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PROVINCE OF BRITISH COLUMBIA Tenth Annual Report of the business done in pursuance of the MUNICIPAL SUPERANNUATION… British Columbia. Legislative Assembly 1950

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 PROVINCE OF BRITISH COLUMBIA
Tenth Annual Report
of the business done in pursuance of the
MUNICIPAL
SUPERANNUATION ACT
for the Year ended March 31st
1949
VICTORIA,  B.C. :
Printed by Don McDiarmid, Printer to tbe King's Most Excellent Majesty.
1950.  To His Honour C. A. Banks,
Lieutenant-Governor of the Province of British Columbia.
May it please Your Honour:
The undersigned respectfully submits the Report of the business done in pursuance
of the " Municipal Superannuation Act" during the fiscal year 1948-49.
GEO. S. PEARSON,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C. The Honourable G. S. Pearson,
Provincial Secretary, Victoria, B.C.
Sir,—I have the honour to lay before you the Report of the business done in pursuance of the " Municipal Superannuation Act" during the fiscal year 1948-49.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Commissioner of Municipal Superannuation. Municipal Superannuation Report, 1948-49
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "MUNICIPAL
SUPERANNUATION ACT " DURING THE FISCAL YEAR ENDED MARCH
31st, 1949.
Section U-—Superannuation allowance payments pursuant to this section amounted
to $190,494.47. As at March 31st, 1949, there were 562 persons in receipt of an
allowance under this section.
Section 5.—A statement of all moneys received and paid out under the provisions
of this Act, and the assets and liabilities appertaining to the granting of superannuation allowances under its provisions is given in the statements of revenue and expenditures and the balance-sheets appended hereto.
Section 6.—Regular employee contributions amounted to $574,025.89 and employee
contributions made under Over-age Agreements amounted to $3,586.93. As at March
31st, 1949, there were 5,352 regular contributors and thirty-five contributors under
Over-age Agreements.
Section 8.—Regular employer contributions amounted to $895,590.07 and employer
contributions made under Over-age Agreements amounted to $10,617.72.
Section 10.—The net requirements in the case of each employer were ascertained
in the manner prescribed by this section. Certificates of Loan were issued in the
amount of $158,171.46 in accordance with the provisions of subsection (4) (c) of this
section. Outstanding Certificates of Loan were reduced by the amount of $7,161.85
and cash advances were reduced by the amount of $200.22 in accordance with the provisions of subsection (6) of this section. The provisions of subsection (7) having been
complied with by the City of Fernie and the District of Spallumcheen, payments pursuant to section 8 (1) were discontinued, effective April 1st, 1948.
Section lb.—Superannuation allowances were granted to 120 contributors who
attained retirement age. For analysis, see statements of comparative statistics
appended hereto. As provided in subsection (2) (&), the Commissioner, with the
approval of the Provincial Secretary, entered into agreements with eight employers
under the Act whereby the Act was made to apply to a total of thirty-five employees
who entered their service after the maximum eligible age of regular contributors.
Section 19.—Superannuation allowances were granted to three contributors who
had become totally and permanently disabled.
Section 20.—Superannuation allowances were granted to the dependent in the case
of eleven contributors who died while still in service. Refunds amounting to $3,185.80
were made in the case of four contributors who died while still in service.
Section 21.—One superannuation allowance was granted pursuant to the provisions
of this section.
Section 23.—Refunds amounting to $84,954.96 were made to 437 contributors who
left the service of their employer.
Section S3.-—The securities held by the Trustees on March 31st, 1949, are set out
in Schedule No. 3 of this Report.
Section 38.—In accordance with the provisions of this section, an actuarial valuation of the assets and liabilities of the Fund as at March 31st, 1948, was made by
Messrs. Pipe and Eckler, consulting actuaries, and the actuarial balance-sheet appears
as Schedule No. 7 of this Report. The following is a quotation from the actuaries'
report:—
" The deficit shown in the valuation of the Retirement Annuity Account is entirely
due to the more stringent basis used to represent pensioner mortality.    It means that
5 CC 6 BRITISH COLUMBIA.
if the pensioner mortality assumption made in the valuation is actually experienced in
the future, the employee contributions made to purchase their retirement annuities
have been deficient."
