AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED … · 2016-05-17 · 1135yyy3 School Jurisdiction Code: 1135 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2015 [School

1135yyy3

School Jurisdiction Code: 1135

AUDITEDFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2015[School Act, Sections 147(2)(a), 148, 151(1) and 276]

Legal Name of School Jurisdiction

Mailing Address

Telephone & Fax Numbers, and Email Address

SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements of

Board of Trustees Responsibility

External Auditors

Declaration of Management and Board Chair

c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 422-0312 (Toll free 310-0000) FAX: (780) 422-6996

Bradley Toone

of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control.

The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the auditedfinancial statements with management in detail and approved the financial statements for release.

The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findings.The external auditors were given full access to school jurisdiction records.

To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position,results of operations and cash flows for the year in accordance with Canadian Public Sector Accounting Standards.

BOARD CHAIR

"Original Signed"

school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training

Livingstone Range School Division No. 68

5202 - 5 Street E. Claresholm AB T0L 0T0

(403) 625-3356 (403) 625-2424 [email protected]

presented to Alberta Education have been prepared by school jurisdiction management which has responsibility fortheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordancewith Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Education.

In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designedto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executedin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the

Livingstone Range School Division No. 68

Board-approved Release Date

Signature

Signature

SignatureName

Name

Name

SUPERINTENDENT

Dave Driscoll

SECRETARY-TREASURER OR TREASURER

Jeffery Perry

November 24, 2015

"Original Signed"

"Original Signed"

1


TABLE OF CONTENTS

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3

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17

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)

INDEPENDENT AUDITOR'S REPORT

NOTES TO THE FINANCIAL STATEMENTS

SCHEDULE OF PROGRAM OPERATIONS

SCHEDULE OF CAPITAL REVENUE

SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS

STATEMENT OF REMEASUREMENT GAINS AND LOSSES

STATEMENT OF CASH FLOWS

STATEMENT OF OPERATIONS

STATEMENT OF FINANCIAL POSITION

SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES

UNAUDITED SCHEDULE OF FEE REVENUE

UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING

UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES

2

Yt:u,lfng Pt:1trl::.v;n McNt:1tb llP

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To the Board of Trustees of the l.ivingst one Range School Division No. 68

We have audited the accompanying financiol statements of Livingstone Range School Division No. 68, which comprise the statement of financial position as at August 31, 2015, and the staternents of operations, change in net debt, remeasurement gains and losses, and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements Mcmagement is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, 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.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves pert orming procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Livingstone Range School Division No. 68 as at August 31, 2015, and the results of its operations, changes in its net debt, remeasurement gains and losses, and its cash flows for the year ended August 31, 2015 in accordance with Canadian public sector accounting standards.

Lethbridge, Alberta November 24, 2015 Chartered Accountants

3 TABER • FORT MACLEOD • CLARESHOLM • VAUXHALL • •MfLK RIVER • •pfNCHER CREEK

• Denotes Part-Time Office


2015 2014

FINANCIAL ASSETS

Cash and cash equivalents (Note 3) 9,562,057$ 9,455,739$

Accounts receivable (net after allowances) (Note 4) 3,523,493$ 4,888,379$

Portfolio investments (Note 5) 5,181,780$ 150,414$

Other financial assets (Note 6) 68,034$ 102,018$

Total financial assets 18,335,364$ 14,596,550$

LIABILITIES

Bank indebtedness (Note 7) -$ -$

Accounts payable and accrued liabilities (Note 8) 3,896,685$ 1,660,821$

Deferred revenue (Note 9) 46,629,424$ 37,219,300$

Employee future benefit liabilities (Note 10) 59,700$ 61,200$

Liability for contaminated sites -$ -$

Other liabilities -$ -$

Debt (Note 11)

Supported: Debentures and other supported debt 139,249$ 202,472$

Unsupported: Debentures and capital loans -$ -$

Mortgages -$ -$

Capital leases -$ -$

Total liabilities 50,725,058$ 39,143,793$

(32,389,694)$ (24,547,243)$

NON-FINANCIAL ASSETS

Tangible capital assets (Note 12)

Land 1,158,361$ 1,158,361$

Construction in progress -$ -$

Buildings 83,133,214$

Less: Accumulated amortization (41,753,165)$ 41,380,049$ 34,342,764$

Equipment 603,980$

Less: Accumulated amortization (110,016)$ 493,964$ 174,423$

Vehicles 5,213,366$

Less: Accumulated amortization (3,608,735)$ 1,604,631$ 1,566,833$

Computer Equipment -$

Less: Accumulated amortization -$ -$ -$

Total tangible capital assets 44,637,005$ 37,242,381$

Prepaid expenses 132,102$ 154,299$

Other non-financial assets -$ -$

Total non-financial assets 44,769,107$ 37,396,680$

Accumulated surplus (Note 13) 12,379,413$ 12,849,437$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 12,379,413$ 12,849,437$

Accumulated remeasurement gains (losses) -$ -$

12,379,413$ 12,849,437$

Contractual obligations (Note 14)

Contingent liabilities

The accompanying notes and schedules are part of these financial statements.

