78 City of Chilliwack CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2022 City of Chilliwack Consolidated Statement of Change in Net Financial Assets Year Ended December 31, 2022 with comparative information for 2021 2022 2022 Budget 2021 Actual (Note 15) Actual Annual surplus $ 17,835,231 $ 33,301,480 $ 32,606,869 Acquisition of tangible capital assets (44,995,188) (117,728,000) (52,466,282) Acquisition of property under development (744,591) - (4,663,548) Contributed tangible capital assets (1,343,747) (6,035,000) (7,547,273) Amortization of tangible capital assets 24,730,743 17,462,535 23,881,341 Loss on disposal of tangible capital assets 1,853,998 - 1,255,113 Proceeds on disposal of tangible capital assets 230,972 - 338,918 (2,432,582) (72,998,985) (6,594,862) Change in inventories (168,514) - 175,667 Change in prepaid expenses 639,154 - 835,722 Change in net financial assets (1,961,942) (72,998,985) (5,583,473) Net financial assets, beginning of year 107,376,568 107,376,568 112,960,041 Net financial assets, end of year $ 105,414,626 $ 34,377,583 $ 107,376,568 See accompanying notes to consolidated financial statements CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2022 City of Chilliwack Consolidated Statement of Cash Flows Year Ended December 31, 2022 with comparative information for 2021 2022 2021 Cash provided by (used for): Operating Activities: Annual surplus $ 17,835,231 $ 32,606,869 Non-cash items: Amortization of tangible capital assets 24,730,743 23,881,341 Developer contributions (1,343,747) (7,547,273) Loss on sale of tangible capital assets 1,853,998 1,255,113 Change in non-cash assets and liabilities: Accounts receivable (1,509,468) (4,430,479) Inventories (168,514) 175,667 Prepaid expenses 639,154 835,722 Accounts payable and accrued liabilities (2,427,177) 14,951,166 Development cost charges 2,493,124 (4,805,224) Unearned revenue 2,343,615 4,736,551 Refundable deposits (841,809) 1,316,192 43,605,150 62,975,645 Capital Activities: Proceeds on disposal of tangible capital assets 230,972 338,918 Acquisition of tangible capital assets (44,995,188) (52,466,282) Acquisition of property under development (744,591) (4,663,548) (45,508,807) (56,790,912) Investing Activities: Change in portfolio investments 32,212,446 (52,707,738) 32,212,446 (52,707,738) Increase (decrease) in cash 30,308,789 (46,523,005) Cash, beginning of year 37,961,090 84,484,095 Cash, end of year $ 68,269,879 $ 37,961,090 See accompanying notes to consolidated financial statements Annual Report 2022 79
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