Town of View Royal Notes to Consolidated Financial Statements Year ended December 31, 2022
Detailed financial notes and accounting policies for the Town of View Royal's fiscal year ending December 31, 2022, including disclosures on assets, debt, and liabilities.
Town of View Royal
Notes to Consolidated Financial Statements Year ended December 31, 2022
1. Significant accounting policies (continued)
k) Non-financial assets
Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations.
i) Tangible capital assets
Tangible capital assets are recorded at cost, net of disposals, write-downs and amortization. The cost of tangible capital assets includes all amounts that are directly attributable to acquisition, construction, development or betterment of the asset. The cost less residual value of the tangible capital assets, excluding land, is amortized on a straight line basis over the estimated useful life as follows:
| Asset | Estimated Useful Life (Years) |
|---|---|
| Land | Indefinite |
| Land improvements | 10 - 25 |
| Buildings | 20 - 70 |
| Vehicles, machinery and equipment | 3 - 20 |
| Engineering structures | 10 - 100 |
Amortization is calculated monthly, including in the year of acquisition and disposal. Assets under construction are not amortized until the asset is available for productive use.
Tangible capital assets are written down when conditions indicate that they no longer contribute to the Town's ability to provide goods and services, or when the value of future economic benefits associated with the asset is less than the book value of the asset.
ii) Contributions of tangible capital assets
Tangible capital assets received as contributions are recorded at their fair value at the date of receipt, with the value of the contribution recorded as revenue.
iii) Works of art and cultural and historical treasures
The Town manages and controls various works of art and non-operational historical cultural assets including buildings, artifacts, paintings and sculptures located at Town sites and public display areas. These assets are not recorded as tangible capital assets and are not amortized due to the subjectivity of their value.
iv) Interest capitalization
The Town does not capitalize interest costs associated with the acquisition or construction of a tangible capital asset.
v) Leased tangible capital assets
Leases which transfer substantially all of the benefits and risks incidental to ownership of property are accounted for as leased tangible capital assets. All other leases are accounted for as operating leases and the related payments are charged to expenses as incurred.
vi) Inventory of supplies
Inventory is recorded at the lower of cost and replacement cost.
l) Use of estimates
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the period. Significant estimates include assumptions used in estimating provisions for accrued liabilities, performing calculations of employee future benefits, sick benefits liability, collectability of accounts receivable, amortization of capital assets, determination of liability for contaminated sites, deferred charges and provisions for contingencies. Actual results could differ from those estimates. Adjustments, if any, will be reflected in operations in the period of settlement.
m) Recent accounting pronouncements
PS 3280 Asset Retirement Obligations, issued August 2018, establishes standards for recognition, measurement, presentation and disclosure of legal obligation associated with the retirement of tangible capital assets and is effective for the Town as of January 1, 2023. A liability will be recognized when, as at the financial reporting date:
a. There is a legal obligation to incur retirement costs in relation to a tangible capital asset; b. The past transaction or event giving rise to the liability has occurred; c. It is expected that future economic benefits will be given up; and d. A reasonable estimate of the amount can be made.
Liabilities are recognized for statutory, contractual or legal obligations associated with the retirement of tangible capital assets when those obligations result from the acquisition, construction, development or normal operation of the assets. The obligations are measured initially at fair value, determined using present value methodology, and the resulting costs capitalized into the carrying amount of the related tangible capital asset. In subsequent periods, the liability is adjusted for accretion and any changes in the amount or timing of the underlying future cash flows. The capitalized asset retirement cost is amortized on the same basis as the related asset and accretion expense is included in the Statement of Operations.
Management is in the process of assessing the impact of adopting this standard on the Town's financial results.
2. Financial instruments
The Town's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, deposits, and long-term debt. The carrying amount of these financial instruments approximates their fair value because they are short-term in nature or because they bear interest at market rates.
Unless otherwise noted, it is management's opinion that the Town is not exposed to significant interest or credit risks arising from these financial instruments.
