THE CORPORATION OF T H E C I T Y O F - Port Coquitlam€¦ · THE CORPORATION OF T H E C I T Y O F...

T H E C O R P O R A T I O N O FT H E C I T Y O F

BRITISH COLUMBIA, CANADA

ANNUAL REPORT 2014FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014

BUILDING

“One City”

A Year in PicturesThe City of Port Coquitlam would like to thank the photographers whose images brought life to the pages of our 2014 Annual Report.

3 INTRODUCTORY SECTION4 Message from the Mayor5 Message from the Chief Administrative Offi cer6 City of Port Coquitlam Organizational Chart7 Port Coquitlam City Council8 City Snapshot9 Economic Snapshot10 2014 Highlights11 Giving Back12 Strategic Direction13 Letter of Transmittal15 Department Overviews16 Offi ce of the Chief Administrative Offi cer18 Corporate Support20 Development Services22 Engineering & Operations24 Finance26 Fire & Emergency Services28 Human Resources30 Parks & Recreation32 Policing

35 FINANCIAL SECTION36 Financial Statement Discussion & Analysis 44 Auditors’ Report to the Mayor and Council46 Consolidated Statement of Financial Position47 Consolidated Statement of Operations48 Consolidated Statement of Cash Flows49 Consolidated Statement of Change in Net Financial Assets50 Notes to the Consolidated Financial Statements64 Schedule 1 – Statement of Operations by Fund

65 STATISTICAL SECTION (UNAUDITED)66 Average Home Municipal Taxes and Utilities67 Assessed Values for General Municipal Purposes67 Population Estimates68 Estimated Household Costs of City Services for an Average Single Family Residence69 Property Taxes Levied and Collected69 Taxes, Major Levies and Other Government Collections70 Revenues by Source70 Building Permits and Total Tax Collection71 Expense by Function71 Expense by Object72 Capital Expenditures and Net Debt Per Capita72 Capital Expenditures by Source73 Surplus, Net Financial Assets and Debt73 Accumulated Surplus73 Summary of Major Statutory Reserve Funds74 2014 Revenue74 2014 Expenses75 2014 Principal Corporate Taxpayers75 2014 Permissive Property Tax Exemptions

Table of Contents

This report is printed on paper that is FSC certifi ed and made from 100% post-consumer waste.


BRITISH COLUMBIA, CANADA

ANNUAL REPORT 2014FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014

Prepared by the Communications Division in conjunction with the Finance Department

BER 31

ANNUAL REPORT 2014

2

The Government Finance Offi cers Association of the United States and Canada (GFOA) awarded a Canadian Award for Financial Reporting to the City of Port Coquitlam for its annual fi nancial report for the fi scal year ended December 31, 2013. This is the City’s ninth consecutive Canadian Award for Financial Reporting.

The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality fi nancial reports and to provide peer recognition and technical guidance for offi cials preparing these reports.

In order to be awarded a Canadian Award for Financial Reporting, a government unit must publish an easily readable and effi ciently organized annual fi nancial report, whose contents conform to program standards.

Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government’s fi nancial picture, enhance an understanding of fi nancial reporting by municipal governments, and address user needs.

Canadian Award for Financial Reporting

The City of Port Coquitlam received a Distinguished Budget Presentation Award from the Government Finance Offi cers Association for its 2014

budget. The award represents a signifi cant achievement by the City and refl ects its commitment to meeting the highest principles of

government budgeting.

To receive this award, the City had to satisfy internationally recognized guidelines for effective budget presentation. These guidelines assess how well the City’s budget serves as a policy document, a fi nancial plan, an operations guide and a communication device. Budget documents must be profi cient in all four categories to receive this award.

This is the 17th year the City has received this honour.

The Government Finance Offi cers of the United States and Canada is a non-profi t professional association serving 17,500 fi nance professionals throughout North America. The

GFOA’s Distinguished Budget Presentation Award Program is the only national awards program in governmental budgeting.

Budget and Financial Reporting Awards

Distinguished Budget Presentation Award

CITY OF PORT COQUITLAM

3

INTRODUCTORY SECTION

Message from the Mayor

ANNUAL REPORT 2014

Improving customer service has been a strong focus for the City of Port Coquitlam for several years.

Our 2014 Annual Report theme, Building “One City”, refl ects our efforts to strengthen our team in order to provide better service – whether that means cutting red tape, delivering services more effi ciently, making it easier for citizens to participate, or reducing costs for our taxpayers.

The intent of this work is a better experience for our customers – Port Coquitlam’s property owners, residents and businesses – in all of their interactions with the City. That was one of the major directives of the Mayor’s Task Force on Business Opportunities in 2012 and 2013, the impetus for much of our work in this area now.

Residents may have noticed our efforts in a few different ways in 2014. For example, we made a point to encourage more public involvement in our 2014 budget, in part by mailing out budget information to each home for the fi rst time. The result was 950 responses, a record number for us.

We also took a hands-on approach to seeking out our citizens’ vision for a new Community Recreation Complex, by sending teams to engage people in grocery stores, at bus stops, at recreation centres and

other places in the community. That process captured close to 1,350 opinions.

Behind the scenes, we sharpened our pencils and worked with staff to bring in a municipal property tax decrease – almost unheard of these days – of 0.21 per cent. We also kicked off a process of scrutinizing individual City services to look for ways to do things better. We call these reviews Continuous Improvement Assessments.

These are just a few examples of how our work to create “one city” translates into better service to our customers and serves as a springboard for ongoing improvements.

I’m very proud of what we’re building here, and on behalf of the City of Port Coquitlam, I’m pleased to share our 2014 accomplishments in this Annual Report.

Greg MooreMayor

4

Council members had a behind-the-scenes look

at the City’s services during PoCo at Work Week in May 2014.


5

Message from the Chief Administrative Offi cer

When people think about city services – such as road improvements or a new playground – they often think of them as being delivered by the whole city rather than an individual department. As the “One City” theme of our 2014 Annual Report suggests, we’ve been taking a cue from this kind of thinking in the past year.

Everyone’s heard the old adage “one hand doesn’t know what the other hand is doing.” For us, Building “One City” means that each hand not only knows what the other is doing, but both are working together to be more effective and effi cient.

For example, we’ve been taking steps to make sure employees who work with the public or out in the community are able to easily stay informed about City news, initiatives and key contacts. Some of the tactics we’re working on include giving employees business cards with key City contact information to hand out, providing video blog updates on City projects, posting breaking news on our staff intranet site, and creating a database with the primary department contacts and each department’s top frequently asked questions.

So, for instance, if someone comes across one of our gardeners at a local park and asks about the status of the new Community Recreation Complex or what’s happening with a high-profi le City road project, that gardener is able to provide the appropriate information source or contact.

We’ll continue to make progress on building “One City” in the coming year, with a greater focus on collaboration and cooperation within and between departments. We’ll also be taking a close look at our customer service and identifying opportunities for improvements to our inspection and regulatory processes through our Continuous Improvement Assessments.

Becoming a more cohesive, collaborative and connected organization will not only help us be more engaged and effective behind the scenes. It will also be felt by the entire community, through improved service and positive customer experiences.

John Leeburn, MBAChief Administrative Offi cer

Staff development sessions are one of many ways Port Coquitlam

is working to build “One City.”

ANNUAL REPORT 2014

6

CITY COUNCIL

CITIZENS OF PORT COQUITLAM(RESIDENTS, PROPERTY OWNERS, BUSINESSES)

Organizational Chart

Municipal Auditors KPMG LLP

BankersToronto Dominion Bank

CORPORATE SUPPORTRobin WishartDirector

Divisions: Communications & Administrative Services; Corporate Offi ce, Information Services; Bylaw Services

OFFICE OF THE CHIEF ADMINISTRATIVE OFFICER

John Leeburn, BCOM, MBAChief Administrative Offi cer

FIRE & EMERGENCY SERVICESNick DelmonicoFire Chief/City Emergency Coordinator

Divisions: Administration; Protective Services & Public Education; Operations & Training; Facilities & Training; Emergency Program

POLICING (RCMP)Claude WilcottOffi cer-in-Charge

Contracted service

ENGINEERING & OPERATIONSKristen Meersman, P.Eng, MBADirector

Divisions: Operations; Transportation, Roads & Drainage; Engineering Projects, Mapping & Budgets

HUMAN RESOURCESSteve Traviss, CHRPDirector

Functions: Benefi ts & Compensation, Occupational Health & Safety; Labour Relations; Recruitment; Training & Development

FINANCEKaren Grommada, CPA, CMADirector

Divisions: Finance Services (purchasing, accounting, fi nancial planning, payroll, revenue services); Common Services

DEVELOPMENT SERVICESLaura Lee Richard, MCIP Director

Divisions: Building; Planning; Development Engineering

PARKS & RECREATIONBarry Becker Director

Divisions: Recreation; Parks & Facilities; Parks Planning & Design


7

City Council

Elected every four years by the citizens of Port Coquitlam, City Council is a legislative body that provides leadership to the City’s government.

Port Coquitlam City Council is committed to ensuring the priorities of local citizens guide its policies and decisions on civic matters such as land use and budgets for operations and capital expenditures.

City Council is made up of the Mayor and six Councillors, all of whom are elected for four-year terms as of 2014. The Mayor chairs the Council meetings.

Issues requiring a Council decision generally appear fi rst before one of the standing committees of Council. These are the Community Safety Committee, Healthy Community Committee, Finance and Intergovernmental Committee, Smart Growth Committee, and Transportation Solutions & Public Works Committee.

These committee meetings, along with Council’s two regular meetings each month, are open to the public. Meeting agendas are available from City Hall or the City’s website (www.portcoquitlam.ca/council). Live and archived broadcasts of Council meetings may also be viewed through the same web address.

Port Coquitlam City Council 2014-2018: (left to right) Cllr. Glenn Pollock, Cllr. Brad West, Cllr. Dean Washington, Mayor Greg Moore, Cllr. Mike Forrest, Cllr. Darrell Penner, Cllr. Laura Dupont.

The contributions of Cllr. Michael Wright, who served on Council for 33 years, were recognized after he departed Council in December 2014. The City awarded Wright Freedom of the City and renamed a gallery space in Leigh Square Community Arts Village as the Michael Wright Art Gallery.

ANNUAL REPORT 2014

8

City Snapshot

VISION

MISSION

Port Coquitlam is a happy, vibrant, safe community with healthy, engaged residents and thriving businesses, supported by sustainable resources and services.

We strive to do it right by researching, planning, building and executing well-balanced solutions.

total land area 29.17 km2

located in the heart of Metro

Vancouver, British Columbia

1913incorporated

March 7, 1913

7 members of Council provide leadership, set policies and establish

budgets

Structure

Chief Administrative Offi cer

Corporate Support

Development Services

Engineering & Operations

Finance

Fire & Emergency Services

Human Resources

Parks & Recreation

Policing

WHAT PORT COQUITLAM IS KNOWN FOR

271 hectares of

parks & trails

58,000 people

3,261 business licences

21,500 private

dwellings

2014 DEMOGRAPHICS

GOVERNANCE

Hometown of Terry Fox

Traboulay PoCo Trail

Historic downtown and small-town charm

Using technology to engage citizens

City Council

PoCo Pride Leader in waste management

CHALLENGE

Q

Family-friendly neighbourhoods


9

Economic Snapshot

Source: Statistics Canada - 2006 and 2011 Census Note: Census population estimates are not consistent with municipal and regional estimates.

* Percentage distribution

based on published

totals, both sexes.

Source: Statistics Canada -

2011 Census.

BUSINESS STATISTICS

Source: Bylaw Services

Total $ value – new constructionTotal $ value – improvements

CONSTRUCTION PERMIT VALUE

POPULATION AND DWELLINGS

Population in 2011 56,342 4,400,057Population in 2006 52,687 4,113,4872006 to 2011 population change (%) 6.9 7.0

Total private dwellings 2011 21,533 1,945,365 Total private dwellings 2006 19,689 1,788,474

Population density per sq. km 2011 1,931.3 4.8Population density per sq. km 2006 1,826.4 4.4

Land area (square km) 29.17 922,509.29

AGE DISTRIBUTION

All 28,035 28,310 100.0%* 100.0%*0-14 years 5,115 4,695 17.4% 15.3%15-24 years 4,240 3,695 14.1% 13.2%25-44 years 7,655 8,140 28.0% 29.0%45-64 years 8,435 8,680 30.4% 29.0%65+ years 2,605 3,105 10.1% 13.5%

Male Female % Port Coquitlam

% BCAges

Port Coquitlam BC

$120 million$100 million$80 million$60 million$40 million$20 million

$02010 2011 2012 2013 2014

RESIDENT STATISTICS

Source: Statistics Canada, 2011

• 93% are Canadian citizens• 29% were born outside of Canada• 68% say English is mother tongue

Number of business licences issued

2010

2011

2012

2013

2014

2,785

3,117

3,204

3,178

3,2610 1000 2000 3000

Top sectors based on 2014 business licences

$

General (730)

Home-based (703)

Out-of-town Gen. Contractor (640)

Manufacturing (236)

Professional Person (193)

Retail (171)

• Average no. of persons/family: 2.7• 78% of homes are owned

• 90% at same address 1 year ago• 63% at same address 5 years ago

• 55% have some post-secondary education

• Median household income: $72,563

• 66.2% are employed

NEW CONSTRUCTION 2014: $117 MILLION

IMPROVEMENTS 2014: $13.6 MILLION

Commercial ($3.9 mill)

Industrial ($5.9 mill)

Institutional ($744,000)

Multi-family ($153,000)

Single family/ duplex

($2.9 mill)

$117 MILLION

Commercial ($17 mill)

Industrial ($7.2 mill)

Institutional ($25.6 mill)

Multi-family ($54.5 mill)

Single family/ duplex

($12.7 mill)

ANNUAL REPORT 2014

10

See the Department Overviews on page 15 for additional 2014 activities and accomplishments.

