P. 1
Financial Statements - City of Pitt Meadows 2011

Financial Statements - City of Pitt Meadows 2011

|Views: 501|Likes:
Financial statements for 2011 from the City of Pitt Meadows
Financial statements for 2011 from the City of Pitt Meadows

More info:

Published by: Monisha Caroline Martins on Jun 22, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

06/22/2012

pdf

text

original

CITY OF PITT MEADOWS

MEETING OF COUNCIL IN COMMITTEE
To: From: Date: Subject: RECOMMENDATION: . THAT Council: A. Approve the 2011 Statement of Financial Information package (Attachment A) for submission to the Ministry of Community, Sport and Cultural Development and for availability to the public. Chief Administrative Officer Director of Finance May 25,2012 2011 Statement of Financial Information File No: 1615-01/12 Bylaw/Policy:

CHIEF ADMINISTRATIVE

OFFICER'S COMMENTS:

PURPOSE: The purpose of this report is to gain Council approval of the filing under the Financial Information Act, of the Statement of Financial Information, as required by BC Reg. 371/93. BACKGROUND: The Statement of Financial Information is an annual requirement of the Financial Information Act. This information must be approved by Council and the Chief Financial Officer and submitted to the Ministry of Community, Sport and Cultural Development no later than June 30th. This information must also be made available to the public. DISCUSSION: The Statement of Financial Information is composed of the following: • • • Statement of Financial Information Approval Management Report 2011 Audited Financial Statements

2011 Statement of Financial Information • • • Schedule of Council and Employee Remuneration and Expenses Schedule of Payments to Suppliers of Goods and Services Statement of Severance Agreements

2

The provision of the information in this format also fulfills the requirements of section 168(1) of the Community Charter for the reporting of Council remuneration, expenses and contracts. SUMMARY/CONCLUSION: Approval of this information is required for submission to the Ministry of Community, Sport and Cultural Development and for availability for public review.

Respectfully submitted,

Cheryl Harding Manager of Financial Services

Reviewed by:

Dean Rear Director of Finance

ATTACHMENTS: A. 2011 Statement of Financial Information Concurring Departments Department Signature

CITY OF PITT MEADOWS 2011 STATEMENT OF FINANCIAL INFORMATION As required by the Financial Information • • • • • • Statement of Financial Information Management Report and Expenses 2011 Audited Financial Statements Schedule of Council and Employee Remuneration Statement of Severance Agreements information to conform with Community Charter S. 168 (l){d) and (2) Schedule of Payments to Suppliers of Goods and Services Approval Act

Additional •

Disclosure of contracts with Council members or former Council members

#101285

CORPORATION OF THE CITY OF PITT MEADOWS STATEMENT OF FINANCIAL INFORMATION APPROVAL

The undersigned, as authorized by the Financial Information Regulation, Schedule 1, subsection 9(2), approves all the statements and schedules included in this Statement of Financial Information, produced under the Finonctat tnformation Act.

Director of Finance

Prepared pursuant to Financial Information

Regulation,

Schedule

1, section 9.

#101288

CORPORATION OF THE CITY OF PITT MEADOWS MANAGEMENT REPORT

The Financial Statements contained in this Statement of Financial Information under the Financial Information Act have been prepared by management in accordance with generally accepted accounting principles or stated accounting principles, and the integrity and objectivity of these statements are management's responsibility. Management is also responsible for all the statements and schedules, and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements. Management is also responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced. Council is responsible for ensuring that financial reporting and internal control. management fulfils its responsibilities for

The external auditors, BDO Canada LLP, conduct an independent examination, in accordance with generally accepted auditing standards, and express their opinion on the financial statements. Their examination does not relate to the other schedules and statements required by the Act. Their examination includes a review and evaluation of the City's system of internal control and appropriate tests and procedures to provide reasonable assurance that the financial statements are presented fairly. The external auditors have full and free access to Council and meet with it on an annual basis. On behalf of the Corporation of the City of Pitt Meadows,

Dean Rear, CA Director of Finance Date:

~;f~~t~

Prepared pursuant to Financial Information

Regulation,

Schedule

1, section 9.

#101290

1800

Tel: 604 688 5421 Fax: 604 688 5132 vancouver@bdo.ca www.bdo.ca

BDOCanada LLP 600 Cathedral Place 925 West Georgia Street Vancouver BC V6C 3L2 Canada

INDEPENDENT AUDITOR'S REPORT
To the Mayor and Council of the City of Pitt Meadows We have audited the accompanying consolidated financial statements of the City of Pitt Meadows, which comprise the Consolidated Statement of Financial Position as at December 31, 2011, and the Consolidated Statements of Operations, Change in Net Financial Assets and Cash Flow for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly in all material respects, the consolidated financial position of the City of Pitt Meadows as at December 31, 2011 and its consolidated results of operations and its consolidated cash flows for the year then ended, in accordance with Canadian public sector accounting standards.

~p~

c.~j~~

Chartered Accountants Vancouver, British Columbia May 8,2012

BOO Canada LLP, a Canadian limited liability forms part of the International BOO network

partnership, Is a member of BOO International of Independent member ffrms.