As at August 31, 2015 (in dollars)STATEMENT OF FINANCIAL POSITION

Net financial assets (debt)

4


Budget Actual Actual2015 2015 2014

Alberta Education 43,099,771$ 44,208,457$ 44,021,286$

Other - Government of Alberta 18,653$ 18,652$ 24,584$

Federal Government and First Nations 2,112,999$ 2,377,453$ 2,528,077$

Other Alberta school authorities -$ -$ -$

Out of province authorities -$ -$ -$

Alberta municipalities-special tax levies -$ -$ -$

Property taxes -$ -$ -$

Fees 520,619$ 813,043$ 723,179$

Other sales and services 564,622$ 735,634$ 692,393$

Investment income 157,873$ 153,387$ 198,061$

Gifts and donations 232,000$ 110,321$ 222,671$

Rental of facilities 61,700$ 57,859$ 60,748$

Fundraising 580,000$ 510,054$ 431,415$

Gains on disposal of capital assets -$ 6,548$ 12,525$

Other revenue -$ 103,838$ 59,341$

Total revenues 47,348,237$ 49,095,246$ 48,974,280$

Instruction - ECS 1,164,491$ 1,420,001$ 1,172,496$

Instruction - Grades 1 - 12 34,848,239$ 36,545,330$ 35,077,696$

Plant operations and maintenance 7,128,119$ 6,264,136$ 6,602,355$

Transportation 3,384,609$ 3,401,861$ 3,493,733$

Board & system administration 2,126,208$ 1,933,942$ 1,853,703$

External services 40,000$ -$ -$

Total expenses 48,691,666$ 49,565,270$ 48,199,983$

(1,343,429)$ (470,024)$ 774,297$

STATEMENT OF OPERATIONSFor the Year Ended August 31, 2015 (in dollars)

EXPENSES

Operating surplus (deficit)


REVENUES

5

1135

2015 2014

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) (470,024)$ 774,297$

Add (Deduct) items not affecting cash:

Total amortization expense 2,432,668$ 2,578,053$

Gains on disposal of tangible capital assets (6,548)$ (12,525)$

Losses on disposal of tangible capital assets 150,162$ -$

Expended deferred capital revenue recognition (2,133,267)$ (2,137,967)$

Deferred capital revenue write-off -$ -$

Donations in kind -$ -$

Changes in:

Accounts receivable 1,364,886$ (817,908)$

Prepaids 22,197$ (31,462)$

Other financial assets 33,984$ (36,635)$

Non-financial assets -$ -$

Accounts payable, accrued and other liabilities 2,235,864$ 483,325$

Deferred revenue (excluding EDCR) 11,543,391$ 1,562,205$

Employee future benefit liabilities (1,500)$ (46,200)$

(10,183,170)$ -$

Total cash flows from operating transactions 4,988,643$ 2,315,183$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings (9,178,715)$ (1,099,255)$

Equipment (471,120)$ (22,362)$

Vehicles (355,672)$ (327,706)$

Computer equipment -$ -$

Net proceeds from disposal of unsupported capital assets 34,601$ 29,557$

-$ -$

Total cash flows from capital transactions (9,970,906)$ (1,419,766)$

C. INVESTING TRANSACTIONS

Purchases of portfolio investments (5,031,366)$ (21,351)$

Dispositions of portfolio investments -$ -$

Remeasurement gains (losses) reclassified to the statement of operations -$ -$

Change in endowments -$ -$

-$ -$

Total cash flows from investing transactions (5,031,366)$ (21,351)$

D. FINANCING TRANSACTIONS

Issue of debt -$ -$

Repayment of debt (63,223)$ (63,223)$

-$ -$

Issuance of capital leases -$ -$

Repayment of capital leases -$ -$

-$ -$

10,183,170$ -$

Total cash flows from financing transactions 10,119,947$ (63,223)$

Increase (decrease) in cash and cash equivalents 106,318$ 810,843$

Cash and cash equivalents, at beginning of year 9,455,739$ 8,644,896$

Cash and cash equivalents, at end of year 9,562,057$ 9,455,739$


For the Year Ended August 31, 2015 (in dollars)

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

Other factors affecting debt (describe)

Other factors affecting capital leases (describe)

Capital revenue received

Other (describe)

Capital revenue included in deferred revenue

Other (describe)

6

1135

2015 2014

Operating surplus (deficit) (470,024)$ 774,297$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets (10,005,508)$ (1,449,323)$

Amortization of tangible capital assets 2,432,668$ 2,578,053$

Net carrying value of tangible capital assets disposed of 178,216$ 17,032$

Write-down carrying value of tangible capital assets -$ -$

Other changes -$ -$

Total effect of changes in tangible capital assets (7,394,624)$ 1,145,762$

Changes in:

Prepaid expenses 22,197$ (31,462)$

Other non-financial assets -$ -$

Net remeasurement gains and (losses) -$ -$

Endowments -$ -$

Increase (decrease) in net financial assets (net debt) (7,842,451)$ 1,888,597$

Net financial assets (net debt) at beginning of year (24,547,243)$ (26,435,840)$

Net financial assets (net debt) at end of year (32,389,694)$ (24,547,243)$

School Jurisdiction Code:

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)



