CITY OF CHILLIWACK | 2024 Annual Report 94 95 2024 Annual Report | CITY OF CHILLIWACK CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 CITY OF CHILLIWACK NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2024 10 Government grants and transfers Included in government grants and transfers are Canada Community-Building Fund Agreement Funds of $4,307,304 (2023 - $3,907,240). Canada Community-Building Fund funding is provided through a tripartite Agreement between Canada, British Columbia and the Union of British Columbia Municipalities. This funding provides predictable, long-term and stable funding to local governments in British Columbia for investment in infrastructure and capacity building projects. Funding may be used towards eligible investment categories that include productivity and economic growth, clean environment, strong cities and communities and capacity building projects as specified in the funding agreement. Also included in government grants and transfers are funds received through the Growing Communities Fund (GCF). The Province of British Columbia distributed conditional GCF grants to communities at the end of March 2023 to help local governments build community infrastructure and amenities to meet the demands of population growth. The GCF provided a one-time total of $1 billion in grants to all 161 municipalities and 27 regional districts in British Columbia. The City of Chilliwack received $16,392,000 of GCF funding in March 2023. Growing Communities Fund 2024 2023 Balance, beginning of year 15,502,878 $ - $ Funding received - 16,392,000 Less: eligible costs Public safety/emergency management equipment and facilities (188,567) (129,251) Active transportation amenities (387,561) (39,521) Park upgrades and amenities (561,915) (976,722) Recreational facilities (337,547) - Add: interest earnings 887,909 256,372 Growing Communities Fund Surplus, End of Year 14,915,197 $ 15,502,878 $ 11 Accumulated surplus: Accumulated surplus consists of individual fund surplus, statutory reserves and surplus invested in tangible capital assets as follows: 2024 2023 Operating Funds Unrestricted: General 13,915,477 $ 10,064,027 $ CEPCO 1,843,211 1,865,083 Tourism 1,649,264 1,522,888 Water Fund 3,450,000 3,450,000 Sewer Fund 3,560,000 3,560,000 Solid Waste Fund 659 - Building - Protective Services 2,957 502,957 Landfill 20,457,606 15,372,109 Sewer future works 9,436,510 13,998,785 Water future works 12,864,096 12,404,838 Work-in-progress 7,522,300 8,064,400 Soil removal 437,286 394,256 Canada Community-Building Fund Agreement funds 15,362,672 13,980,399 Other 10,739,845 14,163,260 101,241,883 99,343,002 Statutory Reserve Funds General Capital 12,947,246 11,900,275 Equipment Replacement 6,599,020 6,490,287 Growing Communities 14,915,198 15,502,878 Subdivision Control 1,454,749 1,280,013 35,916,213 35,173,453 Investment in Tangible Capital Assets & Property Under Development General 571,168,294 589,786,442 Solid Waste 12,023,081 - Water 138,043,852 137,484,728 Sewer 191,797,999 180,193,162 Less: eligible costs Public safety/emergency management equipment and facilities (188,567) (129,251) Active transportation amenities (387,561) (39,521) Park upgrades and amenities (561,915) (976,722) Recreational facilities (337,547) - Add: interest earnings 887,909 256,372 Growing Communities Fund Surplus, End of Year 14,915,197 $ 15,502,878 $ 11 Accumulated surplus: Accumulated surplus consists of individual fund surplus, statutory reserves and surplus invested in tangible capital assets as follows: 2024 2023 Operating Funds Unrestricted: General 13,915,477 $ 10,064,027 $ CEPCO 1,843,211 1,865,083 Tourism 1,649,264 1,522,888 Water Fund 3,450,000 3,450,000 Sewer Fund 3,560,000 3,560,000 Solid Waste Fund 659 - Building - Protective Services 2,957 502,957 Landfill 20,457,606 15,372,109 Sewer future works 9,436,510 13,998,785 Water future works 12,864,096 12,404,838 Work-in-progress 7,522,300 8,064,400 Soil removal 437,286 394,256 Canada Community-Building Fund Agreement funds 15,362,672 13,980,399 Other 10,739,845 14,163,260 101,241,883 99,343,002 Statutory Reserve Funds General Capital 12,947,246 11,900,275 Equipment Replacement 6,599,020 6,490,287 Growing Communities 14,915,198 15,502,878 Subdivision Control 1,454,749 1,280,013 35,916,213 35,173,453 Investment in Tangible Capital Assets & Property Under Development General 571,168,294 589,786,442 Solid Waste 12,023,081 - Water 138,043,852 137,484,728 Sewer 191,797,999 180,193,162 CEPCO 13,504,133 13,382,313 Tourism 36,042 72,098 926,573,401 920,918,743 1,063,731,497 $ $ 1,055,435,198
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