10

Increased voter turnout in the municipal election to 26% in 2014 from 20.8% in 2011.

2014 Highlights

0.21%

+5%

Launched a variety of online tools:• Biz Info Hub with business

and development info.• PoCoWorks Job Board

linking job seekers with employers.

• MyPortCoquitlam for managing City bills and licences online.

• PoCo Waste-Line app to view and manage waste information.

tools:ess

P rtCoquitlammymy

$ PoCo Waste

Decreased municipal taxes by 0.21% for the average homeowner – the fi rst decrease on record in Port Coquitlam.

Moved the Community Recreation Complex project forward by collecting input from 1,350 people and beginning to develop the business plan and architectural concepts.

Installed a new outdoor gym at

Gates Park funded by a TELUS grant.

Purchased a new rescue engine custom-designed for Port Coquitlam.

Won a 2014 Open for Business Award and

invested the $10,000 prize in business programs.

foor r ndnd zeze

mss.

Developed a cost-effective solution to rising bear

activity by designing a wildlife-resistant lock for

residents’ waste carts.

ffeectivee ngg bear rgnning a a occk for rre carts.

Expanded waste collection services to multi-family and business properties.

A greenerchoice

lleecttc ioioooonnn nnnnnn nnnnnnnn-fammmim llylyyyyyyylyyy ppertttttieeeiesssss.sss.ss

re


11

Giving back is a way of life in Port Coquitlam, among the members of our community as well as our City employees.

COMMUNITY VOLUNTEERSMany volunteers and organizations work hard to make our community a better place. Because of their efforts, Port Coquitlam is a safer, healthier and more complete community, with an abundance of PoCo Pride: that special combination of community spirit and pride that is unique to Port Coquitlam.

The City of Port Coquitlam provides opportunities for citizens to volunteer in all aspects of civic life, from assisting with recreation programs to serving as citizen advisors to City Council. Our website, www.portcoquitlam.ca/volunteer, features volunteer opportunities and online registration.

Each April, in conjunction with National Volunteer Week, we honour and celebrate all volunteers in our community with our Volunteer Recognition Awards & Tribute and other events.

CITY VOLUNTEERSWe’re proud of the charitable and volunteer work undertaken by City staff and Council members. Not a month goes by without some sort of offi ce fundraiser, and many staff and Council members also volunteer in their spare time.

Here are some examples from 2014:

• Port Coquitlam fi refi ghters raised $36,555 and donated their time to support a variety of causes: · $16,000 for prostate cancer research and

men’s health initiatives through Movember. · $5,220 for the BC Professional Fire Fighters

Burn Fund through Christmas tree chipping and the Canada Day salmon barbecue.

· $12,000 for Muscular Dystrophy Canada through a boot drive.

· $3,335 for the BC Burn Unit through a slow-pitch tournament beer garden and cook shack.

· Volunteered with the Terry Fox Hometown Run, BC Burn Camp, Rett Syndrome Walk and a blood drive for the BC Blood Bank.

• The City’s annual United Way campaign raised $17,097 through casual days, 50/50 draws, raffl es and other fundraisers.

• Staff raised $1,727 for causes such as the Terry Fox Foundation, the BC Children’s Hospital Foundation and SHARE Family & Community Services. Activities included Jeans Day, casual days and raffl es.

Giving Back

2014 United Way staff committee.

ANNUAL REPORT 2014

Strategic Direction

VISION 2020 STRATEGIC OUTCOMES

Sustainable Future – Addresses fi nancial health, environmental health, social health and sustainable services.

Sense of Community – Addresses community spirit, community inclusiveness/diversity and community health.

Economic Strength – Addresses business strength, employment, access/transportation and agricultural land.

Community Well-being – Addresses community safety, parks/natural areas, waste management and utility services.

Strategic Service Delivery – Addresses staff productivity/effectiveness, transparency/public confi dence and healthy work environment.

COUNCIL PRIORITIES

Organizational Development – Develop the organization and increase employee engagement in order to improve customer service.

Infrastructure – Maximize the life of infrastructure assets (e.g. roads and buildings) and save for their replacement.

Community Recreation Complex – Plan for a new Community Recreation Complex on 15 acres of City land in the downtown that includes the Port Coquitlam Recreation Complex and former works yard.

The City’s policy, operations and fi nancial decisions are guided by the Corporate Strategic Plan – entitled Vision 2020 – along with City Council’s current priorities.

Adopted in 2011, Vision 2020 outlines the community’s vision for the future and was built on a foundation of core municipal principles, best practices and public consultation.

Council also sets priorities each year that guide the budget and delivery of City services. Since 2013, Council has directed staff to focus on three priorities that grew from Vision 2020.

Targeting a few priorities at a time enables the City to meet its goals more effectively.

The work of the City’s departments (described in the Department Overviews, page 15) is aligned with the following:

12

Mission: Port Coquitlam is a happy, vibrant, safe community of healthy engaged residents

and thriving businesses supported by sustainable resources and services.


13

Letter of Transmittal

www.portcoquitlam.ca

2580 Shaughnessy Street, Port Coquitlam BC, Canada, V3C 2A8

LETTER OF TRANSMITTAL May 25, 2014

Mayor and Council City of Port Coquitlam

Continuous improvement continued to be a strong theme for our organization in 2014. As part of our efforts to do things more efficiently and effectively, Council created a Budget & Infrastructure subcommittee to the Finance & Intergovernmental Committee to review our budgeting process and to develop a more sustainable model for planning and funding infrastructure. The 2016-2020 Financial Plan will reflect the outcomes of these activities.

Overall, the City’s work and finances in 2014 once again took direction from the Vision 2020 Corporate Strategic Plan and annual Council priorities.

It is my pleasure to present to you the City’s Financial Statements and Annual Report for the fiscal year ending December 31, 2014. The purpose of this report is to publish an Annual Report pursuant to Section 98 of the Community Charter.

Preparation and presentation of the Financial Statements (Statements) and related information in the 2014 Annual Report is the responsibility of the City. The Statements were prepared in accordance with Canadian Public Sector Accounting Standards.

The City maintains a system of internal controls designed to safeguard assets of the corporation and to provide reliable financial information. Expenditures and revenues are analyzed daily by departments and finance staff and updates are provided to Council.

City Council ensures management fulfills its responsibilities for financial reporting, budgeting, and internal controls and exercises its responsibility through approval of bylaws and policies at Council meetings; a review of variance reports and financial statements at the Finance and Intergovernmental (FIG) Committee meetings and discussions with the City’s auditors in a Closed FIG Committee meeting.

The audit firm of KPMG LLP, appointed by Council, has expressed its opinion that the Statements prepared by management fairly present the financial position of the City, as at December 31, 2014, and the results of 2014 operations in accordance with Canadian Public Sector Accounting Standards.

MUNICIPAL OVERVIEW

The City provides a complete range of municipal services to local residents and businesses. Services include police, fire, water, sewer, transportation, planning, recreation and other programs benefitting the community. Where possible, services are cost-shared with other municipalities for cost-effective service delivery, including emergency communications, fire dispatch, and police services.

The City relies on the Greater Vancouver Water District for our water supply, the Greater Vancouver Regional District for sewage disposal, and Metro Vancouver for co-ordination of common services with other municipalities.

ANNUAL REPORT 2014

14

HeaderLetter of Transmittal


FINANCIAL OVERVIEW

The City has taken a long-term approach to its finances for a sustainable future. This approach requires setting sufficient funds aside for replacement of assets consumed in the year as well as addressing the gap created from underfunding in prior years. As with many cities in the world, minimal funds were set aside in the past for the eventual replacement of our assets as they reach the end of their useful lives.

Positive steps have been taken to address these future challenges, including the new Budget & Infrastructure sub-committee addressed earlier. Also, as shown in Note 14 - Restricted Reserves, funds are slowly collecting in long-term reserves to address the infrastructure gap.

The Annual Report’s Financial Statement Discussion and Analysis section reports to stakeholders how the financial resources entrusted to the City are being managed to provide municipal services and infrastructure. Annual operations have remained constant in the year. Fire and emergency services, police protection, water supply, sewer discharge, development, recreation, parks, culture and other primary and support services were delivered to the residents and businesses in the City consistent with prior years, with minor adjustments for a change in demand and market conditions. 2014 capital expenditures were comparable to those in 2013.

The City continues to see growth and development, in both established parts of the community and new growth areas such as the Dominion Triangle. In 2014, the City issued building permits for projects with a total value of $130.6 million – the highest value on record. Interest rates remain low and continue to affect City investment decisions and returns. As we look to the future, the challenge ahead is to continue to save for future infrastructure replacement, while keeping taxes sustainable and funding a new Community Recreation Complex.

CONCLUSION

City services provide the community with a quality of life that includes safety and protection, supply of essential services, a sense of community and economic sustainability. A long-term approach to the City’s finances will ensure these services will be available to the community in the years to come. In addition, following Public Sector Accounting Board recommendations to quantify the long-term financial needs of the City, and taking steps to fund these needs in the City’s reserves, has been an important step for the City in its goal to reach sustainability of city finances.

Balancing affordability for the community today and tomorrow will continue to be our financial challenge. The annual financial statements will monitor our progress.

Respectfully,

Karen Grommada, CPA, CMA Director of Finance


INTRODUCTORY SECTION

15

DEPARTMENT OVERVIEWS

ANNUAL REPORT 2014

16


17

Offi ce of the Chief Administrative Offi cer

The Chief Administrative Offi cer provides organizational leadership to all City staff.

• Direct and coordinate the activities of all departments.

• Assist Council to establish the City’s vision, plans and priorities.

• Oversee the development of revenue-generation initiatives and other strategic projects.

• Oversee the implementation of the City’s vision, plans and priorities by: · ensuring effective policies are in place and

adhered to, and · providing leadership that enables an engaged

and productive municipal workforce.

KEY RESPONSIBILITIES

For more information about the Offi ce of the CAO, visit www.portcoquitlam.ca/CAO.

STRATEGIC OUTCOME OR COUNCIL PRIORITY 2014 PERFORMANCE MEASURES

Sustainable Future

• Maximized the benefi t for the City when negotiating terms of a community-wide fi bre optic project with TELUS and free wifi hotspot program with Shaw.

• Worked with the Human Resources Department to implement a partnership with BCIT to offer its Associate Certifi cate in Leadership program onsite to City staff.

Strategic Service Delivery and Organizational Development

• Oversaw completion of the City’s fi rst two Continuous Improvement Assessments to improve effi ciency and effectiveness of the Fleet and Purchasing areas.

• Reorganized department structure to achieve improved effi ciency and customer service.

• Strengthened the organization’s focus on employee development and engagement to create a healthy work environment and improve customer service.

Strategic Service Delivery

• Worked with Engineering & Operations Department to implement a number of successful revenue-generation initiatives related to waste management. These included expanding green cart collection for multi-family complexes and commercial properties, and converting homes with secondary suites to two 240L carts to maximize revenue through the Multi-Material BC contract.

STRATEGIC OUTCOME OR COUNCIL PRIORITY

2015 GOALS

Sustainable Future

• Oversee and participate in the new Budget & Infrastructure advisory committee’s in-depth review of the City’s capital planning and budgeting models.

• Implement priorities from the revenue generation task force to help develop alternative funding sources for the City.


• Continue to oversee and support the Continuous Improvement Assessment process to improve effi ciency and effectiveness.

ANNUAL REPORT 2014

18


19

Corporate Support

KEY RESPONSIBILITIES• Provide communications, legislative and

administrative services.• Enforce City bylaws.• Provide technology and online services.• Manage Council meetings, City records and elections.• Manage City land holdings.

