CEPCO Financial Statements
CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements (continued)
Year ended December 31, 2013
6. Accumulated surplus:
2013
2012
Share capital (note 7)
$
100 $
100
Equity in tangible capital assets
8,304,990
10,086,832
Unrestricted equity
5,540,517
2,258,686
$ 13,845,607 $ 12,345,618
7. Share capital:
2013
2012
Issued and authorized with no par value:
100 Common shares
$
100 $
100
8. Related party transactions and economic dependence:
During the year, the City of Chilliwack (the "City") provided $550,000 (2012 - $550,000) in
revenue for economic development purposes.
During the year, the City provided $nil (2012 - $25,000) in additional revenue to offset rent costs.
Included in accounts payable is $19,377 (2012 - $20,006) that is due to the City.
No property taxes were paid on any land owned by the Corporation as it is exempt as a result of
the indirect land ownership by the City.
A member of the Corporation's Board is a partner in a legal firm to which the Corporation paid
$16,404 (2012 - $15,086) in legal fees during the year.
These transactions are in the normal course of operations and are measured at the exchange
amount, which is the amount of consideration established and agreed to by the parties.
During 2012, the Corporation distributed $600,000 to the City.
The Corporation is wholly-owned by the City.
68
