2012 City of Prince George Annual Report

CITY OF PRINCE GEORGE 2012 ANNUAL MUNICIPAL REPORT
CITY OF
PRINCE GEORGE
TOURISM PRINCE GEORGE SOCIETY
Notes to Financial Statements (continued)
Year ended December 31, 2012
TOURISM PRINCE GEORGE SOCIETY
Notes to Financial Statements (continued)
Year ended December 31, 2012
7. Internally restricted net assets:
The Society’s Board of Directors internally restricted these funds to be used for capital
investment and business development purposes. These internally restricted amounts are not
available for other purposes without approval of the Board of Directors. The funds are
maintained in a separate investment account, and are shown as restricted investments in the
statement of financial position.
8. Commitments:
The Society has entered into an operating lease commitment for office equipment which expires
July 2015. The minimum lease payments in each of the next three years are:
2013 $ 1,800
2014 1,800
2015 1,050
$ 4,650
The Society has entered into an agreement for the lease of their premises including repairs and
maintenance and use of signs expiring December 31, 2014. The Society has also entered into
an ongoing agreement for the provision of administrative and information technology services
for an annual fee of $17,000. The minimum lease and administrative and information
technology payments in each of the next five years are:
9. Economic dependence:
The Society is dependent upon the provision of funding from the City of Prince George and
hotel room tax as it is a major source of revenue. The loss of this relationship would have a
significant impact on the Society's operations.
10. Financial risks and concentration of risk:
The Society manages its investment portfolio to earn investment income and invests according
to a Statement of Investment Policy approved by the Board. The Society is not involved in any
hedging relationships through its operations and does not hold or use any derivative financial
instruments for trading purposes.
The Society believes that it is not exposed to significant interest-rate, market, credit or cash flow
risk arising from its financial instruments.
Additionally, the Society believes it is not exposed to significant liquidity risk as all investments
are held in instruments that are highly liquid and can be disposed of to settle commitments.
11. Comparative information:
The financial statements have been reclassified, where applicable, to conform to the
presentation used in the current year. The changes do not affect prior year excess of revenues
over expenditures.
2013 $ 113,551
2014 113,551
2015 17,000
2016 17,000
2017 17,000
$ 278,102
The Society has entered into an agreement for web hosting services which expires July 2014.
The minimum lease payments, payable annually in advance in American dollars, in each of the
next two years are:
2013 $ 10,000
2014 10,000
$ 20,000
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www.princegeorge.ca
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