2023 Annual Report

2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 86 87 CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2023 4 Accounts receivable: 2023 2022 Taxes 5,530,064 $ 4,372,988 $ Province of British Columbia 3,383,988 3,182,916 Government of Canada 1,176,864 1,458,580 Regional and local governments 594,014 343,305 Trade receivables 5,011,692 4,670,817 Accrued interest 3,065,916 1,630,375 Water trade receivables 3,374,395 3,418,063 Sewer trade receivables 4,287,637 4,290,963 Development cost charges 494,562 1,440,277 26,919,132 $ 24,808,284 $ 5 Accounts payable and accrued liabilities: 2023 2022 Trade payables 20,324,277 $ 18,152,599 $ Province of British Columbia 3,344,737 3,002,730 Government of Canada 8,659,029 13,056,667 Regional and local governments 558,559 2,172,099 Landfill closure and post-closure costs - 5,031,200 32,886,602 $ 41,415,295 $ 6 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, 2023, the amount of the DCCs due over the next two years is $494,562 (2023 - $1,440,277). Assets are not physically segregated to meet the requirements of the restricted revenues. As related expenditures are incurred, revenue is recognized. 7 Property under development: The property under development relates to projects of Chilliwack Economic Partners Corporation as follows: 2023 2022 Canada Education Park 3,258,792 $ 3,258,792 $ Downtown Redevelopment 6,495,479 5,831,307 9,754,271 $ 9,090,099 $ CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2023 8 Tangible capital assets: 2023 Opening Initial asset Change - Under Closing Cost Additions retirement obligation Disposals Construction Cost General Land $ 153,062,208 $ 5,308,312 - $ - $ - $ $ 158,370,520 Buildings 147,900,301 18,306,655 2,205,225 (393,921) - 168,018,260 Equipment and vehicles 49,956,088 4,435,415 - (797,728) - 53,593,775 Engineering structures 444,610,796 19,350,628 8,444,741 (1,321,322) - 471,084,843 Under construction 33,870,442 - - - (15,990,440) 17,880,002 829,399,835 47,401,010 10,649,966 (2,512,971) (15,990,440) 868,947,400 Water Land 2,026,328 - - - - 2,026,328 Buildings 27,173 - - - - 27,173 Equipment and vehicles 4,212,885 775,420 - - - 4,988,305 Engineering structures 205,543,439 5,459,631 153,194 (12,774) - 211,143,490 Under construction 4,097,216 - - - (2,461,379) 1,635,837 215,907,041 6,235,051 153,194 (12,774) (2,461,379) 219,821,133 Sewer Land 1,643,155 - - - - 1,643,155 Equipment and vehicles 3,211,189 10,205 - - - 3,221,394 Engineering structures 286,714,581 2,379,061 - - - 289,093,642 Under construction 2,455,821 - - 685,781 3,141,602 294,024,746 2,389,266 - - 685,781 297,099,793 CEPCO Land 196,196 - - - - 196,196 Buildings 5,388,816 3,815 73,727 - - 5,466,358 Equipment 293,332 1,863 - - - 295,195 5,878,344 5,678 73,727 - - 5,957,749 Tourism Chilliwack Goodwill 6,120 - - - - 6,120 Buildings 127,913 - - - - 127,913 Equipment 226,662 59,075 - - - 285,737 360,695 59,075 - - - 419,770 $ 1,345,570,661 $ 56,090,080 10,876,887 $ (2,525,745) $ (17,766,038) $ $ 1,392,245,845

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