Corporate

WSPS 2018 Annual Report

Browse through our library of WSPS policies, annual reports, strategic plans and more.

Issue link: https://www.wsps.ca/resource-hub/i/1380302

Contents of this Issue

Navigation

Page 24 of 31

23|WSPS.CA/AnnualReport Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2019 8 Deferred revenue Deferred revenue from WSIB in the current year consists of funding received from WSIB to be used towards costs of leased premises. 9 Deferred capital contributions Deferred capital contributions represent the unamortized amount of contributions received for the purchase of capital assets. 2019 $ 2018 $ Balance – Beginning of year 129,979 174,543 Addition to deferred capital contribution 302,000 - Amortization of deferred capital contributions (94,897) (44,564) Balance – End of year 337,082 129,979 10 Employee future benefits Defined benefit post-retirement plan The Corporation provides extended health-care, dental and life insurance benefits to all employees with the cost of these benefits recognized on an accrual basis. The most recently completed actuarial valuation was on March 31, 2017. The continuity of the accrued benefit obligation relating to the post-retirement benefit plan is as follows: 2019 $ 2018 $ Accrued benefit liability – Beginning of year 31,048,300 28,566,200 Current service cost 884,800 785,600 Interest cost on obligation 1,131,300 1,126,300 33,064,400 30,478,100 Actuarial loss 964,600 1,374,200 Benefit payments (917,000) (804,000) Accrued benefit liability – End of year 33,112,000 31,048,300 Benefit plan expense Current service cost 884,800 785,600 Interest on accrued benefit obligation 1,131,300 1,126,300 Net benefit plan expense 2,016,100 1,911,900

Articles in this issue

Links on this page

Archives of this issue

view archives of Corporate - WSPS 2018 Annual Report