To provide for this contingency, new rates were adopted on April 1st, 1949, to
apply to all new purchases of retirement annuities. The valuation to be made as at
March 31st, 1951, will indicate what further steps, if any, should be taken to ensure
the financial stability of the Retirement Annuity Account. No action was recommended
or taken to reduce the deficit in Fund " B," as it is comparatively small. If the 1951
valuation confirms the trends indicated, some adjustments may be required at that time.
Fund "A" continues to show slight improvement, due mainly to the increases in salaries.
R. A. PENNINGTON,
Commissioner of Municipal Superannuation.
MUNICIPAL SUPERANNUATION FUND.
Statement of Revenue and Expenditure for the Fiscal Year
ended March 31st, 1949.
revenue.
Contributions as per requirements of the " Municipal Superannuation Act "—'
Employees, section 6 _       $574,025.89
Employers, section 8—
Fund "A" (Schedule No. 1)     $585,914.49
Fund " B " (Schedule No. 2)          309,675.58
 895,590.07
Interest on investments and bank interest          400,720.04
$1,870,336.00
EXPENDITURE.
Superannuation allowances, chargeable to Employers' Service Pension Accounts-
Allowances pursuant to section 4   $191,508.67
Less amount refunded            1,014.20
Service pensions, Fund "A"    $417,573.12
Less amount refunded       880.31
$190,494.47
     416,692.81
Service pensions, Fund " B " .    641.16
Employees' retirement annuities       $159,408.80
Less amount refunded     170.19
Refunds—
Section  20           $3,185.80
Section 23       - --     84,954.96
$607,828.44
159,238.61
$767,067.05
88,140.76
Administration  expense, section 28            2,642.42
857,850.23
Net increase of ledger assets        $1,012,485.77 MUNICIPAL SUPERANNUATION REPORT, 1948-49. CC  7
MUNICIPAL SUPERANNUATION FUND.
BALANCE-SHEET AS AT MARCH 31ST, 1949.
ASSETS. General Trustees'
Account. Account. Total.
Cash at Dominion Bank        $42,416.87 $7,239.30 $49,656.17
Accounts receivable—
Contributions  due from  Municipalities,  Hospitals,  School
Boards, etc   _       199,616.47     ____ 199,616.47
Investments at cost—net after amortization of premiums and
discounts—
Dominion and Provincial guaranteed  (Schedule No. 3)        9,108,315.24      9,108,315.24
(Valuation on Dominion Department of Insurance
basis at December 31st, 1948, or market value at
March 31st, 1949, $9,019,925.)
B.C. Government Certificates of Loan         3,648,032.33      3,648,032.33
Accrued interest on investments  ___   101,137.88 101,137.88
$242,033.34 $12,864,724.75 $13,106,758.09
LIABILITIES.
Employees' Retirement Annuity Account at book value      $5,729,578.66
Employers' Service Pension Accounts at book value—
Fund "A"  (see statement below)      $6,110.266 11
Fund "B"  (Schedule No. 2)      1,042,914.75
 7,153,180.86
Sundry accounts payable      1,796.82
Investment adjustment reserve account—■
Balance at credit April 1st, 1948   .-_.„__       $181,869.75
Profit on sale of securities during fiscal year ended March 31st, 1949 ... 40,332.00
 222,201.75
$13,106,758.09
EMPLOYERS' SERVICE PENSIONS ACCOUNT, FUND " A.'
Employers' balances—
Amounts at credit (Schedule No. 1)   $2,693,198.64
Less amounts at debit (Schedule No. 1)         269,859.40
Net credit balance    $2,423,339.24
Advances from Provincial Government—
Cash advances, section 10  (4)   (a)        $38,894.54
Certificates of Loan, section 10  (4)   (c)     3,648,032.33
3,686,926.87
$6,110,266.11
COMPTROLLER-GENERAL'S CERTIFICATE.
