2020 Annual Report

City of Chilliwack 94 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2020 14. Segmented information (continued): The following table outlines the Corporation's revenues and expenses by operating segments: Rent and Property sales contracted Economic and construction services development 2020 2019 Revenues: Contracted services $ - $ 734,103 $ - $ 734,103 $ 649,470 Rent - 668,380 - 668,380 655,790 Economic development - - 600,000 600,000 600,000 Interest - - 105,133 105,133 127,429 Property development and construction 25,534 - - 25,534 3,798 Other revenue - - 3,250 3,250 4,800 Government programs - - - - 10,000 25,534 1,402,483 708,383 2,136,400 2,051,287 Expenses: Contracted services - 549,932 - 549,932 514,664 Wages and benefits 41,419 92,042 326,751 460,212 447,034 Amortization of tangible capital assets - 242,155 - 242,155 279,062 Marketing - - 122,990 122,990 116,158 Downtown redevelopment - - 100,307 100,307 100,696 Common area costs - 58,583 - 58,583 36,278 Rent 4,500 10,000 35,500 50,000 50,680 Insurance - 38,350 - 38,350 35,814 Repairs and maintenance - 28,203 - 28,203 24,449 Premise operating costs 2,476 5,503 19,535 27,514 28,177 Office and administration 8,454 8,454 8,453 25,361 32,367 Professional fees 7,081 7,081 7,080 21,242 18,738 Utilities - 14,646 - 14,646 15,695 Interest and bank charges 419 419 418 1,256 1,190 64,349 1,055,368 621,034 1,740,751 1,701,002 Loss on disposal of capital assets - - - - 3,323 Annual surplus (deficit) before other items $ (38,815) $ 347,115 $ 87,349 $ 395,649 $ 346,962 12 CHILLIWACK ECONOMIC PARTNERS CORPORATION NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2020