PEILCC Annual Report 2024

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Notes to Financial Statements Year Ended March 31, 2024

12. SALES

2024

2023

$140,325,106

Gross receipts

$141,049,038

Less taxes collected and remitted Provincial Health Tax

24,583,747 19,073,340

24,713,290 19,161,134

Harmonized Sales Tax

$ 96,668,019

Sales

$ 97,174,614

13. RELATED PARTY TRANSACTIONS These financial statements include the results of normal operating transactions with various provincial departments, Crown corporations, and agencies with which the Commission is related. Operating transactions with related parties, such as insurance and property taxes of $237,811 (2023 - $179,604) and interest on debentures of $1,935 (2023 - $2,880), are recorded at rates as determined by the Province of Prince Edward Island. Key management received $867,393 (2023 - $969,765) during the year for salaries and benefits. Post-employment benefits are the responsibility of the province and are not included in these financial statements. The Commission's employees salaries and benefits are paid by the province and subsequently reimbursed by the Commission. Profit earned during the period is payable to the Province. The outstanding balance due to the Province at year end is $13,009,466 (2023 - $12,016,215). Management and staff of the Prince Edward Island Liquor Control Commission (PEILCC) assisted in the development, management, and ongoing operation of the Prince Edward Island Cannabis Management Corporation. An estimation of the cost of these services has been expensed in various accounts in the amount of $846,788 (2023 - $706,824). 14. OTHER OPERATING EXPENSES Other operating expenses include consulting, legal, professional development, security and vehicle expenses. Included as an expense for the current year is a provision for bad debt of $1,061 (2023 - $Nil).

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PEILCC 2023-2024 Annual Report