7


2015 2014

Accumulated remeasurement gains (losses) at beginning of year -$ -$

Unrealized gains (losses) attributable to:

Portfolio investments -$ -$

Other -$ -$

Amounts reclassified to the statement of operations:

Portfolio investments -$ -$

Other -$ -$

Net remeasurement gains (losses) for the year -$ -$

Accumulated remeasurement gains (losses) at end of year -$ -$

STATEMENT OF REMEASUREMENT GAINS AND LOSSES



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SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2015 (in dollars)

Proceeds on UnexpendedDisposal of Deferred

Provincially Surplus from Provincially Capital Expended

Approved Provincially Funded Revenue from Deferred

& Funded Approved Tangible Capital Other Capital

Projects (A) Projects (B) Assets (C) Sources (D)Revenue

Balance at August 31, 2014 -$ 249,891$ -$ -$ 33,650,182$

Prior period adjustments -$ -$ -$ -$ -$

Adjusted balance, August 31, 2014 -$ 249,891$ -$ -$ 33,650,182$

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) 9,200,552$

Infrastructure Maintenance & Renewal capital related to school facilities -$

Other sources: (Describe) 973,694$ -$

Other sources (Describe) : -$ -$

Unexpended capital revenue receivable from:

Alberta Education school building & modular (excl. IMR)

Other sources: (Describe) -$

Other souces: (Describe) -$

Interest earned on unexpended capital revenue 31,752$ -$ -$ -$

Other unexpended capital revenue: (Describe) -$

Net proceeds on disposal of supported tangible capital assets -$ -$

Insurance proceeds (and related interest) -$ -$

Donated tangible capital assets (Explain): -$

Alberta Schools Alternative Program (ASAP), Building Alberta School Construction Program, (BASCP) and other Alberta Infrastructure managed projects -$

Transferred in (out) tangible capital assets (amortizable, @ net book value) -$

Expended capital revenue - current year (9,145,949)$ -$ -$ -$ 9,145,949$

Surplus funds approved for future project(s) -$ -$

Other adjustments (Explain): -$ -$ -$ -$ -$

Deduct:

Net book value of supported tangible capital dispositions or write-offs -$

Other adjustments (Explain): -$ -$ -$ -$ 22,828$

Capital revenue recognized - Alberta Education 2,133,267$

Capital revenue recognized - Other Government of Alberta -$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2015 1,060,049$ 249,891$ -$ -$ 40,640,036$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2015 (A) + (B) + (C) + (D) 1,309,940$

Unexpended Deferred Capital Revenue

(A) - Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only.

(B) - Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only.

(C) - Represents proceeds on disposal of provincially funded restricted-use capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010.

(D) - Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted-use tangible capital assets.

Removal of unsupported decanting costs

Unexpended Deferred Capital Revenue

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13


Actual Actual2014/2015 2013/2014

FEES

Transportation fees $0 $0

Basic instruction supplies (text books, including lost or replacement fees, course materials) $129,004 $126,885

Technology user fees $21,507 $20,732

Alternative program fees $38,846 $0

Fees for optional courses (band, art, etc.) $108,048 $72,536

Fees for students from other boards $0 $0

Tuition fees (international & out of province) $47,858 $12,506

Kindergarten & preschool $39,355 $45,763

Extracurricular fees (sports teams and clubs) $174,919 $119,025

Field trips (related to curriculum) $191,962 $256,009

Lunch supervision fees $0 $0

Locker rental; locks; student ID; uniforms; library, student union, and fitness fees $27,600 $39,473

Other (describe)* $4,504 $3,883

Other (describe)* $17,389 $14,588

Other (describe)* $12,051 $11,779

TOTAL FEES $813,043 $723,179

Actual Actual

2014/2015 2013/2014

Cafeteria sales, hot lunch, milk programs $136,666 $167,492

Special events, graduation, tickets $0 $0

Student travel (international, recognition trips, non-curricular) $0 $0

$23,902 $17,275

$0 $0

$73,340 $0

Other (describe) $0 $0



TOTAL $233,908 $184,767

Please disclose amounts paid by parents of students that are recorded as "Other sales and services" or "Other revenue" (rather than fee revenue):

Sales or rentals of other supplies/services (clothing, agendas, yearbooks)

*PLEASE DO NOT USE "SCHOOL GENERATED FUNDS" AS A CATEGORY

UNAUDITED SCHEDULE OF FEE REVENUEfor the Year Ending August 31, 2015 (in dollars)

Yearbook

School Supplies

Graduation

Adult education revenue

Child care & before and after school care

14

1135

Funded Students in Program 191 51 215 REVENUES

Alberta Education allocated funding 225,017$ 640,050$ 253,586$ 3,308,470$ 1,034,245$ Other funding allocated by the board to the program -$ -$ -$ -$ TOTAL REVENUES 225,017$ 640,050$ 253,586$ 3,308,470$ 1,034,245$

