2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 118 119 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2023, with comparative information for 2022 2023 2023 2022 Budget Actual Actual Revenues: Sales, rental and other income $ 1,096,277 $ 1,280,772 $ 945,177 Operating agreements (note 5) 615,411 1,224,657 677,361 Hotel tax 515,980 925,792 675,358 Advertising revenues 509,159 412,098 477,978 Interest income 4,970 25,390 10,183 2,741,797 3,868,709 2,786,057 Expenditures: Advertising and business development 1,042,380 1,540,393 976,463 Staffing costs 1,143,705 1,153,294 935,850 Operations 250,385 408,543 382,668 Administration 108,875 219,027 168,843 Utilities 78,420 76,317 75,931 Amortization of tangible capital assets 27,264 34,132 7,141 2,651,029 3,431,706 2,546,896 Annual surplus before distribution 90,768 437,003 239,161 Distribution to City of Chilliwack (note 10) - (263,136) (108,873) Annual surplus 90,768 173,867 130,288 Accumulated surplus, beginning of year 1,004,238 1,004,238 873,950 Accumulated surplus, end of year $ 1,095,006 $ 1,178,105 $ 1,004,238 See accompanying notes to financial statements. 2 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Consolidated 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 $ 90,768 $ 173,867 $ 130,288 Acquisition of tangible capital assets - (59,074) (6,207) Amortization of tangible capital assets 27,264 34,132 7,141 27,264 (24,942) 934 Change in inventories - 3,763 (67,370) Change in prepaid expenses and deposits - 4,028 (1,787) - 7,791 (69,157) Change in net financial assets 118,032 156,716 62,065 Net financial assets, beginning of year 858,195 858,195 796,130 Net financial assets, end of year $ 976,227 $ 1,014,911 $ 858,195 See accompanying notes to financial statements.
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