Financial Information Regulation, Schedule 1

Checklist – Statement of Financial Information (SOFI)

For the Corporation:
Corporate Name: City of Revelstoke Contact Name: Sheanna Moore, CPA
250-837-2161
Fiscal Year End: December 31, 2017 Phone Number:
Date Submitted: E-mail: smoore@revelstoke.ca

For the Ministry:

Ministry Name: Reviewer:
Date Received: Deficiencies: Yes No
Date Reviewed: Deficiencies Addressed: Yes No
Approved (SFO): Further Action Taken:

Distribution: Legislative Library Ministry Retention

FIR
Schedule 1 Item Yes No N/A Comments
Section
General

1 (1) (a) Statement of assets and liabilities

1 (1) (b) Operational statement

1 (1) (c) Schedule of debts Note 8

1 (1) (d) Schedule of guarantee and

indemnity agreements

1 (1) (e) Schedule of employee remuneration

and expenses

1 (1) (f) Schedule of suppliers of goods and

services

1 (3) Statements prepared on a

consolidated basis or for each fund,
as appropriate

1 (4) Notes to the financial statements for

1 (5) the statements and schedules listed
above

1
FIR
Schedule 1 Item Yes No N/A Comments
Section

Statement of Assets & Liabilities

2 x A balance sheet prepared in

accordance with GAAP or stated
accounting principles / policies,
and
x Show changes in equity and
surplus or deficit due to
operations

Operational Statement

3 (1) Prepared in accordance with GAAP

or stated accounting principles /
policies and consists of:
x a Statement of Income or
Statement of Revenue and
Expenditures, and
x a Statement of Changes in
Financial Position

3 (2) x The Statement of Changes in

3 (3) Financial Position may be
omitted if it provides no
additional information
x The omission must be explained
in the notes

3 (4) Community colleges, school districts,

and municipalities must prepare a
Statement of Changes in Financial
Position for the Capital Fund

Schedule of Debts

4 (1) (a) List each long-term debt (secured by

4 (2) debentures, mortgages, bonds, etc.),
Note 8
stating the amount outstanding, the
interest rate, and the maturity date

4 (1) (b) Identify debts covered by sinking

funds or reserves and amounts in Note 8
these accounts

4 (3) x The schedule may be omitted if

4 (4) addressed under section 2 or 5
and it provides no additional
information
x The omission must be explained
in a note to the schedule

2
FIR
Schedule 1 Item Yes No N/A Comments
Section
Schedule of Guarantee and Indemnity Agreements

5 (1) List financial agreements that

required government approval prior
to being given (see Guarantees and
Indemnities Regulation in FIA
Guidance Package)

5 (2) State the entities involved, and the

specific amount involved if known

5 (3) x The schedule may be omitted if

5 (4) addressed under section 2 or 4
and it provides no additional
information
x The omission must be explained
in a note to the schedule

Schedule of Remuneration and Expenses

(See Guidance Package for suggested format)

6 (2) (a) List separately, by name and

position, the total remuneration and
the total expenses for each elected
official, member of the board of
directors, and employee appointed
by Cabinet

6 (2) (b) List alphabetically each employee

whose total remuneration exceeds
$75,000 and the total expenses for
each [excluding the persons listed
under 6 (2) (a)]

6 (2) (c) Include a consolidated total for

employees whose remuneration is
$75,000 or less [excluding the
persons listed under 6 (2) (a)]

6 (2) (d) Reconcile or explain any difference

between total remuneration in this
schedule and related information in
the operational statement

6 (3) Exclude personal information other

than name, position, function or
remuneration and expenses of
employees

3
FIR
Schedule 1 Item Yes No N/A Comments
Section
Schedule of Remuneration and Expenses
(See Guidance Package for suggested format)

6 (6) Report the employer portion of EI

and CPP as a supplier payment to
the Receiver General for Canada
rather than as employee
remuneration

6 (7) (a) Include a statement of severance

6 (7) (b) agreements providing:
x the number of severance
agreements under which
payment commenced in the
fiscal year being reported on for
non-union employees, and
x the range of equivalent months'
compensation for them
(see Guidance Package for
suggested format)

6 (8) Provide the reason for omitting a

statement of severance agreements
in a note to the schedule of
remuneration and expenses

Schedule of Suppliers of Goods or Services

(See Guidance Package for suggested format)

7 (1) (a) List in alphabetical order all suppliers

of goods and services who received
aggregate payments exceeding
$25,000

7 (1) (b) Include a consolidated total of all

payments to suppliers who received
$25,000 or less

7 (1) (c) Reconcile or explain any difference

between the consolidated total and
related figures in the operational
statement

7 (2) (b) Include a statement of payments for

the purposes of grants or
contributions

4
FIR
Schedule 1 Item Yes No N/A Comments
Section
Inactive Corporations

8 (1) The ministry reports for the

corporation if the corporation is not
operating to the extent required to
produce a SOFI

8 (2) (a) The ministry's report contains the

statements and schedules required
under section 1 (1), to the extent
possible

8 (2) (b) The ministry's report contains a

statement of the operational status of
the corporation (see Guidance
Package regarding what to include)

Approval of Financial Information

9 (1) Corporations other than

municipalities – the SOFI is signed
as approved by the board of
directors or the governing body (see
Guidance Package for example)

9 (2) Municipalities – the SOFI is

approved by its council and by the
officer assigned responsibility for
financial administration (see
Guidance Package for example)

9 (3) A management report is included,

signed by the head and chief
financial officer, or by the municipal
officer assigned responsibility for
financial administration (see
examples in annual report at
http://www.gov.bc.ca/cas/popt/)

9 (4) The management report explains the

roles and responsibilities of the
board of directors or governing body,
audit committee, management, and
the auditors

9 (5) Signature approvals required in

section 9 are for each of the
statements and schedules of
financial information, not just the
financial statements

5
City of Revelstoke
Consolidated Financial Statements
For the Year Ended December 31, 2017

Contents

Management's Responsibility for Financial Reporting 1

Independent Auditor's Report 2

Consolidated Financial Statements

Consolidated Statement of Financial Position 3

Consolidated Statement of Operations 4

Consolidated Statement of Change in Net Financial Assets 5

Consolidated Statement of Cash Flows 6

Summary of Significant Accounting Policies 7-9

Notes to Consolidated Financial Statements 10 - 26

 City of Revelstoke
Consolidated Statement of Operations

Budget
For the year ended December 31 2017 2017 2016

(Note 15) (Note 1)

Revenues
Taxation - net (Note 12) $14,406,372 $14,442,510 $ 13,473,914
Government grants 4,200,842 6,281,576 3,878,573
Contributions by developers and property
owners 184,782 2,489,533 1,105,462
User fees and service charges 4,630,171 5,064,676 4,528,517
Investment and other income - 479,038 458,894
Equity income from RCFC (Note 4) - 446,340 732,294
Equity income (loss) from RCEC (Note 5) - 1,778 (81,075)
Gain on acquisition of Big Eddy Waterworks
District (Note 6) - - 262,174
Other 876,300 970,635 1,093,527

