not included as taxes for municipal purposes. Through the British Columbia Assessments' appeal process, taxes may be adjusted by way of supplementary roll adjustments. The effects of these adjustments on taxes are recognized at the time they are awarded. Government transfers Government transfers are recognized as revenue in the financial statements when the transfer is authorized and any eligibility criteria are met, except to the extent that transfer stipulations give rise to an obligation that meets the definition of a liability. Government transfers are recorded as deferred revenue when transfer stipulations give rise to a liability and are recognized in the statement of operations as the stipulated liabilities are settled. Development revenues Receipts that are restricted by the legislation of senior governments or by agreement with external parties are a liability of the municipality and are reported as Restricted Revenues at Revenue Recognition Taxation User fees and other revenue Charges for sewer and water usage are recorded as user fees and other revenue.

(f)

City of Maple Ridge - 2017 Annual Report Page 43