2019 Annual Report Downtown Business Association Downtown Business Association Staff

Ian O’Donnell Executive Director

Mary Davies Office Manager and Executive Assistant

Tracy Hyatt Manager of Marketing & Communications

Kayla Shapka Marketing Coordinator

What is a BIA A Business Improvement Area (BIA) is a specific geographic area of the city in which businesses pool resources and work together through a formal association to enhance the economic development of their area.

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ED Downtown Visitor Map 2018 v4 240918.indd 1 25/09/2018 11:32 Queen Elizabeth N Outdoor Pool & A W Trans Canada Trail Kinsmen Spray Park E H C Mission Statement To support, connect and enrich Edmonton’s Downtown community.

2019 Goals • Develop and maintain programs to attract and retain business in Downtown Edmonton

• Ensure the safety, cleanliness and beautification of Downtown Edmonton

• Promote and develop Downtown Edmonton’s image and identity through events, promotions and marketing.

• Advocate on behalf of business members and assist in resolving issues affecting members

• Provide leadership and communicate matters of concern to members, government officials and key stakeholders.

4 | edmontondowntown.com Message from the Chair

As this is written, we recognize that the world has changed dramatically since 2019. Many of our member businesses are dealing with a very challenging economic and regulatory environments that are materially impacting their business and way of life, and negatively impacting their employees and suppliers. More than ever before, the DBA, its staff, our Board and partners are coming together to provide resources, support and work towards recovery.

Looking back at 2019, one of the key projects was passing the next iteration of our Strategic Plan that focused on four main goals. We want to redefine our Downtown’s identity and share more of its unique stories with our city and region, to encourage more participation with our members/ stakeholders and raise the levels of engagement across sectors; to create a more inclusive, accessible and attractive Downtown; and to more holistically position Downtown Edmonton as a year-round destination for capital investment, tourism and overall activity.

We continue to strive to deliver value to our member business and improving the experience that Downtown delivers for all. Our Board is leveraging existing relationships and partnerships, while looking to extend our reach to new organizations and individuals who see the importance of a vibrant and healthy Downtown core.

Finally, we would like to sincerely thank and acknowledge our four departing board members for their dedication and contributions to the Downtown.

Linda Wedman – The Works Society Ian Large – Leger Gord Rajewski (Past Chair) – Pinchin Ltd. Sheldon Magnes – Impark/Reef Parking

We will come out of this with a stronger and a more connected community.

Robert Bothwell Chair Downtown Business Association

2019 ANNUAL REPORT | 5 Executive Director’s message

This past year was filled with a greater diversity of challenges and opportunities in the Downtown core than in past years. Collectively, we have been coming together and connecting in new ways to support growth in our member business, but also to look at new approaches for issues around cleanliness and social disorder found on our streets.

Entering 2019, the DBA looked to an updated Strategic Plan centered around the very crux of what Downtown needs to continue on a positive trajectory and further transformation. This includes a focus on: Partnerships, Engagement, Interconnection and Destination.

We continue to see expansion in our tech and various other emerging sectors in the core. This is critical to our future growth potential and brand/reputation as a desirable city to invest in, relocate to and create a companies in. It cannot be stressed enough that we must continue to work with government to support the notion that ‘all companies are now tech companies’.

Our Executive, Board, Committee members and staff continue to work diligently on key issues for our member business including economic development, safety, beautification, residential infill and cleanliness. The value proposition we work to provide to our member businesses is at the heart of what we do each and every single day.

Downtown Edmonton is a resilient and robust collection of business leaders, community volunteers, thousands of students and over 13,000 residents. Challenging times will require us all to come together and lead with solidarity and a dedication to continue transform our core in new and innovative ways.

It goes without saying, that our mission statement transcends what we do and how we do it.

‘To Support, Connect, and Enrich Edmonton’s Downtown Community’.

We look forward to working with you in 2020.

