CITY OF CHILLIWACK | 2024 Annual Report 108 109 2024 Annual Report | CITY OF CHILLIWACK CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Operations and Accumulated Surplus Year ended December 31, 2024, with comparative information for 2023 2024 2024 2023 Budget Actual Actual Revenues: Rent $ 702,706 $ 683,839 $ 681,529 Economic development (note 8) 650,000 650,000 600,000 Government programs - 10,000 361,327 Contracted services 188,000 186,560 189,286 Property management 5,000 7,958 58,256 Interest 8,000 40,710 30,588 Other revenue 9,000 8,000 8,000 1,562,706 1,587,067 1,928,986 Expenses: Wages and benefits 510,388 536,105 516,140 Downtown redevelopment 100,000 36,334 167,919 Amortization of tangible capital assets 157,000 148,382 159,315 Contracted services 124,000 132,510 127,826 Marketing 117,000 58,530 78,821 Insurance 71,000 66,335 66,987 Rent - 50,000 50,000 Common area costs 69,000 49,869 48,858 Office and administration 52,300 46,062 48,065 Repairs and maintenance 38,500 32,445 39,512 Professional fees 36,000 38,621 34,170 Premise operating costs 32,000 28,740 29,612 Utilities 15,500 13,843 13,816 Interest and bank charges 1,500 1,584 1,406 1,324,188 1,239,360 1,382,447 Annual surplus 238,518 347,707 546,539 Accumulated surplus, beginning of year 15,327,306 15,327,306 14,780,767 Accumulated surplus, end of year $ 15,565,824 $ 15,675,013 $ 15,327,306 See accompanying notes to financial statements. 2 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Change in Net Financial Assets Year ended December 31, 2024, with comparative information for 2023 2024 2024 2023 Budget Actual Actual Annual surplus $ 238,518 $ 347,707 $ 546,539 Acquisition of tangible capital assets - (57,578) (5,678) Amortization of tangible capital assets 157,000 148,382 159,315 Acquisition of property under development - (460,283) (664,172) Change in prepaid expenses - 48,595 27,143 Capitalization of initial asset retirement obligation - - (73,727) 157,000 (320,884) (557,119) Change in net financial assets 395,518 26,823 (10,580) Net financial assets, beginning of year 1,045,692 1,045,692 1,056,272 Net financial assets, end of year $ 1,441,210 $ 1,072,515 $ 1,045,692 See accompanying notes to financial statements. 3
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