Limited,

a UK company limited by guarantee,

and

City of Pitt Meadows Consolidated Statement of Financial Position As at December 31, 2011 2010 (Restated note 11) $ 1,598,320 18,553,024 1,662,293 1,508,857 786,982 199,385 24,308,861 2,787,255 2,313,610 593,407 1,117,242 194,146 526,906 471,200 3,464,196 7,473,000 181940,962 5,367,899 155,324,844 204,475 98,601 155,627,920 $ 160,995,819

2011 FINANCIAL ASSETS Cash and Equivalents Portfolio Investments (Note 2) Property Taxes and Utilities Receivable Other Government Receivable General and Interest Receivable (Note 3) Development Installments (Note 4) $ 327,531 17,959,890 2,136,737 2,039,042 746,879 99,692 23,309,771 LIABILITIES Accounts Payable and Accrued Liabilities Other Government Payable Contractor Holdbacks Prepaid Taxes Refundable Performance Deposits Deferred Revenue (Note 5) Employee Benefit Obligation (Note 6) Development Cost Charges (Note 7) Debt (Note 8) 1,513,337 2,237,591 1,027,244 1,288,059 379,281 464,954 543,500 4,028,807 16,046,339 271529,112 NET FINANCIAL ASSETS (DEBT) NON FINANCIAL ASSETS Tangible Capital Assets (Note 9, Schedule 1) Inventories of Supplies Prepaid Expenses {4121913411 169,272,220 138,477 1371927 169,548,624 ACCUMULATED SURPLUS (Note 10) $ 165,3291283

See accompanying Notes to the Consolidated Financial Statements.

2

City of Pitt Meadows Consolidated Statement of Operations For the Year Ended December 31, 2011

2011 Budget (Note 15) REVENUES Municipal Property Taxes (Schedule 2) Parcel Taxes Private Utility Company Taxes Water Levy Sewer Levy Drainage Levy Solid Waste Levy Dyking Levy Sale of Services Licenses, Pennlts, Penalties, and Fines Return on Investments Governrnent Grants Contributions by Developers Contributions by Others $ 14,158,425 30.000 235.500 3,447,500 1,906.701 1.258.654 1,182,829 11.800 1,416,604 548,002 677,000 1,593,200 1.185,000 729.518 28,380,733 EXPENSES General Government Services Protective Services Transportation Services Water Services Sewer Services Drainage Services Solid Waste Services Dyking Services Recreation and Cultural Services Planning Services Less: Internal Equipment Charges 3,793,200 6,160,977 3.690,721 3,078,525 1,671,724 1,231,035 1,164.497 210,250 4,264,759 404,029 25,669,717 ~593.0002 25,076.717 ANNUAL SURPLUS ACCUMULATED ACCUMULATED $ 3,304,016

2011 Actual $ 14,138,966 29,295 262.397 3,287.245 1,937,702 1,256.690 1.208,520 12,744 1,355.517 806.313 593,414 1,532.099 1.388,816 1.6911152 29.500,870 4,179,159 5,784,561 3,628,601 2,841,765 1,614,259 1,288,098 1,150,797 198,879 4,607,697 4071275 25.701.091 i53316851 25.167,406 4,333,464 160,995.819 $165,329,283

2010 Actual ~Restated note 11~ $ 13,184,188 29,295 237.148 3,075,436 1,813,731 1,177,303 1,139,141 12,444 1,385,870 648,921 706,402 2,239,036 224,967 1.891,577 27,765.459 3,959,867 5.453,771 3,670,636 2,755,114 1,581,531 1.403,110 1.105,062 186,816 4,538,921 3961627 25,051.455 i4961396} 24,555,059 3,210,400 157.785.419 $ 160,9951819

SURPLUS, BEGINNING OF YEAR SURPLUS, END OF YEAR

See accompanying Notes to the Consolidated Financial Statements

3

Consolidated

City of Pitt Meadows Statement of Change In Net Financial Assets For the Year Ended December 31,2011

(Debt)

2011 Budget
Annual Surplus Acquisition of Tangible Capital Assets Amortization of Tangible Capital Assets Proceeds on Disposal of Tangible Capital Assets Loss on Disposal of Tangible Capital Assets

2011 Actual $ 4,333,464 (17,533,742) 3,531,479 26,783 281104 ~13,947,376l 651998 {391326l

2010 Actual (Restated note 11) $ 3,210,400 (12,946,889) 3,387,076 140,484 340,838 {9,078,491} (5,231) 147,219 (5,726,103) 11,094,002 $ 51367,899

$

3,304,016 (18,221,500) 3,531,479 26,783 28,104 ~14,6351134l

Net (Acquisition) Consumption of Supplies Net Use (Acquisition) DECREASE

of Inventories

of Prepaid Expenses ASSETS OF YEAR

IN NET FINANCIAL ASSETS,

$ (11,331,118)

(9,587,240) 5,367,899 $ (4,219,341)

NET FINANCIAL NET FINANCIAL

BEGINNING

ASSETS (DEBT), END OF YEAR

See accompanying

Notes

to the Consolidated Financial Statements.

4

City of PiU Meadows Consolidated Statement of Cash Flow For the Year Ended December 31,2011

2011 Actual

2010 Actual ~Restated note 11}

OPERATING TRANSACnONS Annual Surplus Non Cash Items Included in Annual Surplus: Contributions from Developers and Others Amortization Loss on Disposal of Tangible Capital Assets (Increase) Decrease in Inventories of Supplies Decrease (Increase) in Prepaid Expenses Decrease (Increase) in Non Cash Operating Items Decrease in Development Installments Increase in Refundable Performance Deposits Increase (Decrease) in Deferred Revenue Cash Provided by Operating Transactions CAPITAL TRANSACTIONS Proceeds on Disposal of Tangible Capital Assets Cash Used to Acquire Tangible Capital Assets Cash Applied to Capital Transactions INVESTING TRANSACTIONS Net (Purchase) SalelMaturity of Portfolio Investments FINANCING TRANSACTIONS Development Cost Charge Receipts and Interest Proceeds from Long-term Debt and Temporary Borrowing Repayment of Temporary Borrowing Repayment of Long Term Debt Cash Provided from Financing Transactions (DECREASE) IN CASH AND EQUIVALENTS CASH AND EQUIVALENTS, BEGINNING OF YEAR CASH AND EQUIVALENTS, END OF YEAR