DIVISIONS• Bylaw Services• Communications & Administrative Services• Corporate Offi ce• Information Services

STATS & FACTS• Website visits: 539,402• Total Facebook/Twitter followers: 8,680• Media release pickup rate: 80%• Freedom of Information requests: 62• Bylaws processed: 39• IS customer support requests: 2,151• PCs replaced: 64 (22%)• Business licences issued: 3,260• Dog licences issued: 4,334

Corporate Support brings together services and functions that support the organization as a whole.


Sustainable Future

• Delivered solutions to bridge the gap between the old fi nancial system and the new cloud-based system.

• Secured sponsorship for City initiatives such as the PoCo Best Biz Awards, Volunteer Recognition Awards and BizAlley.

Sense of Community• Increased voter turnout in the municipal election to 26% in 2014 from 20.8% in

2011 with a targeted voter engagement campaign.

Community Well-being • Improved safety by forcing the demolition of a derelict house and homeless camps.


• Improved dialogue with public by use of online surveys, which achieved 800-1,000 responses on topics such as the budget, election and communications.

• Improved staff access to key business data through customized dashboards.• Improved online outreach through design and content update of key areas of

website and rollout of PoCo Waste-Line app, Biz Info Hub, PoCo Works Job Board and MyPortCoquitlam programs.

• Sent City Council members “undercover” during PoCo at Work Week in May to give them a behind-the-scenes look at City services.

STRATEGIC OUTCOME OR COUNCIL PRIORITY 2015 GOALS

Sustainable Future • Review agenda processes to reduce paper consumption.

Sense of Community

• Engage the community in developing a new City slogan to strengthen Port Coquitlam’s identity and branding.

• Update the City Info Guide to improve awareness of and access to City services by residents, business and visitors.

Strategic Service Delivery • Work on a mobile app to help residents access a variety of City services.

For more information about Corporate Support, visit www.portcoquitlam.ca/CS.

ANNUAL REPORT 2014

20


21

Development Services guides the growth and development of the community.


Community Recreation Complex

• Continue planning and design of a community recreation complex to replace the Port Coquitlam Recreation Complex and create a vibrant community hub.

Sustainable Future• Begin comprehensive updates of the Offi cial Community Plan and other bylaws. • Complete the Housing Action Plan and begin public consultation.

Economic Strength• Promote businesses through a searchable Biz Directory, PoCo Best Biz Awards and

BizAlley showcase at the May Day Festival, in conjunction with Communications.

Strategic Service Delivery• Defi ne enforcement and other policies and amend regulations to serve customer

needs and meet community expectations.• Introduce mobile technology to engineering inspections to improve effi ciency.



• Planned for a new community recreation complex that will create a vibrant community hub to replace an aging facility; managed an inclusive public consultation process.

Sustainable Future• Led public consultation processes and collected information for the East of

Fremont and Cedar Drive Route Study.

Economic Strength

• Received an Open for Business Award from the BC Small Business Roundtable for the City’s support of local businesses.

• Improved access to information for businesses and developers with a comprehensive online Biz Info Hub.

• Issued building permits for projects valued at over $130 million, one of the City’s highest ever values.

Strategic Service Delivery • Increased effi ciency of building inspections through mobile technology.

STATS & FACTS• Planning applications processed: 58• Engineering development applications

processed: 657• Building permits issued: 327

· Construction value: $130.6 million · Number of new dwelling units: 432

For more information about Development Services, visit www.portcoquitlam.ca/development.

DIVISIONS• Planning • Building (including Plumbing)• Development Engineering


• Foster and provide guidance on sustainable and integrated land use and development.

• Promote economic development.• Review permit and subdivision applications and

conduct inspections within the framework of the BC Building Code, Land Title Act and municipal regulations.

• Liaise with the Kwikwetlem First Nation, Port Coquitlam Business Improvement Association and Tri-Cities Chamber of Commerce.


ANNUAL REPORT 2014

22


23

For more information about Engineering & Operations, visit www.portcoquitlam.ca/EO.


Sustainable Future

• Review garbage, green and recycling collection services. • Market City waste collection services to multi-family properties.• Purchase City street sweeper to improve effi ciency.• Support Council’s Budget and Infrastructure Committee in developing a new

long-range capital planning model.

Economic Strength• Advocate for Port Coquitlam in TransLink’s Northeast Sector Area Transit Plan,

including integrating bus service with the Evergreen Line.

Community Well-being • Roll out new City bear-proof waste cart locks to areas with high bear activity.


Sustainable Future• Promoted the new Multi-Material BC recycling service, proper waste-sorting and

expanded waste collection for multi-family sites to reduce waste disposal costs.

Community Well-being• Developed a cost-effective waste-cart lock to protect against bears while

minimizing the impact on residents.


• Launched the PoCo Waste-Line smartphone app, which improves resident access to waste collection information and schedules.

• Implemented an in-house project design team to better manage engineering infrastructure projects and reduce reliance on consultants.

• Developed and maintained a stand-alone version of PoCoMAP to support the Emergency Operations Centre.

Engineering & Operations provides and maintains essential municipal services and infrastructure.


STATS & FACTS• Public requests and inquiries: 5,063• PoCoMAP public visits: 18,950• Waste collection:

· Single-family units: 13,746 · Multi-family units: 4,642 · Institution or business: 238

• Waste diverted from landfi ll: 63.3% diversion rate

• Water supplied: 8.9 million cubic metres• Capital projects: 40 projects and $8.38

million in expenditures• PoCo Waste-Line registrants: 2,822

DIVISIONS• Operations • Transportation, Roads & Drainage• Engineering Projects, Mapping & Budgets

• Manage/maintain municipal infrastructure, including roads, sidewalks, water/sewer/storm pipe networks, pump stations, dikes, streetlights and traffi c signals.

• Plan and operate the City transportation network.• Maintain/develop the PoCoMAP geographic

information system. • Provide garbage, green and recycling collection.• Provide engineering customer services.• Manage the City fl eet.


ANNUAL REPORT 2014

24


25

Finance provides fi nancial services to citizens, City departments and City Council.

For more information about Finance, visit www.portcoquitlam.ca/fi nance.


Sustainable Future • Continue to implement the new cloud-based fi nancial system.

Sustainable Future and Infrastructure

• Assist in the new Budget & Infrastructure advisory committee’s in-depth review of City’s capital planning and budgeting models.


• Earn Government Finance Offi cer Association awards for budgeting and annual fi nancial reporting.

• Continue to promote the MyPortCoquitlam system for improved online access to City bills and licences.


Sustainable Future• Began a major upgrade to a cloud-based fi nancial management system to replace

the previous outdated system.

Sustainable Future and Infrastructure

• Continued to set aside 1% of property tax revenue for future infrastructure replacement.


• Earned Government Finance Offi cer Association awards for budgeting and annual fi nancial reporting.

• Completed an in-depth evaluation (Continuous Improvement Assessment) of Purchasing to seek opportunities to improve.

• Worked with the Communications Division to achieve a record level of public feedback on the 2014 budget (almost 950 responses).

• Launched MyPortCoquitlam, enabling residents to receive and manage City bills and licences online.

STATS & FACTS• Annual budget: $93 million• Billing and collection value: $76 million• Tax customers: 19,914• MyPortCoquitlam registrants: 1,215• Electronic Home Owner Grant

applications: 7,440

KEY RESPONSIBILITIES• Provide fi nancial planning, accounting, payroll,

purchasing and revenue collection services.• Administrate operating funds.• Coordinate risk management (insurance).

DIVISIONS• Finance Services

· Purchasing · Accounting · Financial Planning · Payroll · Revenue Services

• Common Services

Finance

ANNUAL REPORT 2014

26


27

For more information about Fire & Emergency Services, visit www.portcoquitlam.ca/fi re.



• Restructure the fi re inspection process to make it more effi cient and user friendly.• Review a workplace option for fi re-specifi c software.• Initiate a tender process for new apparatus to ensure proper apparatus is in place

for timely response.• Work with Human Resources to complete the IAFF Local 1941 Collective

Agreement for fi refi ghters.


Sustainable Future • Conducted succession planning to ensure future leadership for the department.

Community Well-being• Continued to reduce emergency response times, with a total reduction of 57

seconds since 2012 despite annual call volume increases of between 6% and 8%.• Conducted rail and wildfi re planning exercises.

Strategic Service Delivery• Designed and purchased a new rescue engine that is lighter-weight and less

expensive to operate than larger engines.

STATS & FACTS• Total calls: 3,642• Total fi res: 121• Hazardous materials calls: 84• Medical calls: 1,923• Motor vehicle accidents: 327• Public service/assist: 148• Fire bylaw inspections: 2,658• Emergency preparedness course

attendees: 474• Emergency preparedness volunteer

hours: 1,711

KEY RESPONSIBILITIES• Provide life safety and fi re protection services. • Conduct fi re investigations. • Provide public education programs.• Develop and implement the City’s Operational

Emergency Response Plan.• Deliver public emergency preparedness education

and awareness.

DIVISIONS• Administration• Protective Services & Public Education• Operations & Training• Facilities & Training• Emergency Program

Fire & Emergency Services provides for the preservation of life, property and the environment in Port Coquitlam.


ANNUAL REPORT 2014

28


29

For more information about Human Resources, visit www.portcoquitlam.ca/HR.



• Implement a succession planning and knowledge transfer program, including conducting a City career awareness fair and developing a post-secondary and professional association liaison.

• Support in-depth evaluations (Continuous Improvement Assessments) of business licensing and customer service/internal communications.


• Complete the IAFF Local 1941 collective agreement for fi refi ghters.• Implement the Human Resources module of the new cloud-based fi nancial

system.• Engage union supervisors in the design of a performance planning process.


Economic Strength and Strategic Service Delivery

• Transformed the City jobs webpage into the PoCoWorks! Job Board that lists jobs with the City as well as local businesses.


• Partnered with BCIT to offer its Associate Certifi cate in Leadership program onsite to City staff.

• Conducted focused customer service workshops for staff who interact with the public.

Strategic Service Delivery• Earned a $46,000 rebate from WorkSafe BC for maintaining high Occupational

Health and Safety standards for the fourth year.

STATS & FACTS• Total number of employees: 546

(289 full-time, 72 part-time, 185 casual)• Average employee age: 38.42 years

· Casuals: 27.46 · Part-time: 35.94 · Full-time: 46.05 · Fire: 38.85 · Non-suppression: 41.25 · Exempt (non-union): 49.12

• Average length of service: 9.79 years• External hires: 61• Internal appointments: 55

KEY RESPONSIBILITIES• Champion City-wide initiatives that build on a

positive and engaging organizational culture.• Recruit City staff and ensure succession planning.• Manage the City’s labour relations.• Coordinate the City’s occupational health and safety

program.• Plan and implement staff training and development.• Administer benefi ts, wages and salaries.

Human Resources provides specialized advice and assistance in all facets of people management.

Human Resources

ANNUAL REPORT 2014

30


31For more information about Parks & Recreation, visit www.portcoquitlam.ca/recreation.



• Continue planning and design of a new community recreation complex.

Community Well-being

• Complete the fi nal phase of the Lions Park renovation, including spray features and picnic shelter.

• Purchase a City fl oat for May Day and other parades, to allow more décor options and reduce costs for participation in other parades.

• Expand the columbarium at the City cemetery.

Sense of Community and Sustainable Future

• Update the Cultural Policy and Plan to help plan for arts and cultural services over the next decade.

Community Well-being and Strategic Service Delivery

• Continue to implement and promote the new user-friendly online registration system.

Strategic Service Delivery • Implement a Chafer Beetle control program on City properties.



• Worked with Development Services to plan for a new community recreation complex to replace existing aging infrastructure.

Community Well-being and Strategic Service Delivery

• Launched a new, more user-friendly online registration system at www.experienceit.ca to replace an outdated system.

Community Well-being • Completed the washroom, playground and plaza renovation at Lions Park.

Strategic Service Delivery • Simplifi ed and automated the tree-cutting permit process for residents.

STATS & FACTS• Trees planted: 161• Courses offered: 5,085 • Program registrations: 29,748

· Online registrations: 10,146• Program hours provided: 28,745 • Drop-in participants: 441,475• Library items borrowed: 369,531• Library visits: 191,267• Residents identifying Terry Fox as home

library: 2,473

KEY RESPONSIBILITIES• Provide recreation, fi tness, active living, arts and

cultural programming.• Coordinate volunteers and events.• Manage and maintain recreation and cultural

facilities, parks and other amenities.• Plan and design parks / open space systems.• Manage the City’s facility preventative maintenance

and lifecycle programs.

DIVISIONS• Recreation Services• Parks & Facility Services• Centralized Services

Parks & Recreation contributes to the quality of life and personal wellness of the community.

