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City of Chilliwack
Notes to Consolidated Financial Statements
Year Ended December 31, 2012
(g)
Use of estimates:
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues
and expenses during the period. Significant estimates include assumptions used in estimating provisions for accrued liabilities, landfill
liability, employee future benefits, and the estimated useful lives of tangible capital assets.
Actual results could differ from these estimates.
2
Portfolio Investments:
The City has restrictions on the portfolio investments and cash available for operational use as follows:
2012
2011
Cash
22,063,899
$
22,555,522
$
Portfolio Investments
70,416,021
54,214,337
92,479,920
76,769,859
Less restricted for:
Statutory Reserve Funds
8,192,005
6,722,674
Restricted Revenue
22,032,730
21,600,075
30,224,735
28,322,749
Funds available for operational use
62,255,185
$
48,447,110
$
The investment portfolio includes bonds of chartered banks, the Government of Canada and provincial governments; deposits and notes of
chartered banks, credit unions, the Government of Canada and provincial governments; and deposits in the Municipal Finance Authority
short term investment pools.
3
Accounts receivable:
2012
2011
Taxes
6,905,325
$
7,468,626
$
Province of British Columbia
243,104
459,881
Government of Canada
533,914
383,962
Regional and local governments
93,781
103,676
Trade receivables
2,518,361
3,957,271
Accrued interest
806,695
623,018
Tax sale properties subject to redemption
416,943
47,663
Water trade receivables
2,170,014
1,991,593
Sewer trade receivables
4,739,376
4,686,403
Development cost charges
1,843,734
2,083,663
20,271,247
$
21,805,756
$
city of chilliwack financial statements
51
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