24,298,467 30,176,086 25,452,280

Expenses
General government 2,378,299 2,146,786 2,120,350
Protection services 4,404,250 4,116,345 3,779,398
Transportation services 4,807,210 4,771,666 4,255,367
Environmental services 387,000 349,466 362,451
Health services 102,750 123,265 96,109
Economic development services 1,969,000 1,908,943 2,273,037
Recreation and cultural services 3,393,910 3,741,791 3,395,082
Planning and development 644,200 501,908 473,644
Sewer services 740,900 780,287 771,991
Water services 1,339,289 1,231,141 1,092,767
Interest 867,098 812,220 829,606
Loss on cessation of control (Note 1) - - 649,734

21,033,906 20,483,818 20,099,536

Annual surplus 3,264,561 9,692,268 5,352,744

Accumulated surplus, beginning of year, 65,070,077 65,070,077 59,717,333

Accumulated surplus, end of year $68,334,638 $74,762,345 $ 65,070,077

The accompanying summary of significant accounting policies and notes are an integral part of these consolidated financial statements.
4
 City of Revelstoke
Consolidated Statement of Change in Net Financial Assets

Budget
For the year ended December 31 2017 2017 2016

(Note 15)
Annual surplus $ 3,264,561 $ 9,692,268 $ 5,352,744

Acquisition of tangible capital assets - (7,431,224) (3,123,561)

Amortization of tangible capital assets - 2,018,836 1,918,949
Net book value of tangible capital assets
disposed (Note 10) - 76,722 165,292

3,264,561 4,356,602 4,313,424

Decrease (increase) in inventory of supplies - 73,126 (10,722)

Decrease (increase) in prepaid expenses - 233,706 (279,675)
Disposal of asset on change of control (Note 1) - - 2,949,686
Acquisition of Big Eddy Waterworks District
capital assets (Note 6) - - (167,445)

Net change in net financial assets 3,264,561 4,663,434 6,805,268

Net financial assets (debt), beginning of year 1,357,953 1,357,953 (5,447,315)

Net financial assets, end of year $ 4,622,514 $ 6,021,387 $ 1,357,953

The accompanying summary of significant accounting policies and notes are an integral part of these consolidated financial statements.
5
 City of Revelstoke
Consolidated Statement of Cash Flows

For the year ended December 31 2017 2016

Operating transactions
Annual surplus $ 9,692,268 $ 5,352,744
Items not involving cash
Gain from subsidiary operations (448,118) (651,219)
Gain on acquisition of Big Eddy Waterworks
District (Note 6) - (262,174)
Amortization 2,018,836 1,918,949
Loss on disposal of tangible capital assets 76,722 123,276
Loss on cessation of control (Note 1) - 649,734
Actuarial recognized on long-term debt (351,709) (311,008)
Changes in non-cash operating balances
Taxes receivable (269,690) (237,996)
Accounts receivable (2,284,754) 39,018
Inventories of supplies 73,126 (8,431)
Prepaid expenses 233,706 (279,675)
Accounts payable and accrued liabilities 1,512,024 (431,394)
Deferred revenue 1,543,492 (1,107,205)

11,795,903 4,794,619

Capital transactions
Acquisition of tangible capital assets (7,431,224) (3,123,561)
Proceeds on disposal of capital assets - 42,022

(7,431,224) (3,081,539)

Investing transactions
Net change in portfolio investments (5,900,247) 424,437
Dividends from government business enterprise 300,000 -

(5,600,247) 424,437

Financing transactions
Net change in long term debt (Note 8) (364,879) 1,128,192
Repayment of capital leases - (1,328,030)

(364,879) (199,838)

Net change in cash and cash equivalents (1,600,447) 1,937,679

Cash on acquisition of Big Eddy Waterworks District (Note 6) - 82,668

Cash disposed of on loss on cessation of control (Note 1) - (88,444)

Cash and cash equivalents, beginning of year 8,516,783 6,584,880

Cash and cash equivalents, end of year $ 6,916,336 $ 8,516,783

The accompanying summary of significant accounting policies and notes are an integral part of these consolidated financial statements.
6
 City of Revelstoke
Summary of Significant Accounting Policies

December 31, 2017

Management's The consolidated financial statements of the City of Revelstoke (the

Responsibility for the "City") are the responsibility of management. They have been
Financial Statements prepared in accordance with Canadian public sector accounting
standards established by the Public Sector Accounting Board of the
Chartered Professional Accountants of Canada (CPAC). The City is a
municipality in the Province of British Columbia and operates under
the provisions of the Community Charter. The City provides municipal
services such as fire, public works, planning, parks, recreation and
other general government services.

Basis of Consolidation The consolidated financial statements reflect the assets, liabilities,
revenue and expenses of all municipal organizations, committees and
boards which are owned or controlled by the City. The following
entities are owned or controlled by the City:

Revelstoke Community Energy Corporation 100%

RCFC Holding Company Ltd. 100%

The investments in RCFC Holding Company Ltd. (RCFC) and Revelstoke

Community Energy Corporation (RCEC), all of which are government
business enterprises, are accounted for using the modified equity
method. Under this method, the business enterprises' accounting
principles are not adjusted to conform with those of the City. These
subsidiaries have a fiscal year end of April 30 and their consolidated
financial statements do not reflect any activity between the fiscal year
end of each subsidiary and the fiscal year end of the City.

Big Eddy Waterworks District was an independent incorporated not-for-

profit organization responsible for providing water services to the
residents living outside the municipal boundaries. On October 1, 2016,
the City took control over the Big Eddy Waterworks District. The
operations have been consolidated for the period of control in 2016.
Subsequent to the City taking control on October 1, 2016, the Big Eddy
Waterworks District was dissolved.

Revelstoke Community Housing Society was controlled by the City in

2015. See note 1 for details on the cessation of control. The
operations of the Revelstoke Community Housing Society, a non-profit
society over whose board of directors the City had control, have been
consolidated for the period of control in 2016.

Cash and Cash Management considers all highly liquid investments with maturity of
Equivalents three months or less at acquisition to be cash equivalents.

Portfolio Investments Portfolio investments are recorded at cost unless there has been a
decline in the market value, which is other than temporary in nature,
in which case the investments are written down to market value.

Continued...

7
 City of Revelstoke
Summary of Significant Accounting Policies

December 31, 2017

Tangible Capital Tangible capital assets are recorded at cost less accumulated
Assets amortization. Cost includes all costs directly attributable to
acquisition or construction of the tangible capital asset including
transportation costs, installation costs, design and engineering fees,
legal fees and site preparation costs. Contributed tangible capital
assets are recorded at fair value at the time of the donation, with a
corresponding amount recorded as revenue. Amortization is recorded
on a straight-line basis over the estimated useful life of the tangible
capital asset commencing once the asset is available for productive
use. Amortization is recognized, as follows:
Land not amortized
Buildings 40 - 75 years
Equipment 5 - 25 years
Roads and bridges 10 - 100 years
Water/sewer infrastructure 10 - 100 years
Projects in progress not amortized

Leased Assets Leases entered into, that transfer substantially all the benefits and
risks associated with ownership, are recorded as the acquisition of a
tangible capital asset and the incurrence of an obligation. The asset is
amortized in a manner consistent with tangible capital assets owned by
the City and the obligation, including interest thereon, is liquidated
over the term of the lease. All other leases are accounted for as
operating leases, and the rental costs are expensed as incurred.