Parks & Recreation

ANNUAL REPORT 2014

32


33


Community Well-being• Funded an additional police offi cer for Port Coquitlam.• In conjunction with other road safety programs, helped achieve a 3% reduction in

collisions causing deaths or injuries.

Strategic Service Delivery• Conducted front counter and Ipsos Reid surveys that indicated strong satisfaction

with police service among citizens and clients.


Community Well-being• Create safer neighbourhoods by strengthening community engagement.• Decrease the incidence of fatal collisions through education and enforcement.• Reduce the impact of prolifi c offenders on public safety.

KEY RESPONSIBILITIES• Reduce crime and protect citizens from the

adverse effects of criminal activity through criminal investigations, crime prevention and crime reduction initiatives, and community education and outreach.

• Identify/address emerging public safety issues.• Work with the City and citizens to ensure

Port Coquitlam is a healthy, vibrant and safe community.

SERVICE AREAS• RCMP• Public Safety Building• Community Policing

Coquitlam RCMP serves more than 190,000 residents across Anmore, Belcarra, Coquitlam and Port Coquitlam.

Policing

For more information about Coquitlam RCMP, visit www.portcoquitlam.ca/policing or www.coquitlam.rcmp.ca.

STATS & FACTS

Crime Types2013totals

2014totals

% change

Person Crimes1 876 834 -4.8Property Crimes2 7,055 7,257 +2.9Other (Breach of Probation) 329 360 +9.0Drugs3 295 311 +5.4Traffi c4 2,083 1,941 +6.81 Abduction, assault, attempted murder, murder (1st and 2nd degree), robbery, and sexual offences. 2 Arson, break and enter, fraud (including debit/credit card and identity theft), mischief, possession of stolen property, theft, and theft of/from vehicle.3 Illegal indoor marijuana grow operations, possession and/or traffi cking of cocaine, heroin and methamphetamine.4 Collision (fatal, injury and property damage), dangerous operation, impaired operation (alcohol/drugs), prohibited driver, roadside prohibitions and immediate roadside prohibitions.

Data Notes and Qualifi ers:• Statistics are for the Coquitlam RCMP jurisdiction

(Coquitlam, Port Coquitlam, Anmore and Belcarra). • Data extracted 2015-03-02; in cases of discrepancy,

the most current data will take precedence.• Criminal Code offence data was compiled using

select PRIME BC fi les and is not comprehensive.• All data is subject to change based on investigational

factors and records data quality processes.• Data collected using “most serious offence” scoring,

consistent with Statistics Canada and BC Justice Ministry (Police Services Division) data collection practices.

• Collision data is not complete as it only includes fi les where police attended and not all fi les reported to the Insurance Corporation of British Columbia (ICBC).


35

FINANCIALSECTION

ANNUAL REPORT 2014

36

Financial Statement Discussion & Analysis

The City of Port Coquitlam’s (the City) Management is responsible for preparing the following fi nancial statement discussion and analysis (FSD&A). The FSD&A reports on the City’s consolidated results and fi nancial position for the year ended December 31, 2014 and should be read in conjunction with the Audited Consolidated Financial Statements and related notes of the City for the year ended December 31, 2014.

The FSD&A reports to stakeholders how the fi nancial resources entrusted to the City are being managed to provide municipal services and infrastructure. The FSD&A also explains signifi cant1 differences in the fi nancial statements between budgeted and actual results.

1. Financial Highlights• Revenues are $8.0 million higher than budgeted. Of this variance, $4.7 million (58.8% of the total variance) is

attributable to developer contributions of tangible capital assets. A further $1.4 million (17.5% of the total variance) is attributable to higher investment income due to a larger investment balance than budgeted.

• Operating expenses are $5.4 million lower than budgeted. Of this variance, $1.2 million (22.2% of the total variance) is attributable to lower water consumption payments than budgeted. A further $1.2 million (22.2% of the total variance) is attributable to lower Parks and Recreation expenses due to timing of projects still in-progress.

• Annual surplus for the year ended December 31, 2014 is $15.3 million representing a $1.7 million increase in annual surplus from the prior year (2013 - $13.6 million). Of the $15.3 million annual surplus in 2015: ▫ $2.3 million is attributable to general surplus (2013 - $2.3 million); ▫ $1.7 million is attributable to water surplus (2013 - $1.7 million); ▫ $0.6 million is attributable to sewer surplus (2013 - $0.7 million); ▫ $1.7 million is attributable to restricted reserves (2013 - $7.6 million); ▫ $0.2 million (2013 - $0.2 million) represents the overall change in the amount of inventory and prepaid expenses

(non-fi nancial assets) held by the city; ▫ The remaining $8.8 million (2013 - $1.1 million) represents the overall net change in tangible capital assets and

reduction in debt.• Capital expenditures increased as compared to 2013 with the City investing $14.5 million (2013 - $9.9 million)

towards the addition/replacement of tangible capital assets.

2. Consolidated Statement of Operations Analysis

REVENUE BY SOURCEIn 2014, of the City’s $98 million of revenue, $56.7 million, or 57.9%, comes from property tax. Property taxes represent a stable and predictable source of funds and, for this reason, are the preferred primary source of revenue for many municipalities. At $19.0 million, or 19.4%, utility charges are the next largest source of revenues. Utility charges are used to fund water and sewer utility operating and capital costs.

“The City derives the majority of its revenues (58%) from property taxation.”

1 Signifi cant differences are those where budget to actual result vary by more than 8% or $450,000.


37


CONSOLIDATED REVENUE – COMPARISON TO BUDGET

FIGURE 1: REVENUE COMPARISON 2014 VS. BUDGET

2014 Budget 2014 Actual Variance

[Fav / (Unfav)] %

Taxation and other levies $ 56,282,300 $ 56,740,830 $ 458,530 0.8% Utility charges 18,062,300 19,032,830 970530 5.4% Sale of services 8,759,100 9,391,106 632006 7.2% Contributions 4,517,293 8,885,325 4,368,032 96.7% Investment income 824,000 2,210,536 1,386,536 168.3% Other revenue 1,529,600 1,712,588 182,988 12.0% Total revenues $ 89,974,593 $ 97,973,215 $ 7,998,622 8.9%

Taxation and Other LeviesTaxation and other levies are $458 thousand (0.8%) higher than budgeted due to higher growth than projected.

Utility ChargesUtility charges, which consist of user rates for water and sewer, are $971 thousand (5.4%) higher than budgeted as a result of a higher than anticipated number of new connections added to the utility network in the prior year for which the City is now levying utility charges. Additionally, efforts undertaken by the City to replace faulty water meters have resulted in more accurate consumption statistics and has enabled the City to reduce instances of under billing metered users.

Sale of ServicesSale of services is $632 thousand higher than budgeted. Of this amount, $390 thousand (31.7% of the total variance) is the result of the City’s participation in the Multi Materials BC recycling program, which was entered into after the budget had been established. An additional $500 thousand (40.6% of the total variance) is due to higher than anticipated building and plumbing permit revenues. This is offset by $300 thousand (24.4% of the total variance) lower than budgeted construction fees for municipal service connections due to less activity. The reduced revenue is matched by a decrease in construction related expenses. The remaining variances (3.4%) are due to individually immaterial differences.

ContributionsContributions are $4.4 million higher than budgeted due to more developer contributed assets than budgeted.2

Investment IncomeInvestment income is $1.4 million (168.3%) higher than budgeted due to a slight increase in the average rate of return on investments and a larger than anticipated investment balance held by the City throughout the year. The City budgets very conservatively for investment income due to the uncertainty of interest rates and cash fl ow requirements for the City’s capital program.

Other RevenuesOther revenues are $183 thousand (12.0%) higher than budgeted due to a multitude of individually immaterial variances.

2 Developer contributed assets are a non-cash transaction and result in an increase to the amount the City reports as equity in tangible capital assets.

ANNUAL REPORT 2014

38


CONSOLIDATED EXPENSES BY FUNCTION – COMPARISON TO BUDGET

FIGURE 2: EXPENSES COMPARISON 2014 VS. BUDGET

2014 Budget 2014 Actual Variance

[Fav / (Unfav)] %

Engineering and operations $ 16,550,657 $ 15,597,580 $ 953,077 5.8% Parks and recreation 17,525,649 16,338,253 1,187,396 6.8% Police services 13,692,755 12,754,792 937,963 6.9% General government 9,140,517 8,696,413 444,104 4.9% Fire and emergency services 10,205,936 10,290,938 (85,002) -0.8% Development services 2,754,500 2,283,507 470,993 17.1% Water operations 10,569,905 9,379,832 1,190,073 11.3% Sanitary sewer operations 7,641,481 7,371,473 270,008 3.5% Total expenses $ 88,081,400 $ 82,712,788 $ 5,368,612 6.1%

Engineering & OperationsEngineering and operations are $953 thousand (5.8%) under budget. Of this amount $950 thousand (62.5% of the total variance) relates to road rehabilitation projects in-progress where funding has been carried forward to 2015. Consistent with the decrease in sale of services revenue, a further $300 thousand (17.8% of the total variance) relates to lower than forecasted expenses for municipal connections construction due to less activity.

Offsetting these favourable variances is $270 thousand (19.7% of the total variance) in higher than budgeted personnel costs due to a combination of staff departures and position changes, as well as participation in the MMBC program. Personnel costs attributable to participation in the MMBC program are offset by sale of service revenues.

Parks & RecreationParks and recreation are $1.2 million (6.8%) under budget. Of this amount, approximately $565 thousand (47.1% of the total variance) relates to one-time funding for special operating projects that were still in progress at the end of the year, $135 thousand (11.3% of the total variance) are for projects related to the Recreation Complex and have been deferred pending a decision on the Recreation Complex expansion. A further $100 thousand (8.3% of the total variance) related to special operating projects that were completed under-budget or re-assessed and determined to no longer be required. Additionally, $230 thousand (19.2% of the total variance) is attributable to the Parks Maintenance function and is mainly due to lower personnel costs from vacancies due to short-term disabilities.

The remaining variance of $170 thousand (14.2% of the total variance) is due to a multitude of minor variances across the various programs and functions run by the department.

Police ServicesPolice services are $937 thousand (6.9%) under budget. Of this amount, $1.1 million (40.0% of the total variance) is attributable to staffi ng vacancies, $456 thousand (16.6% of the total variance) is attributable to lower than expected health care costs, and a further $300 thousand (10.9% of the total variance) is attributable to other miscellaneous operational variances. These favourable variances are partially offset by $897 thousand (32.6% of the total variance) in cost overages due to higher proportion than forecasted of police activity in the City which impacted the cost share formula.


39


Development ServicesDevelopment services are $471 thousand (17.1%) under budget. Of this amount, $250 thousand (53.1% of the total variance) is for the Recreation Centre Expansion Planning which has been recorded as capital expenditures to meet tangible capital asset reporting requirements, and is not part of the $2.3 million of operating expenditures reported above. Because Public Sector Accounting Standards require the City to present the original 2014 budget adopted by Council on March 24, 2014 as part of the 2014-2018 Financial Plan, the $250 thousand budget for the Recreation Centre Expansion Planning is in the operating section whereas the costs are recorded in the capital section causing an apparent variance.

A further $100 thousand (21.2% of the total variance) is attributable to one-time funding for a land and special projects manager. Subsequent to approval of the budget, it was determined that these funds were no longer required. $35 thousand (7.4% of the total variance) relates to a combination of funding for work to be undertaken on the Offi cial Community Plan and work on infi ll studies.

The remaining $86 thousand (18.3% of the total variance) is due to various individually immaterial variances.

Water OperationsWater operations are $1.2 million (11.3%) under budget due to lower than anticipated utility rates from Metro Vancouver in addition to lower than forecasted water consumption. Staff have reviewed historical consumption trends as well as consumption projections from Metro Vancouver and have identifi ed potential capacity to reduce the budget for water purchases. A comprehensive review of utility rates is scheduled as part of the 2015 work plan.

3. Capital Expenditures

The original capital plan for 2014 totaled $20.4 million. A total of $14.5 million in capital expenditures was incurred in 2014 (2013 - $9.9 million), resulting in a variance of $5.9 million. The City’s Financial Management Policy allows for funding to be carried forward for those projects/purchases which are still in-progress at the end of the year. Of the $5.9 million variance, a total of $5.0 million in capital project funding has been carried forward to the 2015 Financial Plan (2013 - $8.9 million).

The remaining variance is attributed to projects budgeted as capital, but at the time of implementation, did not qualify as a capital asset under Public Sector Accounting Standards, or projects completed under budget.

4. Net Financial AssetsFIGURE 3: NET FINANCIAL ASSETS COMPARISON 2014 VS. 2013

2014 2013 Change from

2013 % Change

Financial assets $ 143,024,045 $ 123,374,828 $ 19,649,217 13.7% Liabilities 82,807,628 69,906,778 12,900,850 15.6% Net fi nancial assets $ 60,216,417 $ 53,068,050 $ 6,748,367 11.2%

ANNUAL REPORT 2014

40


As at December 31, 2014, the City held more fi nancial assets than liabilities meaning that there are suffi cient funds on hand to pay for all existing obligations with the remaining balance available to fund future activities.