Sincerely,

Ian O’Donnell Executive Director Downtown Business Association 6 | edmontondowntown.com 2019 ANNUAL REPORT | 7 Downtown by the numbers

13,000+ 64,865 Number of Downtown Number of People 2.28 km2 Residents Employed Downtown 228 hectares $279Million Construction value of Downtown building permits issued in 2019

269 13.19% Number of Downtown building Retail Storefront Vacancy Rate permits issued in 2019 1,168 Number of Licensed Businesses in 2019 8 | edmontondowntown.com 2019 ANNUAL REPORT | 9 2019 DBA Board of Directors

The Board of Directors plays a pivotal role in governing the Downtown Business Association’s operations, including management, economic development and finance, planning, marketing and events, and member service functions. The members of the Board are elected at the Annual General Meeting and confirmed by City Council. They represent the diverse needs and interests of the Association’s constitution and Downtown Edmonton. The Board of Directors meets monthly to review committee actions and approve the priorities for future Association endeavours, as well as approve and implement strategies in regard to the Strategic Plan.

Robert Chris Graham Ian Councillor Bothwell, Chair Shoppers Drug Large Scott McKeen, Bennett Jones Mart Leger Ex Officio LLP City of Edmonton

Zarina Jeremy Sheldon Paul Ross, Bhambhani, Hayward Magnes Ex Officio Treasurer solūt Reef Parking City of Edmonton KPMG LLP

Gary Gord Rajewski, Martin Tomchuk Past Chair Kennedy The Sherlock Pinchin Ltd. EPCOR Holmes Hospitality Group

Patrick Myrna Khan Garrett Turta Saurette, MacEwan Fairmont Hotel The Marc University Macdonald Restaurant

Bob Black, Wayne Linda Wedman Katz Group Kryzalka The Works ATB Society

10 | edmontondowntown.com Executive Committee The Executive Committee governs the management function of the Association. Its purpose is to recommend policy, monitor the implementation of the Strategic Plan, review committee reports, make recommendations to the Board of Directors and provide input on overall staff operations. The Executive Committee is also responsible for the finances and financial procedures of the Association.

Robert Bothwell, Zarina Bhambhani, Chair Treasurer Bennett Jones LLP KPMG LLP

Martin Kennedy, Patrick Saurette, Vice-Chair Director EPCOR The Marc Restaurant, Executive Gord Rajewski, Past Chair Pinchin Ltd.

2019 ANNUAL REPORT | 11 12 | edmontondowntown.com Business Recruitment Committee

The Business Recruitment Committee (BRC) focuses on ways to improve the business environment in the Downtown core. Additional projects in the summer and throughout the year are aimed at building an increasingly livable and walkable Downtown core with a business-friendly environment. BRC Members are experienced real estate and property management executives who have an interest in making Downtown Edmonton the best place to do business.

Jeremy Hayward, Chair Cameron Haldane Scott Riddell solūt Krahn Group ATB

Mark Anderson Nick Lilley Glen Scheuerman CBRE Ponten Innovations Morguard Investments

Dustin Bateyko Camille Lorieau Jimmy Shewchuk Cushman & Wakefield Qualico Developments Prairie Catering

Jonathan Fraser Casey McClelland Brad Smith DLA Piper (Canada) LLP Marcus & Millichap The Canapen Group

