Calgary Roman Catholic Separate School District No€¦ · We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise

Financial statements Calgary Roman Catholic Separate School District No.1 August 31, 2017

A member firm of Ernst & Young Global Limited

Independent auditors’ report To the Board of Trustees of Calgary Roman Catholic Separate School District No. 1 We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise the statement of financial position as at August 31, 2017, and the statements of operations, changes in net debt, 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

Management 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. Auditors’ 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 performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ 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 auditors consider 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 Calgary Roman Catholic Separate School District No. 1 as at August 31, 2017, and the results of its operations, changes in its net debt and its cash flows for the year then ended in accordance with Canadian public sector accounting standards. Calgary, Canada November 29, 2017

Calgary Roman Catholic Separate School District No. 1

As at August 31

2017 2016$ $

Financial assets Cash and cash equivalents [notes 3 and 5] 74,599,506 77,492,465 Accounts receivable [note 4] 30,464,918 34,652,620 Other financial assets 521,300 196,800 Total financial assets 105,585,724 112,341,885

Liabilities Accounts payable and accrued liabilities [notes 5 and 6] 54,766,061 71,551,816 Unexpended deferred operating revenue [note 7] 8,675,391 5,398,712 Unexpended deferred capital revenue [note 8] 9,209,129 10,461,384 Expended deferred capital revenue [note 9] 494,188,781 435,026,665 Employee future benefit liabilities [note 10] 6,692,948 6,369,614 Long-term debt [note 11] 68,866 290,172 Total liabilities 573,601,176 529,098,363 Net debt (468,015,452) (416,756,478)

Non-financial assets Tangible capital assets, net [note 12] 523,499,867 466,175,806 Prepaid expenses 3,211,570 3,246,723 Other non-financial assets 709,439 933,621 Total non-financial assets 527,420,876 470,356,150 Accumulated surplus [note 13] 59,405,424 53,599,672

Commitments and contingencies [notes 14, 15, 16 and 17]

See accompanying notes

Statement of financial position


Year ended August 31

2017 2017 2016Budget Actual Actual

$ $ $ [note 26]

Revenues [note 24]Alberta Education 469,440,636 468,811,157 459,668,753 Property taxes 89,160,710 96,097,115 92,966,500 Other - Government of Alberta 290,486 185,602 507,597 Federal Government and First Nations 1,273,075 1,389,764 1,290,904 Other Alberta school authorities — — 210,293 Student fees [note 22] 13,834,928 15,583,623 13,165,888 Other sales and services 5,699,727 6,100,188 6,082,118 Investment income 983,084 993,145 1,106,294 Gifts and donations 2,573,026 2,364,303 2,617,971 Rental of facilities 2,169,912 2,090,696 2,108,259 Fundraising 2,161,429 1,809,840 2,197,135 Gain on disposal of tangible capital assets 25,000 565,758 52,405 Other 6,886 32,664 10,192

587,618,899 596,023,855 581,984,309

Expenses [notes 10, 11, 18, 19, 20 and 24]Schools and instruction 445,959,026 446,969,972 442,541,567 Board, administration and instructional support 51,788,758 51,103,644 49,878,118 Plant operations and maintenance 76,858,185 75,199,796 73,745,776 Transportation 16,413,217 16,944,691 16,404,177

591,019,186 590,218,103 582,569,638 Operating surplus (deficit) (3,400,287) 5,805,752 (585,329)


Statement of operations



2017 2016$ $

Operating activities Operating surplus (deficit) 5,805,752 (585,329) Add (deduct) items not affecting cash

Amortization of tangible capital assets 23,323,497 20,862,306 Gain on disposal of tangible capital assets (565,758) (52,405) Expended deferred capital revenue recognition (19,024,828) (16,916,243)

Net change in non-cash operating activities [note 21] 82,841,231 47,844,622 Cash provided by operating activities 92,379,894 51,152,951

Capital activities Acquisition of tangible capital assets (80,377,021) (92,761,368) Proceeds from disposal of tangible capital assets 633,188 188,626 Net change in non-cash capital activities [note 21] (15,529,020) 20,219,439 Cash used in capital activities (95,272,853) (72,353,303)