$

4,333,464 (1,819,995) 3,531,479 28,104 65,998 (39,326) (1,637,509) 99,693 185,135 ~61,952l 4,685,091

$

3,210,400 (69,443) 3,387,076 340,838 (5,231) 147,219 1,523,538 134,059 17,942 186,934 8,8731332 140,484 (12,946,889) ~121806,4051

26,783 (15,786,883) ~15,760,100l

593,134

{3,7521108l 657,153 8,360,430 (4,662,430)

637,748 8,746,000 ~172,.662} 9,211,086 (1,270,789) 1,598,320

41355,153 (3,330,028) 419281348

$

327,531

$

1,598,320

See accompanying Notes to the Consolidated Financial Statements.

5

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31,2011

The City was incorporated as a District Municipality in 1914 under the Municipal Act (now a combination of the Community Charter and the Local Government Act), a statute of the Province of British Columbia. Effective January 1, 2007, the articles of incorporation of the municipality were changed by an Order in Council of the provincial government to reflect a change in its name to the City of Pitt Meadows. Its principal activities include the provision of local government services to the residents of the incorporated area. These services include community planning, protective, transportation, recreational, solid waste, water, sewer, drainage and dyking services.
1. SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements of the City of Pitt Meadows are the representations of management prepared in accordance with Canadian public sector accounting standards as prescribed by the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered Accountants. The consolidated financial statements reflect the assets, liabilities, revenues, expenses, and accumulated surplus of the reporting entity which is comprised of all organizations that are accountable for the administration of their financial affairs and resources to the Council and are controlled or owned by the City, including the Pitt Meadows Economic Development Corporation which was incorporated on March 5,2010. Inter-entity balances and transactions have been eliminated on consolidation. The preparation of consolidated financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the period. Significant areas requiring use of management estimates relate to the determination of employee benefit obligations, useful life of tangible capital assets, setUement costs associated with legal claims, and collectability of accounts receivable. As such, actual results could differ from those estimates. Revenue is recorded on the accrual basis and included in revenue in the period in which the transactions or events occurred that give rise to the revenues. Revenue unearned in the current period is recorded as deferred revenue. Unconditional grant revenue is recognized when received. Conditional grant revenue is recognized to the extent that any liability created by eligibility criteria has been satisfied.
Expense Recognition Government Transfers Revenue Recognition Use of Estimates

Basis of Presentation

Expenses are recognized in the period the goods and services are acquired and a liability is incurred or transfers are due. Cash and equivalents consist of cash, bank balances, highly liquid money market investments and shortterm investments with maturities of less than 90 days at acquisition. Investments, other than Municipal Finance Authority Pooled Funds which are recorded at market value, are recorded at cost. Investment premiums and discounts are amortized over the term of the respective irivestment. Investments are written down when there is, in the opinion of management, a permanent decline in value.
Portfolio Investments cash and Equivalents

6

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Vear Ended December 31, 2011

1.

SIGNIFICANT ACCOUNTING POLICIES (continued)

Non Financial Assets Tangible capital and other non financial assets are reported as assets as they can be used to provide government services in future periods. These assets do not normally provide resources to discharge liabilities unless they are sold. Tangible Capital Assets Tangible Capital Assets, comprised of capital assets and capital work-in-progress, are recorded at cost which includes all amounts that are directly attributable to acquisition, construction, development and betterment of the assets. Interest incurred during construction is capitalized. The cost, less residual value, is amortized on a straight-line basis over the estimated useful lives of the assets as follows: Land Road Infrastructure Drainage Infrastructure Water Infrastructure Sewer Infrastructure Dyking Infrastructure Other Infrastructure Buildings Land Improvements Vehicles Equipment and Furnishings No amortization 20 to 100 years 30 to 80 years 10 to 80 years 30 to 80 years No amortization 50 to 100 years 20 to 50 years 20 to 30 years 5to 20 years 4 to 10 years

In the year of acquisition, amortization begins the first day of the month the asset is in service. Contributed tangible capital assets are recorded at their fair value at the date of contribution. contribution is also recorded as revenue. The

Property Tax Collections for Other Govemments The City is required by legislation to bill and collect property taxes on behalf of other governments. These revenues and payments are not included In the City's financial statements. 2. PORTFOLIO INVESTMENTS

The City's portfolio of invesbnents include bonds, deposits and notes of provincial governments and agencies, deposits and notes of chartered banks, and deposits in the Municipal Finance Authority Money Market Fund and Short Term Bond Fund. The various instruments have stated rates of return ranging from 2.70% to 5.25% (2010 - 2.70% to 5.25%), with varying maturity dates up to July 2021. The market value of the investments as at December 31, 2011 was $18,221,281 (2010 - $18,611,700). It is the City's practice to buy and hold Investments to maturity in order to realize the stated rate of return.

7

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31,2011

3.

GENERAL AND INTEREST RECEIVABLE

General and interest receivable included a loan receivable from the Pitt Meadows Airport Society. The loan was repayable in equal annual installments of $50,000, with the final payment due in 2011. The loan was non-interest bearing.

4.

