City of Courtenay Annual Report 2022

The Corporation of the City of Courtenay Notes to Consolidated Financial Statements Year ended December 31, 2022

The next valuation will be as at December 31, 2024, with results available in 2025. 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. 4. HOST FINANCIAL ASSISTANCE AGREEMENT The City of Courtenay is a host community for a casino gaming facility operated under agreement with the British Columbia Lottery Corporation. The City receives a percentage of the net gaming income generated by the Chances Courtenay Gaming Centre to be used for public benefit through a quarterly unrestricted transfer from the Province of British Columbia. 5. FEDERAL GAS TAX AGREEMENT FUNDS Gas Tax Agreement funding is provided by the Government of Canada. The use of the funding is established by a funding agreement between the local government and the Union of British Columbia Municipalities. Gas Tax Agreement funding may be used towards designated public transit, community energy, water, wastewater, solid waste and capacity building projects, as specified in the funding agreements. The City of Courtenay received the first contribution of Gas Tax funding in 2005 and reports the balance in a General Fund Reserve – New Works Community Gas Tax Funds (Schedule 2) until it is used to fund the specified projects outlined in the funding agreement. Interest is accrued and allocated monthly to the balance. Following is a schedule of Gas Tax receipts and disbursements received in 2022 with comparatives to 2021. 2022 2021 Opening Balance of Unspent Funds $3,051,945 $2,550,961

Additions: Amounts Received During the Year

1,184,542

2,317,692

Interest Earned

60,965

5,293

Deductions: Amount Spent on Projects

(2,227,566) $2,069,886

(1,822,002)

Closing Balance of Unspent Funds

$3,051,945

City of Courtenay | 2022 Annual Report

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