I certify that the accounts of the Municipal Superannuation Fund for the year ended March 31st,
1949, have been examined under my direction.
Subject to the report dated December 29th, 1948, of Mr. Samuel Eckler, F.A.S.A., F.A.I.A., the consulting actuary engaged pursuant to section 38 (1) of the "Municipal Superannuation Act," R.S.B.C.
1948, chapter 320, I further certify that the above balance-sheet is in my opinion properly drawn up so
as to exhibit a true and correct statement of the affairs of the Fund, exclusive of the actuarial sufficiency
of the reserves, according to the best of my information and the explanations given to me and as shown
by the books of the Fund.
J. A. CRAIG, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C.,
January 18th, 1950. CC 8
BRITISH COLUMBIA.
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CQ CC 10
BRITISH COLUMBIA.
SCHEDULE No. 2.
Service Pensions Account, Fund " B."
Summary of Employers' Accounts, April 1st, 19U8, to March 31st, 1949.
Balance
at Credit,
April 1st,
1948.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Balance at
Credit, March
31st, 1949, as
per Balance-
sheet.
City of—
$510.40
1,227.74
2,150.87
187.30
70.71
1,811.24
167.39
2,905.87
2,247.44
697.75
1,507.49
1,359.27
14,047.88
33,504.36
17,446.04
6,234.01
47.86
9,167.30
2,396.21
$112.14
422.13
872.24
482.08
$17.73
45.31
80.97
13.40
2.21
48.63
7.35
109.73
95.90
28.20
52.90
61.24
518.65
1,229.12
638.43
221.43
4.56
332.80
87.40
$640.27
1,695.18
3,104.08
..
682.78
72.92
432.06
134.88
1,200.35
1,633.59
406.46
365.64
1,194.74
4,099.77
11,746.61
5,905.23
1,682.05
195.80
2,932.29
792.43
$947.00*
1,344.93
309.62
4,215.95
3,976.93
1,132.41
1,926.03
2,615.25
947.00.
19,613.30
$212.04
46,268.05
23,989.70
8,137.49
248.22
12,432.39
3,276.04
Trail..            	
7,079.37
338,446.35
2,932.00
75,251.25
394.64
14,113.96
1,141.41
300.28
1,672.12
8,000.98
1,709.80
146,839.25
2,517.37
24,545.18
921.27
8,390.36
506.42
106.80
1,441.54
4,674.00
248.33
12,888.09
131.16
2,714.74
26.77
569.44
43.65
11.07
74.89
323.32
6.91
83.55
12.46
71.54
124.08
764.84
56.87
698.65
7.86
9,037.50
144.00*
498,029.69
5,580.53
1,570.00*
100,941.17
Vancouver  and Districts  Joint
1,342.68
District of—
230.04
22,843.72
1,691.48
418.15
3,188.55
Greater Vancouver Water Dis-
184.00t
l,570.00t
199.08
12 983.22
1,576.91
2,333.05
323.65
2,000.31
2,935.42
21,901.68
1,548.40
19,165.15
180.59
672.84
149.10
570.82
2,058.48
5,071.50
537.64
6,315.18
141.00
3,089.44
485.21
2,642.67
5,117.98
Oak Bay	
27,738.02
2,142.91
26,178.98
329.45
5,795.71
13,548.19
3,245.53
2,903.95
5,917.77
2,045.19
81.75
8,089.76
29,905.19
226.84
503.33
133.58
3.86
243.78
1,380.99
8,926.50
850.00*
19,119.29
5,424.30
North   Shore   Union   Board   of
Health	
850.00f
935.61
Hospitals—■
3,744.19
29,191.49
12,077.73
40.00*
60,437.67
$652,932.85
$290,722.65
$24,946.56
$641.16      1      <89K7.9fin.<in
* Debit.
t Credit. MUNICIPAL SUPERANNUATION REPORT, 1948-49.