3. Cash and cash equivalents
| 2022 | 2021 | |
|---|---|---|
| Bank deposits | $ 25,315,336 | $ 18,451,135 |
| Municipal Finance Authority - Money Market | 979,922 | 961,314 |
| Municipal Finance Authority - Ultra Short Bond | 2,056,123 | 2,059,761 |
| Municipal Finance Authority - Short-Term Bond | 8,902,130 | 9,210,401 |
| Total | $ 37,253,511 | $ 30,682,611 |
Cash and cash equivalents consist of short-term investments in the MFA money market, ultra short-term, and short-term bond funds and pooled high-interest savings. The market value is equal to the carrying value. Temporary investments have yields ranging from 0.325% to 5.307%.
Included in cash and cash equivalents are the following restricted amounts:
| 2022 | 2021 | |
|---|---|---|
| Restricted cash - West Shore reserve funds (Note 10) | $ 359,475 | $ 270,325 |
| Restricted investments - reserve funds (Note 10) | 10,461,749 | 8,495,251 |
| Restricted investments - development cost charges (Note 6) | 6,222,401 | 5,232,629 |
| Total | $ 17,043,625 | $ 13,998,205 |
The Town has an operating line of credit with the Toronto Dominion Bank for an authorized amount of $1,000,000, bearing interest at bank prime rate less 0.50% per annum. At December 31, 2022 the balance outstanding was $nil (2021 - $nil).
4. Accounts Receivable
| 2022 | 2021 | |
|---|---|---|
| Government of Canada | $ 288,910 | $ 227,249 |
| Province of British Columbia | 1,143,299 | 1,074,662 |
| Regional and local governments | 5,727 | 22,152 |
| Deposits | 2,500 | 2,500 |
| Other trade receivables | 477,917 | 1,481,694 |
| Total | $ 1,918,353 | $ 2,808,257 |
5. Accounts payable and accrued liabilities
| 2022 | 2021 | |
|---|---|---|
| Government of Canada | $ 734,423 | $ 749,274 |
| Province of British Columbia | 659,872 | 533,455 |
| Regional and local governments | 773,195 | 764,551 |
| Payroll liabilities | 422,232 | 223,870 |
| Other trade payables | 1,930,929 | 1,532,560 |
| Total | $ 4,520,651 | $ 3,803,710 |
6. Deferred revenue
| Development cost charges | 2022 | 2021 |
|---|---|---|
| Beginning balance | $ 5,232,629 | $ 4,890,427 |
| Received during the year | 1,130,464 | 354,801 |
| Interest earned | 42,475 | 13,456 |
| Recognized as revenue | (183,167) | (26,055) |
| Ending balance | 6,222,401 | 5,232,629 |
| Deferred revenue - other | 1,079,560 | 912,116 |
| Total deferred revenue | $ 7,301,961 | $ 6,144,745 |
7. Long-term debt
a) Debt outstanding
| Issue # | Matures | Rate | Original Amount | Net debt 2022 | Net debt 2021 |
|---|---|---|---|---|---|
| 117 | Oct. 12, 2026 | 3.25% | $ 2,445,000 | $ 796,420 | $ 978,982 |
| 127 | Apr. 7, 2034 | 3.30% | 5,490,000 | 3,791,231 | 4,033,841 |
| $ 7,935,000 | $ 4,587,651 | $ 5,012,823 |
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 | Amount |
|---|---|
| 2023 | $ 315,615 |
| 2024 | 315,615 |
| 2025 | 315,615 |
| 2026 | 315,615 |
| 2027 | 184,364 |
| Thereafter | 3,140,827 |
| Total | $ 4,587,651 |
c) Interest expense
Total interest expense during the year was $217,112 (2021 - $251,094).
8. Employee benefit and retirement obligations
Employee benefit obligations represent accrued benefits as follows:
| 2022 | 2021 | |
|---|---|---|
| Accrued vacation | $ 15,018 | $ 34,037 |
| Accrued overtime | 110,803 | 78,254 |
| Accrued sick leave | 126,900 | 115,900 |
| West Shore employee future benefit obligations | 40,419 | 55,037 |
| Total | $ 293,140 | $ 283,228 |
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, 2022.
