2017 Annual Report

61 City of Chilliwack 2017 Annual Report City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2017 9 Government Grants and Transfers Included in government grants and transfers are Federal Gas Tax Agreement Funds of $3,385,894 (2016 - $3,340,201). Gas Tax funding is provided by the Government of Canada. The use of the funding is established by a funding agreement between the Municipality and the Union of British Columbia Municipalities. Gas Tax funding may be used towards designated public transit, local roads and bridges, community energy, water, wastewater, solid waste, disaster mitigation, amateur sport and recreation, culture, tourism, and capacity building projects as specified in the funding agreement. 10 Accumulated Surplus: Accumulated surplus consists of individual fund surplus, statutory reserves and surplus invested in tangible capital assets as follows: 2017 2016 Operating Funds Unrestricted: General 16,044,268 $ 15,976,091 $ CEPCO 4,455,012 3,687,260 Tourism 1,118,538 914,911 Water Fund 2,850,000 2,750,000 Sewer Fund 2,960,000 2,810,000 Building - Protective Services 3,753,861 3,603,861 Landfill 6,576,004 5,771,598 Sewer future works 16,289,964 16,650,525 Water future works 9,999,738 9,602,832 Work-in-progress 6,131,700 6,195,500 Soil Removal 836,983 343,929 Future property acquisition 4,700,000 4,700,000 Federal Gas Tax Agreement Funds 6,369,570 8,064,690 Other 6,610,983 3,708,519 88,696,621 84,779,716 Statutory Reserve Funds General Capital 22,688,130 20,778,953 Equipment Replacement 5,752,948 5,679,780 Subdivision Control 938,257 926,566 29,379,335 27,385,299 Investment in Tangible Capital Assets & Property Under Development General 432,519,977 411,522,329 Water 131,064,673 130,570,490 Sewer 161,438,284 160,129,756 CEPCO 10,258,690 10,477,231 Tourism 47,113 45,576 735,328,737 712,745,382 853,404,693 $ 824,910,397 $ 11 Collections for other governments: The City collects and remits taxes on behalf of other government jurisdictions as follows: 2017 2016 B.C. Assessment Authority 847,236 $ 832,087 $ Fraser Valley Regional Hospital District 2,975,465 2,996,735 Municipal Finance Authority 3,548 2,868 Ministry of Education 34,623,503 33,716,338 Fraser Valley Regional District 1,962,183 1,935,297 40,411,935 $ 39,483,325 $ These taxes are not included in the Consolidated Statement of Operations of the City. City of Chilliwack Financial Statements