2020 Annual Report
City of Chilliwack 84 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2020, with comparative information for 2019 2020 2020 2019 Budget Actual Actual Revenues: Contracted services $ 670,500 $ 734,103 $ 649,470 Rent 661,000 668,380 655,790 Economic development (note 7) 600,000 600,000 600,000 Interest 91,143 105,133 127,429 Property development and construction 4,000 25,534 3,798 Other revenue 4,500 3,250 4,800 Government programs 5,000 - 10,000 2,036,143 2,136,400 2,051,287 Expenses: Contracted services 510,000 549,932 514,664 Wages and benefits 457,915 460,212 447,034 Amortization of tangible capital assets 221,000 242,155 279,062 Marketing 213,000 122,990 116,158 Downtown redevelopment 100,000 100,307 100,696 Common area costs 50,000 58,583 36,278 Rent - 50,000 50,680 Insurance 38,000 38,350 35,814 Repairs and maintenance 21,000 28,203 24,449 Premise operating costs 47,650 27,514 28,177 Office and administration 42,500 25,361 32,367 Professional fees 32,500 21,242 18,738 Utilities 6,000 14,646 15,695 Interest and bank charges 1,500 1,256 1,190 1,741,065 1,740,751 1,701,002 Annual surplus before other items 295,078 395,649 350,285 Loss on disposal of tangible capital assets - - (3,323) Annual surplus 295,078 395,649 346,962 Accumulated surplus, beginning of year 13,982,526 13,982,526 13,635,564 Accumulated surplus, end of year $ 14,277,604 $ 14,378,175 $ 13,982,526 See accompanying notes to financial statements. 2 CHILLIWACK ECONOMIC PARTNERS CORPORATION STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2020
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