Information about liabilities for accrued sick leave is as follows:
| 2022 | 2021 | |
|---|---|---|
| Accrued benefit obligation, beginning of year | $ 127,500 | $ 131,600 |
| Adjustment to benefit obligation | - | - |
| Current service cost | 10,300 | 10,900 |
| Interest cost | 3,300 | 2,600 |
| Benefits paid | (3,900) | (11,500) |
| Amortization of actuarial (gain) | (20,800) | (6,100) |
| Accrued benefit obligation, end of year | 116,400 | 127,500 |
| Unamortized gain | 10,500 | (11,600) |
| Accrued benefit liability, end of year | $ 126,900 | $ 115,900 |
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:
| 2022 | 2021 | |
|---|---|---|
| Discount rates | 4.40% | 2.40% |
| Expected future inflation rates | 2.50% | 2.50% |
| Expected wage and salary increase | 2.58% - 4.50% | 2.58% - 4.50% |
Municipal Pension Plan
The Town and its employees contribute to the Municipal Pension Plan (a jointly trusteed pension plan). The board of trustees, representing plan members and employers, is responsible for administering the plan, including investment of assets and administration of benefits. The plan is a multi-employer defined benefit pension plan. Basic pension benefits provided are based on a formula. As at December 31, 2021, the plan has about 227,000 active members and approximately 118,000 retired members. Active members include approximately 42,000 contributors from local governments.
Every three years, an actuarial valuation is performed to assess the financial position of the plan and adequacy of plan funding. The actuary determines an appropriate combined employer and member contribution rate to fund the plan. The actuary's calculated contribution rate is based on the entry-age normal cost method, which produces the long-term rate of member and employer contributions sufficient to provide benefits for average future entrants to the plan. This rate may be adjusted for the amortization of any actuarial funding surplus and will be adjusted for the amortization of any unfunded actuarial liability.
The most recent actuarial valuation for the Municipal Pension Plan as at December 31, 2021, indicated a $3,761 million funding surplus for basic pension benefits on a going concern basis.
The Town paid $291,454 (2021 - $299,565) for employer contributions while Town employees contributed $252,474 (2021 - $251,918) to the plan in fiscal 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, resulting in no consistent and reliable basis for allocating the obligation, assets and cost to the individual employers participating in the plan.
9. Tangible capital assets
a) Assets under construction and completed assets not yet in service
Assets under construction totaling $863,753 (2021 - $277,810) have not been amortized. Amortization of these assets will commence when the asset is put into service.
b) Contributed tangible capital assets
Contributed tangible capital assets have been recognized at fair market value at the date of contribution. The value of contributed capital assets received during the year is $466,779 (2021 - $1,342,270).
c) Gain or loss on disposal of tangible capital assets
During the year, the Town recognized a net loss of $5,473,983 on disposal of tangible capital assets. (2021 - $433,244 gain). This amount is included as gain (loss) of revenue on the Consolidated Statement of Operations.
d) Write down of tangible capital assets
The write down of tangible capital assets during the year was $nil (2021 - $21,344).
10. Accumulated surplus
Accumulated surplus consists of individual fund surplus and reserve funds as follows:
| Surplus | 2022 | 2021 (Restated - Note 21) |
|---|---|---|
| Equity in tangible capital assets | $ 118,306,465 | $ 126,235,265 |
| Appropriated surplus - casino revenue | 4,606,192 | 4,188,767 |
| Appropriated surplus - Community Works Fund (Note 11) | 2,750,248 | 2,349,862 |
| Appropriated surplus - other | 506,660 | 381,232 |
| Unrestricted accumulated surplus | 5,855,751 | 4,896,436 |
| 132,025,316 | 138,051,562 | |
| Capital Renewal | 907,642 | 701,602 |
| Capital Works and Land Acquisition | 1,342,857 | 1,336,220 |
| Community Amenity Contributions | 662,178 | 177,669 |
| Fire Department Equipment | 140,090 | 197,834 |
| Future Operating Expenditures | 1,084,103 | 977,968 |
| Machinery and Equipment Depreciation | 371,043 | 305,216 |
| Parks and Open Space | 1,431,067 | 501,292 |
| Parks Improvements | 490,136 | 381,897 |
| Police Equipment, Property and Contract | 353,126 | 384,109 |
| Police Operation and Maintenance | 2,009,760 | 1,653,589 |
| Sewer System Capital | 1,669,747 | 1,877,857 |
| West Shore Parks and Recreation Society reserves | 359,475 | 270,325 |
| 10,821,224 | 8,765,578 | |
| Total Accumulated Surplus | $ 142,846,540 | $ 146,817,140 |
11. Community Works Fund
Community Works Fund is a component of the Gas Tax Agreement funding provided by the Government of Canada and administered through the Union of British Columbia Municipalities (UBCM). Community Works Fund transfers are recorded as revenue when received, then held as reserves until spent on eligible expenditures.
