Courtenay Annual Report 2025 draft

The Corporation of the City of Courtenay Notes to Consolidated Financial Statements Year ended December 31, 2025

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surplus for basic pension benefits on a going concern basis. The next valuation will be as at December 31, 2027.

The City of Courtenay paid $1,527,459 for employer contributions to the plan in fiscal 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, resulting in no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the plan. 5. 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. 6. CANADA COMMUNITY-BUILDING FUND The City received transfers of Canada Community Building Fund (CCBF) through the Union of BC Municipalities. The use of the funding is established by a funding agreement between the local government and the Union of British Columbia Municipalities. Funds 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 CCBF in 2005 and reports the balance in a General Fund Reserve – New Works Canada Community Building Fund (Schedule 2) until it is used to fund the specified projects outlined in the funding agree ment. Interest is accrued and allocated monthly to the balance. Following is a schedule of CCBF receipts and disbursements received in 2025 with comparatives to 2024.

2025

2024

Opening Balance of Unspent Funds

$2,230,288

$2 ,265,143

Additions: Amounts Received During the Year

1,357,484

1,357,484

Interest Earned

80,816

107,534

Deductions: Amount Spent on Projects

(1,592,250) $2,076,338

(1,499,873) $2,230,288

Closing Balance of Unspent Funds

7. GROWING COMMUNITIES FUND

110 | City of Courtenay