Financial AssetsFinancial assets have increased by $19.6 million (13.7%); the increase is due to investment of $16.4 million in cash generated from operations and a $2.1 million increase in receivables due to amounts owed from developers for development cost charges.

LiabilitiesLiabilities have increased by $12.9 million (15.6%). Of the increase, $8.8 million relates to development cost charges which are charged to land developers to offset the cost to the City for providing municipal services to new developments. These funds are recorded as liabilities and recognized as revenue when the funds are spent on capital projects that support municipal services to new developments. The increase in development cost charges is a result of more development activity undertaken in the year. The remaining variances are due largely to differences in timing of when bills were received and payments made.

5. Accumulated Surplus

Accumulated surplus increased from $679.4 million in 2013 to $694.7 million in 2014. The increase of $15.3 million (2.25%) corresponds to the 2014 annual surplus (2013 - $13.6 million). The breakdown of the annual surplus is outlined in the chart below.

FIGURE 4: COMPONENTS OF 2014 ANNUAL SURPLUS


41


UNRESTRICTED RESERVES

The City maintains unrestricted reserves in order to reduce the need for temporary borrowing in advance of collecting annual property taxes and utility fees, and also to ensure adequate funds are on hand in the event of an emergency (e.g. major fl ooding, earthquake, unplanned infrastructure replacements).

In 2014, unrestricted reserves increased by $2.5 million (13.2%) for general, $1.7 million (30.7%) for water and $607 thousand (32.0%) for sewer.

Unrestricted General ReservesOf the $2.3 million increase in unrestricted general reserves:

• Approximately $1.0 million is the result of surplus generated from higher revenues than budgeted for various taxes, sale of services and investment income.

Approximately $1.3 million is the result of lower costs than forecasted. Of this amount, $937 thousand relates to favourable variances in police services due to staff vacancies and other operational savings, a further $400 thousand is attributable to favourable variances in parks and recreation due to a multitude of minor program variances. Variances due to projects in-progress or completed projects are reported as part of the increase to the reserve fund.

Unrestricted Water ReservesOf the $1.7 million increase in unrestricted water reserves:

• Approximately $0.5 million is the result of surplus generated from higher revenues than budgeted.• Approximately $1.2 million is the result of lower costs than expected, related primarily to lower than anticipated

billings from Metro Vancouver for water consumption.

Unrestricted Sewer ReservesOf the $0.6 million increase in unrestricted sewer reserves:

• Approximately $0.4 million is the result of surplus generated from higher revenues than budgeted.• Approximately $0.2 million is the result of lower costs than expected.

RESTRICTED RESERVESAs outlined in the Financial Management Policy, the purpose of setting aside reserves is to:

• Provide a source of funds for future capital expenditures.• Provide a source of funding for areas of expenditure that fl uctuate signifi cantly from year to year (equipment

replacement, special building maintenance, etc.).• Protect the City from uncontrollable or unexpected increases in expenditures or unforeseen reductions in

revenues, or a combination of the two.• Provide for working capital to ensure suffi cient cash fl ow to meet the City’s needs throughout the year.

The Community Charter is the primary legislative source for the rules governing the use of restricted reserves. The Charter is supplemented by the City’s reserve bylaws which provide more specifi c details on the intended purposes of each of the City’s restricted reserves.

• Some of the City’s larger reserves relate to:• Equipment replacement ($10.2 million)• Roads and drainage ($7.2 million)• Proceeds from land sale ($8.1 million)• Long term infrastructure replacement ($10.2 million)

ANNUAL REPORT 2014

42


FIGURE 5: RESTRICTED RESERVES COMPARISON 2014 VS. 2013


2013 % Change

Opening balance $ 51,035,087 $ 43,392,924 $ 7,642,163 17.6% Contributions/transfers 13,763,382 13,744,303 19,079 0.1% Interest allocation 1,076,895 946,043 130,852 13.8% Use of reserves (13,174,351) (7,048,183) (6,126,168) 86.9% Closing balance $ 52,701,013 $ 51,035,087 $ 1,665,926 3.3%

Contributions to reserves include:

• Funding from property taxes (Capital Funding Envelopes, Long Term Infrastructure contributions, repayment of internal borrowings),

• Contributions from developers (parking), disposals of assets (land, equipment), and• Surplus operating funds as per the Financial Management Policy (Arts & Culture, Snow & Ice Removal,

Canada/May Day, Election).

The interest allocation is based on the City’s average of the beginning and ending reserve balances and the average interest rate earned in the year. There was an increase over 2013 in use of reserves for Capital and Operating expenditures.

EQUITY IN TANGIBLE CAPITAL ASSETSRepresents the amount of equity that the City has related to its tangible capital assets. This is defi ned as the historical cost of the asset, minus any debt used to fi nance the purchase/acquisition of the tangible capital asset and minus any amortization on the asset. Factors that result in an increase to the balance include:

• Purchase/acquisition of new tangible capital assets (without the use of external borrowing)• Repayment of any outstanding debt used to fi nance the purchase/acquisition of tangible capital assets

Factors that result in a decrease to the balance include:

• Amortization or write-down of assets• Sale or disposal of assets


2013 % Change

Opening balance $ 601,845,989 $ 600,747,376 $ 1,098,613 0.2%Purchase/acquisition of new tangible capital assets 20,260,220 14,126,157 6,134,063 30.3%

Repayment of debt 525,982 282,279 243,703 46.3%Disposal of tangible capital assets (276,046) (1,772,150) 1,496,104 -542.0%

Amortization and writedowns (11,716,757) (11,537,673) (179,084) 1.5%Closing balance $ 610,639,388 $ 601,845,989 $ 8,793,399 1.4%


43


6. Liquidity and Capital Resources

CASH FLOWS AND LIQUIDITYThe City continues to maintain a strong cash position as demonstrated by the $5.9 million in cash and cash equivalents on hand at year-end. Of the $32.4 million in cash generated from operating activities in 2014:

• $1.0 million was used to increase the balance of cash on hand• $14.5 million was used to acquire or construct capital assets• $16.3 million was invested• $526 thousand was used to pay down debt

The City continues to maintain multiple sources of liquidity. Unrestricted cash and near-cash equivalents, and term deposits with a maturity less than a year included:

• Cash and cash equivalents ($5.1 million)• Term deposits ($127.7 million)

DEBTIn 2009, the City incurred $25 million of debt through the Municipal Finance Authority to help fund construction of the Coast Meridian Overpass. The debt has a repayment period of 30 years with an interest rate of 4.13%. In 2019 the City will have the option to full settle the outstanding balance or to refi nance the remaining balance with a different repayment period.

If the debt is refi nanced, the City will be subject to the prevailing market rates for interest at the time. Section 174 of the Community Charter restricts the amount of debt that can be incurred by the City. Under the regulations, the maximum value of debt servicing costs for a given year is 25% of the City’s controllable and sustainable revenues for the previous year. In 2014 the City had debt servicing costs of $1.4 million (2013 - $1.4 million) as compared to the liability servicing limit of $20.9 million (2013 - $20.5 million).

ANNUAL REPORT 2014

44

Auditors’ Report to the Mayor and Council

KPMG LLP Chartered Accountants Metrotower II Suite 2400 - 4720 Kingsway Burnaby BC V5H 4N2 Canada

Telephone (604) 527-3600 Fax (604) 527-3636 Internet www.kpmg.ca

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP.

INDEPENDENT AUDITORS’ REPORT

To the Mayor and Council of the Corporation of the City of Port Coquitlam

We have audited the accompanying consolidated financial statements of the Corporation of the City of Port Coquitlam, which comprise the consolidated statement of financial position as at December 31, 2014, the consolidated statements of operations, change in net financial assets and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


45

Auditors’ Report to the Mayor and Council

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Corporation of the City of Port Coquitlam as at December 31, 2014, and its consolidated results of operations, its change in consolidated net financial assets and its consolidated cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Other Matters

Our audit was made for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The current year’s supplementary information included in Schedule 1 is presented for purposes of additional analysis and is not a required part of the consolidated financial statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole.

Chartered Accountants

May 11, 2015

Burnaby, Canada

ANNUAL REPORT 2014

46

Consolidated Statement of Financial Position

AS AT DECEMBER 31, 20142014 2013

FINANCIAL ASSETSCash and cash equivalents $ 5,992,167 $ 4,952,306 Investments Note 3 127,753,053 111,382,843 Accounts receivable Note 4 8,675,711 6,545,756 Due from other governments Note 5 603,114 493,923

143,024,045 123,374,828

LIABILITIESAccounts payable Note 6 12,894,226 10,738,839 Deferred revenues Note 7 10,287,019 8,948,853 Deposits Note 8 7,423,612 6,339,584

Development cost charges Note 9 26,429,540 17,588,289 Post-employment future benefi ts and compensated absences

Note 10 2,985,000 2,977,000

Debt Note 11 22,788,231 23,314,213 82,807,628 69,906,778

NET FINANCIAL ASSETS 60,216,417 53,468,050

NON-FINANCIAL ASSETSTangible capital assets Note 12 633,427,619 625,160,202

Inventories 571,914 584,364 Prepaid expenses 438,035 180,942

634,437,568 625,925,508

ACCUMULATED SURPLUS Note 13 $ 694,653,985 $ 679,393,558

Commitments and Contingencies Note 17

See accompanying Notes to the Consolidated Financial Statements

John Leeburn, MBAChief Administrative Offi cer

Karen Grommada, CPA, CMADirector of Finance


47

Consolidated Statement of Operations

FOR THE YEAR ENDED DECEMBER 31, 2014

2014Budget

(Notes 2c and 20)

2014 2013

REVENUESTaxation and other levies Note 19 $ 56,282,300 $ 56,740,830 $ 55,897,126 Utility charges 18,062,300 19,032,830 18,465,923 Sale of services 8,759,100 9,391,106 8,845,104 Contributions 4,517,293 8,885,325 7,377,170 Investment income 824,000 2,210,536 1,811,443 Other revenue 1,529,600 1,712,588 1,619,730 $ 89,974,593 $ 97,973,215 $ 94,016,496

EXPENSES

Engineering and operations $ 16,550,657 $ 15,597,580 $ 15,985,464 Parks and recreation 17,525,649 16,338,253 16,731,667 Police services 13,692,755 12,754,792 12,368,253 General government 9,140,517 8,696,413 7,399,452 Fire and emergency services 10,205,936 10,290,938 9,011,200 Development services 2,754,500 2,283,507 2,204,110 Water operations 10,569,905 9,379,832 9,388,751 Sanitary sewer operations 7,641,481 7,371,473 7,294,878

$ 88,081,400 $ 82,712,788 $ 80,383,775

ANNUAL SURPLUS 1,893,193 15,260,427 13,632,721

ACCUMULATED SURPLUS, beginning of year 679,393,558 679,393,558 665,760,837

ACCUMULATED SURPLUS, end of year $ 681,286,751 $ 694,653,985 $ 679,393,558


ANNUAL REPORT 2014

48

Consolidated Statement of Cash Flows


CASH PROVIDED (USED) BY:2014 2013

Annual surplus $ 15,260,427 $ 13,632,721

Items not involving cash:Developer contributions of tangible capital assets (5,765,936) (4,183,221)

Amortization 11,713,008 11,534,077 Loss (gain) on disposal of tangible capital assets 238,198 (419,072) Write-downs of tangible capital assets 3,749 3,596 Non-cash post-employment future benefi ts and compensated absences

8,000 340,000

Change in non-cash operating assets and liabilities Accounts receivable (2,129,955) 1,543,796 Due from other governments (109,191) 171,948 Accounts payable 2,155,387 (961,072) Deferred revenues 1,338,166 80,078 Deposits 1,084,028 303,471 Development cost charges 8,841,251 1,420,055 Inventories 12,450 (244,221) Prepaid expenses (257,093) 62,310

Cash provided by operations 32,392,489 23,284,466

FINANCING TRANSACTIONS

Debt repayment (525,982) (282,279)Cash used in fi nancing (525,982) (282,279)

CAPITAL TRANSACTIONS

Cash used to acquire tangible capital assets (14,494,284) (9,942,936)Cash received from disposals of tangible capital assets 37,848 2,191,222

Cash used in capital (14,456,436) (7,751,714)

INVESTING TRANSACTIONS

Purchase of investments (127,370,210) (160,436,909)Redemption of investments 111,000,000 146,000,000

Cash used in investing (16,370,210) (14,436,909)

INCREASE IN CASH AND CASH EQUIVALENTS 1,039,861 813,564

CASH AND CASH EQUIVALENTS, beginning of year 4,952,306 4,138,742

CASH AND CASH EQUIVALENTS, end of year $ 5,992,167 $ 4,952,306



49

Consolidated Statement of Change in Net Financial Assets


2014Budget

(Notes 2c and 20)

2014 2013

Annual surplus $ 1,893,193 $ 15,260,427 $ 13,632,721 Acquisition of tangible capital assets (20,424,600) (14,494,284) (9,942,936)Developer contributions of tangible capital assets (1,000,000) (5,765,936) (4,183,221)Amortization of tangible capital assets 12,300,000 11,713,008 11,534,077 Loss (gain) on disposal of tangible capital assets - 238,198 (419,072)Write-downs of tangible capital assets - 3,749 3,596 Proceeds on disposal of tangible capital assets - 37,848 2,191,222 Use (acquisition) of inventories - 12,450 (244,221)Use (acquisition) of prepaid expenses - (257,093) 62,310

INCREASE (DECREASE) IN NET FINANCIAL ASSETS (7,231,407) 6,748,367 12,634,476

NET FINANCIAL ASSETS, beginning of year 53,468,050 53,468,050 40,833,574

NET FINANCIAL ASSETS, end of year $ 46,236,643 $ 60,216,417 $ 53,468,050


ANNUAL REPORT 2014

50

Notes to the Consolidated Financial Statements

1. OperationsThe Corporation of the City of Port Coquitlam (the “City”) is incorporated under the Local Government Act of British Columbia. The City’s principal activities include the provision of local government services to residents of the incorporated area. These include administrative, protective, transportation, environmental, recreational, water and sanitary sewer services.