Collection of Taxes The City collects taxation revenue on behalf of other entities. Such
on Behalf of Other levies, other revenues, expenses, assets and liabilities, with respect
Taxation Authorities to the operations of entities, are not reflected in these financial
statements.

The entities, the City collects taxation revenue on behalf of, are as
follows:

Province of British Columbia - School Tax

Columbia Shuswap Regional District
British Columbia Assessment Authority
Municipal Finance Authority
North Okanagan Columbia Shuswap Regional Hospital District
Okanagan Regional Library

Trust Funds Trust funds, held in trust by the City and their related operations, are
not included in these financial statements. The financial activity and
position of the trust funds are reported separately.

Continued...

8
 City of Revelstoke
Summary of Significant Accounting Policies

December 31, 2017

Retirement Benefits The City's contributions, due during the period to its multi-employer
defined benefit plan, are expensed as incurred (Note 13 (b)).

Government Transfers Government transfers, which include legislative grants, are recognized
in the financial statements in the period in which events giving rise to
the transfers occur, providing the transfers are authorized, any
eligibility criteria have been met, and reasonable estimates of the
amount can be made.

Revenue Recognition Taxes are recognized as revenue in the year they are levied.

Charges for sewer and water usage are recorded as user fees.
Connection fee revenues are recognized when the connection has been
established.

Conditional grant revenue is recognized to the extent the conditions

imposed on it have been fulfilled. Unconditional grant revenue is
recognized when monies are receivable.

Grants for the acquisition of tangible capital assets are recognized in

the period in which eligible expenditures are made.

Sales of service and other revenue is recognized when the service or

product is provided by the City.

Contaminated Sites A contaminated site is a site at which substances occur in

concentrations that exceed the maximum acceptable amounts under an
environmental standard. Sites that are currently in productive use are
only considered a contaminated site if an unexpected event results in
contamination. A liability for remediation of contaminated sites is
recognized when the organization is directly responsible or accepts
responsibility; it is expected that future economic benefits will be
given up; and a reasonable estimate of the amount can be made. The
liability includes all costs directly attributable to remediation activities
including post remediation operations, maintenance and monitoring.
The liability is recorded net of any expected recoveries. No
contaminated sites have been identified within the City.

Restructuring The City has applied early adoption of PS 3430 Restructuring

Transactions Transactions for the 2016 financial year. The increase in net assets or
net liabilities resulting from the recognition or derecognition of assets
and liabilities received from all transferors and transferred to all
recipients in a restructuring transaction be recognized as revenue or
as an expense.

Use of Estimates The preparation of financial statements, in accordance with Canadian

public sector accounting standards, requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from management's best estimates as additional
information becomes available in the future. The accounts that are
affected are accounts receivable, inventories, accrued liabilities and
amortization of tangible capital assets.
9
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

1. Restructuring of Revelstoke Community Housing Society

In 2016 the agreement with the Revelstoke Community Housing Society (the "Society") was
amended so that the City only appoints one member of the Board of Directors. Therefore,
effective June 6, 2016, the City no longer controlled the Society and ceased to include the
Society's financial results as at that date. Consequently the Society's assets, liabilities and
responsibilities were transferred out of the City's financial reporting and operations
effective June 6, 2016:

Assets
Cash $ 88,444
Mortgage receivable 79,679
Capital assets 2,949,682

3,117,805
Liabilities
Accounts payable and accrued liabilities 28,250
Long-term debt 949,619
Forgiveable debt 1,490,202

2,468,071

Net assets $ 649,734

The revenue and expenses of the Society prior to the restructuring date of June 6, 2016,
were consolidated into the City's statement of operations:

2016

Revenue
Government grants $ 50,000
Other 41,667

91,667
Expenses
Economic development services 26,072

Net surplus for the period $ 65,595

10
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

2. Cash and Cash Equivalents

The City's bank accounts earn interest ranging from 0 % - 1.5 % and are held in one financial
institution. The City has available an operating line of credit in the amount of $3,000,000,
bearing interest at Revelstoke Credit Union's prime lending rate. As of December 31, 2017,
the City had an undrawn credit capacity under this facility of $3,000,000 (2016 -
$3,000,000). The credit union's prime rate as at December 31, 2017 was 3.20%.

3. Portfolio Investments
2017 2016

Municipal Finance Authority of British Columbia $ 3,373,285 $ 3,354,959

Revelstoke Credit Union 5,022,351 1,047,684
RBC Dominion Securities Inc. 1,800,331 1,894,848
Raymond James Ltd. 2,001,771 -

$12,197,738 $ 6,297,491

Investments held with the Municipal Finance Authority of British Columbia, earn variable
interest and are available on demand. The Revelstoke Credit Union investment earns 2.35%
interest ranging from 1.75% - 2.00% and matures between September 2018 and September
2019. Investments held with RBC Dominion Securities Inc. are Guaranteed Investment
Certificates (GICs) with maturity dates ranging from July 2018 to November 2020. Interest
rates on the GICs range from 1.60% - 2.70%. Investments held with Raymond James Ltd. are
Guaranteed Investment Certificates (GICs) with maturity dates ranging from December 2018
to December 2019. Interest rates on the GICs range from 2.25% - 2.55%

The market value of the City's portfolio investments is $12,205,279 (2016 - $6,319,598).

11
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

4. Investment in RCFC Holding Company Ltd.

RCFC Holding Company Ltd. ("RCFC") is 100% owned by the City. The Company manages
Revelstoke Community Forest Corporation, a wholly-owned subsidiary, which manages a
tree farm license near Revelstoke. The condensed supplementary financial information is
as follows:

2017 2016

Financial position
Current assets $ 3,492,266 $ 3,476,878
Deferred charges 318,197 343,501
Other assets 1,200,000 1,275,000
Capital assets 1,929,482 2,112,147

Total assets 6,939,945 7,207,526

Current liabilities 727,191 879,756

Accrued silviculture 807,977 1,037,651
Deferred revenue 451,986 483,670

Total liabilities 1,987,154 2,401,077

Total net assets $ 4,952,791 $ 4,806,449

Results of operations
Revenue $ 5,243,242 $ 8,079,125
Cost of goods sold (4,170,772) (6,654,927)
Log-yard operations 99,815 63,281
Administrative expenses (725,945) (755,185)

Net income for the year $ 446,340 $ 732,294

RCFC Holding Company Ltd paid $Nil (2016 - $35,185) in interest to the City during the
year. RCFC Holding Company Ltd paid $300,000 (2016 - $Nil) in dividends to the City during
the year.

12
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

5. Investment in Revelstoke Community Energy Corporation

Revelstoke Community Energy Corporation ("RCEC") is a wholly-owned subsidiary that was

created for the purpose of creating thermal energy. The condensed supplementary
financial information is as follows:
2017 2016

Financial position
Current assets $ 246,523 $ 224,666
Capital assets 3,162,183 3,339,121

Total assets 3,408,706 3,563,787

Current liabilities 2,066,125 2,073,716

Long term debt 1,166,201 1,315,469
Shareholder's equity 11 11

Total liabilities 3,232,337 3,389,196

Total net assets $ 176,369 $ 174,591

Results of operations
Revenue $ 723,595 $ 671,279
Expenses (721,817) (752,354)

Net income (loss) for the year $ 1,778 $ (81,075)

RCEC owed $681,333 (2016 - $597,333) in dividends to the City during the year. The City
paid $147,316 (2016 - $131,013) to RCEC for utilities during the year.