CC 11
SCHEDULE No. 2—Continued.
Service Pensions Account, Fund " B "—Continued.
Summary of Employers' Accounts, April 1st, 1948, to March 31st, 1949—Continued.
Balance
at Credit,
April 1st,
1948.
Employers'
Contributions.
Transfer
Values.
Interest
Earnings.
Pension
Payments.
Balance at
Credit, March
31st, 1949, as
per Balance-
sheet.
$652,932.85
4,778.71
$290,722.65
2,333.13
$24,946.56
186.07
$641.16
$967,960.90
7,297.91
School Board of—
Campbell River, Dist. No. 72	
Chilliwack, Dist. No. 33	
415.97
234.89
484.72
123.68
14.95
7.35
23.41
526.34
1,034.47
Merritt, Dist. No. 31	
Nelson, Dist. No. 7	
1,531.72
1,355.51
878.84
817.10
102.46
.   92.34
245.14
31.80
33,485.18
100.73
8,951.93
506.81
450.02
1,117.58
495.78
176.54
230.44
57.75
54.98
59.91
35.26
28.34
6.81
3.79
7.67
1.00
1,192.51
4.83
343.77
16.42
2,036.72
2,533.00
1,409.88
1,021.98
339 71
Richmond, Dist. No. 38	
Saanich, Dist. No. 63	
252 81
Surrey, Dist. No. 36	
9,234.98
106.96
4,063.75
35.98
Vernon, Dist. No. 22	
Victoria, Dist. No. 61	
13,359.45
559 21
Totals	
$706,946.70
$309,675.58
$26,933.63
* Debit.
t Credit. CC 12
BRITISH COLUMBIA.
SCHEDULE No. 3.
Trustees of the Municipal Superannuation Fund and the Minister of Finance
for the Province of British Columbia.
Securities held as at March 31st, 194-9.
Description.
Date of
Maturity.
Par Value.
Cost Price.
Book Value.
Market Value.
Province of British Columbia—
3V_ % bonds	
4% bonds	
3V_% bonds	
3% % bonds	
3%% bonds	
5% bonds	
3% bonds	
3%% bonds	
3% bonds	
3%% bonds	
3% bonds	
3y2% bonds	
3% bonds	
S% % bonds	
3% bonds	
2% % bonds	
2%% bonds	
2%% bonds	
2% % bonds	
2%% bonds	
2%% bonds	
2%% bonds	
2%% bonds	
2%% bonds	
3% bonds	
3% bonds	
3% bonds	
2%% bonds	
2%% bonds	
3% bonds	
Canadian National Railways—
2%% bonds	
Vancouver and Districts Joint Sewerage
and Drainage Board—
4% bonds	
4% bonds	
4% bonds	
4% bonds	
4% bonds	
5% bonds	
5Vz% bonds	
4% bonds	
4% bonds	
4*/_ % bonds	
41/_% bonds	
Totals	
June 1,
Nov. 1,
June 1,
June 1,
June 1,
Sept. 1,
Feb. 1,
June 1,
Feb. 1,
June 1,
Feb. 1,
June 1,
Feb. 1,
Apr. 1,
Dec. 15,
Oct. 15,
Oct. 15,
Apr. 15,
July 20,
Oct. 15,
Jan. 15,
Feb. 1,
May 15,
June 15,
July 2,
July 31,
Aug. 10,
Oct. 1,
Sept. 26,
Feb.     1,
1949
1950
1951
1952
1953
1953
1954
1954
1955
1955
1956
1956
1957
1959
1960
1962
1963
1966
1966
1966
1967
1967
1967
1968
1968
1970
1970
1971
1972
1974
Jan.      2, 1967
Oct.
May
May
May
May
Sept.
Sept.
Oct.
May
Sept.
Sept.
1, 1954
1, 1958
1, 1959
1, 1960
1, 1962
1, 1962
1, 1962
1, 1962
1, 1963
1, 1965
1,1970
$2:
276
1,
10
14
234.
30.
