PEILCC 2023 Annual Report

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Notes to Financial Statements Year Ended March 31, 2023

8. DUE TO THE PROVINCE OF PRINCE EDWARD ISLAND Prince Edward Island Liquor Control Commission is a wholly owned Crown Corporation of the Province of Prince Edward Island. The Commission's employee salaries and benefits are paid by the Province and are subsequently reimbursed by the Commission. Net profit earned during the period is payable to the Province. 2023 2022

$ 12,016,215

Due to the Province of Prince Edward Island

$ 11,606,070

9. DEBENTURES PAYABLE

2023

2022

Province of PEI - 4.07%, repayable in annual blended installments of $49,488. The loan matures on January 2, 2024.

$ 47,553

$ 93,246

PLEASE DON’T DRINK & DRIVE

(47,553)

Current portion

(45,693)

$

-

$ 47,553

10. LEASE LIABILITIES

2023

2022

The Commission leases 13 retail outlets, two warehouses and office space. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.

$ 3,516,826

$ 3,105,474

(798,785)

Current portion

(829,640)

$ 2,718,041

$ 2,275,834

Future minimum capital lease payments are approximately: 2024

$ 789,785

2025 2026 2027 2028

757,268 608,732 468,210 398,294 1,542,265

Thereafter

Total minimum lease payments

4,564,554

Less: amount representing interest at various rates

1,047,728 $ 3,516,826

11. CONTRACTUAL OBLIGATIONS The Commission has entered into contracts with various suppliers for hardware maintenance, software support services, and security services. The total of these contracts is $662,018 and they expire between one and two years.

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PEILCC 2022-2023 Annual Report