13
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

6. Acquisition of Big Eddy Waterworks District

In 2016, a restructuring transaction occurred between the City and Big Eddy Waterworks
District ("BEWW"), an independent incorporated not-for-profit organization responsible for
providing water services to the residents living outside the municipal boundaries. Due to its
limitation to borrow funds for water system upgrades, the Big Eddy Waterworks District
Board approached the City requesting the ownership and responsibilities of the Big Eddy
Waterworks be transferred to the City. Accordingly, on October 1, 2016, the City took
control over the Big Eddy Waterworks District. The assets, liabilities, and responsibilities
transferred to the City as of October 1, 2016 were as follows:

Assets
Cash and cash equivalents $ 82,668
Accounts receivable 13,206
Inventory 2,291
Capital assets 167,445

265,610
Liabilities
Accounts payable and accrued liabilities 3,436

Net Assets $ 262,174

Responsibilities transferred to the City included the taxation of residents and the operations
and upgrades for the existing water system.

There was no compensation paid or received, no contingent liabilities or contractual

obligations transferred, and no restructuring-related cost associated with this restructuring
transaction.

The City has committed an estimated $5,800,000 for water system upgrades for the Big
Eddy Waterworks District. Of this amount, $3,900,000 will be funded by the provincial
government and $1,900,000 will be funded by a 20 year loan. The $1,900,000 will be
recovered through a parcel tax on utility users in the Big Eddy Waterworks District. As of
December 31, 2017 the total project costs to date are $2,920,713.

14
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

7. Deferred Revenue

Externally
Restricted
Opening Contributions Investment Revenue Ending
Balance Received Income Recognized Balance

(Note 1)

Economic $ 105,793 $ 133,226 $ - $ (57,973) $ 181,046

Development
Grants

Tourism
Infrastructure 154,520 536,006 - (212,269) 478,257

Deferred
Development
Cost Charges 757,542 1,091,230 13,319 (418,666) 1,443,425

Prepaid
Licenses &
Utilities 63,583 163,241 - (63,583) 163,241

Other 219,105 403,552 - (44,591) 578,066

$ 1,300,543 $ 2,327,255 $ 13,319 $ (797,082) $ 2,844,035

Tourism Infrastructure Program

Tourism Infrastructure funding is provided by a 10% tax on hotel room rentals. It is
collected by the Province of British Columbia and 3% is remitted to the City on a monthly
basis. Expenditures from the Tourism Infrastructure Program are restricted to those set out
in the establishing Order in Council.

15
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

8. Long-Term Debt

Long-term debt outstanding:

2017 2016

Balance at January 1 $ 16,422,441 $ 16,554,876

Proceeds from issuance of long-term debt 733,542 975,500
Obligations under capital lease refinanced into long-term debt - 1,388,943
Revelstoke Community Housing Society loan (Note 1) - (949,619)
Principal repayments (1,098,421) (1,236,251)
Actuarial adjustments (351,709) (311,008)

Balance at December 31 $15,705,853 $ 16,422,441

Principal repayments and sinking fund contributions on long-term debt over the next five
years and thereafter are as follows:

Principal Sinking Fund

Repayments Contributions Total

2018 $ 1,101,666 $ 394,204 $ 1,495,870

2019 967,684 438,571 1,406,255
2020 865,535 484,896 1,350,431
2021 682,066 352,137 1,034,203
2022 644,148 388,483 1,032,631
Thereafter 4,384,000 5,002,463 9,386,463

$ 8,645,099 $ 7,060,754 $ 15,705,853

The weighted average interest on long-term debt is 4.18% (2016 - 4.21%). Consolidated
interest paid on the above long-term debt was $799,426 (2016 - $815,676).

Sinking fund assets, managed by the Municipal Finance Authority, are used to reduce long-
term debt to be repaid. In the event that the City does not default under any of its
obligations, the sinking fund earnings will be used to offset future principal repayments.

9. Deposit and Reserve - Municipal Finance Authority

The City issues its debt instruments through the Municipal Finance Authority. As a condition
of these borrowings, a portion of the debenture proceeds are withheld by the Municipal
Finance Authority as a Debt Reserve Fund. At December 31, 2017 the cash deposits in the
Debt Reserve Fund were $352,189 (2016 - $345,439). The City also executes demand notes
in connection with each debenture whereby the City may be required to loan certain
amounts to the Municipal Finance Authority. At December 31, 2017, the demand notes were
$626,385 (2016 - $626,385).

16
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

10. Tangible Capital Assets

2017
Roads and Projects in
Land Buildings Equipment Bridges Water Sewer Progress Total
Cost, beginning of
year $14,349,284 $13,268,179 $18,114,595 $29,164,303 $17,841,523 $12,679,593 $ 1,333,906 $106,751,383
Additions - 160,073 1,020,920 2,937,964 178,481 581,914 2,551,872 7,431,224
Disposals - - (177,050) - - - - (177,050)
Cost, end of year
$14,349,284 $13,428,252 $18,958,465 $32,102,267 $18,020,004 $13,261,507 $ 3,885,778 $114,005,557

Accumulated
amortization,
beginning of year $ - $ 3,229,413 $ 7,950,784 $19,807,443 $ 7,999,499 $ 4,781,565 $ - $ 43,768,704
Amortization - 166,783 821,832 525,057 284,551 220,613 - 2,018,836
Disposals - - (100,328) - - - - (100,328)
Accumulated
amortization, end
of year $ - $ 3,396,196 $ 8,672,288 $20,332,500 $ 8,284,050 $ 5,002,178 $ - $ 45,687,212
Net carrying
amount, end of
year $14,349,284 $10,032,056 $10,286,177 $11,769,767 $ 9,735,954 $ 8,259,329 $ 3,885,778 $ 68,318,345

17
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

10. Tangible Capital Assets (continued)

2016
Roads and Projects in
Land Buildings Equipment Bridges Water Sewer Progress Total
Cost, beginning of
year $ 14,429,074 $ 15,677,736 $ 14,203,731 $ 28,930,082 $ 17,312,388 $ 12,623,648 $ 15,250 $103,191,909
Additions - 520,033 633,016 234,221 361,690 55,945 1,318,656 3,123,561
Big Eddy
Waterworks District
acquisition - - - - 167,445 - - 167,445
Disposals (79,790) (2,929,590) (246,251) - - - - (3,255,631)
Reclassed from
leased assets - - 3,524,099 - - - - 3,524,099
Cost, end of year $ 14,349,284 $ 13,268,179 $ 18,114,595 $ 29,164,303 $ 17,841,523 $ 12,679,593 $ 1,333,906 $106,751,383
Accumulated
amortization,
beginning of year $ - $ 3,125,530 $ 6,418,612 $ 19,325,237 $ 7,714,569 $ 4,570,650 $ - $ 41,154,598
Amortization - 163,581 777,317 482,206 284,930 210,915 - 1,918,949
Disposals - (59,698) (80,959) - - - - (140,657)
Reclassed from
leased assets - - 835,814 - - - - 835,814
Accumulated
amortization, end of
year $ - $ 3,229,413 $ 7,950,784 $ 19,807,443 $ 7,999,499 $ 4,781,565 $ - $ 43,768,704
Net carrying
amount, end of year $ 14,349,284 $ 10,038,766 $ 10,163,811 $ 9,356,860 $ 9,842,024 $ 7,898,028 $ 1,333,906 $ 62,982,679

The net book value of tangible capital assets not being amortized because they are under construction, is $3,885,778 (2016 - $1,333,906). The
City holds various works of art. These items are not recognized as tangible capital assets in the financial statements because a reasonable
estimate of the future benefits associated with such property cannot be made.