Lance Frazier Denes Nemeth Cushman & Wakefield AIMCO

Kevin Glass David Olson Marcus & Millichap Lizottte Real Estate

2019 ANNUAL REPORT | 13 2019 Business Recruitment Committee Report

Recognizing the need to leverage Edmonton’s A.I. research potential and the opportunities for diversifying the Downtown business core, the BRC had a busy year supporting the Findings of the report showed that Downtown growing business community Downtown, with a focus on the has seen the formation of an organic technology sector. tech cluster through to the availability of tech-focused office space, a great urban To further accelerate the growth in this high experience and the ability to easily collaborate potential industry, the DBA partnered with with the broader tech community. With the Alberta School of Business and hired an numerous high-profile companies like Google MBA student to examine the Downtown tech DeepMind and BioWare moving to Downtown ecosystem and provide recommendations in 2019 and other successful startups growing for further growth. The MBA student worked here, the tech community is thriving and with the BRC and connected with more shaping our Downtown. than 50 stakeholders in the Downtown tech ecosystem, including established tech The report included five recommendations: companies, startups, service providers as well 1. Establish a Downtown Accelerator to as non-profit and government agencies. increase the number of successful and In August, the report, entitled “Accelerating investable companies. Tech in Downtown Edmonton: Impacts and 2. Continue to develop tech-focused office Opportunities,” was released to a sold-out space. audience at Yellowhead Brewery. Interest 3. Retain homegrown talent by collaborating around the report generated multiple with post-secondary institutions to secure news stories, further promoting business jobs for our talented graduates. development in Downtown and highlighting 4. Continue to enhance the urban experience the many successful tech companies located to attract top caliber tech talent here. The event, which included a panel 5. Collaborate with Edmonton Advisory discussion with Downtown tech business Council on Startups (EACOS) and other owners, provided a platform for networking organizations in the ecosystem to connect and collaboration between startups, real the tech community to the broader estate and property management executives Downtown business community. and the wider business community. To build upon the momentum from the Tech Report, the Fall DBA Luncheon in October focused on the tech innovation scene, further building upon the recommendations made by the report.

Moving forward the DBA is uniquely positioned to support this emerging and high-growth industry, bringing more vibrancy and diversity to Downtown and Edmonton. In 2020, the DBA will continue to be a connector for Downtown’s tech industry and will work with key stakeholders to hold more events like this. 14 | edmontondowntown.com 2019 BRC Highlights

The DBA 2019 business report, Accelerating Tech in Downtown Edmonton: Impacts and Opportunities, was presented in August, in partnership with the Alberta School of Businesses. The report highlighted how the Association and Downtown business community can support the growing tech community.

The BRC Committee continued to work with the City of Edmonton to find parking management strategies to increase the turnover of spaces in high traffic areas, such as 104 Street and Rice Howard Way.

With the increased number of people working, living and visiting the core, the committee continued to work with the City of Edmonton and other organizations to address cleanliness in the core. A $10,000 donation to Downtown Proud, helped to resurrect the litter removal program and employ five individuals in the Downtown and Boyle communities. Additional routes were added to the program, including garbage collection services in the hours following Rogers Place events.

Building on the work being done by community stakeholders, the BRC Committee continued to push for initiatives to make Downtown safer, including increased policing and community foot patrols, crime prevention through design, community communication strategies and social programs.

Improving business permit times and reducing red tape continued to be a focus. To help entrepreneurs navigate permits and licensing requirements, the DBA directed sponsorship dollars and marketing support to the City’s Small Business Series – workshops and presentations to help small business prepare for the regulatory process.

2019 ANNUAL REPORT | 15 Marketing Committee

A key priority of the Marketing Committee is to provide advice, recommendations and marketing expertise on how to attract visitors to Downtown. The Marketing Committee helps identify target audiences, marketing channels and events that meet the objectives identified in the DBA’s Strategic Plan. Members represent a cross section of the Downtown business community from various industries, including professional services, education, arts and culture, retail, hotels, restaurants and may include representation from EEDC.

