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CHILLIWACK ECONOMIC PARTNERS CORPORATION
Statement of Operations and Accumulated Surplus
Year ended December 31, 2012, with comparative figures for 2011
2012
2012
2011
Budget
Actual
Actual
(Unaudited)
Revenues:
Property sales
$
-
$ 4,725,363 $
-
Rent
867,000
851,530
1,001,664
Economic development (Note 8)
575,000
575,000
625,000
Property development
-
101,209
73,803
Interest
30,400
29,839
46,363
Cost recovery and other receipts
-
11,536
8,495
Government programs
12,000
7,719
5,000
Agricultural programs
-
3,000
2,525
1,484,400
6,305,196
1,762,850
Expenses:
Cost of property sales
-
1,929,835
-
Wages and benefits
518,600
520,106
441,107
Provision for impairment of property
-
203,900
-
Amortization of tangible capital assets
200,000
161,960
208,206
Utilities
20,000
150,766
186,849
Rent
105,700
94,455
113,799
Downtown redevelopment
-
78,615
-
Repairs and maintenance
45,000
73,185
43,067
Cost of property development
-
51,043
60,973
Insurance
68,000
50,146
46,381
Marketing
96,700
37,384
108,624
Special economic projects
43,000
29,953
45,307
Consulting fees
20,000
26,812
13,471
Office and miscellaneous
43,000
24,583
23,024
Travel
18,000
16,241
15,609
Professional fees
17,500
13,798
23,052
Bad Debts
-
11,535
-
Agricultural commission
14,000
7,318
10,210
Interest and bank charges
2,000
1,278
1,521
1,211,500
3,482,913
1,341,200
Annual surplus before distribution
272,900
2,822,283
421,650
Distribution to City of Chilliwack (Note 8)
-
(600,000)
-
Annual surplus
272,900
2,222,283
421,650
Accumulated surplus, beginning of year
10,227,045
10,227,045
9,805,395
Accumulated surplus, end of year
$ 10,499,945 $ 12,449,328 $ 10,227,045
See accompanying notes to financial statements.
2
cepco financial statements
63
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