CITY OF CHILLIWACK | 2024 Annual Report 110 111 2024 Annual Report | CITY OF CHILLIWACK CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF CASH FLOWS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2024 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Cash Flows Year ended December 31, 2024, with comparative information for 2023 2024 2023 Cash provided by (used in): Operating activities: Annual surplus $ 347,707 $ 546,539 Items not involving cash: Amortization of tangible capital assets 148,382 159,315 Accretion of asset retirement obligation 3,653 3,488 499,742 709,342 Changes in non-cash operating working capital: Accounts receivable 19,936 187,971 Prepaid expenses 48,595 27,143 Accounts payable and accrued liabilities 276,534 (49,280) Unearned revenue 170,625 (157,787) 1,015,432 717,389 Capital activities: Acquisition of tangible capital assets (57,578) (5,678) Acquisition of property under development (460,283) (664,172) (517,861) (669,850) Investing activities: Increase in investments (40,411) (813,319) Increase (decrease) in cash 457,160 (765,780) Cash, beginning of year 38,003 803,783 Cash, end of year $ 495,163 $ 38,003 Non-cash transaction: Initial recognition of asset retirement obligation capitalized to tangible capital assets $ - $ 73,737 See accompanying notes to financial statements. CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements Year ended December 31, 2024 Basis of presentation: Chilliwack Economic Partners Corporation (the "Corporation") is wholly owned by the City of Chilliwack (the "City") and is responsible for economic development activity within the City's boundaries. 1. Significant accounting policies: These financial statements are prepared in accordance with the CPA Canada Public Sector Accounting Handbook. The Corporation's significant accounting policies are as follows: (a) Investments: Investments are recorded at amortized cost plus accrued interest. If it is determined that there is a permanent impairment in the value of an investment, it is written down to net realizable value. (b) Property under development: Property under development is recorded at the lower of cost and net realizable value and includes direct costs and capitalized interest. (c) Tangible capital assets: Tangible capital assets are recorded at cost. Website costs include hardware and software costs, graphics designs and major enhancements. Website maintenance and ancillary costs are expensed. Amortization commences in the year that the asset is put into use and is provided for using the following methods and annual rates: Asset Basis Rate Buildings Declining balance 4% Computer and office equipment Declining balance 20% - 30% Telecommunication equipment Declining balance 20% Leasehold improvements are amortized on the straight-line basis over the term of the lease plus one renewal period if it is anticipated that the lease will be renewed. Website costs are amortized on the straight-line basis over three years. 5
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