DEVELOPMENT INSTALLMENTS

Development installments represent funds due from developers and others within two years. Funds realized upon collection of these receivables can only be used for expenditures as provided by the Development Cost Charge Reserve Fund Expenditure Bylaw and the relevant sections of the local Government Act, unless otherwise authorized by the Ministry of Community, Sport and Cultural Development 5. DEFERRED REVENUE

Deferred revenue includes:

The developer contributions will be recognized as revenue in future years when the related capital projects, for which they were collected, are completed. The other revenues will be recognized when the related services or grant projects are performed or completed. 6. EMPLOYEE BENEFIT OBLIGATION

The City provides non-vested sick leave, service severance, overtime bank, and vacation benefits to its employees. These benefits are described as follows: Non-Vested Sick leave: Employees are entitled to a sick leave benefit of 1.5 days for each month of service which may be accumulated to a maximum of 250 days. b) Service Severance: Upon retirement, employees are eligible for a payout of 3 days per year of service accumulated after January 1, 1969, paid at his or her current rate of pay. Upon termination or death, employees who have completed 8 or more years of service accumulated after January 1, 19Q_9 are eligible for a payout of 1 day per year of service paid at his or her current rate of pay. c) Overtime Bank: Employees may accumulate overtime hours in a bank. Upon termination, retirement or death accrued overtime is paid out at his or her current rate of pay. d) Deferred Vacation: Employees may defer a portion of their annual vacation entitlement Employees in the collective bargaining unit who are entitled to 25 vacation days or more are subject to a maximum accumulation of 20 days. Exempt employees are subject to a maximum of 10 days. 8 a)

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31, 2011 6.
e)

EMPLOYEEBENEFITOBLIGATION(continued)
Supplementary Vacation: Employees are entitled to 5 days of supplementary vacation every five years. Employees in the collective bargaining unit are entitled commencing the fifteenth year of service. Exempt employees are entitled commenCing the fifth year of service. The supplementary days must be used during the five year period following entitlement.

The liabilities and expenses for these post employment benefits and compensated absences are recognized in the financial statements in the period in which the employees render services. rather than in the period in which employees are no longer providing service and the benefits actually paid. The accrued benefit obligation and the net periodic benefit cost are estimated using an actuarial cost method. Information about obligations for employee sick leave, overtime. vacation and retirement benefits are as follows:

The most recent actuarial valuation of the City's employee benefit obligation was completed as at December 31. 2009. The significant actuarial assumptions used in measuring the City's accrued benefit obligations include estimated future wage increases and the following:

7.

DEVELOPMENTCOST CHARGES

The change in Development Cost Charges is as follows:

9

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31,2011

8.

DEBT

Debt includes long-tenn debt and temporary borrowing as follows:

a)

long-tenn debt The City obtains debt financing through the Municipal Finance Authority in accordance with the Community Charter to finance certain capital expenditures. The gross and outstanding amounts of the long-tenn debt are as follows:

Future sinking fund and principal payments on net outstanding long-tenn debt over the next five years and thereafter are as follows:

~V.Nr.Rllm
2012 2013 2014 2015 2016 Thereafter Total b) Temporary Borrowing:

~Amoiimi#.,f~]
177895 185011 192411 200108 208112 3638802 $4602339 $

The City has temporary capital financing through the MuniCipal Finance Authority Interim Financing program for the follOWingcapital projects:

Regular principal payments are not required, but funds borrowed under this program must either be repaid or converted to long tenn borrowing through a debenture issue within five years. The outstanding balance bears interest at approximately prime less 1.25%, which is paid monthly.

10

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31, 2011

9.

TANGIBLE CAPITAL ASSETS Included in

Schedule 1 details Tangible Capital Asset cost and accumulated amortization information. these balances is the following:

lII~For the Year Ended December 31. Contributed Assets: land land Improvements Roads Drainage Infrastructure Water Infrastructure Sewer Infrastructure Total Contributed Assets Capitalized Interest

2011~,
$ 294400 596171 350,677 484686 23427 12699 $ 1762,060 108595 $

2010~

-

$ $

9,870

-

$

Contributed assets are included in revenue as contributions in the year of contribution.

10.

ACCUMULATED SURPLUS

Accumulated Surplus includes Equity in Tangible Capital Assets, Current Fund Surplus and Statutory Reserves as follows:

11.

PRIOR PERIOD ADJUSTMENTS

In 2009, the City adopted the provisions of Section 3150 of the PSAB Handbook and recorded the City's tangible capital assets, net of related amortization, as non-financial assets. During 2011, additional information became available about the City's inventory of tangible capital assets and the financial statements have been retroactively adjusted. The change represents less than 1% of tangible capital assets. The impact of these changes was to: Increase opening accumulated surplus by $1,262,360 Increase closing accumulated surplus by $1,210,413 as follows: 11

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31,2011

11.

PRIOR PERIOD ADJUSTMENTS (continued)

Decrease annual surplus by $51,947 as follows:

12.

SEGMENTED INFORMATION

For reporting purposes, City activities have been aggregated into functional segments based on the services each activity provides. The Consolidated Schedule of Segment Disclosure (Schedule 3) reports the revenues and expenses that are directly attributable to each functional segment The revenues and expenses that cannot be directly attributable or allocated on a reasonable basis to individual segments are reported in the unallocated segment The following describes the services included in each segment General Government Services The General Government segment includes administration, legislative, financial, human resources, information technology, economic development and sustainability services. Protective Services The Protective Services segment includes Police services provided by the RCMP and support services by the District of Maple Ridge, fire protection, bylaw enforcement, business licensing, building inspection, animal control and emergency program services. Transportation Services The Transportation Services segment includes engineering, operations maintenance services.

administration,

and roads

UtIlity, Solid Waste and Dyklng Services The Utility, Solid Waste and Dyking Services segment Includes drainage, water, and sewer utility services, the solid waste collection and disposal service and dyking services. Recreation and Cultural Services The Recreation and Cultural Services segment includes parks and recreation services provided by the District of Maple Ridge, library services provided by the Fraser Valley Regional Library, and the operations of the Pitt Meadows Arena. Planning Services The Planning Services segment includes services for managing development and community planning.