EXPENSES (Not allocated from BASE, Transportation, or other funding)Instructional certificated salaries & benefits 272,320$ -$ -$ 688,115$ Instructional non-certificated salaries & benefits 190,511$ 405,917$ 297,832$ 2,405,207$ SUB TOTAL 462,831$ 405,917$ 297,832$ 3,093,322$ Supplies, contracts and services 22,135$ 187,684$ -$ 164,741$ Program planning, monitoring & evaluation -$ 46,449$ -$ 116,248$ Facilities (required specifically for program area) -$ -$ -$ -$ Administration (administrative salaries & services) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ TOTAL EXPENSES 484,966$ 640,050$ 297,832$ 3,374,311$ NET FUNDING SURPLUS (SHORTFALL) (259,949)$ -$ (44,246)$ (65,841)$

UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDINGfor the Year Ended August 31, 2015 (in dollars)

PROGRAM AREA

First Nations, Metis & Inuit

(FNMI)ECS Program Unit

Funding (PUF)

English as a Second Language

(ESL)Inclusive

Education

Small Schools by Necessity

(Revenue only)

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16

LIVINGSTONE RANGE SCHOOL DIVISION NO. 68

NOTES TO THE FINANCIAL STATEMENTS For the year Ended August 31, 2015

17

1. AUTHORITY AND PURPOSE

The School Jurisdiction delivers education programs under the authority of the School Act, Revised

Statutes of Alberta 2000, Chapter S-3. The jurisdiction receives funding for instruction and support under Education Grants Regulation (AR

120/2008). The regulation allows for the setting of conditions and use of grant monies. The School Jurisdiction is limited on certain funding allocations and administration expenses.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with the Canadian public sector

accounting standards (PSAS). The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below:

a) Cash and Cash Equivalents

Cash and cash equivalents include cash and investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. These short-term investments have a maturity of three months or less at acquisition and are held for the purpose of meeting short-term cash commitments rather than for investing.

b) Accounts Receivable Accounts receivable are shown net of allowance for doubtful accounts.

c) Portfolio Investments

The School District has investments in GIC’s, term deposits, bonds, equity instruments and mutual funds that have no maturity dates or a maturity of greater than three months. GIC’s, term deposits and investments not quoted in an active market are reported at cost or amortized cost. Portfolio investments in equity instruments that are quoted in an active market are recorded at fair value and the associated transaction costs are expensed upon initial recognition. The change in the fair value is recognized in the Statement of Remeasurement Gains and Losses as a remeasurement gain or loss until the portfolio investments are derecognized. Upon derecognition, the accumulated remeasurement gains or losses associated with the derecognized portfolio investments are reversed and reclassified to the Statement of Operations. Impairment is defined as a loss in value of a portfolio investment that is other than a temporary decline and is included in the Statement of Operations. In the case of an item in the fair value category, a reversal of any net remeasurement gains recognized in previous reporting periods up to the amount of the write-down is reported in the Statement of Remeasurement Gains and Losses. A subsequent increase in value would be recognized on the Statement of Remeasurement Gains and Losses and realized on the Statement of Operations only when sold. Detailed information regarding portfolio investments is disclosed in Note 5.

d) Tangible capital assets The following criteria apply:

Tangible capital assets acquired or constructed are recorded at cost, including amounts directly related to the acquisition, design, construction, development, or betterment of the asset. Cost also includes overhead directly attributable to construction as well as interest costs that are directly attributable to the acquisition or construction of the asset.

Donated tangible capital assets are recorded at their fair market value at the date of donation, except in circumstances where fair value cannot be reasonably determined,



18

when they are then recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization.

Work-in-progress is recorded as an acquisition to the applicable asset class at substantial completion.

Buildings include land, site and leasehold improvements as well as assets under capital lease.

Sites and buildings are written down to residual value when conditions indicate they no longer contribute to the ability of the School District to provide services or when the value of future economic benefits associated with the sites and buildings are less than their net book value. For supported assets, the write-downs are accounted for as reductions to Expended Deferred Capital Revenue.

Buildings that are demolished or destroyed are written-off. Tangible capital assets with costs in excess of $5,000 are capitalized. Leases that, from the point of view of the lessee, transfer substantially all the benefits and

risks incident to ownership of the property to the Board are considered capital leases. These are accounted for as an asset and an obligation. Capital lease obligations are recorded at the present value of the minimum lease payments excluding executor costs, e.g., insurance, maintenance costs, etc. The discount rate used to determine the present value of the lease payments is the lower of the School District’s rate for incremental borrowing or the interest rate implicit in the lease.

Tangible capital assets are amortized over their estimated useful lives on a straight-line basis, at the following rates:

Buildings 2% to 4% Vehicles & Buses 10% to 20% Other Equipment & Furnishings 10% to 20%

e) Deferred Revenue Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Public Sector Accounting Standard (PSAS) PS 3200. These contributions are recognized by the School District once it has met all eligibility criteria to receive the contributions. When stipulations are met, deferred revenue is recognized as revenue in the fiscal year in a manner consistent with the circumstances and evidence used to support the initial recognition of the contributions received as a liability. Deferred revenue also includes contributions for capital expenditures, unexpended and expended. Unexpended Deferred Capital Revenue represent externally restricted supported capital funds provided for a specific capital purpose received or receivable by the jurisdiction, but the related expenditure has not been made at year-end. These contributions must also have stipulations that meet the definition of a liability per PS 3200 when expended.