Net decrease in cash and cash equivalents during the year (2,892,959) (21,200,352) Cash and cash equivalents, beginning of year 77,492,465 98,692,817 Cash and cash equivalents, end of year [note 3] 74,599,506 77,492,465


Statement of cash flows



2017 2017 2016Budget Actual Actual

$ $ $ [note 26]

Operating surplus (deficit) 5,805,752 (585,329) Acquisition of tangible capital assets (80,716,717) (93,005,318) Amortization of tangible capital assets 23,323,497 20,862,306 Net book value of tangible capital asset disposals 69,159 136,221 Use of (acquisition of) prepaid expenses 35,153 (185,010) Use of (acquisition of) other non-financial assets 224,182 (394,855) Increase in net debt — (51,258,974) (73,171,985) Net debt, beginning of year (416,756,478) (416,756,478) (343,584,493) Net debt, end of year (416,756,478) (468,015,452) (416,756,478)


Statement of changes in net debt


2017

Accumulated surplus

Investment in tangible capital

assetsUnrestricted

surplusOperating reserves

Capital reserves

$ $ $ $ $ [note 13] [note 13]

Balance, beginning of year 53,599,672 31,149,141 10,751,357 4,101,120 7,598,054 Operating deficit 5,805,752 — 5,805,752 — — Board funded tangible capital asset additions — 2,528,044 (2,528,044) — — Disposal of unsupported tangible capital assets — (67,430) (565,758) — 633,188 Amortization of Board funded tangible capital assets — (4,298,669) 4,298,669 — — Transfers to operating reserves — — (4,001,995) 4,001,995 — Transfers from operating reserves — — 2,752,805 (2,752,805) — Balance, end of year 59,405,424 29,311,086 16,512,786 5,350,310 8,231,242

2016

Accumulated surplus

Investment in tangible capital

assetsUnrestricted

surplusOperating reserves Capital reserves

$ $ $ $ $ [note 13] [note 13]

Balance, beginning of year 54,185,001 32,756,036 8,282,728 5,696,303 7,449,934 Operating surplus (585,329) — (585,329) — — Board funded tangible capital asset additions — 2,475,389 (2,434,883) — (40,506) Disposal of unsupported tangible capital assets — (136,221) (52,405) — 188,626 Amortization of Board funded tangible capital assets — (3,946,063) 3,946,063 — — Transfers to operating reserves — — (2,763,322) 2,763,322 — Transfers from operating reserves — — 4,358,505 (4,358,505) — Balance, end of year 53,599,672 31,149,141 10,751,357 4,101,120 7,598,054


Schedule of changes in accumulated surplus



Notes to financial statements

August 31, 2017

1

1. Authority and purpose

Calgary Roman Catholic Separate School District No. 1 [the "district"] was established under the authority of the School Act, Revised Statutes of Alberta, Chapter S-3, to provide education programs to The City of Calgary and surrounding areas. The district receives instruction and support allocations under the Education Grants Regulation 120/2008 from the Government of Alberta and by way of municipal property taxes. The regulation allows for the setting of conditions and use of grant monies. The district is limited on certain funding allocations and administration expenditures. The district is registered as a charitable organization under the Income Tax Act (Canada) and, therefore, is exempt from income taxes. 2. Summary of significant accounting policies

Basis of presentation

The financial statements of the district have been prepared by management in accordance with Canadian Public Sector Accounting Standards ["PSAS"] without not-for-profit provisions, Section PS 4200 of the Chartered Professional Accountants of Canada ["CPA Canada"] Public Sector ["PS"] Accounting Handbook. The significant accounting policies are summarized below. Reporting entity

The financial statements include all the assets, liabilities, revenues and expenses of the district. Funds generated at the schools are included as assets, liabilities, revenues and expenses of the district when the accountability, control and ownership of these funds rest with the district and are under the control of the school. Funds are raised through non-instructional fees and fundraising activities. Measurement uncertainty

The preparation of financial statements in conformity with PSAS requires management to make estimates and assumptions that impact reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are reviewed periodically by management and, as adjustments become necessary, they are reported in the period in which they become known. Measurement uncertainty that may be material to these financial statements exists for the liability for employee future benefits because actual experience may differ significantly from actuarial estimations and for the useful lives of tangible capital assets and related amortization because the estimate of useful life is based on management’s assumptions. Actual results could differ from these estimates. Financial assets

Financial assets are assets that could be used to discharge existing liabilities or to finance future operations and are not for consumption in the normal course of operations.