12

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31, 2011

12.

SEGMENTED INFORMATION (continued)

Unallocated The Unallocated segment includes the following revenues and expenses that cannot be directly attributable or reasonably allocated to a segment municipal property taxation and penalties and interest charged thereon, taxes in lieu, retum on investments, and interest paid on development cost charge funds and tax prepayment accounts. 13. MUNICIPAL PENSION PLAN

The municipality and its employees contribute to the Municipal Pension Plan (the Plan), a jointly trusteed pension pian'. 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 penson plan. Basic pension benefits provided are defined. The plan has about 173,000 active members and approximately 63,000 retired members. Active members include approximately 35,000 contributors from local govemments. The latest valuation as at December 31, 2009 indicated an unfunded liability of $1,024 million for basic pension benefits. The next valuation will be as at December 31,2012, with results available in 2013. Defined contribution plan accounting is applied to the Plan as the Plan exposes the participating entities to actuarial risks associated with the current and former employees of other entities, with the result that there is no consistent and reliable basis for allocating the obligation, Plan assets and cost to individual entities participating in the Plan. The City of Pitt Meadows paid $319,122 (2010 - $296,264) for employer contributions to the Plan in fiscal 2011. 14. a) CONTINGENT LIABILITIES AND COMMITMENTS The City is a member of the Municipal Insurance Association (MIA), which operates under a reciprocal insurance exchange agreement. The main purposes of the exchange agreement are: (1) to pool the risk of third party liability claims against member municipalities (apprOximately 170) in order to allow for stable financial planning related to those liability claims; and (2) to engage in broad risk management strategies to reduce accidents or occurrences that may result in liability claims against the City. The City is assessed an annual premium by MIA based on factors such as population, administrative costs, premium tax and re-insurance costs. MIA is subject to financial oversight by the Provincial Govemment

b) The City self insures for certain potential financial losses arising from the penetration of water into building envelopes ("leaky buildings·) and acts of terrorism, for any claims made after January 1st, 2002. c) The City has cost sharing agreements with the District of Maple Ridge to provide services in a more efficient and cost effective manner. These agreements cover the provision of all parks and leisure services, and police housing and support services. The costs are shared on the basis of proportionate population, and Council can terminate the agreement(s) by providing four months to one year's notice. The City has a long-term service agreement with another organization for the provision of fire and public works dispatch services. This agreement has an annual cost of approximately $32,000 and will expire on December 31,2014.

d)

13

City of Pitt Meadows Notes to the Consolidated Financial statements For the Year Ended December 31,2011

14. e)

CONTINGENT LIABILmES

AND COMMITMENTS (continued)

The City has been named defendant in a number of claims that are currently pending. In determining their estimated exposure the City has relied upon their understanding of the claims, including activities undertaken by the other parties, as well as discussions with legal counsel. In those cases where an unfavourable outcome is likely, a provision for anticipated costs has been accrued. In the opinion of management, the amount of any loss from these claims cannot be reasonably estimated, nor can the likelihood of their outcomes be known at this time. Therefore, management has made no provision for these claims and any future settlement will be accounted for in the year of settlement As at December 31, 2011 there were various property assessment appeals pending. The outcome of those appeals may result in adjustments to property taxes receivable for the current and prior years. The City has made no specific provision for these appeals as the outcome is indeterminable. The City is a member of E-Comm, an organization comprised predominately of· member municipalities, for the purpose of providing emergency dispatch services. The City is represented on the board, and as a Class 'A' shareholder has voting rights should the organization want to incur additional debt The E-Comm facility was constructed using debt as a financing mechanism and members are liable for a proportionate share of that debt. This debt is repaid by members through annual fees charged by E-Comm. Should E-Comm dissolve, members would be liable for proportionate share of any residual debt Altematively should a member choose to opt out of E-Comm, they would be liable for a proportionate share of debt at the time of withdrawal.

f)

g)

a

h)

On September 15, 2009 the City agreed to an Offer to lease for approximately 12,200 square feet of space at 12059 Harris Road, Pitt Meadows for the purpose of relocating the Pitt Meadows library in 2011. The proposed term of the lease offer is ten years commencing after the fixturing period. When executed, the lease will have annual minimum rent of $151,000 and is subject to annual CPI increases in the second five year period of the term. In October, 2010 the City signed an Offer to lease for approximately 9,500 square feet of space in a senior's residential facility for the purposes of operating a Senior's Centre. Construction of the facility began in 2011, with the lease to commence in September, 2012. The term of the lease is forty years plus a 20 year renewal term. The rent for the period is $1,549,506, due at the commencement of the lease. In February, 2011 the City Signed an Operating and Maintenance Agreement with Nustadla Recreation Inc. for the operation and maintenance of the Pitt Meadows Arenas. The agreement is effective May 1, 2011, with an initial term of five years and four optional renewal periods. An annual management fee of $100,000 is payable under the agreement (adjusted annually for inflation), with payments due in equal monthly installments. The City has a long-term service agreement with the Province of British Columbia for the provision of police services by the Royal Canadian Mounted Police with an annual cost of approximately $3.1 million. The current agreement expired March 31, 2012, however a new agreement has been finalized which when executed Is to commence effective April 1, 2012, expiring on March 31, 2032.

i)

j)

k)

14

City of Pitt Meadows Notes to the Consolidated Financial Statements For the Year Ended December 31,2011

15.

