Zoning Bylaw No. 900, 2014, Amendment Bylaw No. 1172, 2026
A bylaw to amend the zoning bylaw by repealing green roof density bonus provisions and removing underground density bonus provisions in the RM-1 zone.
Town of View Royal
Notes to Consolidated Financial Statements
Year ended December 31, 2025
6. Deferred revenue
| Development cost charges | 2025 | 2024 |
|---|---|---|
| Beginning balance | $ 10,862,177 | $ 9,466,742 |
| Received during the year | - | 1,219,394 |
| Interest earned | 382,251 | 525,008 |
| Recognized as revenue | (204,009) | (348,948) |
| Ending balance | 11,040,419 | 10,862,177 |
| Deferred revenue - other | 1,207,197 | 1,114,320 |
| Total deferred revenue | $ 12,247,616 | $ 11,976,497 |
7. Long-term debt
a) Debt outstanding
| Issue # | Matures | Rate | Original Amount | Net debt 2025 | Net debt 2024 |
|---|---|---|---|---|---|
| 117 | Oct. 12, 2026 | 3.25% | $ 2,445,000 | $ 209,494 | $ 411,904 |
| 127 | Apr. 7, 2034 | 3.30% | 5,490,000 | 2,997,214 | 3,276,508 |
| Total | $ 7,935,000 | $ 3,206,708 | $ 3,688,412 |
b) Debenture debt
The loan agreements with the Capital Regional District and the MFA provide that if, at any time, the scheduled payments provided for in the agreements are not sufficient to meet the MFA’s obligations in respect of such borrowings, the resulting deficiency becomes a liability of the Town.
The Town issues its debt instruments through the MFA. Debt is issued on a sinking fund basis, where the MFA invests the Town’s sinking fund principal payments so that the payments, plus investment income, will equal the original outstanding debt amount at the end of the repayment period. Actuarial adjustments on debt represent the repayment and/or forgiveness of debt by the MFA using surplus investment income generated by the principal repayments.
Principal payments on long term debt for the next five years are as follows:
| Year | Principal Payment |
|---|---|
| 2026 | $ 333,073 |
| 2027 | 201,822 |
| 2028 | 201,822 |
| 2029 | 201,822 |
| 2030 | 201,822 |
| Thereafter | 2,066,347 |
| Total | $ 3,206,708 |
c) Interest expense
Total interest expense during the year was $284,090 (2024 - $250,600).
8. Employee benefit and retirement obligations
Employee benefit obligations represent accrued benefits as follows:
| Benefit Type | 2025 | 2024 |
|---|---|---|
| Accrued vacation | $ 10,572 | $ 33,505 |
| Accrued overtime | 129,571 | 115,466 |
| Accrued sick leave | 120,300 | 124,500 |
| West Shore employee future benefit obligations | 40,303 | 41,579 |
| Total | $ 300,746 | $ 315,050 |
Accrued vacation is the amount of unused vacation entitlement carried forward into the next year. Accrued sick leave is the estimated liability for sick leave for all employees. Sick leave entitlements can only be used while employed by the Town and are not paid out upon retirement or termination of employment. The accrued sick leave actuarial valuation was estimated as at December 31, 2025.
Information about liabilities for accrued sick leave is as follows:
| Accrued Sick Leave Details | 2025 | 2024 |
|---|---|---|
| Accrued benefit obligation, beginning of year | $ 125,400 | $ 123,200 |
| Adjustment to benefit obligation | - | - |
| Current service cost | 9,300 | 9,100 |
| Interest cost | 5,400 | 4,900 |
| Benefits paid | (19,200) | (23,700) |
| Amortization of actuarial (gain) | (1,800) | 11,900 |
| Accrued benefit obligation, end of year | 119,100 | 125,400 |
| Unamortized gain | 1,200 | (900) |
| Accrued benefit liability, end of year | $ 120,300 | $ 124,500 |
The accrued benefit liability is included as part of employee benefit obligations on the Consolidated Statement of Financial Position. The actuarial gain is amortized over a period equal to the employees’ average remaining service lifetime of 11 years.
The significant actuarial assumptions adopted in measuring the Town’s accrued benefit obligations are as follows:
| Assumption | 2025 | 2024 |
|---|---|---|
| Discount rates | 4.50% | 4.30% |
| Expected future inflation rates | 3.00% | 3.00% |
| Expected wage and salary increase | 0.00% - 2.20% | 0.00% - 2.20% |