Courtenay Annual Report 2025 draft

The Corporation of the City of Courtenay At each financial reporting date, the City of Courtenay reviews the carrying amount of the liability. Any revisions required to the amount previously recognized is accounted for in the period when revisions are made. The City of Courtenay continues to rec Notes to Consolidated Financial Statements Year ended December 31, 2025 Page 3 of 12 in value are not reversed for subsequent increases in value. Reversals of any net measurements of financial assets measured at fair value are reported in the statement of remeasurement gains and losses. The City of Courtenay has not presented a statement of remeasurement gains and losses as it does not have any items giving rise to remeasurement gains (losses). (i) Debt Charges Interest payments are charged against current fund balances in the period they become payable and have been accrued to December 31, 2025. Principal payments are applied directly to loan balances in the period they accrue. (j) Receivables Following is a breakdown of receivables outstanding at December 31, 2025 with 2024 comparatives: 2025 2024 Federal Government Provincial Government $2,340,876 $177,495 405,348 272,497 1,734,418 2,557,614 $5,147,372 382,124 234,806 1,771,452 2,266,921 $6,996,179 Regional and other Local Governments Property Taxes Other Total Receivables (k) Accounts Payable Following is a breakdown of accounts payable and accrued liabilities outstanding at December 31, 2025 with 2024 comparatives: 2025 2024 Federal Government $2,230,169 $3,583,879 Provincial Government 910,330 1,056,783 Regional and other Local Governments 2,663,043 967,769 Employee Retirement Benefits (Note 12) 1,491,800 1,424,300 Trade and accrued liabilities 9,207,579 4,892,721 Total Accounts Payable $16,502,921 $11,925,452 (l) Liability for Contaminated Sites A liability for remediation of a contaminated site is recognized at the best estimate of the amount required to remediate the contaminated site when; contamination exceeding an environmental standard exists, the City of Courtenay is either directly responsible or accepts responsibility, it is expected that future economic benefits will be given up, and a reasonable estimate of the amount is determinable. The best estimate of the liability includes all costs directly attributable to remediation activities and is reduced by expected net recoveries based on information available at December 31, 2025.

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