BUDGET

The budget amounts which are presented for comparative purposes reflect the statutory budget as adopted by Council on February 1, 2011 adjusted for amortization and other items for comparability with the actual results. The following reconciles the balanced statutory budget and the budget surplus reported on the Consolidated Statement of Operations.

16.

COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform to the current year presentation.

15

j:::

I

~

o cS

~

.... ....

I

16

City of Pitt Meadows Consolidated Schedule of Municipal Property Taxes and Other Tax Levies For the Vear Ended December 31, 2011 Schedule 2 Schedule of Municipal Property Taxes: 2011 Budget Real Property Taxes Residential Utilities Major Industry Light Industry Business RecreationaVSeasonal Farm $ 8,868,268 202,302 114,435 230,592 4,078,039 211,309 413,460 14,118,405 Prior Vears' Re-assessments Total Municipal Property Taxes 40,020 $141158,425 2011 Actual $ 8,819,488 223,813 114,435 194,374 4,082,187 211,328 423,317 14,068,942 70,024 $ 14,1381966 2010 Actual $ 8,215,280 211,244 108,009 202,462 3,908,848 205,710 391,094 13,242,647 (58,459) $13,184,188

In addition to its own tax levies, the City is required to collect taxes on behalf of other taxing authorities, and remit to those authorities. Total taxes levied and remitted are as follows: 2011 Municipal Property Taxes Levies for Other Authorities: Provincial School Taxes Greater Vancouver Transit Authority British Columbia Assessment AuthOrity Greater Vancouver Regional District Municipal Finance Authority of British Columbia $ 141138,966 7,692,193 1,500,243 233,103 229,099 698 9,655,336 Total Tax Levies $ 23,794,302 2010 $131184,188 7,634,562 1,531,640 234,942 226,673 663 9,628,480 $ 221812,668

17

..,

1
rn
U

.!! :s

I
~
0

~1 ]1 ;~~ .... ~j~~~~~ ~
1~ ~

U~~U ~~:g~8~
...

F'i.~~"":~
U) ....

.., 8.... ... ....... ~~ !
...
r(f)C') II)

II:

)~S~~~qE
J~~~~;Z~g z..,.,.........
~...

.W8~j~~
6
CD

; ... ~ i;,~ ...
0 N
...

N

('II)

~

8

I :t~~
~

...

l~~mj ~~~~~ ~j ~1 ;~1 ~
...
C')

N

:5l

~za.~3
0 ..... (1)0)........

.. ":0":": cDN "'J:::8on.., N'"

~..O..:~~
...

1
(f) ('II)

v)

~; 11
I
,.....

0

Sl
10

,.._

Q

ID ~ ....
~

N

...

C')

~N:g!..,N o 0).....

~ :::l

J

:g

~ 'i

...

·"~·rj ·~r ;;~
...
~ ..,~.......
I • , • I

10: ~

0 o·

,..... ..""-~.-:Itt

1:;~:5l;Z~ ~~

11):: ... ..,..,

~

~

0

~
II)

Ii;

~~
.....

a

~Sl"~ Non

ID

J~ c,.:

J::
'S..,

:s

l!!

J." oEJ -olE
~.!!1 a..:s~ ....

ioJ
" o,! l!u .. urn:

I ... "';g'tJ
~3:

r~~
~

:se~

~~liiI8 ~I ~
c8
~

•• ,,5 = ..
00

J>
u
0

21&.

"~r~ " '~j~ h 'r~
l.~
2'

ZI

...

