2019 Annual Report

Annual Report 2019 87 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2019, with comparative information for 2018 2019 2019 2018 Budget Actual Actual Revenues: Rent $ 685,460 $ 655,790 $ 678,385 Contracted services 628,845 649,470 502,889 Economic development (note 8) 600,000 600,000 550,000 Interest 75,030 127,429 102,320 Government programs 22,500 10,000 7,500 Other revenue 4,500 4,800 10,500 Property development and construction 4,000 3,798 6,532 Premises cost recovery - - 1,000,000 2,020,335 2,051,287 2,858,126 Expenses: Contracted services 390,000 514,664 393,154 Wages and benefits 434,000 447,034 424,870 Amortization of tangible capital assets 220,000 279,062 261,141 Marketing 238,000 116,158 92,822 Downtown redevelopment 100,000 100,696 5,796 Rent - 50,680 71,957 Common area costs 60,000 36,278 56,542 Insurance 35,000 35,814 33,492 Office and administration 45,700 32,367 42,577 Premise operating costs 55,150 28,177 23,994 Professional fees 42,000 18,738 19,835 Repairs and maintenance 18,500 24,449 20,558 Utilities 8,000 15,695 17,173 Interest and bank charges 2,500 1,190 2,248 1,648,850 1,701,002 1,466,159 Annual surplus before other items 371,485 350,285 1,391,967 Loss on disposal of capital assets - 3,323 - Distribution to City of Chilliwack (note 8) - - (1,870,105) Annual surplus (deficit) 371,485 346,962 (478,138) Accumulated surplus, beginning of year 13,635,564 13,635,564 14,113,702 Accumulated surplus, end of year $ 14,007,049 $ 13,982,526 $ 13,635,564 See accompanying notes to financial statements. 2