2. Signifi cant Accounting PoliciesThe consolidated fi nancial statements of the City are prepared in accordance with Public Sector Accounting Standards as prescribed by the Public Sector Accounting Board (“PSAB”) of the Chartered Professional Accountants of Canada.

A. BASIS OF PRESENTATIONThe consolidated fi nancial statements comprise the City’s General, Water, Sewer and Reserve funds and the Port Coquitlam Community Foundation. All inter-fund and inter-entity balances have been eliminated.

Under the Community Charter, City Council may, by bylaw, establish reserve funds for specifi ed purposes:

(i) Internally restricted reserves are in accordance with City policy and with bylaws adopted by Council pursuant to the Community Charter. The policy and bylaws defi ne the funding source for each reserve and their usage.

(ii) Statutorily restricted reserves are reserves restricted by the provincial government in accordance with the Community Charter. The legislation defi nes the funding source for each reserve and their usage.

Trust funds are those that are administered for certain benefi ciaries. In accordance with PSAB recommendations, trust funds are not included in the City’s consolidated fi nancial statements. Trust funds administered by the City are presented in Note 18.

B. BASIS OF ACCOUNTINGThe City follows the accrual method of accounting for revenues and expenses. Revenues are recognized in the year in which they are earned and measurable. Expenses are recognized as they are incurred and measurable as a result of receipt of goods and services and/or the creation of a legal obligation to pay.

C. BUDGET INFORMATIONThe budget information reported in the consolidated statement of operations and the consolidated statement of change in net fi nancial assets refl ects the 2014 Financial Plan Bylaw adopted by City Council on March 24, 2014.

D. CASH AND CASH EQUIVALENTSCash and cash equivalents consist of cash, highly liquid money market investments and investments with maturities of less than 90 days at acquisition.

E. INVESTMENTSInvestments are recorded at cost, adjusted for amortization of premiums or discounts. Provisions for losses are recorded when they are considered to be other than temporary.

F. DEFERRED REVENUEDeferred revenue consists of property taxes, utilities, and recreation program fees paid in advance for services yet to be provided. The City defers amounts collected from permits, licenses, and other fees and recognizes the amount as revenue in the year in which related inspections are performed or other related expenditures are incurred.

YEAR ENDED DECEMBER 31, 2014


51


G. DEPOSITSDeposits represent cash collected by the City as security against work performed by property developers. The security is returned to the developer upon satisfactory completion of the work, or recognized into revenue if the work is not performed in accordance with the applicable bylaws.

H. DEVELOPMENT COST CHARGESDevelopment cost charges, collected to pay for capital projects due to be developed, are deferred upon receipt and are recognized as revenue when the capital costs for which they were collected are incurred.

I. POST-EMPLOYMENT FUTURE BENEFITSThe City and its employees make contributions to the Municipal Pension Plan. As this plan is a multi-employee plan, contributions are expensed as incurred.

Post-employment benefi ts also accrue to City employees. Liabilities related to these benefi ts are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. Liabilities under these benefi ts plans are accrued based on projected benefi ts as the employees render services necessary to earn the future benefi ts.

J. DEBT Debt is recorded in the consolidated fi nancial statements net of sinking fund assets.

K. NON-FINANCIAL ASSETSNon-fi nancial 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.

Tangible Capital AssetsTangible capital assets are recorded at cost which includes amounts that are directly attributable to acquisition, construction, development or betterment of the asset. The cost, less residual value, is amortized on a straight line basis over the asset’s useful life as follows:

MAJOR ASSET CATEGORY USEFUL LIFE MAJOR ASSET CATEGORY USEFUL LIFELand Not amortized Drainage Infrastructure 25 to 100 yearsParks Infrastructure 3 to 100 years Land Improvements 45 to 100 yearsVehicles, Machinery & Equipment 5 to 25 years Water Infrastructure 25 to 80 yearsTransportation Infrastructure 10 to 100 years Sanitary Infrastructure 25 to 100 yearsBuildings 20 to 70 years

Amortization begins once the asset is in use and ends when the asset is disposed or decommissioned. Assets under construction are not amortized until the asset is available for productive use.

Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and are also recorded as revenue.

Interest is capitalized whenever external debt is issued to fi nance the construction of tangible capital assets.

Leases, which transfer substantially all of the benefi ts 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.

Natural resources, works of art and historic assets are not recorded as assets in these fi nancial statements.

InventoriesInventories held for consumption or resale are recorded at the lower of cost and replacement cost.

ANNUAL REPORT 2014

52


L. GOVERNMENT TRANSFERSRestricted transfers from governments are deferred and recognized as revenue as the related expenditures are incurred or the stipulations in the related agreement are met. Unrestricted transfers are recognized as revenue when received or if the amount to be received can be reasonably estimated and collection is reasonably assured.

M. USE OF ESTIMATESThe preparation of consolidated fi nancial 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 consolidated fi nancial statements and the reported amounts of revenue and expenses during the reporting period. Signifi cant areas requiring the use of management estimates relate to the determination of post-employment benefi ts, allowance for doubtful accounts receivable, provision for contingencies, valuation of contributed tangible capital assets, and useful lives of tangible capital assets. Actual results may differ from management’s estimates as additional information becomes available. Adjustments, if any, will be refl ected in the consolidated fi nancial statements in the period that the change in estimate is made, as well as in the period of settlement if the amount is different.

N. SEGMENT DISCLOSUREA segment is defi ned as a distinguishable activity or group of activities of a government for which it is appropriate to separately report fi nancial information to achieve the objectives of the standard. Financial information is presented in segmented format in Note 21.

3. InvestmentsInvestments have maturity dates of more than 90 days at acquisition and include term deposits in credit unions and deposits in the Municipal Finance Authority. Short-term deposits include term deposits in credit unions with varying maturity dates from January, 2015 to December, 2015. Investments are guaranteed by the Province of BC and have varying maturity dates from January, 2015 to January, 2016. Investments and short-term deposits have rates of return ranging from 1.09% to 2.12% (2013 - 0.06% to 6.49%).

2014 2013Short-term deposits $ 122,000,000 $ 87,000,000 Government bonds - 3,894,344 Municipal Finance Authority Intermediate Fund 5,753,053 20,488,499

$ 127,753,053 $ 111,382,843

4. Accounts Receivable2014 2013

Property tax and utility receivable $ 2,693,120 $ 2,927,499 Accounts receivable 485,662 939,477 Development cost charges receivable 3,386,623 1,343,635 Other 2,110,306 1,335,145

$ 8,675,711 $ 6,545,756


53


5. Due from Other Governments

2014 2013Government of Canada $ 450,429 $ 245,672 Province of BC 109,179 203,839 Other governments 43,506 44,412

$ 603,114 $ 493,923

6. Accounts Payable2014 2013

Accounts payable and accrued liabilities $ 8,483,357 $ 7,437,551 Wages and benefi ts payable 3,639,628 2,954,663 Statutory holdbacks 505,359 258,216 Due to other governments 265,882 88,409

$ 12,894,226 $ 10,738,839

7. Deferred RevenuesDeferred revenues relate to amounts deposited in advance of services performed.

2014 2013

Property tax and utility charges $ 7,108,025 $ 6,841,097 Programs and services 3,178,994 2,107,756

$ 10,287,019 $ 8,948,853

8. DepositsDeposits represent cash collected as security under the Port Coquilam Highway Bylaw, 1984 No. 2011; Subdivision Servicing Bylaw 1987 No. 2241; and City of Port Coquitlam Soil Removal and Deposit Bylaw 2002 No. 3331.

ANNUAL REPORT 2014

54


9. Development Cost Charges

Balance,beginning of year

Third PartyContributions

Interest Allocation

Capital Expenditures

Balance,end of yearAREA 1

Drainage $ 3,748,028 $ 67,895 $ 79,346 - $ 3,895,269 Transportation 7,541,275 531,080 163,787 - 8,236,142 Parks 3,458,075 395,675 70,784 (564,104) 3,360,430 Water 4,373,636 30,344 92,077 - 4,496,057 Sanitary 1,352,426 18,700 28,570 - 1,399,696 AREA 2

Drainage (1,151,121) 926,333 (14,433) - (239,221)Transportation (5,826,253) 7,005,387 (52,489) (356,607) 770,038 Parks 1,316,448 81,427 28,474 - 1,426,349 Water 1,002,494 201,641 23,148 - 1,227,283 Sanitary 650,890 84,441 14,541 - 749,872 Parks interest 1,122,391 - 23,150 (37,916) 1,107,625

$ 17,588,289 $ 9,342,923 $ 456,955 $ (958,627) $ 26,429,540

10. Post-Employment Future Benefi ts and Compensated AbsencesThe City provides sick leave and retirement benefi ts to its employees. Eligible employees accumulate sick leave entitlement on a monthly basis and can only use this entitlement for paid time off under certain circumstances. Retirement benefi ts represent the City’s share of the cost to provide eligible employees with severance pay upon retirement.

The amount recorded for these benefi ts is based on an actuarial valuation done by an independent fi rm of actuaries using a projected benefi t actuarial valuation method pro-rated on services. The most recent actuarial valuation of the City’s future benefi ts was completed as at December 31, 2014.

Information regarding the City’s obligations for these benefi ts is as follows:

Non-vested Sick Leave Severance 2014 2013

Accrued benefi t obligation, beginning of year $ 191,000 $ 2,795,000 $ 2,986,000 $2,772,000 Service cost 130,000 153,000 283,000 286,000 Interest cost 10,000 114,000 124,000 160,000 Benefi t payments (133,000) (289,000) (422,000) (138,000)Amortization of net actuarial losses 440,000 276,000 716,000 (94,000)Accrued benefi t obligation, end of year 638,000 3,049,000 3,687,000 2,986,000 Unamortized actuarial loss (440,000) (262,000) (702,000) (9,000)Accrued benefi t liability $ 198,000 $ 2,787,000 $ 2,985,000 $2,977,000

The unamortized actuarial loss is amortized over a period equal to the employees’ average remaining service lifetime. The signifi cant actuarial assumptions adopted in measuring the City’s accrued benefi t liability are as follows:

2014 2013

Discount rates 3.00% 4.00%Expected future infl ation rates 2.50% 2.25%Expected compensation increases 2.58% - 4.63% 2.50%Expected average remaining service lifetime 10 years 10.1 years


55


11. Debt‘The City incurs debt through the Municipal Finance Authority (MFA) in accordance with the Community Charter to fi nance certain capital expenditures. Sinking Fund assets managed by the MFA are netted against related debt. The gross amount of debt and the amount of sinking fund assets available to retire the debt are as follows:

2014 2013

Gross Debt Sinking Fund Asset Net Debt Net Debt

Coast Meridian Overpass, Bylaw 3611, 4.13%, due 2039 $ 25,000,000 $ 2,211,769 $ 22,788,231 $ 23,314,213

Future payments on net outstanding debt over the next fi ve years and thereafter are paid from the General Fund and are as follows:

Debt Payments2015 $ 1,478,2522016 1,478,2522017 1,478,2522018 1,478,2522019 1,478,252Thereafter 29,565,040 Principal and interest payments 36,956,300 Amount representing interest 14,168,069 Debt principal repayments $22,788,231

The City paid $943,853, net of earnings on debt reserve deposit, in interest on debt during the year (2013 - $959,001).