18
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

11. Accumulated Surplus

2017 2016

Operating surpluses
General $ 3,371,036 $ 1,881,856
Water 630,134 477,912
Sewer 373,906 292,553
Big Eddy Water 85,883 83,978

4,460,959 2,736,299

Restricted operating surpluses

Tax equalization 1,137,308 931,397

Reserves
Building - 189,144
Community centre - 200,000
Community Works Gas Tax 1,048,170 904,509
Electric utility 2,259,604 2,254,165
Financial stabilization 984,658 -
Fire - 97,047
General capital 571,168 -
Greening City 186,444 170,180
Information technology 41,386 150,575
Insurance & legal 205,050 198,079
Land sale 1,535,411 1,466,955
Parkland acquisition 318,347 290,996
Public Art 7,500 -
RCMP station - 153,792
Recreation - 390,513
Sewer capital 1,454,718 1,239,118
Snow removal - 743,959
Transportation infrastructure 559,290 -
Vehicle & equipment 651,030 426,911
Water capital 1,733,884 1,429,620

11,556,660 10,305,563

Segregated reserves
Revelstoke Community Forest Corporation dividends 300,000 -

Investments
Revelstoke Community Energy Corporation 176,369 174,591
Revelstoke Community Forest Corporation 4,952,791 4,806,449
Equity in tangible capital assets 52,178,258 46,115,778

57,307,418 51,096,818

Accumulated surplus $74,762,345 $ 65,070,077

In 2017 the City of Revelstoke adopted an updated Reserve Funds and Surpluses Policy and
as a result a number of new reserve funds were established and others were discontinued.

19
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

12. Taxation - Net

Budget
2017 2017 2016

Property taxes and payments-in-lieu $14,406,372 $14,442,510 $ 13,473,914

Collections for other governments
Province of British Columbia - School Tax - 2,430,320 2,600,238
North Okanagan Columbia Shuswap
Regional Hospital District - 477,625 459,482
Columbia Shuswap Regional District - 554,658 594,675
Municipal Finance Authority - 350 328
British Columbia Assessment Authority - 91,027 101,823
Libraries - 323,319 291,975

14,406,372 18,319,809 17,522,435

Transfers
Province of British Columbia - School Tax - 2,430,320 2,600,238
North Okanagan Columbia Shuswap
Regional Hospital District - 477,625 459,482
Columbia Shuswap Regional District - 554,658 594,675
Municipal Finance Authority - 350 328
British Columbia Assessment Authority - 91,027 101,823
Libraries - 323,319 291,975

- 3,877,299 4,048,521

Available for general municipal purposes $14,406,372 $14,442,510 $ 13,473,914

20
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

13. Commitments and Contingencies

(a) The City is responsible, as a member of the Columbia Shuswap Regional District, for its
portion of any operating deficits or capital debt related to functions in which it
participates.

(b) The City and its employees contribute to the Municipal Pension Plan (a jointly trusteed
pension plan). The board of trustees, representing plan members and employers, is
responsible for administering the Plan, including investment of the assets and
administration of benefits. The Plan is a multi-employer defined benefit pension plan.
Basic pension benefits provided are based on a formula. As at December 31, 2016, the
Plan has about 193,000 active members and approximately 90,000 retired members.
Active members include approximately 38,000 contributors from local governments.

Every three years, an actuarial valuation is performed to assess the financial position of
the Plan and adequacy of plan funding. The actuary determines an appropriate
combined employer and member contribution rate to fund the Plan. The actuary's
calculated contribution rate is based on the entry-age normal cost method, which
produces the long-term rate of member and employer contributions sufficient to provide
benefits for average future entrants to the plan. This rate may be adjusted for the
amortization of any actuarial funding surplus and will be adjusted for the amortization
of any unfunded actuarial liability.

The most recent valuation for the Municipal Pension Plan as of December 31, 2015
indicated a $2,224 million funding surplus for basic pension benefits on a going concern
basis. As a result of the 2015 basic account actuarial valuation surplus and pursuant to
the joint trustee agreement, $1,927 million was transferred to the rate stabilization
account and $297 million of the surplus ensured the required contribution rates
remained unchanged.

The City paid $569,930 (2016 - $546,695) for employer contributions to the Plan in fiscal
2017. The next valuation will be as at December 31, 2018, with results available in
2019.

Employers participating in the plan record their pension expense as the amount of
employer contributions made during the fiscal year (defined contribution pension plan
accounting). This is because the plan records accrued liabilities and accrued assets for
the Plan in aggregate with the result that there is no consistent and reliable basis for
allocating the obligation, assets and cost to the individual employers participating in the
plan.

(c) The City is the defendant in various lawsuits. In the opinion of management, the overall
estimation of loss is not determinable. These claims have not been provided for in the
financial statements. Settlement, if any, made with respect to these actions would be
expected to be accounted for as a change to expenditures in the period in which
realization is known.

(d) The City has committed funds for water system upgrades for the Big Eddy Waterworks
District. See note 6 for details.

(e) There is a property tax assessment appeal under review which may result in the City
retroactively paying back a portion of previously collected property taxes. The outcome
and the potential liability is unknown as of the report date.

21
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

14. Funds Held in Trust

At year end, the City held $161,840 (2016 - $156,184) in trust for the cemetery. These funds
are not included in these financial statements.

15. Budget

The Financial Plan (Budget) Bylaw adopted by Council on May 9, 2017 was prepared, as
required by the Community Charter, on a modified accrual basis. This basis is not
consistent with that used to report actual results in accordance with Public Sector
Accounting Standards. These standards require a full accrual basis. The budget figures
anticipated using prior year surpluses to reduce current year expenditures, in excess of
revenues, to $Nil. In addition, the budget expensed all tangible capital expenditures. As a
result, the budget figures presented in the Consolidated Statements of Operations and
Consolidated Change in Net Debt represent the Budget adopted by Council on May 9, 2017
with adjustments as follows:

2017

Financial Plan (Budget) Bylaw surplus for the year $ -

Add:
Capital expenditures 9,056,700
Principal repayments 1,098,324
Budgeted transfers to reserves 3,449,500
Budgeted transfer to surplus 83,237
Less:
Budgeted transfers from reserves (3,946,200)
Amortization (1,725,000)
Proceeds from debt (1,610,000)
Contributions from grants (3,142,000)

Budget surplus per Consolidated Statement of Operations $ 3,264,561

22
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

16. Segmented Information

The City is a diversified municipal government institution that provides a wide range of
services to its citizens such as transit, public housing, police, fire and water.
Distinguishable functional segments have been separately disclosed in the segmented
information. The nature of the segments and the activities they encompass are as follows:

General Government
This item relates to the revenues and expenses of the operations of the City itself and
cannot be directly attributed to a specific segment.

