2020 Annual Report

City of Chilliwack 90 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes toFinancial Statements (continued) Year ended December 31, 2020 5. Accumulated surplus: Accumulated surplus consists of the following: 2020 2019 Share capital (note 76) $ 100 $ 100 Equity in tangible capital assets and property under development 7,857,747 8,074,686 Unrestricted equity 6,520,328 5,907,740 $ 14,378,175 $ 13,982,526 6. Share capital: 2020 2019 Issued and authorized with no par value: 100 Common shares $ 100 $ 100 7. Related party transactions and economic dependence: During the year, the City provided $600,000 (2019 - $600,000) in revenue for economic development purposes. 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. 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. The Corporation is wholly-owned by the City. 8 CHILLIWACK ECONOMIC PARTNERS CORPORATION NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2020