Ian Large, Chair Nykala Shone Leger EEDC

Marvin Babiuk Timothy Starchuk Edmonton Transit Service EPCOR

Jon Hall Richard Thornley 104 Street Committee Edmonton Public Library

Anastasia Lim Gillian Thomson University of Alberta DIALOG

Mandie Lopatka Melanie Stroh Stantec The Westin Edmonton

16 | edmontondowntown.com 2019 Highlights

To better reflect the changing Downtown the program updated its free daily tours to business community and growing include stops at the historical 104 Street, membership, the DBA’s printed publications the Ice District and the 101 Street Funicular. were redesigned. Striking imagery, the incorporation of vibrant colours and the In October, the DBA co-hosted a Small addition of business profiles were key Business Week event with Work Nicer elements to better engage readers of Coworking. The panel discussion on The Downtown Advantage and Guide building a strong workplace culture was to Downtown. attended by more than 50 entrepreneurs and employees of Downtown startups. In March, our 15th annual Downtown Dining Week rolled out with a brand Harvest Fest, our fall dining event, also refresh. The new logo, messaging and saw a brand refresh to attract a younger tone targeted a younger audience more and diverse audience. Twenty-seven plugged into social media. Other changes restaurants participated in the four-day to the program included the addition of festival, which also saw the addition brunch and daily events. Fifty restaurants of daily events, including a Downtown offered lunch, dinner and brunch menus brewery tour and an Edmonton Downtown during the 10-day event, breaking previous Farmers Market shopping day for participation numbers. participating chefs.

The annual spring and fall luncheons are The DBA’s holiday campaign kicked off the DBA’s largest member engagement late November with the annual Downtown events, allowing members and key Light Up event. An estimated 2,000 people stakeholders to discuss issues and trends attended the Churchill Square two-hour affecting Downtown. The theme of the weekday festivity. Free programming and Spring luncheon, Connectivity, highlighted activations included Indigenous drumming, future projects such as the Prairie Sky Fort Edmonton historical interpreters, Gondola and the Warehouse Campus Winter City Edmonton, hot beverages, Neighbourhood Park. The fall luncheon cookies, roasted chestnuts and taffy held at the newly opened JW Marriott on snow. Ice District centered around innovation. Keynote speaker Ken Bautista spoke on Other holiday campaign activities included how to transform Downtown spaces into the annual Holiday Window Decorating an innovation hub. contest which saw participation from 25 businesses and Downtown arts and cultural For those visiting, working and living in the organizations. The 20 Days of Christmas core, the DBA’s Downtown Ambassadors giveaway, highlighted gifts available at program is a welcoming addition to Downtown retailers and restaurants. To Downtown streets every summer. Four collect donations for 630 CHED Santas hired Ambassadors perform daily street- Anonymous, the DBA partnered with the level walkabouts, making regular contact Edmonton Public Library to host a free, with visitors and Downtown businesses. noon-hour performance. Other daily duties include litter removal and assisting summer festivals. This year 2019 ANNUAL REPORT | 17 Downtown Festival Grants Year-round, Downtown hosts more than 24 festivals and events that have a significant economic impact on our Downtown core. These festivals attract thousands of local, regional, national and international visitors who spend hundreds and thousands of dollars at member businesses – restaurants, bars, parking operators, hoteliers and other providers of services.

To recognize the value of festivals to our local economy, the DBA provides $80,000 in grants to qualifying festivals taking place within our boundaries. Festivals that demonstrate exciting and innovative programming, a positive economic impact on the Downtown business community are eligible for up to $10,000 in financial support.

In 2019, the festivals below were awarded money through the Downtown Festival Grant program.

• Animethon • Cariwest • Edmonton International Film Festival • Edmonton International Jazz Festival • Edmonton Jewish Film Festival • Edmonton Poetry Festival • Improvaganza International Improv Festival • LitFest • Taste of Edmonton • The Works Art & Design Festival

18 | edmontondowntown.com Animethon 2019 (LEFT); Cariwest 2019 (BELOW)

2019 ANNUAL REPORT | 19 Operations Committee

The Operations Committee works extensively with various departments of the City of Edmonton and members of the business community regarding infrastructure, safety and security issues. The objectives of the Committee include proactive projects and monitoring in the areas of Downtown beautification, maintenance, safety, security and operational matters in both public and private sectors.

