CEPCO Financial Statements
CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements (continued)
Year ended December 31, 2013
12. Employee future benefits:
The Company and its employees contribute to the Municipal Pension Plan (Plan), a jointly trusted
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 benefits. The Plan is a multi-employer contributory pension plan. Basic pension
benefits provided are defined. The plan has about 179,000 active members and approximately
71,000 retired members. Active members included approximately 32,000 contributors from local
government.
The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding
deficit for basic pension benefits. The next valuation will be as at 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 fiscal year (defined 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.
13. Segmented information:
The Corporation is a diversified other government organization that provides a wide range of
services, including:
Property sales
Property sales includes the proceeds and costs related to the development and sales of
commercial industrial or institutional buildings and lots in Chilliwack.
Rent
Rent includes all activities associated with the rental of buildings and land owned by the
Corporation.
Economic development
Economic development includes all activities associated with economic development activity
in Chilliwack.
The following table outlines the Corporation's revenues and expenses by operating segments:
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