19
25
60
42
127:
3
3,500
68
200
50,
276
220
35,
328
100,
90,
153,
200,
950,
1,340.
250,
75
225
,015.00
,000.00
,000.00
.000.00
,000.00
.500.00
,000.00
.500.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
.ooo.oo
,000.00
.000.00
.000.00
.000.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
,000.00
.000.00
200,000.00
5,000.00
10,000.00
1,000.00
6,000.00
1,000.00
3,000.00
3,000.00
1,000.00
11,000.00
5,000.00
1,000.00
$2
276
1,
9
13
254,
29,
19,
24,
58
41
124,
2
3,500.
68,
192,
48
274
220
34,
325,
100,
90,
147,
198,
942,
1,329
250
75,
218,
,000.00
,617.60
,013.50
,834.00
,898.00
,485.52
,598.00
,844.10
,665.00
,770.00
.437.20
,325.50
,959.80
,000.00
,720.00
,750.00
,250.00
,138.75
.000.00
,093.75
,160.00
.000.00
,000.00
,327.50
,520.00
,400.00
.280.00
,000.00
,000.00
,250.00
194,250.00
5,312.50
10,075.00
1,087.10
6,045.00
1,007.50
3,551.00
3,416.10
1,007.50
11,146.50
5,862.50
1,191.25
$2,000.38
276,176.67
1,004.87
9,946.26
13,971.69
242,938.57
29,781.15
19,668.33
24,802.20
59,406.64
41,646.57
125,612.59
2,973.50
3,500,000.00
68,555.45
192,978.69
48,345.68
274,258.64
220,000.00
34,147.37
325,311.36
100,000.00
90,000.00
147,613.93
198,575.15
942,628.16
1,329,588.50
250,000.00
75,000.00
218,292.90
194,250.00
5,145.45
10,037.07
1,066.07
6,024.47
1,004.39
3,399.15
3,249.76
1,004.36
11,092.80
5,661.38
1,155.09
$2,020.00
284,280.00
1,030.00
10,300.00
14,420.00
255.605.00
30,300.00
20,280.00
25,250.00
62,400.00
42,000.00
130,810.00
3,000.00
3,500,000.00
68,000.00
194,000.00
47,500.00
262,200.00
209,000.00
33,250.00
311,600.00
95,000.00
85,500.00
145,350.00
194,000.00
921,500.00
1,299,800.00
232,500.00
75,000.00
218,250.00
194,250.00
5,300.00
10,600.00
1,060.00
6,360.00
1,060.00
3,630.00
3,750.00
1,060.00
11,660.00
5,850.00
1,200.00
1,151,000.00
1,117,305.17
$9,108,315.24
1,019,925.00 MUNICIPAL SUPERANNUATION REPORT, 1948-49.
CC 13
SCHEDULE No. 4.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1939, to March 31st, 1949.
No. of
Contributors.
Contributions.
Withdrawals.
Allowances.
Fiscal Year.
Employer.
Employees.
No.
Amount
refunded.
No.
granted
during
Year.
Deaths
and
Expirations
during
Year.
No. in
Force at
End of
Year.
Amount
paid.
1939-40	
1940-41	
1941-42	
1942-43	
1943-44	
3,515
3,502
3,460
3,295
3,340
3,416
3,949
4,209
4,707
5,352
$376,213.96
385,310.30
403,590.01
398,961.01
411,337.12
431,251.30
505,050.16
579,347.60
693,553.87
895,590.07
$273,204.70
279,081.09
277,946.17
267,876.88
278,996.62
298,036.94
351,672.80
403,783.92
474,499.19
574,025.89
71
99
128
191
125
116
314
415
499
441
$42,575.46
38,666.49
46,504.88
68,582.55
45,792.56
53,755.08
74,102.47
79,892.69
99,412.03
88,140.76
78
99
116
193
120
130
215
171
149
134
36
36
34
53
44
46
51
48
42
42
973
1,036
1,118
1,258
1,334
1,418
1,582
1,705
1,812
1,904
$329,309.38
339,671.98
369,231.07
408,424.19
460,091.94
1944-45	
1945-46	
492,423.87
551,639.04
1946-47	
1947-48	
628,619.36
702,630.14
1948-49	
767,067.05
Totals
$5,080,205.40
$3,479,124.20
$637,424.97
$5,049,108.02
SCHEDULE No. 5.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 1949,
subdivided according to Sex of Contributor.