Protection
Protection is comprised of police and fire protection services. The police services work to
ensure the safety and protection of the citizens and their property. The fire department is
responsible for providing fire suppression service, fire prevention programs, training and
education and rescue services.

Transportation
This department provides a number of services including road and storm sewer
maintenance, snow removal, building maintenance, transit, city planning, maintenance and
enforcement of building codes and review of all property development plans through its
application process.

Planning and Development

This department provides a number of services including city planning, maintenance and
enforcement of building codes and review of all property development plans through its
application process.

Environmental
Environmental services consist of providing waste disposal to citizens.

Health Services
Health services consist of the management of the cemetery.

Economic Development
This department provides sustainable community economic development programs and
services, as well as, support for economic business retention and development initiatives.

Recreation and Culture

This department provides services meant to improve the health and development of the
City's citizens. Recreational and cultural programs like swimming and skating lessons are
provided at the arena, aquatic and community centres.

Continued...

23
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

16. Segmented Information (continued)

Water
This service provides the drinking water to some parts of the City. This service ensures the
City's water system meets all provincial and federal standards.

Big Eddy Water

This department is responsible for upgrades to the existing water system outside the
municipal boundaries. See note 6 for details.

Sewer
This service processes and cleans sewage and ensures the City's sewer system meets all
provincial and federal standards.

The accounting policies of the segments are the same as those described in the summary of
significant accounting policies. The revenues and expenses and equity in government
business enterprises, that are directly attributable to a particular segment, are allocated to
that segment. Amounts, that are directly attributable to a number of segments, have been
allocated on a reasonable basis as follows:

Taxation, fees
and
user charges Allocated to those segments that are funded by these amounts
based on the total expenditures for the year.

Grants Based on percent of budgeted expenses.

24
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

16. Segmented Information (continued)

For the year ended General Planning and Health Economic Recreation Big Eddy 2017
December 31 Government Protection Transportation Development Environmental Services Development and Culture Water Water Sewer Eliminations Total

Revenue
Taxation $ 1,204,223 $ 4,377,848 $ 5,773,560 $ 510,745 $ - $ - $ 376,852 $ 1,895,587 $ - $ - $ 303,695 $ - $ 14,442,510
Government grants 495,510 195,922 106,365 1,150 - 113,863 1,556,238 1,244,165 2,568,363 - - - 6,281,576
Contributions by
developers and
property owners - - 316,956 - - - - - 419,319 1,033,645 719,613 - 2,489,533
User fees and service
charges 284,902 49,040 1,094,002 42,401 360,397 39,784 - 812,723 2,016,629 135,879 1,251,880 (1,022,961) 5,064,676
Investment income 203,884 57,035 11,046 - - - - 45,415 132,499 89 29,070 - 479,038
Income from
government
business enterprises 448,118 - - - - - - - - - - - 448,118
Other 370,339 209,846 2,410 352,286 - - - 25,097 6,288 - 4,369 - 970,635

3,006,976 4,889,691 7,304,339 906,582 360,397 153,647 1,933,090 4,022,987 5,143,098 1,169,613 2,308,627 (1,022,961) 30,176,086

Expenses
Salaries and wages 1,179,097 1,479,144 1,708,630 390,540 182,374 81,292 125,470 1,687,820 313,898 60,748 279,976 - 7,488,989
Supplies and services 989,009 2,664,971 3,717,874 111,368 167,092 54,677 1,782,715 2,101,206 916,308 58,870 641,480 (1,022,961) 12,182,609
Interest 12,794 72,573 248,069 - - - - 54,250 255,885 - 168,649 - 812,220

2,180,900 4,216,688 5,674,573 501,908 349,466 135,969 1,908,185 3,843,276 1,486,091 119,618 1,090,105 (1,022,961) 20,483,818

Net surplus $ 826,076 $ 673,003 $ 1,629,766 $ 404,674 $ 10,931 $ 17,678 $ 24,905 $ 179,711 $ 3,657,007 $ 1,049,995 $ 1,218,522 $ - $ 9,692,268

25
 City of Revelstoke
Notes to Consolidated Financial Statements

December 31, 2017

16. Segmented Information (continued)

For the year ended General Transportatio Planning and Health Economic Recreation Big Eddy 2016
December 31 Government Protection n Development Environmental Services Development and Culture Water Water Sewer Eliminations Total

(Note 1)

Revenue
Taxation $ 1,644,702 $ 2,931,094 $ 3,796,715 $ 356,699 $ - $ 80,798 $ 1,733,076 $ 2,644,235 $ - $ - $ 286,595 $ - $ 13,473,914
Government grants 859,836 199,447 96,374 - - 92,397 1,992,016 449,987 2,613 184,790 1,113 - 3,878,573
Contributions by
developers and
property owners - - 980,681 - - - - - - - 124,781 - 1,105,462
User fees and
service charges 358,264 10,577 897,450 121,466 350,590 38,878 - 726,376 1,787,273 1,476 1,156,571 (920,404) 4,528,517
Investment income 189,234 51,697 (11,897) - - - - 45,815 146,025 44 37,976 - 458,894
Gain from
acquisition of Big
Eddy Water 262,174 - - - - - - - - - - - 262,174
Loss from
government
business
enterprises (81,075) - - - - - - - - - - - (81,075)
Income from
government
business
enterprises 732,294 - - - - - - - - - - - 732,294
Other 438,978 316,276 - 256,353 - - - - 77,543 - 4,377 - 1,093,527

4,404,407 3,509,091 5,759,323 734,518 350,590 212,073 3,725,092 3,866,413 2,013,454 186,310 1,611,413 (920,404) 25,452,280

Expenses
Salaries and wages 1,189,061 1,337,065 1,482,435 373,737 174,058 68,826 120,467 1,612,297 283,813 5,322 257,229 - 6,904,310
Supplies and
services 957,714 2,468,851 3,308,310 99,907 138,392 38,462 2,180,806 1,844,613 923,310 6,950 668,975 (920,404) 11,715,886
Interest 13,930 86,151 250,741 - - - - 54,250 255,885 - 168,649 - 829,606
Loss on disposal of
Revelstoke
Community
Housing Society 649,734 - - - - - - - - - - - 649,734

2,810,439 3,892,067 5,041,486 473,644 312,450 107,288 2,301,273 3,511,160 1,463,008 12,272 1,094,853 (920,404) 20,099,536

Net surplus (deficit) $ 1,593,968 $ (382,976) $ 717,837 $ 260,874 $ 38,140 $ 104,785 $ 1,423,819 $ 355,253 $ 550,446 $ 174,038 $ 516,560 $ - $ 5,352,744