ANNUAL REPORT 2014

56


12. Tangible Capital Assetsa. Assets Under Construction: Assets under construction having a value of $3,958,558 (2013 - $2,541,469) have not been

amortized. Amortization of these assets will commence when the assets are put into service.

b. Contributed Tangible Capital Assets: Contributed tangible capital assets (including transportation, drainage, water and sanitary sewer assets) have been recognized at fair market value at the date of contribution. The value of contributed assets received during the year is $5,765,936 (2013 - $4,183,221).

AS AT DECEMBER 31, 2014

LandParks

Infrastructure

Vehicles, Machinery, Equipment

Transportation Infrastructure

COSTOpening balance $ 219,221,016 $ 21,988,031 $ 20,323,017 $ 254,026,617 Add: Additions 4,927,269 593,720 3,600,125 4,579,687 Add/(Deduct): Transfers from AUC - - - 763,819 Less: Disposals - - (519,033) (460,795) Less: Write-downs - - - (3,749)Closing balance 224,148,285 22,581,751 23,404,109 258,905,579

ACCUMULATED AMORTIZATIONOpening balance - 12,503,508 11,600,832 46,343,454 Add: Amortization - 853,403 1,641,588 4,221,559 Less: Accumulated amortization on disposals - - (485,328) (227,408)Closing balance - 13,356,911 12,757,092 50,337,605

Net book value as at December 31, 2014 $ 224,148,285 $ 9,224,840 $ 10,647,017 $ 208,567,974

AS AT DECEMBER 31, 2013

LandParks

Infrastructure

Vehicles, Machinery, Equipment

Transportation Infrastructure

COSTOpening balance $ 216,482,674 $ 21,758,418 $ 19,681,177 $ 251,813,650 Add: Additions 3,042,670 229,613 2,755,727 3,009,955 Add/(Deduct): Transfers from AUC - - 31,967 969,718 Less: Disposals (304,328) - (2,142,258) (1,766,706) Less: Write-downs - - (3,596) - Closing balance 219,221,016 21,988,031 20,323,017 254,026,617

ACCUMULATED AMORTIZATIONOpening balance - 11,658,094 12,078,638 42,939,485 Add: Amortization - 845,414 1,494,934 4,194,750 Less: Accumulated amortization on disposals - - (1,972,740) (790,781)Closing balance - 12,503,508 11,600,832 46,343,454

Net book value as at December 31, 2013 $ 219,221,016 $ 9,484,523 $ 8,722,185 $ 207,683,163


57


Buildings DrainageLand

Improvements Water Sanitary Sewer

Assets Under Construction

(AUC) 2014 Total

$ 36,049,744 $ 85,929,679 $ 20,464,855 $ 72,030,090 $ 57,046,585 $ 2,541,469 $ 789,621,103 546,607 557,992 68,130 1,857,914 319,341 3,209,435 20,260,220

- 286,807 - 444,967 296,753 (1,792,346) - - (283) - (19,006) - - (999,117) - - - - - - (3,749)

36,596,351 86,774,195 20,532,985 74,313,965 57,662,679 3,958,558 $ 808,878,457

15,764,272 26,732,230 5,187,468 27,856,074 18,473,063 - $ 164,460,901 976,996 1,289,913 290,242 1,586,920 852,387 - 11,713,008

- (154) - (10,181) - - (723,071) 16,741,268 28,021,989 5,477,710 29,432,813 19,325,450 - 175,450,838

$ 19,855,083 $ 58,752,206 $ 15,055,275 $ 44,881,152 $ 38,337,229 $ 3,958,558 $ 633,427,619

Buildings Drainage Land Improvements Water Sanitary Sewer

Assets Under Construction

(AUC)2013 Total

$ 35,665,131 $ 85,655,188 $ 20,318,484 $ 70,478,509 $ 56,307,135 $ 2,262,876 $ 780,423,242 135,980 272,637 - 893,220 340,415 3,445,940 14,126,157 285,633 137,788 146,371 1,054,017 541,853 (3,167,347) - (37,000) (135,934) - (395,656) (142,818) - (4,924,700)

- - - - - - (3,596) 36,049,744 85,929,679 20,464,855 72,030,090 57,046,585 2,541,469 $ 789,621,103

14,780,254 25,491,269 4,897,212 26,506,094 17,728,328 - $ 156,079,374 1,014,751 1,280,617 290,256 1,573,542 839,813 - 11,534,077 (30,733) (39,656) - (223,562) (95,078) - (3,152,550)

15,764,272 26,732,230 5,187,468 27,856,074 18,473,063 - 164,460,901

$ 20,285,472 $ 59,197,449 $ 15,277,387 $ 44,174,016 $ 38,573,522 $ 2,541,469 $ 625,160,202

c. Works of art and historical treasures: The City manages and controls some works of art and non-operational historical assets located at City sites and public display areas. These assets are not recorded as tangible capital assets and are not amortized.

d. Write-down (adjustments) of tangible capital assets: The write-down of tangible capital assets during the year was $3,749 (2013 - $3,596).

ANNUAL REPORT 2014

58


13. Accumulated Surplus2014 2013

Unrestricted Reserves: General $ 20,727,405 $ 18,438,350 Water 7,072,784 5,412,626 Sewer 2,503,446 1,896,200

30,303,635 25,747,176

Restricted Reserves Note 14 52,701,013 51,035,087

Equity in tangible capital assets Note 15 610,639,388 601,845,989Equity in inventories and prepaids 1,009,949 765,306

611,649,337 602,611,295

$ 694,653,985 $ 679,393,558

14. Restricted ReservesBalance,

beginning of year

Contributions/Transfers

Interest Allocation

Use of Reserves

Balance, end of year

Building maintenance $ 228,428 $ 2,910,600 $ 32,438 $ (275,146) $ 2,896,320 Cemetery expansion 127,441 28,862 2,344 (60,320) 98,327 Community amenities 180,202 - 3,581 (19,000) 164,783 Environmental 186,976 - 3,503 (40,000) 150,479 Equipment 15,270,968 (1,666,770) 264,095 (3,699,305) 10,168,988 Gas tax - 214,176 2,247 - 216,423 Land sale 6,310,258 1,596,913 149,141 - 8,056,312 Long term infrastructure 5,994,366 4,080,700 168,568 - 10,243,634 Operating 1,638,842 115,479 32,840 (262,553) 1,524,608 Parking 2,242,150 294,869 50,134 - 2,587,153 Parks and recreation 1,961,932 892,184 33,636 (1,609,604) 1,278,148 Public safety building 480,125 234,200 11,239 (123,033) 602,531 Public works special capital 2,210,115 - 46,368 - 2,256,483 Roads and drainage infrastructure 9,719,906 1,750,200 175,190 (4,489,326) 7,155,970 Sewer 3,232,016 582,500 67,523 (609,596) 3,272,443 Social housing 221,201 - 4,641 - 225,842 Unallocated capital - 1,440,469 15,111 - 1,455,580 Water 1,030,161 1,289,000 14,296 (1,986,468) 346,989

$ 51,035,087 $ 13,763,382 $ 1,076,895 $ (13,174,351) $ 52,701,013

15. Equity in Tangible Capital Assets2014 2013

Cost of tangible capital assets Note 12 $808,878,457 $789,621,103 Accumulated amortization Note 12 (175,450,838) (164,460,901)Debt incurred to purchase tangible capital assets Note 11 (22,788,231) (23,314,213)

$610,639,388 $ 601,845,989


59


16. Pension PlanThe City and its employees contribute to the Municipal Pension Plan (the Plan), a jointly trusteed pension plan. The Board of Trustees, representing plan members and employers, is responsible for overseeing the management of the Plan, including investment of the assets and administration of benefi ts. The Plan is a multi-employer contributory pension plan. Basic pension benefi ts provided are based on a formula. The plan has about 182,000 active members and approximately 75,000 retired members. Active members include approximately 336 (2013 - 302) contributors from the City.

The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding defi cit for basic pension benefi ts. The next valuation will be as of December 31, 2015 with results available in 2016. Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fi scal year (defi ned 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.

The City paid $2,483,880 (2013 - $2,388,550) for employer contributions while employees contributed $2,029,403 (2013 - $1,948,563) to the plan in fi scal 2014.

17. Commitments and Contingenciesa. The City has a contract with the federal government whereby the federal government provides Royal Canadian

Mounted Police (RCMP) policing services. RCMP members and the federal government are currently in legal proceedings regarding pay raises for 2009 and 2010 that were retracted for RCMP members. As the fi nal outcome of the legal action and the potential fi nancial impact to the City is not determinable, the City has not recorded any provision for this matter in the fi nancial statements as at December 31, 2014.

b. The loan agreements with the Greater Vancouver Regional District and the Municipal Finance Authority provide that, if at any time the scheduled payments provided for in the agreements are not suffi cient to meet the Authority’s obligations in respect of such borrowing; the resulting defi ciency becomes a joint and several liability of the City and the other participants.

c. A number of legal claims have been initiated against the City in varying or unspecifi ed amounts. The outcome of these claims cannot reasonably be determined at this time. The amount of loss, if any, arising from these claims will be recorded in the period in which the loss is realized. Liability insurance is carried by the City, subject to a deductible of $250,000. The City self insures claims under $250,000.

d. The City is a shareholder and member of E-Comm Emergency Communications for Southwest British Columbia Incorporated (E-Comm) whose services provided include: regional 9-1-1 call centre for the Greater Vancouver Regional District; Wide Area Radio network; dispatch operations; and records management. The City has 1 Class A share and 2 Class B shares (of a total of 28 Class A and 23 Class B shares issued and outstanding as at December 31, 2014).

As a Class A shareholder, the City shares in both funding the future operations and capital obligations of E-Comm (in accordance with a cost sharing formula), including any lease obligations committed to by E-Comm up to the shareholder’s withdrawal date.

e. The City provides a share of both the ongoing operations and any additional costs relating to capital assets (in accordance with a negotiated agreement) for the RCMP building located at 2986 Guildford Way, Coquitlam, BC.

ANNUAL REPORT 2014

60


18. Trust FundsCertain assets have been conveyed or assigned to the City to be administered as directed by an agreement or statute. The City holds the assets for the benefi t of, and stands in a fi duciary relationship, to the benefi ciary. The following trust fund is excluded from the City’s consolidated fi nancial statements.

2014 2013

CEMETERY PERPETUAL CARE FUND

Cash balance, beginning of year $ 1,263,357 $ 1,207,817 Net contributions received 37,075 30,770Interest earned 26,920 24,770

Cash balance, end of year $ 1,327,352 $ 1,263,357

19. Taxation and Other LeviesIn addition to levying and collecting real property tax for municipal purposes, the City is required to levy and collect taxes on behalf of other jurisdictions as noted below:

2014 2013

Gross taxes levied on property $ 90,416,327 $ 88,620,255

Taxes levied and collected on behalf of other jurisdictionsProvince of BC - School Taxes 26,425,137 25,463,809 Greater Vancouver Regional District 788,539 805,883 BC Assessment Authority 851,301 846,396 South Coast British Columbia Transportation Authority

5,607,832 5,604,370

Municipal Finance Authority 2,688 2,671 33,675,497 32,723,129

Taxation revenue $ 56,740,830 $ 55,897,126 .


61


20. Budget InformationThe budget information presented in these consolidated fi nancial statements is based upon the 2014 Financial Plan Bylaw approved by Council on March 24, 2014. The chart below reconciles the approved budget to the budget fi gure reported in these consolidated fi nancial statements.

Budget Amount

Revenue $ 89,974,593 Expenses (88,081,400)Annual surplus per statement of operations 1,893,193

Add:Transfers from reserves 7,677,207 Amortization 12,300,000

Less: Capital expenditures (20,424,600)Capital contributed by developers (1,000,000)Debt principal repayments (445,800)

Approved budget $ -

ANNUAL REPORT 2014

62


21. Operations by SegmentThe City of Port Coquitlam provides a wide range of municipal services to its residents, businesses, industries, farms and other properties within its boundaries. Engineering structures and services, parks and recreation facilities, police, general government, fi re and emergency, planning and development, water and sanitary sewer are the operating segments of the City. The City’s operations and activities are organized and reported by segments broadly based on departmental business units. The departments disclosed in the segmented information, along with the services they provide, are as follows:

Engineering & Operations: Provides and maintains a number of essential municipal services and infrastructure including transportation, roads and drainage, environmental protection, solid waste collection, management of the City’s fl eet and related engineering services.

Parks & Recreation: Supports a sense of community and community well-being. Parks, trails, athletic fi elds, aquatics, skating, sports, fi tness, active living, arts, culture, and the library along with general programming for people of all ages are services provided for community spirit and health.

