CITY OF CHILLIWACK | 2024 Annual Report 98 99 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 2025 1,901,002 2026 1,376,438 2027 1,066,816 2028 1,062,055 2029 267,303 Thereafter 116,662 5,790,276 $ 17 Budget figures: The operating and capital budget figures, presented on a basis consistent with that used for actual results, were approved by Council as the 2024 Financial Plan Bylaw 2024, No. 5372. The chart below reconciles the approved budget to the budget figures reported in these financial statements. 2024 Budget Revenues Operating budget $ 216,111,900 Capital budget Development cost charges 47,208,500 Contributed tangible capital assets 6,594,000 Statutory reserve funds 17,527,000 Operating reserves 48,791,200 Current operations 11,137,500 Government grants and transfers 31,618,500 Total revenue per approved budget 378,988,600 Add: CEPCO 1,562,706 Tourism 2,441,757 Less: Transfers from other funds (110,986,200) Inter-entity eliminations (1,250,000) Total budgeted revenue as reported 270,756,863 Expenses Operating budget 193,111,900 Capital budget 162,876,700 355,988,600 Add: CEPCO 1,167,188 Tourism 2,397,613 Amortization 23,174,035 Less: Transfers to other funds (183,801,396) Inter-entity eliminations (1,250,000) Total budgeted expenses as reported 197,676,040 Budgeted surplus as reported 73,080,823 $ City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2024 18 Financial risks The City is exposed to financial risks from its use of financial instruments. Management does not believe that the City's financial instruments are exposed to significant liquidity risk. Market risk is the risk where changes in market prices, such as interest rates, can affect the City's income. The City's cash and portfolio investments include amounts on deposits with financial institutions that earn interest at market rates. The City manages its cash by maximizing the interest income earned on excess funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis. Fluctuations in market rates of interest would not have a significant effect on the City's income. Credit risk is the risk that one party to the financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Management does not believe that the City is exposed to significant credit risk. There has been no change to the risk exposures outlined above from 2023. 19 Segmented information: The City is a diversified municipal government institution that provides a wide range of services to its citizens, including Protective Services; Transportation Services; Landfill Operations; Water and Sewer Services; Recreation and Cultural Services and Environmental Development Services. For management reporting purposes, the Government’s operations and activities are organized and reported by Service Areas. Service Areas were created for the purpose of recording specific activities to attain certain objectives in accordance with regulations, restrictions or limitations. General Government Services General government services include all activities associated with adopting bylaws, mayor and council support, financial management, municipal facilities and the cost effective delivery of services. Items included are Mayor and Council, administration, clerks and legislative services, corporate services, management information systems, graphical information systems, finance and procurement and maintenance of municipal facilities. Protective Services Protective services includes all activities associated with community safety including the enforcement of laws and the prevention of crime. Items include police protection, fire protection, bylaw enforcement, emergency services and building inspection. Engineering, Transportation and Public Works Services Engineering, transportation and public works services include all activities associated with transportation including roads and drainage networks. Items included are services of the engineering department, traffic services, street lighting, transit, winter snow and ice control, maintenance and to roads, road shoulders, open drainage, storm sewers and dykes. Solid Waste and Environmental Services Solid waste and environmental services include all activities associated with solid waste and environmental health. Items include landfill operations, special waste programs, clean up campaigns, operation of the Green Depot and the curbside collection and recycling programs. Water and Sewer Services Water and sewer services include all activities associated with water and sanitary sewer operations. Items included are maintenance and enhancements of the water supply system, water pumps stations, water distribution system, water meters, hydrants, sanitary sewer collection system, sewer lift stations, and sewer treatment and disposal. Parks, Recreation and Cultural Services Parks, recreation and cultural services include all activities associated with parks, recreation and cultural activities and operations. Items include costs associated with Evergreen Hall, Landing Sports Centre, Rotary Pool, Cheam Centre, Leisure Centre, Coliseum, Heritage Park, Great Blue Heron Nature Reserve, Grandstands, Cultural Centre, community fee for services, parks and trails, urban trees and plantings, sports fields and libraries. Planning and Development Services Planning and development services include all activities associated with community planning and economic development. Items include costs associated with community planning, development, economic development and tourism activities. The following table outlines the City's revenues and expenses by operating segment: City of Chilliwack Notes to Consolidated Financial Statements Year Ended December 31, 2024 18 Financial risks The City is exposed to financial risks from its use of financial instruments. Management does not believe that the City's financial instruments are exposed to significant liquidity risk. Market risk is the risk where changes in market prices, such as interest rates, can affect the City's income. The City's cash and portfolio investments include amounts on deposits with financial institutions that earn interest at market rates. The City manages its cash by maximizing the interest income earned on excess funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis. Fluctuations in market rates of interest would not have a significant effect on the City's income. Credit risk is the risk that one party to the financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Management does not believe that the City is exposed to significant credit risk. There has been no change to the risk exposures outlined above from 2023. 19 Segmented information: The City is a diversified municipal government institution that provides a wide range of services to its citizens, including Protective Services; Transportation Services; Landfill Operations; Water and Sewer Services; Recreation and Cultural Services and Environmental Development Services. For management reporting purposes, the Government’s operations and activities are organized and reported by Service Areas. Service Areas were created for the purpose of recording specific activities to attain certain objectives in accordance with regulations, restrictions or limitations. General Government Services General government services include all activities associated with adopting bylaws, mayor and council support, financial management, municipal facilities and the cost effective delivery of services. Items included are Mayor and Council, administration, clerks and legislative services, corporate services, management information systems, graphical information systems, finance and procurement and maintenance of municipal facilities. Protective Services Protective services includes all activities associated with community safety including the enforcement of laws and the prevention of crime. Items include police protection, fire protection, bylaw enforcement, emergency services and building inspection. Engineering, Transportation and Public Works Services Engineering, transportation and public works services include all activities associated with transportation including roads and drainage networks. Items included are services of the engineering department, traffic services, street lighting, transit, winter snow and ice control, maintenance and to roads, road shoulders, open drainage, storm sewers and dykes. Solid Waste and Environmental Services Solid waste and environmental services include all activities associated with solid waste and environmental health. Items include landfill operations, special waste programs, clean up campaigns, operation of the Green Depot and the curbside collection and recycling programs. Water and Sewer Services Water and sewer services include all activities associated with water and sanitary sewer operations. Items included are maintenance and enhancements of the water supply system, water pumps stations, water distribution system, water meters, hydrants, sanitary sewer collection system, sewer lift stations, and sewer treatment and disposal. Parks, Recreation and Cultural Services Parks, recreation and cultural services include all activities associated with parks, recreation and cultural activities and operations. Items include costs associated with Evergreen Hall, Landing Sports Centre, Rotary Pool, Cheam Centre, Leisure Centre, Coliseum, Heritage Park, Great Blue Heron Nature Reserve, Grandstands, Cultural Centre, community fee for services, parks and trails, urban trees and plantings, sports fields and libraries. Planning and Development Services Planning and development services include all activities associated with community planning and economic development. Items include costs associated with community planning, development, economic development and tourism activities. The following table outlines the City's revenues and expenses by operating segment:
RkJQdWJsaXNoZXIy ODc2MA==