Basic HTML Version
TOURISM CHILLIWACK INC.
Notes to Financial Statements (continued)
Years ended December 31, 2011 and 2010
11. Commitment:
The Company entered into an agreement in 2011 with the City of Chilliwack which will take into
effect on January 1, 2012. The agreement outlines the management and operation of Chilliwack
Heritage Park. The Company will receive $300,000 annually over the five year agreement for
operating the Chilliwack Heritage Park. The Company will be responsible for operating costs of
Chilliwack Heritage Park.
As a condition of the agreement with the City, the Company issued a non-revocable Letter of
Credit in the amount of $50,000 as a guarantee for the due and faithful performance of the
agreement.
12. Segmented information:
The Company is a diversified other government organization that provides a range of services,
including:
Tourism Services
Tourism Services includes all activities associated with the operation of the Chilliwack Visitor
Centre including co-ordinating and delivering tourism marketing programs aimed at
promoting Chilliwack as a tourist destination.
Retail Services
Retail Services includes all activities associated with operation of the Flag Shop including
selling various national and international flags and other souvenir items.
The following table outlines the Company's revenues and expenditures by operating segments:
Tourism Chilliwack Inc.
Financial Statements
77
www.chilliwack.com