2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 82 83 CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2023 City of Chilliwack Consolidated Statement of Change in Net Financial Assets Year Ended December 31, 2023 with comparative information for 2022 2023 2023 Budget 2022 Actual (Note 16) Actual Annual surplus $ 36,430,305 $ 32,553,111 $ 17,835,231 Acquisition of tangible capital assets (33,503,546) (111,904,000) (44,995,188) Acquisition of property under development (664,172) - (744,591) Amortization of tangible capital assets 26,319,505 23,182,339 24,730,743 Capitalization of initial asset retirement obligation (Note 2) (10,876,887) - - Contributed tangible capital assets (4,820,496) (6,580,000) (1,343,747) Loss on disposal of tangible capital assets 301,251 - 1,853,998 Proceeds on disposal of tangible capital assets 118,780 - 230,972 13,304,740 (62,748,550) (2,432,582) Change in inventories (174,867) - (168,514) Change in prepaid expenses (500,205) - 639,154 Change in net financial assets 12,629,668 (62,748,550) (1,961,942) Net financial assets, beginning of year 105,414,626 105,414,626 107,376,568 Net financial assets, end of year $ 118,044,294 $ 42,666,076 $ 105,414,626 See accompanying notes to consolidated financial statements CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2023 City of Chilliwack Consolidated Statement of Cash Flows Year Ended December 31, 2023 with comparative information for 2022 2023 2022 Cash provided by (used for): Operating Activities: Annual surplus $ 36,430,305 $ 17,835,231 Non-cash items: Amortization of tangible capital assets 26,319,505 24,730,743 Accretion of asset retirement obligation 477,745 - Developer contributions (4,820,496) (1,343,747) Loss on sale of tangible capital assets 301,251 1,853,998 Change in non-cash assets and liabilities: Accounts receivable (2,110,848) (1,509,468) Inventories (174,867) (168,514) Prepaid expenses (500,205) 639,154 Accounts payable and accrued liabilities (8,528,693) (2,427,177) Development cost charges 10,798,933 2,493,124 Unearned revenue 533,712 2,343,615 Refundable deposits (1,763,143) (841,809) 56,963,199 43,605,150 Capital Activities: Proceeds on disposal of tangible capital assets 118,780 230,972 Acquisition of tangible capital assets (33,503,546) (44,995,188) Acquisition of property under development (664,172) (744,591) (34,048,938) (45,508,807) Investing Activities: Change in portfolio investments (4,204,121) 32,212,446 (4,204,121) 32,212,446 Increase in cash 18,710,140 30,308,789 Cash, beginning of year 68,269,879 37,961,090 Cash, end of year $ 86,980,019 $ 68,269,879 Non-cash transaction: Initial recognition of asset retirement obligation capitalized to tangible capital assets $ 10,876,887 $ - See accompanying notes to consolidated financial statements
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