26
 SCHEDULE SHOWING THE REMUNERATION AND EXPENSES PAID TO OR ON
BEHALF OF EACH EMPLOYEE

1 Elected Officials, Employees appointed by Cabinet and Members of the Board of

Directors

Name Position Remuneration Expenses

See attached $             120,000 $        25,167
Total: elected officials, employees appointed by Cabinet and
members of the Board of Directors $             120,000 $        25,167

2 Other Employees (excluding those listed in Part 1 above)

Name Remuneration Expenses

(list all employees, alphabetically, with remuneration and expenses exceeding $75,000, excluding 
those listed in Section 1 above)
See attached $         2,328,426           80,469
Consolidated total of other employees with remuneration and 
expenses of $75,000 or less             3,914,088                  ‐
Total: Other Employees $         6,242,514 $        80,469

3 Reconcilation

Total remuneration - elected officials, employees appointed by Cabinet and members of

the Board of Directors $      120,000
Total remuneration - other employees     6,242,514
Subtotal     6,362,514
Reconciling items* $  1,304,415
Total per Statement of Revenue and Expenditure $  7,488,989
Variance* $    (177,941)

* Note: if you cannot provide reconciling items, please provide an explanation of the variance

Prepared under the Financial Information Regulation, Schedule 1, section 7 and the Financial Information Act ,
section 2.
City of Revelstoke
Reconciliation of Remuneration
2017

Remuneration over $75,000 $   2,328,426.00
Remuneration under $75,000      3,914,088.19
     6,242,514.19
Remuneration ‐ elected officials         120,000.00
Balance per T4 Summary      6,362,514.19

Reconciling items:
Capital project wages        (173,961.00)
Increase/(decrease) in accrued wages            15,419.41
Increase/(decrease) in holiday pay accrual            22,304.68
Increase/(decrease) in sick pay accrual              5,213.43
Increase/(decrease) in banked overtime              7,775.30
Increase/(decrease) in other payroll liabilities          (10,575.17)
Payments related to remuneration
WCB premiums $      145,886.46
Employer portion of CPP         232,742.05
Employer portion of EI            93,069.21
Employer portion of pension contributions         569,930.00
Employer portion of benefits         396,611.06
     1,438,238.78
Total reconciling items      1,304,415.43

Total remuneration ‐ reconciled      7,666,929.62
Variance        (177,940.62)
Balance per Statement of Revenue & Expenses $   7,488,989.00
 City of Revelstoke
Statement of Remuneration and Expenses
Elected Officials
2017

Name Remuneration Expenses

Mayor Mark McKee $ 30,000.00 $ 10,819.35

Councillor Connie Brothers 15,000.00 5,279.76
Councillor Scott Duke 15,000.00 -
Councillor Trevor English 15,000.00 -
Councillor Linda Nixon 15,000.00 -
Councillor Aaron Orlando 15,000.00 6,689.43
Councillor Gary Sulz 15,000.00 2,378.27
$ 120,000.00 $ 25,166.81
 Employee's Remuneration over $75,000 & Employment Expenses
2017

Name Position Remuneration Expenses

BUHLER John Utilities $ 78,587.55 $ 728.56
CHABOT Allan Corporate Administrative Officer 135,581.00 6,852.23
CREIGHTON Sean Firefighter 108,289.90 1,325.00
DONATO Laurie Director of Parks, Recreation & Culture 91,069.50 1,517.06
ECHLIN Roger Firefighter 109,136.13 1,649.19
GIRARD Rob Fire Chief 107,050.37 5,594.42
HANSEN Adam Roads Foreman 91,378.97 4,562.24
HERBERT Marty Senior Building & Development Officer 105,150.69 4,046.82
HUTCHISON Daniel Firefighter 123,590.99 325.00
KIDD Adam Electrical Foreman 92,781.46 1,025.63
KOMONOSKI Darren Operations Manager 94,174.95 885.69
LEROSE Teresa Manager of Legislative Services 78,249.89 965.10
LOW Dawn Director of Corporate Administration 87,830.50 6,421.69
LOW Derek Engineering Technician 86,244.51 2,548.07
MCCABE Tania Director of Finance 119,686.05 9,764.63
PEDERGAST Doug Utilities Foreman 109,854.00 897.94
ROBINSON Matt Firefighter 109,562.45 593.34
STAGLIANO Natale Firefighter 83,820.06 338.00
THOMAS Michael Director of Engineering & Development Services 137,389.70 3,504.80
VOYKIN Dwayne Firefighter 113,146.87 3,339.84
WHITEHEAD Nigel Director of Development Services 79,419.45 13,893.28
WILSON Geoff Program Analyst 91,825.00 4,697.38
ZIMMER Jason Electrician 94,605.84 4,993.25
$ 2,328,425.83 $ 80,469.16
 SCHEDULE SHOWING PAYMENTS MADE FOR THE PROVISION OF GOODS OR
SERVICES

1 Alphabetical list of suppliers who received aggregate payments exceeding $25,000

Aggregate amount
Supplier name
paid to supplier
see attached $                26,678,532

Total aggregate amount paid to suppliers $                26,678,532

2
Consolidated total paid to suppliers who received aggregate payments of $25,000 or less

$                   2,878,888

3 Total of payments to suppliers for grants and contributions exceeding $25,000

Consolidated total of grants exceeding $25,000 $                      298,400

Consolidated total of contributions exceeding $25,000 $                               ‐
Consolidated total of all grants and contributions exceeding $25,000 $                      298,400

4 Reconciliation

Total of aggregate payments exceeding $25,000 paid to suppliers $                26,678,532

Consolidated total of payments of $25,000 or less paid to suppliers $                   2,878,888
Consolidated total of all grants and contributions exceeding $25,000 $                      298,400
Reconciling items* $               (17,931,016)
Total per Statement of Revenue and Expenditure $                12,182,609
Variance* $                      257,805

* Note: if you cannot provide reconciling items, please provide an explanation of the variance

Prepared under the Financial Information Regulation, Schedule 1, section 7 and the Financial Information Act , section 2.
City of Revelstoke
Reconciliation of Supplier Payments over $25,000
2017

Balance per report $   26,976,931.68
Less: Grants over $25,000          (298,400.00)
     26,678,531.68
Add Payments under $25,000        2,878,888.23
Add Grants over $25,000           298,400.00
     29,855,819.91
Reconciling items:
Increase/(decrease) in accounts payable $    1,468,491.12
Increase/(decrease) in inventory            (73,125.99)
Increase/(decrease) in prepaids          (233,705.71)
Debenture payments       (1,910,641.00)
Capital project payments      (7,431,224.00)
Payments related to remuneration      (3,514,216.91)
Payments related to third party taxes      (3,876,949.25)
Other (deposits)      (2,359,644.38)
    (17,931,016.12)
     11,924,803.79
Variance            257,805.21
Balance per Statement of Revenue & Expenses $   12,182,609.00
STATEMENT OF ACCOUNTS PAID ‐ 2017

