CITY OF CHILLIWACK | 2024 Annual Report 86 87 2024 Annual Report | CITY OF CHILLIWACK CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS Year Ended December 31, 2024 CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2024 City of Chilliwack Consolidated Statement of Change in Net Financial Assets Year Ended December 31, 2024 with comparative information for 2023 2024 2024 Budget 2023 Actual (Note 16) Actual Annual surplus $ 30,757,692 $ 73,080,823 $ 36,430,305 Acquisition of tangible capital assets (51,705,939) (162,876,700) (33,503,546) Acquisition of property under development (460,283) - (664,172) Amortization of tangible capital assets 27,671,035 23,174,035 26,319,505 Capitalization of initial asset retirement obligation - - (10,876,887) Change in asset retirement obligation (1,334,025) - - Contributed tangible capital assets (3,271,221) (6,594,000) (4,820,496) Loss on disposal of tangible capital assets 904,744 - 301,251 Proceeds on disposal of tangible capital assets 79,640 - 118,780 2,641,643 (73,215,842) 13,304,740 Change in inventories (198,410) - (174,867) Change in prepaid expenses (279,266) - (500,205) Change in net financial assets 2,163,967 (73,215,842) 12,629,668 Net financial assets, beginning of year 118,044,294 118,044,294 105,414,626 Net financial assets, end of year $ 120,208,261 $ 44,828,452 $ 118,044,294 See accompanying notes to consolidated financial statements City of Chilliwack Consolidated Statement of Cash Flows Year Ended December 31, 2024 with comparative information for 2023 2024 2023 Cash provided by (used for): Operating Activities: Annual surplus $ 30,757,692$ 36,430,305 Non-cash items: Amortization of tangible capital assets 27,671,035 26,319,505 Accretion of asset retirement obligation 506,982 477,745 Developer contributions (3,271,221) (4,820,496) Loss on sale of tangible capital assets 904,744 301,251 Change in non-cash assets and liabilities: Accounts receivable (7,946,301) (2,110,848) Inventories (198,410) (174,867) Prepaid expenses (279,266) (500,205) Accounts payable and accrued liabilities 5,591,820 (8,528,693) Development cost charges 3,606,583 10,798,933 Unearned revenue (13,149) 533,712 Refundable deposits 952,952 (1,763,143) 58,283,461 56,963,199 Capital Activities: Proceeds on disposal of tangible capital assets 79,640 118,780 Acquisition of tangible capital assets (51,705,939) (33,503,546) Acquisition of property under development (460,283) (664,172) (52,086,582) (34,048,938) Investing Activities: Change in portfolio investments (30,135,603) (4,204,121) (30,135,603) (4,204,121) Increase (decrease) in cash (23,938,724) 18,710,140 Cash, beginning of year 86,980,019 68,269,879 Cash, end of year $ 63,041,295 $ 86,980,019 Non-cash transactions: Initial recognition of asset retirement obligation capitalized to tangible capital assets $ - $ 10,876,887 Change in asset retirement obligation capitalized to tangible capital assets 1,334,025 - See accompanying notes to consolidated financial statements
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