CITY OF CHILLIWACK | 2024 Annual Report 126 127 2024 Annual Report | CITY OF CHILLIWACK TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF OPERATIONS & ACCUMULATED SURPLUS Year Ended December 31, 2024 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2024 TOURISM CHILLIWACK INC. Consolidated Statement of Operations and Accumulated Surplus Year ended December 31, 2024, with comparative information for 2023 2024 2024 2023 Budget Actual Actual Revenues: Sales, rental and other income $ 781,325 $ 1,233,149 $ 1,280,772 Operating agreements (note 6) 615,411 889,318 1,224,657 Hotel tax 683,575 889,758 925,792 Advertising revenues 341,576 391,192 412,098 Interest income 19,870 22,404 25,390 2,441,757 3,425,821 3,868,709 Expenditures: Advertising and business development 588,220 1,432,775 1,540,393 Staffing costs 1,218,897 1,267,635 1,153,294 Operations 320,545 263,047 408,543 Administration 179,736 251,328 219,027 Utilities 90,215 71,079 76,317 Amortization of tangible capital assets 17,035 24,862 34,132 2,414,648 3,310,726 3,431,706 Annual surplus before distribution 27,109 115,095 437,003 Distribution to City of Chilliwack (note 11) - (45,449) (263,136) Annual surplus 27,109 69,646 173,867 Accumulated surplus, beginning of year 1,178,105 1,178,105 1,004,238 Accumulated surplus, end of year $ 1,205,214 $ 1,247,751 $ 1,178,105 See accompanying notes to financial statements. 2 TOURISM CHILLIWACK INC. Consolidated 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 $ 27,109 $ 69,646 $ 173,867 Acquisition of tangible capital assets - (13,750) (59,074) Amortization of tangible capital assets 17,035 24,862 34,132 17,035 11,112 (24,942) Change in inventories - 26,797 3,763 Change in prepaid expenses and deposits - (4,274) 4,028 - 22,523 7,791 Change in net financial assets 44,144 103,281 156,716 Net financial assets, beginning of year 1,014,911 1,014,911 858,195 Net financial assets, end of year $ 1,059,055 $ 1,118,192 $ 1,014,911 See accompanying notes to financial statements. 3
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