The Committee is supported by a wide range of civic employees, parking and property management executives and policing personnel who are responsible for the planning and development, daily operations, and management of various Downtown buildings, businesses, transportation and security services.

Gord Rajewski, Chair Stacey Mitchell Pinchin Ltd. City of Edmonton, Horticulture/Infrastructure Jenny Baker Operations City of Edmonton Civic Events & Festivals/Citizen Services Shannon Murray City of Edmonton, Don Belanger Community Services City of Edmonton Capital City Cleanup Darrell Nordell City of Edmonton Sergeant Ryan Ferry Citizen Services Edmonton Police Service Nicole Nunes Darla Hampshire City of Edmonton City of Edmonton Neighhourhood Empowerment E-Park Operations Superintendent Terry Rocchio David Holdsworth Edmonton Police Service City of Edmonton, Urban Renewal Karey Steil City of Edmonton Flemming Kristensen Community Standards EPCOR Stacey Switzer Connie Marciniuk City of Edmonton City of Edmonton Parks & Roads Services Citizen Services Gary Tomchuk Sheldon Magnes The Sherlock Holmes Reef Parking Hospitality Group

20 | edmontondowntown.com 2019 Highlights

The Committee continued its work with various City of Edmonton departments to ensure that streets are being help business owners and their employees cleaned and are cleared of snow in a timely manner. This year’s respond appropriately to the issue. efforts resulted in a coordinated review of street sweeping boundaries and scheduling. With the increased construction in the core, the committee continued to work with the City of Edmonton to resolve accessibility With the increased number of people issues for non- and disabled pedestrians working, living and visiting the core, the at construction sites across Downtown. committee continued to work with the City Problems such as the closing of sidewalks on of Edmonton and other organizations to both sides of a street and poor placement of address cleanliness in the core. A $10,000 construction zones and signs at various sites commitment to Downtown Proud helped were resolved. to resurrect the litter removal program and employ up to five individuals in the The Committee welcomed the August Downtown and Boyle communities. opening of Mackay Avenue Playground, Additional routes were added to the program, Downtown Edmonton’s first community including garbage collection services in the playground. The playground is an initiative hours prior to and following Rogers Place of the Edmonton Police Service, the DBA events. A renewed focus on Jasper Avenue and several community organizations that is being discussed, with working groups to raised more than $150,000 towards a new follow in early 2020. playground for McKay Avenue. This project ensures that our Downtown is inviting, To encourage restaurants, retailers and inclusive and improves the amount of property owners to think of their sidewalks as normalized activities in strategic areas. an extension of their business and to promote the beautification of Downtown, the DBA At our annual Security Seminar, guest helped coordinate the purchase of 123 flower speaker Inspector Dan Jones of the barrels and baskets through the Bloomin’ Edmonton Police Service presented Boulevards program. on innovative policing practices and how to approach crime and disorder as With the assistance of the City of Edmonton, guardianship. the DBA piloted a winter planter program to help beautify Downtown streets during After ongoing complaints about increased the busy holiday season. In November, 40 gang activity in several areas Downtown, barrels filled with greenery were placed on such as Rice Howard Way and MacDonald Rice Howard Way, 100 A Street, Judy Padua Drive, business owners, Edmonton Police Way and Shoctor Alley in November for and various City of Edmonton departments approximately 12 weeks. As a result of this and stakeholders met to come up with pilot program, the City of Edmonton was possible immediate and long-term solutions able to relight the majority of Rice Howard to the growing problem. Way trees.

In partnership with Boyle Street Community Services, the DBA produced a panhandling pamphlet to provide tips and resources to

2019 ANNUAL REPORT | 21 Independent auditor’s report

TO THE BOARD OF DIRECTORS OF DOWNTOWN BUSINESS ASSOCIATION OF EDMONTON

Opinion We have audited the financial statements of Downtown Business Association of Edmonton [the “Association”], which comprise the statement of financial position as at December 31, 2019, and the statement of changes in net assets, statement of revenue and expenses and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Association as at December 31, 2019, and its results of operation and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Association’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

22 | edmontondowntown.com DECEMBER 31, 2019

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • 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 Association’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 Association 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.

