CEPCO Financial Statements
CHILLIWACK ECONOMIC PARTNERS CORPORATION
Statement of Operations and Accumulated Surplus
Year ended December 31, 2013, with comparative information for 2012
2013
2013
2012
Budget
Actual
Actual
Revenues:
Property sales
$ 1,300,000 $ 4,017,754 $ 4,725,363
Rent
609,100
665,196
851,530
Economic development (note 8)
550,000
550,000
575,000
Property development
-
322,520
106,521
Interest
20,900
94,526
36,063
Government programs
12,500
10,942
7,719
Agricultural programs
-
4,000
3,000
2,492,500
5,664,938
6,305,196
Expenses:
Cost of property sales
-
1,574,406
1,929,835
Downtown redevelopment (note 11)
939,200
825,050
78,615
Wages and benefits
518,700
454,660
520,106
Cost of property development
-
294,262
51,043
UFV Agriculture Centre of Excellence
250,000
250,000
-
Marketing
206,600
165,372
37,384
Amortization of tangible capital assets
130,100
131,040
161,960
Utilities
15,000
109,917
150,766
Special economic projects
318,500
79,464
29,953
Rent
81,200
63,542
76,034
Insurance
48,000
39,809
50,146
Consulting fees
30,000
37,007
26,812
Repairs and maintenance
50,000
32,769
73,185
Agricultural commission
8,000
32,114
7,318
Office and miscellaneous
41,500
21,825
24,583
Premise operating costs
17,900
18,185
18,421
Professional fees
18,500
17,263
13,798
Travel
17,500
16,005
16,241
Interest and bank charges
1,000
2,259
1,278
Provision for impairment of property
-
-
203,900
Bad debts
-
-
11,535
2,691,700
4,164,949
3,482,913
Annual surplus (deficit) before distribution
(199,200)
1,499,989
2,822,283
Distribution to City of Chilliwack (note 8)
-
-
(600,000)
Annual surplus (deficit)
(199,200)
1,499,989
2,222,283
Accumulated surplus, beginning of year
12,345,618
12,345,618
10,123,335
Accumulated surplus, end of year
$ 12,146,418 $ 13,845,607 $ 12,345,618
See accompanying notes to financial statements.
61
2013 Annual Report
