District of Lake Country
Notes to Financial Statements
For the year ended December 31, 2015
11. Contingent liabilities and commitments (continued)
Commitments
The District has entered into various agreements and contracts for services with periods ranging
from one to twenty years.
Employee benefit obligations
Employees of the District are entitled to accumulate earned benefits related to sick leave. Regular
full and part time employees accumulate sick leave on a pro-rata basis at a rate of 12 days per year
to a maximum of 100 days.
Upon leaving the District, employees with 10 years of service are entitled to 25% of their
accumulated sick leave to a maximum of 25 days. After fifteen years of service, or where the
combination of an employee’s age plus years of service is a minimum of 70, employees are entitled
to 50% of their accumulated sick leave to a maximum of 50 days.
The deferred liability related to sick leave is valued at management’s best estimate, which is based
on past experience and assumptions about retirement, wage and salary increases and employee
turnover. At December 31, 2015 the total accrued sick bank liability is $145,289 (2014 - $120,418).
12. Taxation
In 2015 the District collected $8,986,180 (2014 - $8,818,886) on behalf of other taxing jurisdictions
and transferred this amount to those other authorities. The collections and transfers are itemized as
follows:
Collections for and transfers to other governments
2015
Taxes collected
Property taxes
Special assessments
1% utility tax
Penalties and interest on taxes
Grant in lieu of taxes
$
Less transfer to other governments
Province of BC (school taxes)
BC Assessment Authority
Municipal Finance Authority
Regional Hospital District
Okanagan Regional Library
Regional District of Central Okanagan
19,029,881
1,224,381
186,101
179,953
25,571
20,645,887
2014
$
5,967,701
177,724
575
1,027,111
533,220
1,279,849
8,986,180
Net taxes available for municipal purposes
$ 11,659,707
- 17 -
18,398,645
1,060,213
176,300
183,817
27,250
19,846,225
5,894,734
176,115
548
989,094
519,461
1,238,934
8,818,886
$
11,027,339
2015 Annual Report
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