Vendor Name Amount

0929468 BC Ltd $ 1,403,430
1 & 2 Electric Ltd $ 134,106
A & G Supply Ltd $ 111,673
Aardvark Pavement Marking Services $ 82,690
Acklands - Grainger Inc $ 50,861
Battersby's Plumbing & Heating Ltd $ 55,696
BC Assessment Authority $ 90,350
BC Hydro & Power Authority $ 794,663
BC Transit $ 393,347
BDO Canada LLP $ 45,911
Big Eddy Fuel Services Ltd $ 189,875
Boundary Electric (1985) Ltd $ 26,775
Bresco Industries Ltd $ 53,969
Canadian Union of Public Employees $ 80,555
Cansel $ 28,552
CanWest Hotels $ 571,366
Canyon Industrial Electrical Service $ 56,245
CDW Canada Inc $ 130,677
CH2M Hill Canada Limited $ 27,473
Chapman Mechanical Ltd $ 64,141
CIMCO Refrigeration $ 74,246
Cleartech Industries Inc $ 58,531
Columbia Shuswap Regional District $ 2,005,061
Columbia Shuswap Regional District (Garbage) $ 70,217
Commissionaires BC $ 61,444
Community Connections (Revelstoke) Society $ 32,143
Community Futures Development (Revelstoke) $ 42,331
Consummate Building Services Ltd $ 134,223
Corix Water Products Inc $ 70,222
David Hewko Planning & Program Mgmt. $ 29,231
Dell Canada Inc $ 43,852
Dominion GovLaw LLP $ 38,915
E B Horsman & Son $ 73,202
E/E Electrical Enterprise Ltd $ 32,774
ESRI Canada Limited $ 27,139
Evergreen Building Maintenance Inc. $ 73,080
Everything Revelstoke $ 128,077
Finning (Canada) a Division of Finning International Inc $ 57,097
Fort Garry Fire Trucks Ltd $ 238,260
Fortis BC-Natural Gas $ 74,931
Golder Associates Ltd $ 168,099
Guillevin International Co $ 99,383
Hogg, Leslie $ 54,870
Horizon North Manufacturing $ 36,240
Houle Electric Ltd $ 37,582
Insurance Corporation of BC $ 74,106
Jacobson Ford-Mercury Sales Ltd $ 77,387
Jake-Jay Construction Ltd $ 1,044,901
K & E Business Services Inc. $ 88,301
Kamloops Ford Lincoln Ltd $ 51,962
Kempton, Karilyn $ 54,595
Kepex Services Ltd $ 132,599
Lyndon Enterprises Ltd $ 35,972
McConnell, Jesse $ 55,965
McElhanney Consulting Services Ltd $ 253,116
Mearls Machine Works Ltd $ 36,289
Minister of Finance - School Tax $ 2,431,089
MMM Group Limited $ 124,347
Modern Energy Managment Refrigeration $ 56,420
Morneau Shepell $ 438,955
Mounce Construction $ 2,710,419
Municipal Finance Authority of BC (Loans) $ 510,994
Municipal Insurance Association of BC $ 89,390
Napa Auto Parts (3725) $ 98,410
North Okanagan/Columbia Shuswap Regional Hospital $ 469,127
Okanagan Regional Library $ 312,683
Page-Brittin, Penny $ 66,838
Pension Corporation - Municipal Pension Plan $ 1,064,261
Protocol Technologies Inc $ 42,463
Province of BC $ 133,351
R Jones Contracting $ 32,062
Receiver General - RP0001-RP0003 $ 1,688,448
Receiver General For Canada - LAN/Prisoner $ 113,431
Receiver General for Canada - RCMP $ 1,327,530
Revelstoke Accommodations Association $ 836,381
Revelstoke Alpine Village Inc $ 250,758
Revelstoke Arts Council $ 96,094
Revelstoke Chamber of Commerce $ 99,559
Revelstoke Community Connections $ 60,000
Revelstoke Community Energy Corporation $ 170,275
Revelstoke Credit Union - Mastercard $ 127,174
Revelstoke Cycling Club $ 39,000
Revelstoke Golf Club $ 105,000
Revelstoke Museum & Archives $ 96,450
Revelstoke Septic & Portable Rentals $ 49,340
Revelstoke Times Review $ 28,677
Revelstoke Visual Arts Society $ 41,500
Revelstoke Volunteer Fire Dept $ 54,330
Rocky Mountain Phoenix $ 25,740
Rollins Machinery Limited $ 52,847
School District No 19 (Revelstoke) $ 97,850
Score Construction Ltd $ 49,489
Simson-Maxwell $ 25,014
Smithson Employment Law Corporation $ 27,371
Specialized Refrigeration $ 53,723
Speers Construction Inc $ 1,350,086
Stephanie Melnyk Consulting $ 68,150
Telus Mobility $ 29,846
Trinity Valley Drilling $ 38,550
Valley Blacktop $ 83,729
Vic Van Isle Construction Ltd $ 108,297
VVI Construction Ltd $ 452,374
WE Consulting & Benefits Services Ltd $ 95,898
Willis Canada Vancouver $ 119,075
Worksafe BC $ 146,101
WSP Canada Group Limited $ 276,626
Zacharias, Jill $ 52,714
Total Payments Over $25,000 $ 26,976,932

Total Payments Under $25,000 $ 2,878,888

$ 29,855,820
City of Revelstoke
SOFI Statements - Grants Exceeding $25,000
2017

Name Amount

Revelstoke Arts Council 30,400

Revelstoke Community Connections Society 74,000
Revelstoke Cycling Association 39,000
Revelstoke Golf Club 105,000
Revelstoke Visual Arts Society 50,000

$ 298,400
 City of Revelstoke

MANAGEMENT REPORT

The Financial Statements contained in this Statement of Financial Information under the
Financial Information Act have been prepared by management in accordance with
generally accepted accounting principles or stated accounting principles, and the integrity
and objectivity of these statements are management's responsibility. Management is also
responsible for all the statements and schedules, and for ensuring that this information is
consistent, where appropriate, with the information contained in the financial statements.

Management is also responsible for implementing and maintaining a system of internal

controls to provide reasonable assurance that reliable financial information is produced.

The Council is responsible for ensuring that management fulfils its responsibilities for
financial reporting and internal control.

The Director of Finance has the responsibility for assessing the management systems and
practices of the corporation.

The external auditors, BDO Canada LLP, conduct an independent examination, in

accordance with generally accepted auditing standards, and express their opinion on the
financial statements. Their examination does not relate to the other schedules and
statements required by the Act. Their examination includes a review and evaluation of the
corporation's system of internal control and appropriate tests and procedures to provide
reasonable assurance that the financial statements are presented fairly. The external
auditors have full and free access to all financial records and information.

On behalf of the City of Revelstoke.

_____________________
Name: Tania McCabe, CPA, CA
Title: Director of Finance
Date: June 26, 2018

Prepared pursuant to Financial Information Regulation, Schedule 1, section 9

 CITY OF REVELSTOKE

STATEMENT OF FINANCIAL INFORMATION APPROVAL

The undersigned, as authorized by the Financial Information Regulation, Schedule 1, subsection 9(2),
approves all the statements and schedules included in this Statement of Financial Information,
produced under the Financial Information Act.

Name: Tania McCabe, CPA, CA Name: Mark McKee

Position: Director of Finance Position: Mayor
Date June 26, 2018 Date: June 26, 2018

Prepared pursuant to the Financial Information Regulation, Schedule 1, section 9