2017 Annual Report

82 City of Chilliwack 2017 Annual Report TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2017, with comparative information for 2016 2017 2017 2016 Budget Actual Actual Revenues: Sales, rental and other income $ 612,955 $ 781,382 $ 603,747 Operating agreements (note 6) 480,411 480,411 475,411 Hotel tax 276,743 357,596 229,506 Advertising revenues 133,526 186,612 130,634 Fundraising revenues 30,850 30,495 31,287 Interest income 9,675 8,634 6,931 1,544,160 1,845,130 1,477,516 Expenditures: Staffing costs 678,458 631,802 655,701 Advertising and business development 349,361 513,037 313,906 Operations 231,965 263,970 200,328 Administration 60,475 120,039 106,111 Utilities 95,982 94,226 82,506 Amortization of tangible capital assets 11,267 16,892 16,358 1,427,508 1,639,966 1,374,910 Annual surplus before distribution 116,652 205,164 102,606 Distribution to City of Chilliwack (note 11) (127,430) (163,187) (124,760) Annual surplus (deficit) (10,778) 41,977 (22,154) Accumulated surplus, beginning of year 532,444 532,444 554,598 Accumulated surplus, end of year $ 521,666 $ 574,421 $ 532,444 See accompanying notes to consolidated financial statements. 2 Tourism Chilliwack Inc. Financial Statements