2018 Annual Report

Annual Report 2018 94 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2018, with comparative information for 2017 2018 2018 2017 Budget Actual Actual Revenues: Sales, rental and other income $ 690,775 $ 758,892 $ 781,382 Operating agreements (note 6) 486,411 486,411 480,411 Hotel tax 366,415 366,616 357,596 Advertising revenues 301,566 154,690 186,612 Interest income 5,935 4,210 8,634 Fundraising revenues - - 30,495 1,851,102 1,770,819 1,845,130 Expenditures: Staffing costs 754,524 686,722 631,802 Advertising and business development 516,569 409,289 513,037 Operations 233,890 233,165 263,970 Administration 107,200 119,163 120,039 Utilities 103,410 81,610 94,226 Amortization of tangible capital assets 13,377 18,028 16,892 1,728,970 1,547,977 1,639,966 Annual surplus before distribution 122,132 222,842 205,164 Distribution to City of Chilliwack (note 11) (140,176) (167,560) (163,187) Annual surplus (deficit) (18,044) 55,282 41,977 Accumulated surplus, beginning of year 574,421 574,421 532,444 Accumulated surplus, end of year $ 556,377 $ 629,703 $ 574,421 See accompanying notes to financial statements. 2