Expended Deferred Capital Revenue represent externally restricted supported capital funds that have been expended but have yet to be amortized over the useful life of the related capital asset. Amortization over the useful life of the related capital asset is due to certain stipulations related to the contributions that require that the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset.

f) Employee Future Benefits

The School District provides certain post-employment benefits including vested and non-vested benefits for certain employees pursuant to certain contracts and union agreements. The School Division accrues its obligations and related costs including both vested and non-vested benefits under employee future benefit plans. Benefits include defined-benefit retirement plans, vested or accumulating sick leave, early retirement, retirement/severance, job-training and counseling, post-employment benefit continuation, death benefits, and various qualifying compensated absences, early retirement, retirement/severance, vacation, overtime, death benefit and non-vested sick leave.



19

g) Asset Retirement Obligations

Liabilities are recognized for statutory, contractual or legal obligations associated with the retirement of tangible capital assets when those obligations result from the acquisition, construction, development or normal operation of the assets. The obligations are measured initially at fair value, determined using present value methodology, and the resulting costs are capitalized into the carrying amount of the related asset. In subsequent periods, the liability is adjusted for the accretion of discount and any changes in the amount or timing of the underlying future cash flows. The capitalized asset retirement cost is amortized on the same basis as the related asset and the discount accretion is included on the Statement of Operations. The School Division has determined that it has a conditional asset retirement obligation relating to certain school sites. These obligations will be discharged in the future by funding through the Government of Alberta. The School Division believes that there is insufficient information to estimate the fair value of the asset retirement obligation because the settlement date or the range of potential settlement dates has not been determined and information is not available to apply an expected present value technique.

h) Operating and Capital Reserves Certain amounts are internally or externally restricted for future operating or capital purposes. Transfers to and from reserves are recorded when approved by the Board of Trustees. Capital reserves are restricted to capital purposes and may only be used for operating purposes with approval by the Minister of Education. Reserves are disclosed in the Schedule of Changes in Accumulated Surplus.

i) Revenue Recognition

Revenues are recorded on an accrual basis. Instruction and support allocations are recognized in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered. Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Contributed services are not recognized in the financial statements. Eligibility criteria are criteria that the School District has to meet in order to receive certain contributions. Stipulations describe what the School District must perform in order to keep the contributions. Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met. Contributions with stipulations are recognized as revenue in the period that the stipulations are met, except to the extent that the contributions give rise to an obligation that meets the definition of a liability in accordance with PS 3200. Such liabilities are recorded as deferred revenue.

j) Expenses

Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Allocation of Costs

Actual salaries of personnel assigned to two or more programs are allocated based on the time spent in each program.

Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individual’s salary.

Supplies and services are allocated based on actual program identification.



20

k) Pensions

Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. Current and past service costs of the Alberta Teachers Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, the School Division does not make pension contributions for certificated staff. The Government portion of the current service contribution to the Alberta Teachers Retirement Fund on behalf of the jurisdiction is included in both revenues and expenses. For the school year ended August 31, 2015, the amount contributed by the Government was $2,524,277 (2014 $2,554,759). The school board participates in a multi-employer pension plan, the Local Authorities Pension Plan, and does not report on any unfunded liabilities. The expense for this pension plan is equivalent to the annual contributions of $497,910 for the year ended August 31, 2015 (2014 $476,850). At December 31, 2014, the Local Authorities Pension Plan reported a deficiency of $2,454,636,000 (2013, a deficiency of $4,861,516,000).

l) Program Reporting

The Division’s operations have been segmented as follows:

ECS Instruction: The provision of Early Childhood Services education instructional services that fall under the basic public education mandate.

Grade 1-12 Instruction: The provision of instructional services for grades 1 - 12 that fall under the basic public education mandate.

Plant Operations and Maintenance: The operation and maintenance of all school

buildings and maintenance shop facilities. Transportation: The provision of regular and special education bus services (to and from

school), whether contracted or board operated, including transportation facility expenses. Board & System Administration: The provision of board governance and system-based /

central office administration. External Services: All projects, activities, and services offered outside the public

education mandate for ECS children and students in grades 1-12. Services offered beyond the mandate for public education must be self-supporting, and Alberta Education funding may not be utilized to support these programs.

The allocation of revenues and expenses are reported by program, source, and object on the Schedule of Program Operations. Respective instruction expenses include the cost of certificated teachers, non-certificated teaching assistants as well as a proportionate share of supplies & services, school administration & instruction support, and System Instructional Support.

m) Trusts Under Administration

The School Division has property that has been transferred or assigned to it to be administered or directed by a trust agreement or statute. The Division holds title to the property for the benefit of the beneficiary. Trusts under administration have been excluded from the financial reporting of the Division. Trust balances can be found in Note 20.



21

n) Financial Instruments

A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The School District recognizes a financial instrument when it becomes a party to a financial instrument contract. Financial instruments consist of cash and cash equivalents, accounts receivable, portfolio investments, bank indebtedness, accounts payable and accrued liabilities, debt and other liabilities. Unless otherwise noted, it is management’s opinion that the School District is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks. Portfolio investments in equity instruments quoted in an active market and derivatives are recorded at fair value. All other financial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value of items in the cost or amortized cost upon initial recognition. The gain or loss arising from derecognition of a financial instrument is recognized in the Statement of Operations. Impairment losses such as write-downs or write-offs are reported in the Statement of Operations.

o) Measurement Uncertainty The precise determination of many assets and liabilities is dependent on future events. As a result, the preparation of financial statements for a period involves the use of estimates and approximations, which have been made using careful judgment. Actual results could differ from those estimates. Significant areas requiring the use of management estimates relate to the potential impairment of assets, rates for amortization and estimated employee future benefits.

