2019 Annual Report

Annual Report 2019 105 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2019, with comparative information for 2018 2019 2019 2018 Budget Actual Actual Revenues: Sales, rental and other income $ 684,330 $ 836,505 $ 758,892 Operating agreements (note 6) 490,411 532,511 486,411 Hotel tax 375,000 468,803 366,616 Advertising revenues 218,176 149,543 154,690 Interest income 6,510 7,659 4,210 1,774,427 1,995,021 1,770,819 Expenditures: Staffing costs 778,874 757,741 686,722 Advertising and business development 432,613 455,546 409,289 Operations 237,120 283,186 233,165 Administration 115,235 139,335 119,163 Utilities 96,285 79,760 81,610 Amortization of tangible capital assets 12,196 12,800 18,028 1,672,323 1,728,368 1,547,977 Annual surplus before distribution 102,104 266,653 222,842 Distribution to City of Chilliwack (note 11) (141,721) (166,565) (167,560) Annual surplus (deficit) (39,617) 100,088 55,282 Accumulated surplus, beginning of year 629,703 629,703 574,421 Accumulated surplus, end of year $ 590,086 $ 729,791 $ 629,703 See accompanying notes to financial statements. 2