2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 92 93 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 17 Financial risks The City is exposed to financial risks from its use of financial instruments. Management does not believe that the City's financial instruments are exposed to significant liquidity risk. Market risk is the risk where changes in market prices, such as interest rates, can affect the City's income. The City's cash and portfolio investments include amounts on deposits with financial institutions that earn interest at market rates. The City manages its cash by maximizing the interest income earned on excess funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis. Fluctuations in market rates of interest would not have a significant effect on the City's income. Credit risk is the risk that one party to the financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Management does not believe that the City is exposed to significant credit risk. There has been no change to the risk exposures outlined above from 2022. 18 Segmented information: The City is a diversified municipal government institution that provides a wide range of services to its citizens, including Protective Services; Transportation Services; Landfill Operations; Water and Sewer Services; Recreation and Cultural Services and Environmental Development Services. For management reporting purposes, the Government’s operations and activities are organized and reported by Service Areas. Service Areas were created for the purpose of recording specific activities to attain certain objectives in accordance with regulations, restrictions or limitations. General Government Services General government services include all activities associated with adopting bylaws, mayor and council support, financial management, municipal facilities and the cost effective delivery of services. Items included are Mayor and Council, administration, clerks and legislative services, corporate services, management information systems, graphical information systems, finance and procurement and maintenance of municipal facilities. Protective Services Protective services includes all activities associated with community safety including the enforcement of laws and the prevention of crime. Items include police protection, fire protection, bylaw enforcement, emergency services and building inspection. Engineering, Transportation and Public Works Services Engineering, transportation and public works services include all activities associated with transportation including roads and drainage networks. Items included are services of the engineering department, traffic services, street lighting, transit, winter snow and ice control, maintenance and to roads, road shoulders, open drainage, storm sewers and dykes. Solid Waste and Environmental Services Solid waste and environmental services include all activities associated with solid waste and environmental health. Items include landfill operations, special waste programs, clean up campaigns, operation of the Green Depot and the curbside collection and recycling programs. Water and Sewer Services Water and sewer services include all activities associated with water and sanitary sewer operations. Items included are maintenance and enhancements of the water supply system, water pumps stations, water distribution system, water meters, hydrants, sanitary sewer collection system, sewer lift stations, and sewer treatment and disposal. Parks, Recreation and Cultural Services Parks, recreation and cultural services include all activities associated with parks, recreation and cultural activities and operations. Items include costs associated with Evergreen Hall, Landing Sports Centre, Rotary Pool, Cheam Centre, Leisure Centre, Coliseum, Heritage Park, Great Blue Heron Nature Reserve, Grandstands, Cultural Centre, community fee for services, parks and trails, urban trees and plantings, sports fields, and libraries. Planning and Development Services Planning and development services include all activities associated with community planning and economic development. Items include costs associated with community planning, development, economic development and tourism activities. The following table outlines the City's revenues and expenses by operating segment: 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 Table of Segmented Information: Engineering Parks General Protective Transportation Solid Waste & Water & Recreation Planning & Government Protective & Public Works Environmental Sewer & Culture Development Interest & Services Services Services Services Services Services Services Other 2023 2022 Revenues Municipal taxation and grants-in lieu of taxes $ 7,260,677 52,614,678 $ 18,109,881 $ - $ 7,990 $ $ 25,288,861 - $ $ 573,957 $ 103,856,044 $ 97,966,460 Government grants & transfers 23,196,125 3,625,636 2,659,223 312,082 75,000 776,700 1,911,776 - 32,556,542 16,952,148 Sales of services 1,710,007 47,174 969,384 16,843,445 30,720,788 3,144,463 2,482,317 - 55,917,578 51,718,960 Licences, permits, penalties and fines 1,171,164 137,825 76,075 - - - 3,705,215 - 5,090,279 5,013,351 Return on investments 5,108,217 - - - 1,100,616 - 55,978 1,023,321 7,288,132 3,967,252 Development cost charges - - 5,400,752 - 109,219 797,460 - - 6,307,431 12,107,375 Contributed tangible capital assets - - 3,592,116 - 1,228,380 - - - 4,820,496 1,343,747 Other revenue 540,215 444,864 1,091,041 4,979,230 - 176,696 162,112 - 7,394,158 2,584,002 38,986,405 56,870,177 31,898,472 22,134,757 33,241,993 30,184,180 8,317,398 1,597,278 223,230,660 191,653,295 Expenses Salaries and benefits 8,461,998 18,514,865 5,202,302 807,858 6,199,102 5,406,285 4,548,998 - 49,141,408 44,830,988 Goods and services 6,150,327 37,371,453 17,337,903 13,128,540 10,908,410 20,755,140 3,023,771 - 108,675,544 101,784,095 Administration allocation (2,505,000) - - - 2,505,000 - - - - - Asset retirement obligations accretion - - - 370,724 - - - 107,021 477,745 Interest and other - - - - - - - 1,525,457 1,525,457 618,240 Amortization of tangible capital assets 1,374,887 983,859 9,358,267 935,349 9,394,998 4,022,755 249,390 - 26,319,505 24,730,743 Transfer of collections - - - - - - 359,445 - 359,445 - 13,482,212 56,870,177 31,898,472 15,242,471 29,007,510 30,184,180 8,181,604 1,632,478 186,499,104 171,964,066 Annual Surplus Before Other Revenue (Loss) 25,504,193 - - 6,892,286 4,234,483 - 135,794 (35,200) 36,731,556 19,689,229 Other revenue (loss) Loss on disposal of tangible capital assets (301,251) - - - - - - - (301,251) (1,853,998) Annual Surplus (Deficit) $ 25,202,942 - $ - $ $ 6,892,286 4,234,483 $ - $ $ 135,794 (35,200) $ $ 36,430,305 $ 17,835,231
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