2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 110 111 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2023 13. Segmented information: The Corporation is a diversified other government organization that provides a wide range of services, including: Rent and contracted services Rent includes all activities associated with the rental of buildings and land owned by the Corporation. Contracted services includes all activities related to property management services. Economic development Economic development includes all activities associated with economic development activity in Chilliwack. 12 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2023 13. Segmented information (continued): The following table outlines the Corporation's revenues and expenses by operating segments: Rent and contracted Economic services development 2023 2022 Revenues: Rent $ 681,529 $ - $ 681,529 $ 744,497 Economic development - 600,000 600,000 600,000 Government programs - 361,327 361,327 276,175 Contracted services 189,286 - 189,286 188,748 Property management - 58,256 58,256 11,623 Interest - 30,588 30,588 13,430 Other revenue - 8,000 8,000 6,000 870,815 1,058,171 1,928,986 1,840,473 Expenses: Wages and benefits 103,228 412,912 516,140 489,614 Downtown redevelopment - 167,919 167,919 102,884 Amortization of tangible capital assets 159,315 - 159,315 165,297 Contracted services 127,826 - 127,826 127,262 Marketing - 78,821 78,821 66,122 Insurance 66,987 - 66,987 60,011 Rent 10,000 40,000 50,000 50,000 Common area costs 48,858 - 48,858 103,197 Office and administration 16,022 32,043 48,065 40,227 Repairs and maintenance 39,512 - 39,512 49,054 Professional fees 11,390 22,780 34,170 24,292 Premise operating costs 5,922 23,690 29,612 28,642 Utilities 13,816 - 13,816 15,078 Interest and bank charges 468 938 1,406 1,321 603,344 779,103 1,382,447 1,323,001 Annual surplus (deficit) before other items $ 267,471 $ 279,068 $ 546,539 $ 517,472 13
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