Number of
Contributors.
Number of
Refunds
GRANTED.
Allowances.
Fiscal Year.
CJ
"3
1
<_
S
J2J
s
0)
Number of
Allowapces
granted.
Number of
Deaths and
Expirations.
Number of
Allowances in
Force at End
of Year.
s
£
S
CJ
rt
&
a!
£
a
ai
S
CU
1&45-46—
Maximum retirement age 65...
Maximum retirement age 60...
1946-47—
Maximum retirement age 65...
Maximum retirement age 60...
1947-48—
Maximum retirement age 65...
Maximum retirement age 60...
1948-49—
Maximum retirement age 65...
Maximum retirement age 60...
1,987
1,089
2,184
1,156
2,427
1,343
2,762
1,419
873
869
937
1,171
87
55
142
56
195
50
159
37
172
217
254
245
129
41
110
38
108
31
98
27
45
23
10
9
40
10
37
7
36
3
38
3
1
4
3
1
1,143
323
1,216
354
1,288
382
1,348
406
116
135
	
142
150 CC 14 BRITISH COLUMBIA.
SCHEDULE No. 6.
Municipal Superannuation Fund.
Comparative Statistics, April 1st, 1945, to March 31st, 1949—Allowances
granted and in Force, subdivided by Type and Plan of Allowance.
In Force at Beginning
of Year.
Granted during
Year.
Expired during
Year.
In Force at End
of Year.
Fiscal Year.
3
V
"3
a
S3
V
B
ts
U
«
B
0
oi
3
*_
.g
'3
1-3
13
2
o
S
a
B
<
ft
S
V
H
aj
3
0)
"3
B
S_
T3
D
C
3
u
Ed
3
O
0)
<-.
3
-*.
c
'o
r,
_
c
a
a
<
i
H
3
■3
B
__
•
a
a
O
•
-_
ta
a
O
3
-M
g
'O
-a
y=
c
a
a
<
ft
1
aj
3
t_
|
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V
4)
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u
tS
B
O
a!
«H
3
4-
B
'0
r>
T_
<_
tc
0
S
a
B
<
a,
!
1945-46—
Normal retirement-
297
44
175
450
24
274
62
89
3
57
13
92
4
38
6
5
24
2
5
7
1
7
3
1
1
330
42
183
528
27
309
67
93
3
Death	
Totals	
516
474
336
92
70
96
44
5
31
8
7
4
1
555
655
376
96
1946-47—
Normal retirement-
330
42
183
528
27
309
67
93
3
43
3
11
77
2
32
1
2
21
1
5
6
4
9
2
352
44
189
595
29
332
66
95
3
Death	
Totals	
555
555
376
96
57
79
33
2
27
6
4
11
585
624
398
98
1947-48—
Normal retirement...
352
44
189
595
29
332
66
95
3
12
8
40
2
17
3
1
65
1
16
4
4
6
4
8
348
40
193
625
31
341
69
96
3
65
Death	
Totals	
585
624
398
98
20
42
20
1
66
24
6
4
8
581
656
410
99
1948-49—
Normal retirement...
348
40
193
625
31
341
69
96
3
65
1
6
11
18
2
19
77
1
10
7
5
1
3
1
11
1
2
1
344
40
197
635
31
349
68
94
3
141
2
Death	
Totals	
581
656
410
99
66
17
20
19
78
17
6
4
12
2
1
581
666
417
97
143
♦Guaranteed:    (a)  Superannuant died after expiration of guaranteed period;   (b)  guaranteed period expired,
superannuant having died previously.
SCHEDULE No. 7.