3. CASH AND CASH EQUIVALENTS

Average Effective (Market)

Yield CostAmortized

CostAmortized

Cost

Cash 0.25% $ 4,037,625 $ 4,037,625 $ 7,977,870

Cash equivalents

Government of Canada, direct and - - -

Provincial, direct and guaranteed - -

Corporate - -

Municipal - -

Pooled investment funds - -

Other, including GIC's 1.79% 5,524,432 5,524,432 1,477,869

Total cash and cash equivalents $ 9,562,057 $ 9,562,057 $ 9,455,739

2015 2014



22

4. ACCOUNTS RECEIVABLE

2014

Gross Amount

Allowance for Doubtful Accounts

Net Realizable

Value

Net Realizable

Value

Alberta Education - Grants $ 208,552 $ - $ 208,552 $ 262,034

Alberta Education - Capital 948,881 - 948,881 1,975,659

Alberta Education - IMR - - - -

Alberta Education - (Specify) - - - -

Other Alberta school jurisdictions - - - -

Treasury Board and Finance - Supported debenture principal 139,249 - 139,249 202,472

Treasury Board and Finance - Accrued interest on supported debentures 3,084 - 3,084 4,501

Alberta Health & Wellness - - - -

Alberta Health Services - - - -

Innovation & Advanced Education - - - -

Post-secondary institutions - - - -

Government of Alberta Ministry (S if )

- - - -


-


-

Federal government 391,428 - 391,428 157,756

First Nations - Kainai (63,890) (63,890) 6,236

First Nations - AANDC (9,600) (9,600) 69,717

Wind Pow er 1,881,705 - 1,881,705 2,002,164

Other 24,084 - 24,084 207,840

Total $3,523,493 $ - $3,523,493 $4,888,379

2015



23

5. PORTFOLIO INVESTMENTS

The following is the maturity structure for fixed income securities based on the principal amount:

It is management’s opinion that there has been no impairment during the year.

Average Effective (Market)

Yield Cost Fair Value Balance2014

Balance

Long term deposits 1.786 $ 1,047,649 $1,047,649 $1,047,649 $ -

Guranteed interest certif icates % - - - -

Fixed income securities

Government of Canada, direct and guaranteed 0 $ - $ -

Provincial, direct and guaranteed 1.40% 1,361,623 $1,361,623 $1,361,623 -

Municipal 2.12% 307,142 307,142 307,142 -

Corporate 2.21% 2,299,569 2,299,569 2,299,569 -

Pooled investment funds 3.51 165,797 165,797 165,797 150,414

Total f ixed income securities % 4,134,131 4,134,131 4,134,131 150,414

Equities

Canadian % - - - -

Foreign % - - - -

Real estate % - - - -

Total equities % - - - -

Supplemental Integrated Pension Plan assets % - - - -

Restricted long-term investments % - - - -

Other (Specify) % - - - -



Total portfolio investments % $ 5,181,780 $5,181,780 $5,181,780 $ 150,414

2015

2015 2014

3 months to 5 years 71.3% 100.0%

6 to 10 years 24.8% 0.0%

11 to 20 years 4.0% 0.0%

Over 20 years 0.0% 0.0%

100.0% 100.0%



24

6. OTHER FINANCIAL ASSETS Other Financial assets consist of the following:

*Inventory is measured at the lower of cost and net realizable value.

7. BANK INDEBTEDNESS

The jurisdiction has negotiated a line of credit in the amount of $1,000,000.00 that bears interest at

the bank prime rate. This line of credit is secured by a borrowing bylaw and a security agreement,

covering all revenue of the jurisdiction. There was no balance (2014: $0) as at August 31, 2015.

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

2015 2014

Inventory* $ 68,019 $ 102,003

Embedded derivatives** - -

Other (specify if signif icant)*** 15 15

Total $ 68,034 $ 102,018

2015 2014

Alberta Education $ - $ -

Other Alberta school jurisdictions - -

Alberta Capital Finance Authority (Interest on long-term debt - Supported) 3,084 4,501

Alberta Capital Finance Authority (Interest on long-term debt - U d)

- -

Alberta Health & Wellness - -

Alberta Health Services - -

Innovation & Advanced Education - -

Post-secondary institutions - -

Other Government of Alberta ministries (Specify) - -



Federal government - -

First Nations - -

Other interest on long-term debt - -

Other bank charges, fees, and interest - -

Accrued vacation pay liability 224,968 217,381

Other salaries & benefit costs -

Other trade payables and accrued liabilities 3,668,633 1,438,939

Total $ 3,896,685 $ 1,660,821



25

9. DEFERRED REVENUE

10. EMPLOYEE FUTURE BENEFIT LIABILITIES Employee future benefit liabilities consist of the following:

ADD: DEDUCT: ADD (DEDUCT):SOURCE AND GRANT OR FUND TYPE DEFERRED 2014/2015 2014/2015 2014/2015 DEFERRED

REVENUE Restricted Restricted Funds Adjustments REVENUEas at Funds Received/ Expended for Returned as at