"~~~j~~ . ~=tD
.., ....... N ... ~
~ .... ....... .., "' ...
o
0 0

~ ~

~~~§~

...

0 ..... I ..,.

I

,,

~ ~ ~~

II)

,

'"

c3c8

g

...

'" ID ~~ ... N

~!~ ~ .,;
...

§~iii'!

so

i ..
::'"
~~

,

'U~
.... ~
glD~

:g ...
cD ~ cD

...

SlI~J~ i ... ..,
lDo N

! .,;
'" ~
0

,

"":": "

...

"g~

~...

...., N .

IS

...

'" ... 8

flI ...

~...

t;igil

IO~'1I) :3
jcD

'!i iii ,C') '"
II)

...

0 ID

~j~ .
~~
,

~~

!!I
ic8

0 ... .-:,C1.'" ; "lo_ .., .., 1~i" ..:g... '" ... N

...

'rj
~

!
18
iii

........... '" ~ ... i' ~
......
':i

!
,

;j~
~~

e~5
!

.. i' ~8i ~.~ ~
8~
~i
F'" ~gt

1:

~!l'.~ l~ ~ 8~~ ~ "
N":
... ... ;0;; 0 ."f

i 'tJ I. I Iii i

a libJe!~ ~~~
m~'tJIQ.ci

i181~1

ll~

Un In n·)-II§-U lisl,,' ~II
~ OInIL ~ _

i

f! ! 0.) ~
'0

• I "
!
e>
0

M ~
JI
.5

i
:::l In

~

I

~

18

CITY OF PITT MEADOWS SCHEDULE SHOWING THE REMUNERATION AND EXPENSES PAID TO OR ON BEHALF OF ELECTED OFFICALS AND EMPLOYEES

ELECTED OFFICIALS: REMUNERATION TAXABLE BENEFITS EXPENSES

NAME I/YALTERS, DEBRA MACLEAN, DONALD BECKER, E. JOHN BELL, BRUCE BING, DOUG ELKERTON, JANIS MIYASHITA, TRACY MURRAY, DAVID O'CONNELL, GWEN Mayor Mayor Councillor Councillor Councillor Councillor Councillor Councillor Councillor

POSITION

$

28,577 59,032 22,674 25,223 25,223 2,012 25,223 2,012 25,760 215,737

$

$

3,985 6,945 2,254 4,087 36 1,217 36

TOTAL ELECTED OFFICIALS

$

$

-

$

18,559

OTHER EMPLOYEES (excluding those listed above): TAXABLE BENEFITS

NAME Other employees with remuneration BROWN, MARTIN CHATTON,ROBERT CROWTHER, KELLY DARCUS, LAURIE DEBOER, YNTO (Ike) DOULL, MURRAY EVANS, RANDY GROUT, KIMBERLEY JOLLEY, DONALD JONES, LORNA PERRIE, BRAD PHILP, DAVE REAR, DEAN RUDOLPH, JAKE WILLIAMS, BOB

POSITION + taxable benefits greater than $75,000: Network Specialist Support System Assistant Fire Chief-Training Officer Utilities Operator-Water Director of Corporate Services Engineering Services Coordinator Working Foreman-Utilities Operations Superintendant Director of Ops. & Dev. Services Director of Fire Services Director of Human Resources/Communication Assistant Fire Chief Business Analyst/IT Coordinator Director of Finance and Facilities Chief Administrative Officer Utilities Foreman

REMUNERATION

EXPENSES

$

74,913 95,756 77,858 109,101 76,768 75,960 99,582 132,118 117,154 103,445 101,974 89,753 123,224 190,414 82,437 2,561,9q2

$

1,192 2,041 692 2,066 375 2,019 1,983 1,332 1,179 1,003 2,091 2,001 1,179 2,897 1,586 47,719

$ $

10,319 10 1,900 7,823 303 833 10,406 6,667 4,399 1,425 920 4,846 4,843 11,658 773 76,093

Total of other employees with remuneration + taxable benefits less than $75,000 TOTAL OTHER EMPLOYEES TOTAL REMUNERATION OF ELECTED OFFICIALS AND EMPLOYEES

$ $

4,112,357 4,328,094

$

71,353

$ 143,217

Note: Remuneration includes payments from overtime and vacation banks not taken as time off

Prepared under the Financial Information Regulation, Schedule 1, section 6(2), (3), (4), (5) and (6)

Doc #100069

CITY OF PITT MEADOWS SCHEDULE OF PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES 2011 ALPHABETIC LIST OF SUPPLIERS WHO RECEIVED AGGREGATE Supplier Name A & G DEMOLITION AECOM CANADA LTD. ALL PAINTING LTD ALLIANCE METAL FABRICATORS LTD. ARMAK ARCHITECTURAL MILLWORK LTD. B.C. HYDRO & POWER AUTHORITY B.C. PENSION CORPORATION BDO CANADA LLP BINGHAM AND HILL ARCHITECTS BMO MASTERCARD BOILEAU ELECTRIC & POLE LINE LTD BYNETT CONSTRUCTION SERVICES LTD. CDC CONSTRUCTION CEL TIC CONTRACTORS LTD CHEVRON CANADA LTD. CHS HARDWARE LTD. CITY OF SURREY COBRA ELECTRIC LTD. COLUMBIA BITULITHIC I A DIVISION OF LAFARGE COMPASS CLADDING INC. CORIX UTILITIES INC. CORP OF THE DIST OF MAPLE RIDGE CREATIVE DOORS SERVICES LTD DELL CANADA INC. DESIGN ROOFING AND SHEET METAL LTD. DML EASYSCALE LTD. DOMINIC TRANSPORT LTD. DOMINION FAIRMILE CONSTRUCTION LTD. E.H.R. MECHANICAL LTD. EAGLE RIDGE MECHANICAL CONTRACTING LTD. ELEMENTAL ARCHITECTURE AND INTERIORS INC. FIRST TRUCK CENTRE VANCOUVER INC. FLYNN CANADA LTD. FORTIS BC ENERGY INC. FORTIS BC- NATURAL GAS FRASER RIVER PILE & DREDGE (GP) INC. FRASER VALLEY REFRIGERATION FRASER VALLEY REGIONAL LIBRARY G. KOSICKI LTD. GERRY ENNS CONTRACTING LTD. GOLDEN MEADOWS BILLINGS DEVELOPMENT LTD. GREATER VANCOUVER SEWERAGE & DRAINAGE GREATER VANCOUVER WATER DISTRICT GREAT-WEST LIFE ASSURANCE CO HERITAGE STEEL IMPERIAL PAVING LTD. INTER VISTAS CONSULTING INC. PAYMENTS EXCEEDING $25,000 Aggregate Payment to Supplier 236,251.51 94,117.91 34,888.00 34,100.64 28,280.00 379,917.00 609,144.51 36,226.18 33,996.65 294,306.29 61,722.84 92,721.44 275,128.56 203,964.36 125,685.19 32,563.44 37,258.00 34,017.65 1,085,856.74 300,241.19 82,541.13 3,224,393.23 25,315.92 39,255.68 37,621.92 145,999.93 41,736.80 1,702,418.75 751,175.26 1,340,407.49 525,189.13 129,408.61 663,264.00 56,832.91 27,683.36 117,600.00 268,019.14 987,208.00 64,160.86 93,631.85 355,264.00 1,475,456.52 1,783,082.33 72,527.56 34,543.24 461,632.51 40,320.00

