City of Chilliwack
Notes to Consolidated Financial Statements
Year Ended December 31, 2013
(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, contingent liabilities, and the estimated useful lives of tangible capital assets.
Actual results could differ from these estimates.
2
Restricted Assets:
The City has restrictions on the portfolio investments and cash available for operational use as follows:
2013
2012
Cash
25,334,855
$
22,063,899
$
Portfolio Investments
80,762,097
70,416,021
106,096,952
92,479,920
Less restricted for:
Statutory Reserve Funds
10,676,828
8,192,005
Restricted Revenue
24,984,956
22,032,730
35,661,784
30,224,735
Funds available for operational use
70,435,168
$
62,255,185
$
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:
2013
2012
Taxes
7,457,842
$
6,905,325
$
Province of British Columbia
3,029,770
243,104
Government of Canada
505,806
533,914
Regional and local governments
142,814
93,781
Trade receivables
2,325,114
2,518,361
Accrued interest
766,959
806,695
Tax sale properties subject to redemption
111,930
416,943
Water trade receivables
2,409,515
2,170,014
Sewer trade receivables
4,798,178
4,739,376
Development cost charges
3,010,048
1,843,734
24,557,976
$
20,271,247
$
City of Chilliwack Financial Statements
47
2013 Annual Report
