2019 Annual Report

City of Chilliwack 114 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2019 13. Subsequent event: Subsequent to December 31, 2019 the COVID-19 outbreak was declared a pandemic by the World Health Organization and has had a significant financial, market and social dislocating impact. At the time of approval of these financial statements, the entity has experienced the following indicators of financial implication and undertaken the following activities in relation to the COVID- 19 pandemic: - Potential reduction in revenue due to facilities closing, services decreasing and less hotel tax received; - Closure of facilities in March 2020 to the date of the auditors' report based on public health recommendations; and - Mandatory working from home requirements for those able to do so. At this time these factors present uncertainty over future cash flows, may cause significant changes to the assets or liabilities and may have a significant impact on future operations. An estimate of the financial effect is not practicable at this time. 14. Segmented information: The Company is a diversified other government organization that provides a range of services, including: Facility Management Facility Management includes all activities associated with the operation of Chilliwack Heritage Park including renting the facility for various events. Tourism Services Tourism Services includes all activities associated with the operation of the Chilliwack Visitor Centre including co-coordinating and delivering tourism marketing programs aimed at promoting Chilliwack as a tourist destination. Retail Services Retail Services includes all activities associated with operation of the Flag Shop including selling various national and international flags and other souvenir items. 11