CITY OF CHILLIWACK 2025 Annual Report 70 71 2025 Annual Report CITY OF CHILLIWACK City of Chilliwack. Page 3 • Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the City's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the City to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion. Chartered Professional Accountants Chilliwack, Canada April 21, 2026 CITY OF CHILLIWACK CONSOLIDATED STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2025 City of Chilliwack Consolidated Statement of Financial Position Year Ended December 31, 2025 with comparative information for 2024 2025 2024 Financial Assets Cash (Note 2) $ 61,801,672 $ 63,041,295 Portfolio investments (Note 2) 178,275,843 176,033,434 Accounts receivable (Note 3) 36,818,218 34,865,433 276,895,733 273,940,162 Liabilities Accounts payable and accrued liabilities (Note 4) 39,418,374 38,478,422 Development cost charges (Note 5) 60,590,135 58,874,400 Unearned revenue 21,692,238 21,292,799 Refundable deposits 19,729,122 21,890,641 Asset retirement obligation (Note 6) 15,424,121 13,195,639 156,853,990 153,731,901 Net Financial Assets 120,041,743 120,208,261 Non-Financial Assets Property under development (Note 7) 12,487,109 10,214,554 Tangible capital assets (Note 8) 957,371,452 927,229,612 Goodwill 6,120 6,120 Inventories 2,675,079 2,080,362 Prepaid expenses 3,887,966 3,992,588 976,427,726 943,523,236 Accumulated Surplus (Note 10) $ 1,096,469,469 $ 1,063,731,497 Contingent liabilities (Note 12) Contractual rights (Note 14) _____________________________________________ Glen Savard, CPA, CGA Director of Finance See accompanying notes to consolidated financial statements
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