Aug. 31, 2014 Receivable (Paid / Payable) Funds Aug. 31, 2015Unexpended deferred operating revenue

Alberta Education:

Regional Collaborative Service Delivery -$ -$ -$ -$ -$ Children and Youth w ith Complex Needs - - - - - Student Health Initiative (School Authorities) - - - - - Infrastructure Maintenance Renew al 1,483,168 1,568,976 (190,550) - 2,861,594 Instituitional Education Programs - - - - - Regional Educational Consulting Services - - - - - Alberta Initiative for School Improvement - - - - - SuperNet Service - - - - - Other Alberta Education def'd revenue (specify) - - - - - Other Alberta Education def'd revenue (specify) - - - - - Other Alberta Education def'd revenue (specify) - - - - -

Other Government of Alberta:

(Specify ministry & program) - - - - - (Specify ministry & program) - - - - -

Other Deferred Revenue:

School Generated Funds 1,793,092 1,043,401 (1,114,447) - 1,722,046 Fees - - - - - Donations - - - - - Cardinal Bus Lines 1,850 - (1,850) - - Lethbridge College 1,950 1,950 Wellness Grant 50,000 (43,395) 6,605 Cassix/ASBOA Conference 21,875 (21,875) - International Education Tuition 7,695 107,213 (35,352) 79,555 Matthew Halton Booster Club 11,548 (3,850) 7,698 Other (Specify) - - - - - Other - - - - -

Total unexpended deferred operating revenue 3,319,227$ 2,771,540$ (1,411,319)$ -$ 4,679,448$

Unexpended deferred capital revenue 249,891 10,205,998 (9,145,949) - 1,309,940

Expended deferred capital revenue 33,650,182 9,145,949 (2,133,267) (22,828) 40,640,036

Total 37,219,300$ 22,123,487$ (12,690,535)$ (22,828)$ 46,629,424$

2015 2014

Defined benefit pension plan liability $ - $ -

Accumulating sick pay liability (vested) - -

Accumulating sick pay liability (non-vested)

Other compensated absences - -

Post-employment benefits - -

Retirement allow ances - -

Other termination benefits - -

Educational subsidy surplus - -

Personal professional development fund - -

Other employee future benefits 59,700 61,200

Total $ 59,700 $ 61,200



26

11. DEBT

Debenture Debt – Supported Debentures are fully supported by Alberta Finance. Payments due over the next five years and beyond are as follows:

2015 2014

Supported debentures outstanding at August 31, 2015 have

interest rates betw een 8.875% to 11.5%. The terms of the debentures

range betw een 20 and 25 years, payments made

annually supported by Alberta Education $ 139,249 $ 202,472

Total $ 139,249 $ 202,472

Principal Interest Total

2015-2016 58,223 12,720 70,943

2016-2017 52,835 7,363 60,198

2017-2018 25,155 2,605 27,760

2018-2019 3,036 304 3,340

2019 to maturity - - -

Total $ 139,249 $ 22,992 $ 162,241

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28

13. ACCUMULATED SURPLUS:

Detailed information related to accumulated surplus is available on the Schedule of Changes in Accumulated Surplus. Accumulated surplus may be summarized as follows:

Accumulated surplus (deficit) from operations (ASO) does not include funds that are raised at the school level.

14. CONTRACTUAL OBLIGATIONS

(1) Building projects: The jurisdiction is committed to capital expenditures of $24,217,784 to modernize two schools, of which $9,829,556 has been spent. It is anticipated that $22,069,684 of these costs will be fully funded by capital revenue from Alberta Education.

(2) Service providers: As at August 31, 2015, the jurisdiction has $2,370,737 (2014 $3,161,495) in commitments relating to service contracts. Estimated payment requirements for each of the next five years and thereafter are as follows:

2015 2014

Unrestricted surplus 575,986$ 1,274,396$

Operating reserves 7,726,639 7,903,021

Accumulated surplus (deficit) from operations 8,302,625 9,177,417

Investment in tangible capital assets 3,996,968 3,592,200

Capital reserves 79,820 79,820

Endow ments (1) - -

Accumulated remeasurement gains (losses) - -

Accumulated surplus (deficit) 12,379,413$ 12,849,437$

2015 2014

14,388,228$ 23,534,176$

2,370,737 3,161,495

Other (Specify) - -

- -

16,758,965$ 26,695,671$

Building projects (1)

Service providers (2)

Other

Total

Building Projects Building Leases Service Providers Other (Specify) Other

2015-2016 14,388,228$ -$ 704,780$ -$ -$

2016-2017 - - 671,929 - -

2017-2018 - - 470,639 - -

2018-2019 - - 285,485 - -

2019-2020 - - 237,904 - -

Thereafter - - - - -

14,388,228$ -$ 2,370,737$ -$ -$



29

15. TRUSTS UNDER ADMINISTRATION

These balances represent assets that are held in trust by the jurisdiction. They are not recorded in the statements of the Division