Municipal Superannuation Fund.
Valuation Balance-sheet as at 31st March, 1948.
Employer Fund
Employer  Fund
ASSETS.
; A "„....__	
B "	
LIABILITIES.
$5,828,887
722,588
Retirement  Annuity  Fund       5,349,859
Actuarial reserves—
Employer Fund " A '
Employer Fund " B "_.
$11,901,334
Value   of   future   receipts   of   Fund
"A"  under   sections   8   and   10   of
Act      10,063,760
Deficit,   Fund  " B "  __ 23,604
Deficit, Retirement Annuity Fund...        594,427
Retirement  Annuity  Fund-
$15,892,647
746,192
5,944,286
$22,583,125
$22,583,125
I certify that the above balance-sheet represents the actuarial position of the Municipal Superannuation Fund as at March 31st, 1948, according to the explanations and calculations set out in my
report dated December 29th, 1948, to the Superannuation Commissioner, relative to the Fund.
SAMUEL ECKLER,
Fellow, Actuarial Society of America and
American Institute of Actuaries. MUNICIPAL SUPERANNUATION REPORT, 1948-49.
CC 15
MUNICIPAL SUPERANNUATION FUND  (OVER-AGE AGREEMENTS).
Statement of Revenue and Expenditure for the Fiscal Year
ended March 31st, 1949.
REVENUE.
Contributions as per requirements of the agreements entered into pursuant
to section 14  (2)   (6)  of the "Municipal Superannuation Act"—
Employees, section 6         $3,586.93
Employers, section 8       10,617.72
Interest on investments and bank interest..
EXPENDITURE.
$14,204.65
80.09
$14,284.74
Nil
Net ledger assets..
$14,284.74
Balance-sheet as at March 31st, 1949.
assets.
Cash  at Dominion  Bank  	
Accounts receivable—
Contributions due from municipalities and hospitals	
Investment at cost plus discount amortized to date—
$10,000 Province of British Columbia 3% Bonds, due February 1st,
1974     	
(Market value at March 31st, 1949, $9,700.)
Accrued interest on investment	
LIABILITIES.
Employees' Retirement Annuity Account at book value	
Employers' Service Pensions Accounts at book value 	
Account payable     	
General
Account.
$365.86
889.04
Trustees'
Account.
$3,300.36
9,701.91
47.67
Total.
$3,666.22
889.04
9,701.91
47.67
$1,254.90 $13,049.94 $14,304.84
$3,624.36
10,660.38
20.10
$14,304.84
I certify that the accounts of the Municipal Superannuation Fund (Over-age Agreements) for the
year ended March 31st, 1949, have been examined under my direction.
I further certify that the above balance-sheet is in my opinion properly drawn up so as to exhibit
a true and correct statement of the affairs of the Municipal Superannuation Fund (Over-age Agreements), according to the best of my information and the explanations given to me and as shown by
the books of the Fund.
J. A. CRAIG, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C.,
January 18th, 1950. CC 16
BRITISH COLUMBIA.
SCHEDULE No. 8.
Municipal Superannuation Fund (Over-age Agreements).
Employer Service Pension Accounts as at March 31st, 1949.
City of Armstrong .
City of Cranbrook ..
City of Kimberley—
City of Revelstoke...
City of Vernon .
District of North Cowichan _
Vancouver General Hospital..
Royal Jubilee Hospital	
Total as per balance sheet ...
$42.17
473.68
124.40
241.06
145.93
161.65
8,690.68
780.81
$10,660.38
SCHEDULE No. 9.
Municipal Superannuation Fund (Over-age Agreements).
Comparative Statistics, April 1st, 1948, to March 31st, 1949.
Fiscal Year.
Number of
Contributors.
Contributions.
Withdrawals.
Male.
Female.
Employer.
Employees.
1948-49	
17
18
$10,617.72
$3,586.93
Nil
Nil
VICTORIA,  B.C. :
Printed by Don McDiahmid, Printer to the King's Most Excellent Maje
1950.
495-150-6289

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