Annual Report 2021 89 88 CHILLIWACK ECONOMIC PARTNERS CORPORATION STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2021 City of Chilliwack CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2021, with comparative information for 2020 2021 2021 2020 Budget Actual Actual Revenues: Rent $ 649,600 $ 722,335 $ 668,380 Economic development (note 7) 600,000 600,000 600,000 Contracted services 326,000 363,648 734,103 Property development and construction 5,000 14,506 25,534 Interest 25,000 11,174 105,133 Government programs 10,000 - - Other revenue 4,500 4,500 3,250 1,620,100 1,716,163 2,136,400 Expenses: Wages and benefits 466,357 469,037 460,212 Contracted services 240,625 271,558 549,932 Amortization of tangible capital assets 304,000 159,479 242,155 Common area costs 50,000 103,778 58,583 Downtown redevelopment 100,000 101,689 100,307 Marketing 179,000 59,617 122,990 Rent - 50,000 50,000 Professional fees 27,500 49,098 21,242 Insurance 40,500 42,555 38,350 Repairs and maintenance 23,000 29,657 28,203 Premise operating costs 45,000 28,634 27,514 Office and administration 34,500 25,587 25,361 Utilities 6,000 15,561 14,646 Interest and bank charges 1,500 1,625 1,256 1,517,982 1,407,875 1,740,751 Annual surplus before other items 102,118 308,288 395,649 Distribution to City of Chilliwack (note 7) - (423,168) - Annual surplus (deficit) 102,118 (114,880) 395,649 Accumulated surplus, beginning of year 14,378,175 14,378,175 13,982,526 Accumulated surplus, end of year $ 14,480,293 $ 14,263,295 $ 14,378,175 See accompanying notes to financial statements. 2 CHILLIWACK ECONOMIC PARTNERS CORPORATION STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2021 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Change in Net Financial Assets Year ended December 31, 2021, with comparative information for 2020 2021 2021 2020 Budget Actual Actual Annual surplus (deficit) $ 102,118 $ (114,880) $ 395,649 Acquisition of tangible capital assets - (6,480) (25,216) Amortization of tangible capital assets 304,000 159,479 242,155 Acquisition of property under development - (5,079,481) - Change in prepaid expenses - 38,422 56,845 Distribution to City of Chilliwack - 423,168 - 304,000 (4,464,892) 273,784 Change in net financial assets 406,118 (4,579,772) 669,433 Net financial assets, beginning of year 5,660,105 5,660,105 4,990,672 Net financial assets, end of year $ 6,066,223 $ 1,080,333 $ 5,660,105 See accompanying notes to financial statements. 3
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