16. SCHOOL GENERATED FUNDS

2015 2014

Deferred salary leave plan $ - $ -

Scholarship trusts 32,507 31,560

Student Health Initiative (Banker board) - -

Children and Youth w ith Complex Needs (Banker board) - -

Regional Collaborative Service Delivery (Banker board) - -

Regional Learning Consortium (Banker board) - -

Other foundations (please specify) - -

Total $ 32,507 $ 31,560

2015 2014

School Generated Funds, Beginning of Year $ 1,793,092 $ 1,673,101

Gross Receipts:

Fees 477,538 388,942

Fundraising 365,356 480,118

Gifts and donations 103,288 247,808

Grants to schools - -

Other sales and services 97,219 66,040

Total gross receipts 1,043,401 1,182,908

Total Related Expenses and Uses of Funds 605,876 458,641

Total Direct Costs Including Cost of Goods Sold to Raise Funds 508,571 604,276

School Generated Funds, End of Year $ 1,722,046 $ 1,793,092

Balance included in Deferred Revenue* $ 1,722,046 $ 1,793,092

Balance included in Accumulated Surplus (Operating Reserves)** $ - $ -



30

17. RELATED PARTY TRANSACTIONS

All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions and other school jurisdictions in Alberta.

All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions and other school jurisdictions in Alberta.

18. ECONOMIC DEPENDENCE ON RELATED THIRD PARTY

The jurisdiction’s primary source of income is from the Alberta Government. The Division’s ability to continue viable operations is dependent on this funding.

Revenues Expenses

Government of Alberta (GOA):

Education

Accounts receivable / Accounts payable $1,157,433 $ - $ - $ -

Prepaid expenses / Deferred operating revenue 2,861,594 - -

Unexpended deferred capital revenue - 1,309,939 - -

Expended deferred capital revenue 40,640,037

Other assets & liabilities - - - -

Grant revenue & expenses - - 44,208,457 -

ATRF payments made on behalf of district

Other revenues & expenses - - - -

Other Alberta school jurisdictions - - - -

Alberta Treasury Board and Finance (Principal) 139,249 - -

Alberta Treasury Board and Finance (Accrued - 18,652 18,652

Alberta Health - - - -

Alberta Health Services - - - -

Enterprise and Advanced Education - - - -

Post-secondary institutions - - 23,400 -

Alberta Infrastructure - - - -

Human Services - - - -

Other GOA ministry (Specify) - - - -

Other GOA ministry (Specify) - - - -

Other GOA ministries - - - -

Other:

Alberta Capital Financing Authority - - - -

Other Related Parties (Specify) - - - -

Other Related Parties (Specify) - - - -

Other Related Parties - - - -

TOTAL 2014/2015 $1,296,682 $ 44,811,570 $44,250,509 $ 18,652

TOTAL 2013/2014 $2,448,566 $ 35,383,241 $44,068,103 $ 24,584

Financial Assets (at cost or net realizable

value)

Balances Transactions

Liabilities (at amortized cost)



31

19. REMUNERATION AND MONETARY INCENTIVES

The School Division had paid or accrued expenses for the year ended August 31, 2015 to or on behalf of the following positions and persons in groups as follows:

Superintendent remuneration is classified as Services, contracts and supplies as these services are provided on a contract basis.

20. BUDGET AMOUNTS

The budget was prepared by the school jurisdiction and approved by the Board of Trustees on May 29, 2014. It is presented for information purposes only and has not been audited.

21. COMPARATIVE FIGURES

The comparative figures have been reclassified where necessary to conform to the 2014/2015

presentation.

22. COMMITMENTS

The school Division has signed a 20 year service agreement with Enmax to receive electricity at a flat rate, beginning January 1, 2007.

Negotiated PerformanceBoard Members: FTE Remuneration Benefits Allowances Bonuses ExpensesMartha Ratcliffe 1.0 $16,038 $4,775 $0 $8,613Lori Hodges 1.0 $9,637 $4,582 $0 $2,665Clara Yagos 1.0 $11,986 $1,747 $0 $5,933John McKee 1.0 $13,733 $4,731 $0 $3,320Shannon Scherger 1.0 $12,057 $4,658 $0 $5,938Bradley Toone 1.0 $9,924 $4,639 $0 $5,425Bruce Decoux 1.0 $8,678 $0 $0 $5,484

0.0 $0 $0 $0 $00.0 $0 $0 $0 $00.0 $0 $0 $0 $00.0 $0 $0 $0 $00.0 $0 $0 $0 $00.0 $0 $0 $0 $0

Subtotal 7.0 $82,053 $25,132 $0 $37,378

Superintendent (1) 1.0 $178,850 $19,432 $0 $0 $0 $20,939Secretary/Treasurer (1) 1.0 $154,682 $40,985 $0 $0 $0 $9,866

0.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $0

Certif icated teachers 214.3 $20,694,639 $4,691,680 $0 $0 $0Non-certif icated - other 238.8 $8,107,645 $1,679,283 $0 $0 $0

TOTALS $29,217,869 $6,456,512 $0 $0 $0

ERIP's / Other

Documents

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED … · 2016-05-17 · 1135yyy3 School Jurisdiction Code: 1135 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2015 [School