We 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.

Edmonton, Canada March 19, 2020

2019 ANNUAL REPORT | 23 Statement of Financial Position

2019 2018 $ $ Assets Current Cash and cash equivalents 830,951 439,198 Short-term investments 205,346 205,787 Accounts receivable 14,404 7,217 Prepaid expenses and deposits 3,854 7,739 Total current assets 1,054,555 659,941 Capital assets, net [note 3] 37,245 52,986 1,091,800 712,927

Liabilities and net assets Current Accounts payable and accrued liabilities 189,596 209,853 Deferred Business Improvement Area levy 306,147 - Current portion of deferred lease inducement 4,575 4,575 Total current liabilities 500,318 214,428 Deferred lease inducement 4,574 9,149 Total liabilities 504,892 223,577 Commitments [note 5]

Net assets Internally funded capital assets 37,245 52,986 Internally restricted for specific initiatives [note 6] 549,663 436,364 Total net assets 586,908 489,350 1,091,800 712,927

See accompanying notes On behalf of the Board: Chair Executive Director

24 | edmontondowntown.com Statement of Changes DECEMBER 31, 2019 in Net Assets

Internally restricted

Internally funded capital Specific assets initiatives Unrestricted Total 2019 $ $ $ $

Balance, beginning of the year 52,986 436,364 - 489,350 Excess of revenue over expenses - - 97,558 97,558 Purchases of capital assets 4,250 - (4,250) - Amortization of capital assets (19,992) - 19,992 - Transfers from specific initiatives [note 6] - (32,729) 32,729 - Transfers to specific initiatives [note 6] - 146,029 (146,029) - Balance, end of the year 37,244 549,664 - 586,908

Internally restricted

Internally funded capital Specific assets initiatives Unrestricted Total 2018 $ $ $ $

Balance, beginning of the year 37,991 308,881 20,000 366,872 Excess of revenue over expenses - - 122,478 122,478 Purchases of capital assets 32,440 - (32,440) - Amortization of capital assets (17,445) - 17,445 - Transfers from specific initiatives [note 6] - (39,784) 39,784 - Transfers to specific initiatives [note 6] - 167,267 (167,267) - Balance, end of the year 52,986 436,364 - 489,350

See accompanying notes

2019 ANNUAL REPORT | 25 Statement of Revenue and Expenses

2019 2018 $ $ Revenue Business Improvement Area levy 1,224,586 1,224,586 Sponsorships [note 7] 293,990 334,275 Downtown Dollar program closed [note 4] - 125,777 Advertising and events 28,430 18,930 Interest 4,067 3,501 1,551,073 1,707,069

Expenses Special events and programs [note 7] 499,666 522,583 Public relations and marketing communications 270,358 273,457 Winter Lights program 120,846 162,990 Downtown Dollar program [note 4] - 670

Administration

Salaries and employee benefits 355,726 427,036 Rent and occupancy costs 105,134 106,217 Office 28,118 29,362 Professional fees 22,012 20,976 Amortization of capital assets 19,992 17,445 Meetings 12,391 5,792 Postage and courier 4,603 5,375 Telephone and internet 4,414 4,168 Insurance 3,350 3,408 Bank charges 3,183 2,751 Travel, training and recruitment 3,722 2,361 1,453,515 1,584,591 Excess of revenue over expenses 97,558 122,478

See accompanying notes

26 | edmontondowntown.com Statement of DECEMBER 31, 2019 Cash Flows

2019 2018 $ $ Operating activities Received from Business Improvement Area levy 1,530,733 1,224,586 Received from sales, programs and special events 64,647 45,333 Amounts paid to vendors and employees (1,203,885) (1,208,104) Gain from write-off of redemption balance - 125,190 Interest received 4,508 3,059 Cash provided by operating activities 396,003 190,064

