2018 Annual Report

Annual Report 2018 78 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2018, with comparative information for 2017 2018 2018 2017 Budget Actual Actual Revenues: Rent $ 681,860 $ 678,385 $ 675,909 Contracted services 620,500 502,889 497,048 Economic development (note 8) 550,000 550,000 550,000 Interest 73,667 102,320 90,117 Property development and construction 54,000 6,532 14,821 Government programs 20,000 7,500 5,000 Other revenue 4,500 10,500 4,500 Premises cost recovery - 1,000,000 - 2,004,527 2,858,126 1,837,395 Expenses: Wages and benefits 420,600 424,870 422,128 Contracted services 405,000 393,154 395,344 Amortization of tangible capital assets 225,000 261,141 240,690 Marketing 160,760 96,822 123,355 Downtown redevelopment 81,500 1,796 55,683 Rent 64,285 71,957 63,306 Common area costs 60,000 56,542 69,285 Office and administration 41,200 42,577 39,126 Professional fees 41,000 19,835 48,711 Insurance 35,000 33,492 30,920 Premise operating costs 31,715 23,994 15,964 Repairs and maintenance 15,600 20,558 12,165 Utilities 10,000 17,173 8,797 Interest and bank charges 3,000 2,248 2,759 Special economic projects - - 9,951 1,594,660 1,466,159 1,538,184 Annual surplus before distribution 409,867 1,391,967 299,211 Distribution to City of Chilliwack (note 8) - (1,870,105) (350,000) Annual surplus (deficit) 409,867 (478,138) (50,789) Accumulated surplus, beginning of year 14,113,702 14,113,702 14,164,491 Accumulated surplus, end of year $ 14,523,569 $ 13,635,564 $ 14,113,702 See accompanying notes to financial statements. 2