2020 Annual Report

City of Chilliwack 102 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2020, with comparative information for 2019 2020 2020 2019 Budget Actual Actual (Restated - note 2) Revenues: Operating agreements (note 6) $ 552,711 $ 692,111 $ 532,511 Sales, rental and other income 869,250 396,203 790,365 Hotel tax 463,000 263,465 468,803 Advertising revenues 342,013 187,613 195,683 Interest income 9,640 8,490 7,659 2,236,614 1,547,882 1,995,021 Expenditures: Staffing costs 896,348 705,516 795,436 Advertising and business development 587,325 364,314 455,546 Operations 247,522 163,879 283,186 Administration 265,041 124,903 139,335 Utilities 74,257 62,862 79,760 Amortization of tangible capital assets 9,071 14,000 12,800 2,079,564 1,435,474 1,766,063 Annual surplus before distribution 157,050 112,408 228,958 Distribution to City of Chilliwack (note 11) (158,752) (1,200) (166,565) Annual surplus (deficit) (1,702) 111,208 62,393 Accumulated surplus, beginning of year, as previously reported 729,791 729,791 629,703 Restatement (note 2) - (238,352) (200,657) As restated 729,791 491,439 429,046 Accumulated surplus, end of year $ 728,089 $ 602,647 $ 491,439 See accompanying notes to financial statements. 2 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2020