| 2022 | 2021 | |
|---|---|---|
| Community Works Fund, beginning balance | $ 2,349,862 | $ 1,529,574 |
| Amounts received during the year | 515,956 | 1,009,383 |
| Interest earned | 15,609 | 5,154 |
| Amounts allocated to projects during the year | (131,179) | (194,249) |
| Total Community Works Fund | $ 2,750,248 | $ 2,349,862 |
12. Taxes for municipal purposes
The Town is required to collect taxes on behalf of and transfer these amounts to the government agencies noted below. Taxes levied over or under the amounts requisitioned are recorded as accounts payable or receivable.
| Taxes | 2022 | 2021 |
|---|---|---|
| Property tax | $ 17,919,952 | $ 16,984,390 |
| Grants in lieu of taxes | 58,658 | 58,764 |
| 1% Utility tax | 136,471 | 134,252 |
| 18,115,081 | 17,177,406 | |
| Less taxes levied for other authorities | ||
| School authorities | 5,209,663 | 4,962,345 |
| Capital Regional District | 1,047,093 | 966,463 |
| Capital Regional Hospital District | 623,069 | 659,833 |
| British Columbia Assessment Authority | 162,546 | 155,916 |
| British Columbia Transit | 868,394 | 815,207 |
| Municipal Finance Authority | 889 | 733 |
| 7,911,654 | 7,560,497 | |
| Taxes for municipal purposes | $ 10,203,427 | $ 9,616,909 |
13. Gaming revenue
The Town has an agreement with the Province whereby 10% of the net gaming revenue from community casinos is to be paid to local governments. The Town has also has a casino revenue sharing agreement with neighbouring municipalities whereby 55% of the revenue received from the Province in respect of the gaming facility situated within the Town is to be disbursed to these governments. This disbursement is netted against the gaming revenue in the consolidated financial statements for the Town as disclosed below.
| Gaming revenue | 2022 | 2021 |
|---|---|---|
| Amounts received during the year | $ 4,456,891 | $ 2,361,045 |
| Disbursements to partner municipalities | (2,451,290) | (1,298,575) |
| Net Gaming revenue | $ 2,005,601 | $ 1,062,470 |
14. Government grants and transfers
| 2022 | 2021 | |
|---|---|---|
| Conditional transfers | ||
| Federal | $ 558,823 | $ 1,015,658 |
| Provincial | 2,185,770 | 1,102,709 |
| Other agencies | 57,940 | 693,760 |
| 2,802,533 | 2,812,127 | |
| Unconditional transfers | ||
| Small communities protection | 449,000 | 359,000 |
| Traffic fine revenue sharing | 57,475 | 74,021 |
| 506,475 | 433,021 | |
| Total government grants and transfers | $ 3,309,008 | $ 3,245,148 |
15. Commitments and contingencies
a) The Capital Regional District ("CRD") debt, under provisions of the Local Government Act, is a direct, joint and several liability of the CRD and each member municipality within the CRD, including the Town.
