112 City of Chilliwack TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2022 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2022, with comparative information for 2021 2022 2022 2021 Budget Actual Actual Revenues: Sales, rental and other income $ 655,432 $ 945,177 $ 450,837 Operating agreements (note 5) 600,411 677,361 567,111 Hotel tax 309,919 675,358 360,036 Advertising revenues 385,276 477,978 383,391 Interest income 360 10,183 4,508 1,951,398 2,786,057 1,765,883 Expenditures: Advertising and business development 606,760 976,463 505,591 Staffing costs 815,617 935,850 653,083 Operations 224,575 382,668 141,000 Administration 130,830 168,843 134,465 Utilities 92,250 75,931 49,002 Amortization of tangible capital assets 5,535 7,141 11,439 1,875,567 2,546,896 1,494,580 Annual surplus before distribution 75,831 239,161 271,303 Distribution to City of Chilliwack (note 10) - (108,873) - Annual surplus 75,831 130,288 271,303 Accumulated surplus, beginning of year 873,950 873,950 602,647 Accumulated surplus, end of year $ 949,781 $ 1,004,238 $ 873,950 See accompanying notes to financial statements. 2 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2022 TOURISM CHILLIWACK INC. Consolidated Statement of Change in Net Financial Assets Year ended December 31, 2022, with comparative information for 2021 2022 2022 2021 Budget Actual Actual Annual surplus $ 75,831 $ 130,288 $ 271,303 Acquisition of tangible capital assets - (6,207) (660) Amortization of tangible capital assets 5,535 7,141 11,439 5,535 934 10,779 Change in inventories - (67,370) (1,109) Change in prepaid expenses and deposits - (1,787) (15,354) - (69,157) (16,463) Change in net financial assets 81,366 62,065 265,619 Net financial assets, beginning of year 796,130 796,130 530,511 Net financial assets, end of year $ 877,496 $ 858,195 $ 796,130 See accompanying notes to financial statements. 3 Annual Report 2022 113
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