Investing activities Purchases of capital assets (4,250) (32,440) Cash used in investing activities (4,250) (32,440)

Net increase in cash and cash equivalents during the year 391,753 157,624 Cash and cash equivalents, beginning of year 439,198 281,574 Cash and cash equivalents, end of year 830,951 439,198

See accompanying notes

2019 ANNUAL REPORT | 27 Notes to Financial Statements

1. Nature of the organization On November 26, 1985, the City of Edmonton Municipal Council passed a bylaw establishing the Downtown Edmonton Business Revitalization Zone (renamed Business Improvement Area effective January 1, 2017) and incorporating the Downtown Business Association of Edmonton [the “Association”] under the Municipal Government Act.

The mandate of the Association is to “support, enrich and connect Edmonton’s Downtown Community.” Its goals are to promote Downtown Edmonton’s image and identity through events, attractions and marketing; to encourage planning and environmental standards for new developments; to promote beautification, safety and mobility; to provide leadership; and to communicate matters of concern to members, government officials and the public.

The Association is a not-for-profit organization within the meaning of the Income Tax Act (Canada) and is exempt from income taxes.

2. Summary of significant accounting policies

Basis of presentation These financial statements were prepared in accordance with Part III of the CPA Canada Handbook – Accounting, “Accounting Standards for Not-for-Profit Organizations”, which sets out generally accepted accounting principles for not-for-profit organizations in Canada and includes the significant accounting policies described hereafter.

Cash and cash equivalents Cash and cash equivalents consist of cash on hand and term deposits with initial maturity dates of less than 90 days.

Short-term investments Short-term investments consist of term deposits with initial maturity dates of between 90 and 365 days.

Capital assets Purchased tangible and intangible capital assets are recorded at acquisition cost. Contributed tangible and intangible capital assets are recorded at fair value at the date of contribution. Amortization is determined using the straight-line method over the estimated useful lives of the assets as follows:

Tangible Office equipment and furniture 5 years Computer equipment 3 years Tenant improvements Over the lease term

Intangible Website 3 years

28 | edmontondowntown.com DECEMBER 31, 2019

Revenue recognition The Association follows the deferral method of accounting for contributions, which include grants and donations. Externally restricted contributions are deferred when initially recorded in the accounts and recognized as revenue in the year in which the related expenses are recognized. Grants are recognized in the accounts when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Other donations are recorded when received, since pledges are not legally enforceable claims. Unrestricted contributions are recognized as revenue when initially recorded in the accounts.

Contributions for the acquisition of capital assets are presented as “deferred contributions – capital” and are amortized to revenue on the same basis as the acquired capital assets are amortized.

Sponsorships and advertising are recognized when the services have been provided.

Contributed materials, services and facilities The Association records contributed materials, services and facilities in those cases where:

[a] The Association controls the way they are used; [b] There is a measurable basis for determining fair value; and [c] The services are essential services, which would normally be purchased and paid for if not contributed.

Otherwise, contributed materials and services are not recorded in the financial statements.

Financial instruments Short-term investments are recorded at fair value. Other financial instruments, including accounts receivable and accounts payable and accrued liabilities, are initially recorded at fair value and subsequently measured at amortized cost.

Use of estimates The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related amounts of revenue and expenses, and disclosure of contingent assets and liabilities. Significant items subject to such estimates and assumptions include the carrying amount of capital assets. Actual results could differ from those estimates.

