106 City of Chilliwack TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2021 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2021, with comparative information for 2020 2021 2021 2020 Budget Actual Actual Revenues: Operating agreements (note 5) $ 552,711 $ 567,111 $ 692,111 Sales, rental and other income 132,690 450,837 396,203 Advertising revenues 327,386 383,391 187,613 Hotel tax 221,933 360,036 263,465 Interest income - 4,508 8,490 1,234,720 1,765,883 1,547,882 Expenditures: Staffing costs 576,590 653,083 705,516 Advertising and business development 470,260 505,591 364,314 Operations 145,517 141,000 163,879 Administration 142,015 134,465 124,903 Utilities 64,292 49,002 62,862 Amortization of tangible capital assets 8,485 11,439 14,000 1,407,159 1,494,580 1,435,474 Annual surplus (deficit) before distribution (172,439) 271,303 112,408 Distribution to City of Chilliwack (note 10) - - (1,200) Annual surplus (172,439) 271,303 111,208 Accumulated surplus, beginning of year 602,647 602,647 491,439 Accumulated surplus, end of year $ 430,208 $ 873,950 $ 602,647 See accompanying notes to financial statements. 2 Annual Report 2021 107 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2021 TOURISM CHILLIWACK INC. Consolidated Statem nt of Change in Net Financial Assets Year ended December 31, 2021, with comparative information for 2020 2021 2021 2020 Budget Actual Actual Annual surplus $ (172,439) $ 271,303 $ 111,208 Acquisition of tangible capital assets - (660) (12,395) Amortization of tangible capital assets 8,485 11,439 14,000 8,485 10,779 1,605 Change in inventories - (1,109) (11,843) Change in prepaid expenses and deposits - (15,354) 8,592 - (16,463) (3,251) Change in net financial assets (163,954) 265,619 109,562 Net financial assets, beginning of year 530,511 530,511 420,949 Net financial assets, end of year $ 366,557 $ 796,130 $ 530,511 See accompanying notes to financial statements. 3
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