Police Services: Is a shared service with the City of Coquitlam that protects the community from criminal activity and ensures public safety. Reactive, response oriented policing is combined with strategic, proactive policing to deliver an effective, affordable policing model to the community.


Parks & Recreation

Police Services

General Government

REVENUETaxation and other levies $ - $ - $ - $ 56,740,830 Utility charges - - - - Sale of services 3,144,346 3,698,082 26,114 1,027,061 Contributions 6,684,498 1,157,500 432,778 501,185 Investment income - - - 2,210,536 Other revenue 477,771 22,457 - 1,133,726

$ 10,306,615 $ 4,878,039 $ 458,892 $ 61,613,338

EXPENSESSalaries and benefi ts $ 5,523,189 $ 9,539,244 $ 79,874 $ 5,671,677 Contracted and other services 1,848,817 2,279,305 12,504,035 1,242,539 Supplies and materials 1,398,423 2,923,649 17,034 264,350 Amortization 6,589,885 1,600,199 153,849 567,383 Interest and bank charges - - - 950,464 Loss (gain) on disposals and writedowns 237,266 (4,144) - -

$ 15,597,580 $ 16,338,253 $ 12,754,792 $ 8,696,413

ANNUAL SURPLUS (DEFICIT) $ (5,290,965) $ (11,460,214) $ (12,295,900) $ 52,916,925


63




Water operations

Sanitary sewer operations 2014 2013

$ - $ - $ - $ - $ 56,740,830 $ 55,897,126 - - 11,124,608 7,908,222 19,032,830 18,465,923

234 1,495,269 - - 9,391,106 8,845,104 - - 102,301 7,063 8,885,325 7,377,170 - - - - 2,210,536 1,811,443

70,859 - 7,775 - 1,712,588 1,619,730 $ 71,093 $ 1,495,269 $ 11,234,684 $ 7,915,285 $ 97,973,215 $ 94,016,496

$ 9,157,093 $ 1,945,994 $ 517,530 $ 268,426 $ 32,703,027 $ 31,374,000 411,600 330,332 1,501,413 6,183,681 26,301,722 26,459,041 359,860 7,181 5,765,144 66,979 10,802,620 10,467,184 362,385 - 1,586,920 852,387 11,713,008 11,534,077

- - - - 950,464 964,950 - - 8,825 - 241,947 (415,477)

$ 10,290,938 $ 2,283,507 $ 9,379,832 $ 7,371,473 $ 82,712,788 $ 80,383,775

$ (10,219,845) $ (788,238) $ 1,854,852 $ 543,812 $ 15,260,427 $ 13,632,721

General Government: Supports the primary services provided by the City. These support services include, legislative, fi nance, information systems, bylaw services, human resources, and communications. The segment is responsible for adopting bylaws and policy; levying and collecting taxes and utilities; acquiring, disposing and managing City assets; maintaining information technology systems and applications; ensuring effective fi nancial management and communication; administering collective agreements and payroll; corporate training; and performance reporting.

Fire & Emergency Services: The mandate of the Fire & Emergency Services department is to protect life, property and the environment through the provision of emergency response, inspections, code enforcement and public education.

Development Services: Development Services is responsible for preparing land use plans, bylaws and policies for sustainable development of the City and for reviewing and approving new development and building permits and inspections.

Water operations: The water utility is an essential service delivered by the City to its residents and businesses for the supply of high quality, potable water at fl ows and pressures suitable for fi re protection.

Sanitary sewer operations: The sanitary sewer utility is an essential service provided by the City to its residents and businesses for the collection and disposal of liquid wastes.

ANNUAL REPORT 2014

64

Schedule 1 – Statement of Operations by Fund


General Water Sewer Capital Reserve 2014 2013REVENUES Fund Fund Fund Fund FundGeneral taxes $ 56,740,830 $ - $ - $ - $ - $ 56,740,830 $ 55,897,126 Utility charges - 11,124,608 7,908,222 - - 19,032,830 18,465,923 Sale of services 9,018,685 - - 372,421 - 9,391,106 8,845,104 Contributions 1,901,171 - - 6,984,154 - 8,885,325 7,377,170 Investment income 1,133,641 - - - 1,076,895 2,210,536 1,811,443 Other revenue 1,704,813 7,775 - - - 1,712,588 1,619,730

$ 70,499,140 $ 11,132,383 $ 7,908,222 $ 7,356,575 $ 1,076,895 $ 97,973,215 $ 94,016,496 EXPENSESEngineering and operations $ 8,770,429 $ - $ - $ 6,827,151 $ - $ 15,597,580 $ 15,985,464

Parks and recreation 14,742,198 - - 1,596,055 - 16,338,253 16,731,667 Police services 12,600,943 - - 153,849 - 12,754,792 12,368,253 General government 8,129,030 - - 567,383 - 8,696,413 7,399,452 Fire and emergency services 9,928,553 - - 362,385 - 10,290,938 9,011,200

Development services 2,283,507 - - - - 2,283,507 2,204,110

Water operations - 7,784,087 - 1,595,745 - 9,379,832 9,388,751 Sanitary sewer operations - - 6,519,086 852,387 - 7,371,473 7,294,878

$ 56,454,660 $ 7,784,087 $ 6,519,086 $ 11,954,955 $ - $ 82,712,788 $ 80,383,775

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES

$ 14,044,480 $ 3,348,296 $ 1,389,136 $ (4,598,380) $ 1,076,895 $ 15,260,427 $ 13,632,721

INTERFUND TRANSFERSCurrent fund to Capital $ (1,770,762) $ - $ - 1,770,762 $ - $ - $ - Current fund to Reserve (11,090,182) (1,736,900) (936,300) - 13,763,382 - - Capital fund to Current Fund 37,849 - - (37,849) - - -

Reserve fund to Current 1,312,313 48,762 154,410 - (1,515,485) - - Reserve fund to Capital - - - 11,658,866 (11,658,866) - -

$(11,510,782) $(1,688,138) $ (781,890) $ 13,391,779 $ 589,031 $ - $ -

ANNUAL SURPLUS 2,533,698 1,660,158 607,246 8,793,399 1,665,926 15,260,427 13,632,721

ACCUMULATED SURPLUS, beginning of year

19,203,656 5,412,626 1,896,200 601,845,989 51,035,087 679,393,558 665,760,837

ACCUMULATED SURPLUS, end of year

$ 21,737,354 $ 7,072,784 $ 2,503,446 $610,639,388 $ 52,701,013 $694,653,985 $ 679,393,558


65

STATISTICAL SECTION(unaudited)

ANNUAL REPORT 2014

66

Average Home Municipal Taxes and Utilities

TAX RANGE

> $3,900

$3,600 - $3,899

$3,300 - $3,599

$2,800 - $3,299

$2,500 - $2,799

Source: BC Ministry of Community, Sport & Cultural Development


67

Community Statistics

Dollars (000,000) Source: BC Assessment Authority

Assessed Values for General Municipal Purposes

Population Estimates

Source: BC Ministry of Ci zens’ ServicesPeople

ANNUAL REPORT 2014

68

Household Costs of City Services

Estimated Household Costs of City Services for an Average Single Family Residence

Source: City of Port Coquitlam Finance DepartmentSource: City of Port Coquitlam Finance Department


69

Property Taxes

Taxes, Major Levies and Other Government Collections

Source: City of Port Coquitlam Finance DepartmentDollars

Property Taxes Levied and Collected

Thousands

2009 2010 2011 2012 2013 2014

City of Port Coquitlam - tax $ 43,613 $ 46,926 $ 49,594 $ 51,408 $ 54,066 $ 54,501 Regional District 709 744 791 755 806 789

BC Assessment 765 786 814 821 846 851Finance Authority 2 2 2 3 3 3

School District 22,940 23,346 23,853 24,369 25,464 26,425BC Transit Authority 5,232 5,384 5,598 5,546 5,604 5,607

TOTAL CURRENT TAXES LEVIED 73,261 77,188 80,651 82,902 86,789 88,176

Current tax collected ($) 71,776 75,306 79,035 81,158 85,323 86,872Current tax collected (%) 97.97% 97.56% 98.00% 97.90% 98.31% 98.52%

Tax arrears beginning of year 1,987 2,503 2,515 2,182 2,144 2,227

Tax arrears collected ($) 1,449 1,765 1,696 1,354 1,376 1,529Tax arrears collected (%) 72.92% 70.52% 67.43% 62.04% 64.18% 68.66%

TOTAL TAX COLLECTIONS $ $ 73,225 $ 77,071 $ 80,731 $ 82,512 $ 86,699 $ 88,401

Source: City of Port Coquitlam Finance Department

ANNUAL REPORT 2014

70

Taxes and Revenues


Revenues by Source

Building Permits and Total Tax Collection



71

Expenses

Expense by Function

Expense by Object

Source: City of Port Coquitlam Finance

Department

$82,712,788$82,712,788$74,589,869$74,589,869 $76,802,516$76,802,516 $80,005,533$80,005,533 $80,383,775$80,383,77520142010 2011 2012 2013

Annual Totals

Source: City of Port Coquitlam Finance

Department

Dollars

Dollars

$82,714,802$82,714,802$74,591,879 $74,591,879 $76,804,527 $76,804,527 $80,007,545 $80,007,545 $80,385,788 $80,385,788 20142010 2011 2012 2013

Annual Totals

ANNUAL REPORT 2014

72

Capita per capita Net debt per capita

Capital Expenditures


Capital Expenditures and Net Debt Per Capita

Capital Expenditures by Source



73

Surplus, Reserve and Other Accounts

Surplus, Net Financial Assets and Debt



Accumulated Surplus

Summary of Major Statutory Reserve Funds


ANNUAL REPORT 2014

7474

2014 Total Revenue and Expenses

2014 Expenses

Total Revenue: $94 million

Total Expenses: $82.7 million

2014 Revenue


7575

Principal Taxpayers and Tax Exemptions

2014 Permissive Property Tax Exemptions

REGISTERED OWNER PRIMARY PROPERTY TAXES LEVIEDCanadian Pacifi c Railway Railyard $ 1,344,068 0697788 BC Ltd Shopping Centre 1,114,251 Artis Poco Place Ltd Shopping Centre 546,670 1510060 Ontario Inc Shopping Centre 498,918 629654 BC Ltd Warehouse Distribution 488,073 Mondi Properties Miscellaneous 433,884 Costco Wholesale Canada Ltd Retail Sales 378,455 RPMG Holdings Ltd Miscellaneous 366,501 Sysco Canada Inc Food Distributor 363,293 De Gobbi Industries Ltd Miscellaneous 329,191 Westlo Financial Corp Shopping Centre 321,297 Consolidated Fastfrate (BC) Holdings Inc Shipping Company 290,322 Home Depot Holdings Inc Retail Sales 280,530 Runnel Holdings Inc Shopping Centre 267,990 Yen Hoy Enterprises Ltd Shopping Centre 267,990 Jim Pattison Developments Retail Sales 265,067 Esco Limited Manufacturing 260,492 566203 BC Ltd Miscellaneous 254,898 Sears Canada Inc Distributor 254,348 Vansea Holdings Ltd Miscellaneous 226,632 Onni Development Corp Miscellaneous 224,586 Kebet Holdings Ltd Miscellaneous 221,997 677129 British Columbia Ltd Miscellaneous 210,331 Sunrise Investments Inc Miscellaneous 201,239 0912890 BC Ltd. Shopping Centre 160,813

$ 9,571,836

NAME TAX RELIEFPort Coquitlam Heritage and Cultural Society $ 2,466 Hyde Creek Streamkeepers 5,495Port Coquitlam Kinsmen Club 6,548Tri-City Women's Centre 7,807Victory Baptist Church 8,849Southside Baptist Church 10,850Coquitlam Chinese Evangelical Free Church 12,827Port Coquitlam Pentecostal Assembly 13,546Northside Foresquare Gospel 20,028Vancouver Bible Presbyterian 24,869Port Coquitlam Seniors Housing 25,205Hope Lutheran Church 26,721Fellowship Deaconry Association of British Columbia 27,199Tri-City Islamic Centre 27,693BC Conference of Mennonite Brethren Church 28,865Foresquare Gospel 30,324Hawthorne Care Centre 74,447Archbishop Carney Roman Catholic Highschool 159,202Our Lady of Assumption Roman Catholic Church and Elementary 163,034

$ 675,973

2014 Principal Corporate Taxpayers

2580 Shaughnessy StreetPort Coquitlam, British Columbia

Canada V3C 2A8


Tel: 604.927.5411Fax: 604.927.5360

[email protected]


THE CORPORATION OF T H E C I T Y O F - Port Coquitlam€¦ · THE CORPORATION OF T H E C I T Y O F...

Documents

Transcript of THE CORPORATION OF T H E C I T Y O F - Port Coquitlam€¦ · THE CORPORATION OF T H E C I T Y O F...