2019 ANNUAL REPORT | 29 Notes to Financial Statements (CONTINUED)

3. Capital assets

2019 2018

Cost Accumulated Cost Accumulated $ amortization $ amortization $ $

Tangible Office equipment and furniture 92,596 80,399 114,180 96,282 Computer equipment 11,179 8,049 31,343 25,056 Tenant improvements 91,754 77,918 91,754 72,464 Tokens [note 4] — — 16,150 16,150

195,529 166,366 253,427 209,952

Intangible Website 18,100 10,018 33,500 23,989 213,629 176,384 286,927 233,941

Net book value 37,245 52,986

4. Provision for redemption of parking tokens Due to changes in parking technology throughout the City of Edmonton, the parking token has become obsolete. Sales of the tokens ended June 30, 2017, and the redemption of tokens in circulation has ended December 31, 2018.

30 | edmontondowntown.com DECEMBER 31, 2019

Notes to Financial Statements (CONTINUED)

5. Commitments The Association is committed to future minimum annual lease payments required under operating leases for office equipment and premises as follows:

2020 236,119 2021 235,821 2022 125,000 2023 125,000 2024 125,000

846,940

The annual commitments include estimated operating costs and property taxes based on current year amounts.

In 2009, the Association entered into an agreement with the City of Edmonton to fund the replacement of old Christmas lights with a new Winter Lights program, designed to enhance the look of Downtown Edmonton throughout the winter months. The Association is committed to paying the City of Edmonton approximately $125,000 per year for installation, take-down and utilities, for an indeterminate period.

2019 ANNUAL REPORT | 31 Notes to Financial Statements (CONTINUED)

6. Internally restricted net assets The Board of Directors has formally imposed restrictions on certain of the Association’s net assets. Internally restricted net assets are to be used to fund specific spending initiatives in support of the Association’s mandate are approved by the Board of Directors from time-to-time.

For the year ended December 31, 2019, $32,729 [2018 – $39,784] was approved by the Board of Directors to be used for specific initiatives. For the year ended December 31, 2019, $146,029 [2018 – $167,267] was transferred to internally restricted net assets to fund future initiatives.

7. Contributed materials, services and facilities Sponsorships revenue includes contributed materials, services and facilities of $250,586 [2018 – $311,595], which are equally offset by amounts recorded in special events and programs.

8. Financial instruments and risk management The Association is exposed to various financial risks through transactions in financial instruments.

Credit risk The Association is exposed to credit risk in connection with its short-term investments and accounts receivable because of the risk that one party to the financial instrument may cause a financial loss for the other party by failing to discharge an obligation. The Association monitors outstanding accounts receivable balances regularly and allows for uncollectible amounts when determined. Short-term investments are invested with a large financial institution. There has been no change to credit risk from prior years.

Interest rate risk The Association is exposed to interest rate risk with respect to its fixed rate investments because the fair value will fluctuate due to changes in market interest rates. There has been no change to interest rate risk from the prior year.

Liquidity risk The Association is exposed to the risk that it will encounter difficulty in meeting obligations associated with its financial liabilities. The Association manages its liquidity risk by monitoring its operating requirements. The Association prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations. There has been no change to liquidity risk from the prior year.

32 | edmontondowntown.com DECEMBER 31, 2019

Notes to Financial Statements (CONTINUED)

9. Related parties Certain entities who employ members of the Board of Directors provide services to the Association. These services are provided in the regular course of business and are recorded at their exchange amounts, being the amounts agreed to by both parties. During the year, the Association incurred $nil [2018 – $2,300] of legal expenses with these entities.

10. Subsequent events Subsequent to year-end, the COVID-19 pandemic affected Canada, including Edmonton, Alberta. The Association has followed the recommendations of the local and national health authorities, as applicable. The final effects of the pandemic on the future financial performance and financial position of the Association, if any, cannot be determined at this time.

2019 ANNUAL REPORT | 33 Mat Simpson Photography

34 | edmontondowntown.com 2019 ANNUAL REPORT | 35 10121 Jasper Ave Edmonton, AB, Canada T5J 4X6 phone: 780.424.4085 fax: 780.425.7805 edmontondowntown.com