96 City of Chilliwack CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2022 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2022, with comparative information for 2021 2022 2022 2021 Budget Actual Actual Revenues: Rent $ 706,106 $ 744,497 $ 722,335 Economic development (note 7) 600,000 600,000 600,000 Government programs - 276,175 - Contracted services 188,400 188,748 363,648 Interest 10,000 13,430 11,174 Property management 7,500 11,623 14,506 Other revenue 4,500 6,000 4,500 1,516,506 1,840,473 1,716,163 Expenses: Wages and benefits 483,627 489,614 469,037 Amortization of tangible capital assets 157,000 165,297 159,479 Contracted services 122,400 127,262 271,558 Common area costs 66,000 103,197 103,778 Downtown redevelopment 100,000 102,884 101,689 Marketing 147,000 66,122 59,617 Insurance 57,500 60,011 42,555 Rent - 50,000 50,000 Repairs and maintenance 28,000 49,054 29,657 Office and administration 49,765 40,227 25,587 Premise operating costs 47,100 28,642 28,634 Professional fees 33,000 24,292 49,098 Utilities 6,000 15,078 15,561 Interest and bank charges 1,600 1,321 1,625 1,298,992 1,323,001 1,407,875 Annual surplus before other items 217,514 517,472 308,288 Distribution to City of Chilliwack - - (423,168) Annual surplus (deficit) 217,514 517,472 (114,880) Accumulated surplus, beginning of year 14,263,295 14,263,295 14,378,175 Accumulated surplus, end of year $ 14,480,809 $ 14,780,767 $ 14,263,295 See accompanying notes to financial statements. CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2022 CHILLIWACK ECONOMIC PARTNERS CORPORATION 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 (deficit) $ 217,514 $ 517,472 $ (114,880) Acquisition of tangible capital assets - (11,333) (6,480) Amortization of tangible capital assets 157,000 165,297 159,479 Acquisition of property under development - (744,591) (5,079,481) Change in prepaid expenses - 49,094 38,422 Distribution to City of Chilliwack - - 423,168 157,000 (541,533) (4,464,892) Change in net financial assets 374,514 (24,061) (4,579,772) Net financial assets, beginning of year 1,080,333 1,080,333 5,660,105 Net financial assets, end of year $ 1,454,847 $ 1,056,272 $ 1,080,333 See accompanying notes to financial statements. Annual Report 2022 97
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