Annual Report 2021 75 74 City of Chilliwack CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2021 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2021 4 Accounts payable and accrued liabilities: 2021 2020 Trade payables 21,677,489 $ 12,774,977 $ Province of British Columbia 3,812,193 1,303,091 Government of Canada 12,430,969 8,145,957 Regional and local governments 1,120,621 2,187,281 Landfill closure and post-closure costs 4,801,200 4,480,000 43,842,472 $ 28,891,306 $ Landfill closure and post-closure costs: The City has the responsibility for closure and post-closure care of the Bailey Landfill site. Potential costs related to closure activities at this site include drainage control, leachate monitoring, gas monitoring and recovery, and final ground cover. The landfill site is expected to require postclosure care for thirty years after its estimated closure in 2040. The liability amount of $4,801,200 has been recorded by multiplying the estimated net present value of total remaining costs related to closure and post-closure care ($9,191,800) by the cumulative capacity used (52.2%). This liability reduces as landfill restoration costs are incurred. In addition, the City has appropriated a portion of accumulated surplus as a landfill reserve. The balance of $10,419,805 (2020 - $8,351,246) is appropriated for other landfill related costs and unforeseen closure and post-closure costs. 5 Development cost charges: The development cost charge liability, reported as unearned revenue, represents funds received from developers for capital infrastructure expenditures required as a result of their development projects. As these funds are expended on eligible projects, the liability is reduced and the amount expended reported as revenue. Developers are entitled to pay development cost charges (DCCs) in equal installments over two years if the total amount payable is equal to or greater than $50,000. Installments due for the next two years are included in accounts receivable and are guaranteed by the developer by providing an irrevocable letter of credit payable to the City of Chilliwack for the remaining amount of DCCs owing. As at December 31, 2021, the amount of the DCCs due over the next two years is $1,744,392 (2020 - $1,618,945). Assets are not physically segregated to meet the requirements of the restricted revenues. As related expenditures are incurred, revenue is recognized. 6 Property under development: The property under development relates to projects of Chilliwack Economic Partners Corporation as follows: 2021 2020 Canada Education Park 3,258,792 $ 3,258,792 $ Downtown Redevelopment 5,086,716 423,168 8,345,508 $ 3,681,960 $ CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2021 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2021 7 Tangible capital assets: 2021 Opening Change - Under Closing Cost Additions Disposals Construction Cost General Land 141,697,810 $ 9,806,825 $ (862,371) $ - $ 150,642,264 $ Buildings 144,904,809 2,794,929 - - 147,699,738 Equipment and vehicles 45,413,034 4,820,005 (1,604,015) - 48,629,024 Engineering structures 393,994,134 30,113,463 (1,329,823) - 422,777,774 Under construction 28,435,635 - - (3,199,540) 25,236,095 754,445,422 47,535,222 (3,796,209) (3,199,540) 794,984,895 Water Land 2,026,328 - - - 2,026,328 Buildings 283,867 62,809 (319,503) - 27,173 Equipment and vehicles 3,409,348 647,921 - - 4,057,269 Engineering structures 198,908,189 3,809,220 (94,309) - 202,623,100 Under construction 1,170,478 - - 835,906 2,006,384 205,798,210 4,519,950 (413,812) 835,906 210,740,254 Sewer Land 1,643,155 - - - 1,643,155 Equipment and vehicles 2,986,730 213,536 - - 3,200,266 Engineering structures 270,166,743 14,901,970 - - 285,068,713 Under construction 5,713,157 - - (4,800,629) 912,528 280,509,785 15,115,506 - (4,800,629) 290,824,662 CEPCO Land 196,196 - - - 196,196 Buildings 5,384,759 - (7,235) - 5,377,524 Equipment 286,852 6,480 - - 293,332 5,867,807 6,480 (7,235) - 5,867,052 Tourism Chilliwack Goodwill 6,120 - - - 6,120 Buildings 127,913 - - - 127,913 Equipment 219,795 660 - - 220,455 353,828 660 - - 354,488 1,246,975,052 $ 67,177,818 $ (4,217,256) $ (7,164,263) $ 1,302,771,351 $
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