Prepared under the Financial Information

Regulation,

Schedule

1, section 7 and the Financial Information

Act, section 2

DoC# 100929

CITY OF PITT MEADOWS SCHEDULE OF PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES 2011 ALPHABETIC LIST OF SUPPLIERS WHO RECEIVED AGGREGATE PAYMENTS EXCEEDING $25,000 Aggregate Payment to Supplier 495,069.31 44,437.12 26,857.60 46,103.14 51,597.28 25,815.47 512,368.77 51,651.60 29,093.90 28,526.40 47,963.36 27,310.87 36,977.27 66,151.67 38,298.60 456,533.30 53,779.50 462,842.60 2,937,098.33 182,789.59 492,624.55 443,884.86 32,214.66 97,614.16 124,977.33 33,985.56 126,757.36 26,507.92 27,200.32 159,002.34 1,233,066.83 3,036,506.09 32,480.00 43,568.00 48,063.03 75,741.55 97,776.00 104,841.16 218,441.72 201,280.80 614,583.45 31,661.60 25,401.60 25,018.17 49,200.00 206,523.55 44,755.39 40,651.11 1,000,155.23

Supplier Name ISL ENGINEERING AND LAND SERVICES LTD ITT FLYGT JACK 4 TRADE JACK CEWE LTD. JETT NETWORKS LORDCO PARTS LTD. MACFORM CONSTRUCTION GROUP LTD. MAIN STREET COMMUNICATIONS LTD. MARATHON EQUIPMENT INC. MAXWELL FLOORS LTD MCRAES ENVIRONMENTAL SERVICES LTD. MCRAES POWER SWEEPING LTD MCTAR DIV OF LAFARGE CANADA INC. MEADOWS LANDSCAPE SUPPLY LTD. METRO MOTORS LTD. METRO VANCOUVER MINISTER OF FINANCE MINISTRY OF TRANSPORTATION MOSAIC OSPREY TWO HOLDINGS LTD MUNICIPAL INSURANCE ASSOCIATION MUTUAL CONSTRUCTION LTD NIGHTINGALE ELECTRICAL LTD. NUSTADIA RECREATION INC. PACIFIC ACE SPORTS SURFACES & EQUIPMENT LTD. PACIFIC BLUE CROSS PITT RIVER QUARRIES DIV OF LAFARGE CANADA INC PONTE BROS. CONTRACTING LTD. R J CONSTRUCTION RAINCITY JANITORIAL SERVICES LTD RAMSAY WORDEN ARCHITECTS LTD RECEIVER GENERAL RECEIVER GENERAL FOR CANADA RECREATION EXCELLENCE (PITT MEADOWS) RICHMOND ELEVATOR MAINTENANCE LTD. SCADA CONTROLS CENTRAL LTD SCHOOL DISTRICT #42 SEMIAHMOO GLASS 202 LTD. SMART-TEK COMMUNICATIONS INC. SOUTHWEST CONTRACTING SUDDEN SERVICE TECHNOLOGIES CORP TAG CONSTRUCTION LTD TELUS TELUS SERVICES INC THAT GUY INSTALLATIONS TOURISM MAPLE RIDGE AND PITT MEADOWS TRB ARCHITECTURE INC. VADIM SOFTWARE VAN DER ZALM & ASSOCIATES INC. WASTE MANAGEMENT OF CANADA CORP

Prepared under the Financial Information Regulation, Schedule 1, section 7 and the Financial Information Act, section 2

DoC# 100929

CITY OF PITT MEADOWS SCHEDULE OF PAYMENTS TO SUPPLIERS OF GOODS AND SERVICES 2011 ALPHABETIC LIST OF SUPPLIERS WHO RECEIVED AGGREGATE PAYMENTS EXCEEDING $25,000

Supplier Name WHOLESALE FIRE & RESCUE LTD. WILCO LANDSCAPE WESTCOAST INC. WILLIS CANADA (1999) INC. WILLOW SPRING CONSTRUCTION WOLF FLAGGING WORKSAFE BC - WORKERS COMPENSATION WORLEY PARSONS CANADA YOUNG ANDERSON ZELCO PAINTING LTD

BOARD

Aggregate Payment to Supplier 641,845.32 31,170.82 146,530.00 213,286.54 82,195.68 45,448.87 30,240.00 88,301.79 41,657.21

TOTAL AMOUNT PAID TO SUPPLIERS WHO RECEIVED AGGREGATE PAYMENTS EXCEEDING $25,000 FOR GOODS AND SERVICES TOTAL AMOUNT PAID TO SUPPLIERS WHO RECEIVED AGGREGATE PAYMENTS OF $25,000 OR LESS TOTAL AMOUNT PAID TO SUPPLIERS FOR GRANTS EXCEEDING $25,000 ITOTAL PAYMENTS TO SUPPLIERS FOR GOODS AND SERVICES

$33,920,039.90

$2,414,612.12

$0.00 $36,334,652.021

Note: Amounts include HST where applicable

Prepared under the Financial Information

Regulation,

Schedule

1, section 7 and the Financial Information

Act, section 2

DoC# 100929

CORPORATION

OF THE CITY OF PITT MEADOWS

STATEMENT OF SEVERANCE AGREEMENTS

There were no severance agreements made between the City of Pitt Meadows and its non-unionized employees during fiscal year 2011.

Prepared under the Financial Information

Regulation,

Schedule

1, subsection

6(8).

#101291

CORPORATION OF THE CITY OF PITT MEADOWS STATEMENT OF CONTRACTS WITH COUNCIL MEMBERS OR FORMER COUNCIL MEMBERS

There were no contracts made between the City of Pitt Meadows and its Council Members or former Council Members during fiscal year 2011.

#101292

THIS PAGE ,INTENTIONALLY LEFT BLANK

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->