2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 100 101 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2023, with comparative information for 2022 2023 2023 2022 Budget Actual Actual Revenues: Rent $ 720,106 $ 681,529 $ 744,497 Economic development (note 8) 600,000 600,000 600,000 Government programs - 361,327 276,175 Contracted services 188,750 189,286 188,748 Property management 10,000 58,256 11,623 Interest 8,000 30,588 13,430 Other revenue 7,000 8,000 6,000 1,533,856 1,928,986 1,840,473 Expenses: Wages and benefits 510,388 516,140 489,614 Downtown redevelopment 100,000 167,919 102,884 Amortization of tangible capital assets 155,075 159,315 165,297 Contracted services 124,750 127,826 127,262 Marketing 122,000 78,821 66,122 Insurance 33,000 66,987 60,011 Rent - 50,000 50,000 Common area costs 80,000 48,858 103,197 Office and administration 46,500 48,065 40,227 Repairs and maintenance 24,500 39,512 49,054 Professional fees 18,000 34,170 24,292 Premise operating costs 49,300 29,612 28,642 Utilities 5,750 13,816 15,078 Interest and bank charges 1,500 1,406 1,321 1,270,763 1,382,447 1,323,001 Annual surplus 263,093 546,539 517,472 Accumulated surplus, beginning of year 14,780,767 14,780,767 14,263,295 Accumulated surplus, end of year $ 15,043,860 $ 15,327,306 $ 14,780,767 See accompanying notes to financial statements. 2 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Change in Net Financial Assets Year ended December 31, 2023, with comparative information for 2022 2023 2023 2022 Budget Actual Actual Annual surplus $ 263,093 $ 546,539 $ 517,472 Acquisition of tangible capital assets - (5,678) (11,333) Amortization of tangible capital assets 155,075 159,315 165,297 Acquisition of property under development - (664,172) (744,591) Change in prepaid expenses - 27,143 49,094 Capitalization of initial asset retirement obligation (note 2) - (73,727) - 155,075 (557,119) (541,533) Change in net financial assets 418,168 (10,580) (24,061) Net financial assets, beginning of year 1,056,272 1,056,272 1,080,333 Net financial assets, end of year $ 1,474,440 $ 1,045,692 $ 1,056,272 See accompanying notes to financial statements.
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