82 City of Chilliwack CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2022 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2022 4 Accounts payable and accrued liabilities: 2022 2021 Trade payables 18,152,599 $ 21,677,489 $ Province of British Columbia 3,002,730 3,812,193 Government of Canada 13,056,667 12,430,969 Regional and local governments 2,172,099 1,120,621 Landfill closure and post-closure costs 5,031,200 4,801,200 41,415,295 $ 43,842,472 $ Landfill closure and post-closure costs: The City has the responsibility for closure and post-closure care of the Bailey Landfill site. Potential costs related to closure activities at this site include drainage control, leachate monitoring, gas monitoring and recovery, and final ground cover. The landfill site is expected to require postclosure care for thirty years after its estimated closure in 2040. The liability amount of $5,031,200 has been recorded by multiplying the estimated net present value of total remaining costs related to closure and post-closure care ($9,231,400) by the cumulative capacity used (54.5%). This liability reduces as landfill restoration costs are incurred. In addition, the City has appropriated a portion of accumulated surplus as a landfill reserve. The balance of $11,530,809 (2021 - $10,419,805) is appropriated for other landfill related costs and unforeseen closure and post-closure costs. 5 Development cost charges: The development cost charge liability, reported as unearned revenue, represents funds received from developers for capital infrastructure expenditures required as a result of their development projects. As these funds are expended on eligible projects, the liability is reduced and the amount expended reported as revenue. Developers are entitled to pay development cost charges (DCCs) in equal installments over two years if the total amount payable is equal to or greater than $50,000. Installments due for the next two years are included in accounts receivable and are guaranteed by the developer by providing an irrevocable letter of credit payable to the City of Chilliwack for the remaining amount of DCCs owing. As at December 31, 2022, the amount of the DCCs due over the next two years is $1,440,277 (2021 - $1,744,392). Assets are not physically segregated to meet the requirements of the restricted revenues. As related expenditures are incurred, revenue is recognized. 6 Property under development: The property under development relates to projects of Chilliwack Economic Partners Corporation as follows: 2022 2021 Canada Education Park 3,258,792 $ 3,258,792 $ Downtown Redevelopment 5,831,307 5,086,716 9,090,099 $ 8,345,508 $ CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2022 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2022 7 Tangible capital assets: 2022 Opening Change - Under Closing Cost Additions Disposals Construction Cost General Land $ 150,642,264 $ 2,419,944 - $ - $ $ 153,062,208 Buildings 147,699,738 2,263,109 (2,062,546) - 147,900,301 Equipment and vehicles 48,629,024 1,969,030 (641,966) - 49,956,088 Engineering structures 422,777,774 22,518,142 (685,120) - 444,610,796 Under construction 25,236,095 - - 8,634,347 33,870,442 794,984,895 29,170,225 (3,389,632) 8,634,347 829,399,835 Water Land 2,026,328 - - - 2,026,328 Buildings 27,173 - - - 27,173 Equipment and vehicles 4,057,269 197,938 (42,322) - 4,212,885 Engineering structures 202,623,100 2,992,778 (72,439) - 205,543,439 Under construction 2,006,384 - - 2,090,832 4,097,216 210,740,254 3,190,716 (114,761) 2,090,832 215,907,041 Sewer Land 1,643,155 - - - 1,643,155 Equipment and vehicles 3,200,266 10,923 - - 3,211,189 Engineering structures 285,068,713 1,681,104 (35,236) - 286,714,581 Under construction 912,528 - - 1,543,293 2,455,821 290,824,662 1,692,027 (35,236) 1,543,293 294,024,746 CEPCO Land 196,196 - - - 196,196 Buildings 5,377,524 11,292 - - 5,388,816 Equipment 293,332 - - - 293,332 5,867,052 11,292 - - 5,878,344 Tourism Chilliwack Goodwill 6,120 - - - 6,120 Buildings 127,913 - - - 127,913 Equipment 220,455 6,207 - - 226,662 354,488 6,207 - - 360,695 $ 1,302,771,351 $ 34,070,467 (3,539,629) $ 12,268,472 $ $ 1,345,570,661 Annual Report 2022 83
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