2012 - Great Lakes Pilot Authority, Canada

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9. Intangible assets Software Cost At January 1, 2011 $ 137,790 Assets acquired 1,200 Disposals - At December 31, 2011 138,990 Assets acquired 320,203 Disposals - At December 31, 2012 $ 459,193 Accumulated amortization At January 1, 2011 $ 116,310 Amortization for the year 13,120 At December 31, 2011 129,430 Amortization for the year 56,871 At December 31, 2012 $ 186,301 Carrying amounts At January 1, 2011 $ 21,480 At December 31, 2011 $ 9,560 At December 31, 2012 $ 272,892 10. Bank indebtedness and bank overdraft Bank indebtedness and bank overdraft at December 31 was nil for 2012 and 2011. 11. Investments December 31 December 31 2012 2011 Fair Value Face Value Fair Value Face Value Provincial Bonds $2,703,313 $2,697,943 $2,369,197 $2,360,254 The interest earned during the year was $5,447 (2011 – $9,895). The annualized rates of return during the period on these investments were between 0.93% and 1.18%. 28 2012 Annual Report
12. Pension plan The Public Service Pension Plan (the “Plan”) is a multi-employer plan which requires the Authority to make contributions to the Plan. The Plan is a defined benefit plan whereby participants receive benefits based on years of service and average earnings at retirement. The benefits are fully indexed to the Consumer Price Index. The Authority does not receive information pertaining to the Plan position or its participation in the Plan and consequently does not have sufficient information to account for the Plan as a defined benefit pension plan. As a result, the authority accounts for its participation in the Plan as a defined contribution pension plan in accordance with IAS 19, Employee Benefits. A surplus or deficit in the Plan may have an impact on future contributions made by the Authority, which would be communicated by the Government of Canada through the contribution matching ratio (percentage contributed by the Authority for every dollar contributed by the employee). The Authority contributes $1.74 (2011 - $1.86) for every dollar contributed by the employee. If an employee’s annual salary is greater than $148,000 (2011 - $142,800), the portion of the employee’s salary above this amount is subject to an employer contribution of $8.95 (2011 - $9.50) for every dollar contributed by the employee. Contributions during the year were as follows: December 31, 2012 December 31, 2011 Authority $1,141,550 $1,159,142 Employee 652,231 609,740 Total contributions $1,793,781 $1,768,882 The Administration expects that contributions of $ 1,154,000 will be made to the plan in 2013. 13. Employee benefits (a) Severance benefits The post-employment severance benefit is provided to all current employees under various collective agreements and employment contracts. The cost of the benefit is fully paid by the Authority. This plan is unfunded and requires no contributions from employees. The Authority measures its accrued benefit obligations of its post-employment severance benefit for accounting purposes as at December 31st of each year. The weighted average of the maturity of the plan at December 31 was 9.5 years (2011 – 10.8 years). The plan is sensitive to a significant actuarial assumption which is the discount rate. A decrease in the discount rate of 1% would increase the defined benefit obligation at December 31 by $256,000. An increase in the discount rate of 1% would decrease the defined benefit obligation at December 31 by $228,000. As part of the collective negotiations and changes to conditions of employment of certain employees, the accumulation of severance benefits under the severance pay program ceased for some employees in 2012. Some employees subject to these changes have been given the option to have the value of the severance benefits paid in full immediately or at termination of employment while for other employees, the value of the severance pay benefits will only be paid at termination of employment. These changes have been reflected in the calculation of the outstanding severance benefit obligation. Information about the plan, measured as at the statement of financial position date, is as follows: 2012 Annual Report 29
Page 1 and 2: Annual Report 2012
Page 3 and 4: BOARD OF DIRECTORS Chairman MR. J.
Page 5 and 6: CHAIR AND CHIEF EXECUTIVE OFFICER
Page 7 and 8: i v The Authority operates in the i
Page 9 and 10: OPERATIONS OVERVIEW Traffic The Aut
Page 11 and 12: The Authority started 2012 with an
Page 13 and 14: GOVERNANCE REVIEW (cont’d) The Au
Page 15 and 16: MANAGEMENT REPORT The management of
Page 17 and 18: - 2 - I believe that the audit evid
Page 19 and 20: Statement of Operations and Compreh
Page 21 and 22: Statement of Cash Flows for the yea
Page 23 and 24: (b) Basis of measurement The financ
Page 25 and 26: (j) Revenue recognition Revenues ea
Page 27 and 28: (ii) Derecognition of financial lia
Page 29: Market risk Market risk is the risk
Page 33 and 34: Information about the plan, measure

2012 - Great Lakes Pilot Authority, Canada

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