b) The Town is a shareholder and member of the Capital Region Emergency Service Telecommunications Incorporated ("CREST") which provides centralized emergency communications, and related public safety information services to municipalities, regional districts, the provincial and federal governments and their agencies, and emergency service organizations throughout the Greater Victoria region and the Gulf Islands. Members' obligations to share in funding ongoing operations and any additional costs relating to capital assets are to be contributed pursuant to a Members' Agreement.
c) The Town is a defendant in various lawsuits. Whether claims are in progress or have yet to be initiated, the Town records an accrual in respect of legal claims that are likely to be successful and for which an amount is reasonably determinable.
d) Under borrowing arrangements with the MFA, the Town is required to lodge security by means of demand notes and interest bearing cash deposits based on the amount of the borrowing. As a condition of these borrowings, a portion of the debenture proceeds is withheld by the MFA as a debt reserve fund. These deposits are held by the MFA as security against the possibility of debt repayment default. If the debt is repaid without default, the deposits are refunded to the Town. At December 31, 2022 there were contingent demand notes of $204,201 (2021 - $204,201) and a contingent deposit of $99,684 (2021 - $97,506).
e) The Town entered into a long term contract with the Federal Government and the Royal Canadian Mounted Police for the provision of police services. Under the terms of this contract, the Town is responsible for 70% of policing costs, which in 2023 are estimated to be $2,203,672 (2022 actual $1,572,692). In addition, the Government of Canada signed the first collective agreement with the National Police Federation in 2021. The result of this agreement is a retroactive pay increase for RCMP members and reservists, payable in 2023. The Town's estimated share of the retroactive pay increase is $299,000.
f) The Town has purchase orders in the amount of $103,673 open as at December 31, 2022 which have not been recorded. These amounts have been taken into account in the budget and will be recorded in the period the goods and services to which they relate are received.
g) On October 27, 2022 the Town of View Royal awarded a contract to Safetek Fire Apparatus of Abbotsford, BC in the amount of $975,221 USD, excluding taxes for the purpose of replacing one heavy rescue fire apparatus. Delivery of the fire truck is expected to occur in 2024.
16. Contaminated site
The Town owns one property not in productive use with levels of contamination exceeding current environmental standards. Testing of the contamination in 2003 found no known threats to human health or safety. The property is surrounded by the ocean and undeveloped crown-owned land with no current development applications. The property and surrounding crown-owned land were historically occupied by a plywood mill. Due to uncertainty regarding the future development of the surrounding property, the Town is unable to reasonably estimate what, if any, loss of future economic benefits will occur. As such no liability has been recorded in the consolidated financial statements for the year ending December 31, 2022.
17. Financial plan
The financial plan amounts presented throughout these consolidated financial statements are audited and represent the five year financial plan bylaw (Bylaw No. 1096) approved by Council on May 3, 2022 consolidated with the proportional share of the budgeted operating revenue and expense of West Shore Parks and Recreation Society. The summary below reconciles the 2022 consolidated financial plan to the Consolidated Statement of Operations.
| Consolidated financial plan, 2022 surplus (deficit) | $ - |
| Add: | |
| Capital expenditures | 4,026,290 |
| Transfers to reserves | 606,300 |
| Transfers to surplus | 2,015,838 |
| Principal payments on debt | 315,615 |
| Less: | |
| Transfers from equity in capital assets | (3,143,400) |
| Transfers from reserves for operating | (209,200) |
| Transfers from reserves for capital | (1,275,377) |
| Transfers from surplus for operating | (1,867,464) |
| Transfers from surplus for capital | (2,236,410) |
| Financial plan annual surplus (deficit) | $ (1,767,808) |
18. West Shore Parks and Recreation Society
a) Capital asset transfer
The lands and facilities comprising the Juan de Fuca Recreation Centre are owned by the member municipalities (the "Municipalities") in their proportionate share, as specified in the Co-Owners' Agreement. The Town became party to the agreement effective January 1, 2007. Future improvements are allocated among the partners as per the cost sharing formula in effect each year for each service or facility, as outlined in a Members' Agreement. For 2022, the Town's share of improvements purchased by the Society on its behalf is $85,556 (2021 - $796,901).
