2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 88 89 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 (continued): Opening 2023 Ending NBV NBV Accum. Amort. Amortization Disposals Accum. Amort 2023 2022 General Land - $ - $ - $ - $ $ 158,370,520 $ 153,062,208 Buildings 63,407,662 3,962,413 (100,152) 67,269,923 100,748,337 84,492,639 Equipment and vehicles 30,039,427 3,230,567 (756,482) 32,513,512 21,080,263 19,916,661 Engineering structures 185,339,870 9,535,759 (1,236,306) 193,639,323 277,445,520 259,270,926 Under construction - - - - 17,880,002 33,870,442 278,786,959 16,728,739 (2,092,940) 293,422,758 575,524,642 550,612,876 Water Land - - - - 2,026,328 2,026,328 Buildings 6,824 1,949 - 8,773 18,400 20,349 Equipment and vehicles 1,789,095 475,245 - 2,264,340 2,723,965 2,423,790 Engineering structures 76,575,624 3,398,460 (12,774) 79,961,310 131,182,180 128,967,815 Under construction - - - - 1,635,837 4,097,216 78,371,543 3,875,654 (12,774) 82,234,423 137,586,710 137,535,498 Sewer Land - - - - 1,643,155 1,643,155 Equipment and vehicles 1,692,509 209,155 - 1,901,664 1,319,730 1,518,680 Engineering structures 107,245,839 5,312,510 - 112,558,349 176,535,293 179,468,742 Under construction - - - - 3,141,602 2,455,821 108,938,348 5,521,665 - 114,460,013 182,639,780 185,086,398 CEPCO Land - - - - 196,196 196,196 Buildings 1,760,550 151,465 - 1,912,015 3,554,343 3,628,266 Equipment 256,205 7,850 - 264,055 31,140 37,127 2,016,755 159,315 - 2,176,070 3,781,679 3,861,589 Tourism Chilliwack Goodwill - - - - 6,120 6,120 Buildings 120,128 756 - 120,884 7,029 7,785 Equipment 218,355 33,376 - 251,731 34,006 8,307 338,483 34,132 - 372,615 47,155 22,212 $ 468,452,088 $ 26,319,505 (2,105,714) $ $ 492,665,879 $ 899,579,966 $ 877,118,573 The fair value of tangible capital assets contributed to the City during the year is as follows: 2023 2022 Engineering structures 3,358,116 $ 1,263,547 $ Water 359,246 78,175 Sewer 869,134 2,025 Land 234,000 - 4,820,496 $ 1,343,747 $ 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 9 Government grants and transfers Included in government grants and transfers are Federal Gas Tax Revenue Agreement Funds of $3,907,240 (2022 - $3,745,554). Gas Tax funding is provided by the Government of Canada. The use of the funding is established through a funding agreement between the Municipality and the Union of British Columbia Municipalities. Gas Tax funding may be used towards designated public transit, local roads and bridges, community energy, water, wastewater, solid waste, disaster mitigation, amateur sport and recreation, culture, tourism and capacity building projects as specified in the funding agreement. Also included in government grants and transfers are funds received through the Growing Communities Fund (GCF). The Province of British Columbia distributed conditional GCF grants to communities at the end of March 2023 to help local governments build community infrastructure and amenities to meet the demands of population growth. The GCF provided a one-time total of $1 billion in grants to all 161 municipalities and 27 regional districts in British Columbia. The City of Chilliwack received $16,392,000 of GCF funding in March 2023. Growing Communities Fund 2023 Balance, beginning of year - $ Funding received 16,392,000 Less: eligible costs Public safety/emergency management equipment and facilities (129,251) Active transportation amenities (39,521) Park upgrades and amenities (976,722) Add: interest earnings 256,372 Growing Communities Fund Surplus, End of Year 15,502,878 $ 10 Accumulated surplus: Accumulated surplus consists of individual fund surplus, statutory reserves and surplus invested in tangible capital assets as follows: 2023 2022 Operating Funds Unrestricted: General 10,064,027 $ 10,747,330 $ CEPCO 1,865,083 1,829,079 Tourism 1,522,888 1,110,827 Water Fund 3,450,000 3,350,000 Sewer Fund 3,560,000 3,560,000 Building - Protective Services 502,957 2,957 Landfill 15,372,109 11,530,809 Sewer future works 13,998,785 9,125,650 Water future works 12,404,838 10,896,923 Work-in-progress 8,064,400 10,635,500 Soil removal 394,256 450,976 Federal Gas Tax Agreement funds 13,980,399 12,735,704 Other 14,163,260 11,398,525 99,343,002 87,374,280 Statutory Reserve Funds General Capital 11,900,275 15,605,524 Equipment Replacement 6,490,287 6,152,016 Growing Communities 15,502,878 - Subdivision Control 1,280,013 1,203,008 35,173,453 22,960,548 Investment in Tangible Capital Assets & Property Under Development General 564,874,676 550,612,876 Water 137,433,516 137,535,498 Sewer 182,639,780 185,086,398 CEPCO 13,462,223 12,951,688 Tourism 47,155 22,212 898,457,350 886,208,672 1,032,973,805 $ $ 996,543,500
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