2023 Courtenay Annual Report

The Corporation of the City of Courtenay

Notes to Consolidated Financial Statements Year ended December 31, 2023

16. RESTATEMENT OF 2023 BUDGET The budget amounts presented throughout these consolidated financial statements are based upon the Five Year Financial Plan approved by Council on April 26, 2023 except in regard to budget amounts for amortization, tangible capital assets, and the use of debt, reserves and prior year surpluses. The summary below shows the adjustments to the 2023-2027 Consolidated Financial Plan Bylaw 3096, 2023 adopted by Council on April 26, 2023 and reflected in these consolidated financial statements:

Adjustments to 2023 Budgeted Annual Surplus Budgeted Surplus per Council approved Budget

$

Purchase of Capital Assets Amortization Budgeted Transfer from Reserves

25,039,200 (6,661,000) (12,528,500) 4,391,100 (3,947,900) (5,278,000) 1,008,300

Transfer to Reserves

Use of Prior Year Surplus Debt Issues in Financial Plan

Debt principle repayments in Financial Plan

Budgeted Surplus per Consolidated Statement of Operations

$2,023,200

17. CONTRACTUAL RIGHTS Following is the breakdown of the contractual rights at December 31, 2023:

Contractual Right with Description of Contractual Right

2024

2025

2026

2027

2028

Total

Courtenay Fire Protection District

Courtenay Fire Protection

687,495 700,790 732,650 825,627 850,396

$3,796,958

18. FINANCIAL INSTRUMENTS The City, as a part of its operations, carries a number of financial instruments. It is management’s opinion that the City is not exposed to significant interest, currency or credit risks arising from these financial instruments except as otherwise disclosed.

City of Courtenay | 2023 Annual Report

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