Because the cost sharing formula in the Members' Agreement produces different cost shares for the members from year to year, there is a gain or loss on the opening fund balances. In 2021, the Town recorded a loss of ($396,724) (2021 - loss of $160,591).
The participating Municipalities have each become members in the Society, which was incorporated to provide parks, recreation and community services to the Municipalities under contract. Under terms of an Operating, Maintenance and Management Agreement, the Society is responsible to equip, maintain, manage and operate the facilities located at the recreation centre.
b) Consolidation
Financial results and budget for the Society are consolidated into the Town's financial statements proportionately, based on the cost sharing formula outlined in the Members' Agreement. In 2022, the Town's proportion for consolidation purposes was 13.685% (2021 - 14.502%). Condensed financial information for the Society is as follows:
| 2022 | 2021 | |
|---|---|---|
| Financial assets | $ 5,425,730 | $ 4,128,433 |
| Financial liabilities | 3,297,679 | 2,755,185 |
| Net financial assets | 2,128,051 | 1,373,248 |
| Non-financial assets | 1,153,172 | 1,112,757 |
| Accumulated surplus | $ 3,281,223 | $ 2,486,005 |
| Revenues | $ 7,316,425 | $ 10,098,436 |
| Requisition for members | 5,879,262 | 6,331,273 |
| 13,195,687 | 16,429,709 | |
| Expenses | 12,400,469 | 15,542,693 |
| Annual surplus (deficit) | $ 795,218 | $ 887,016 |
19. Segmented information
The Town is a diversified municipal organization that provides a wide range of services to its citizens. Town services are provided by departments and their activities reported separately. Certain functions that have been separately disclosed in the segmented information, along with the services they provide, are as follows:
a) General Government
The general government operations provide the functions of corporate administration, finance, human resources and legislative services and any other functions categorized as non-departmental.
b) Protective Services
Protective Services includes the View Royal Fire Rescue which is a composite fire department responsible to provide fire suppression service, fire inspections of public buildings, and training and education of volunteer firemen as well as the citizens of View Royal. In addition, it also includes policing provided by the RCMP, emergency planning, animal control and the maintenance and enforcement of building and construction bylaws as well as all other municipal bylaws. Fire protection services are provided to the Songhees and Esquimalt First Nation communities under contract.
c) Transportation
Transportation services comprises a wide variety of services such as the annual maintenance of all municipally owned roads and bridges, sidewalks, street signage, boulevards, bus shelters, street lighting and traffic signals. Transportation also includes the design, inspection, and maintenance of the storm drain collection systems.
d) Environmental health services
Environmental health services includes solid waste collection and disposal as well as collection and disposal of liquid waste through the sanitary sewer service.
e) Planning and development services
Environmental development services include all land use, planning and zoning issues in the Town.
f) Recreation and cultural services
Recreation and culture includes maintenance and development of all parks and green spaces within the Town as well as the Town's financial contribution to the services provided by the Greater Victoria Public Library and the Town's portion of West Shore Parks and Recreation Society.
g) Consolidated schedules of segmented disclosure by service
Schedules 1 and 2 provide additional financial information for the foregoing functions. Certain allocation methodologies have been employed in the preparation of the segmented financial information. Taxation is apportioned based on budgeted taxation revenue as presented in the consolidated financial plan.
20. Comparative figures
Certain comparative figures have been restated to conform with the current year's presentation.
21. Restatement of comparative figures
During the year, the Town determined that prior years' contributed assets from development were not recognized in the year-end financial statements. Canadian Public Sector Accounting Standards require assets contributed to the Town as part of a development agreement be recorded at it's fair value at date of contribution.
The above restatements have resulted in the following changes to the 2021 comparative amounts:
| Non-financial assets | |
| Tangible capital assets | $ 735,422 |
| Revenue | |
| Contributions from developers and others | 812,840 |
| Expense | |
| Transportation services | 76,907 |
| Environmental health services | 511 |
| Annual surplus (deficit) | 735,422 |
| Accumulated surplus, ending | $ 735,422 |