August 31, 2017

2

[i] 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. [ii] Accounts receivable

Accounts receivable includes education property taxes receivable, provincial grants receivable, federal goods and services tax rebates and other receivables. Other receivables are recorded at cost less valuation allowances. Valuation allowances are recorded where collectability is considered doubtful. [iii] Other financial assets

Other financial assets include refundable deposits. Non-financial assets

Non-financial assets generally are assets held for consumption in the provision of services. These assets do not normally provide resources to discharge the liabilities of the district. [i] Tangible capital assets

Tangible capital assets have useful lives extending beyond the accounting period, are held for use by the district and are not intended for sale in the ordinary course of operations. Tangible capital assets acquired or constructed are recorded at cost and include all costs directly attributable to the acquisition, design, construction, development, installation and betterment of the tangible capital asset. The costs of the depreciable tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows: Buildings 10 to 50 years Furniture and equipment 5 to 10 years Computer software and hardware 3 to 5 years Vehicles 5 to 10 years Site development 20 to 30 years Work in progress is not amortized as these assets are not available for use. Once completed and available for use, these assets are amortized in accordance with the district's accounting policy. Donated tangible capital assets are recorded at their fair market value at the date of donation when reasonably determinable; otherwise, they are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at net book value.



August 31, 2017

3

[ii] Prepaid expenses

Prepaid expenses are amounts paid for goods and services which will provide economic benefits in one or more future periods. [iii] Other non-financial assets

Other non-financial assets include inventory of supplies and deposits for the provision of services. Inventory of supplies is carried at the lower of cost, determined on a first-in, first-out basis, and replacement cost. Liabilities

Liabilities are obligations arising from transactions and events occurring prior to the financial statement date. [i] Accounts payable and accrued liabilities

Accounts payable and accrued liabilities include amounts owing to third parties and employees for work performed and goods supplied and services rendered, but not yet paid, at the financial statement date. Amounts are generally payable within one year. [ii] Unexpended deferred operating revenue

Unexpended deferred operating revenue includes contributions received with stipulations that meet the definition of a liability, other than unexpended deferred capital revenue as described below. Unexpended deferred operating revenue is recognized as revenue when the stipulations are met. [iii] Unexpended deferred capital revenue

Unexpended deferred capital revenue represents externally restricted funds received or receivable by the district for the purpose of acquiring or developing a depreciable tangible capital asset, but the related expenditure has not been made by the financial statement date. These contributions are recorded by the district once it has met all eligibility criteria to receive the contributions. These contributions must also have stipulations that meet the definition of a liability when expended. When expended, this unexpended deferred capital revenue is transferred to expended deferred capital revenue. [iv] Expended deferred capital revenue

Expended deferred capital revenue represents contributions received or receivable containing stipulations that meet the definition of a liability, for the purpose of acquiring depreciable tangible capital assets. It consists of contributions which are transferred from unexpended deferred capital revenue when expended. The expended deferred capital revenue account balance is also increased by debenture debt, originally incurred for the purpose of acquiring capital assets, the payment of which is made by the Government of Alberta on behalf of the district. Where the Government of Alberta has entered into contracts [private-public partnerships] for the design, build, and finance of schools and modular classrooms on behalf of the district, expended deferred capital revenue is recorded in the amount of the estimated fair value of these assets transferred to the district. Expended deferred capital revenue is amortized to revenue on the same basis as the amortization on the related tangible capital assets acquired.



August 31, 2017

4

[v] Employee future benefit liabilities

Employee future benefit liabilities represent retirement and post-employment benefits that accrue to the district's employees. The cost of these benefits is recorded in the reporting period that the benefits are earned by employees. Employee future benefit liabilities include the non-registered Supplemental Executive Retirement Program ["SERP"] and retirement allowances. SERP is a defined benefit pension plan supplemental to the Local Authorities Pension Plan [LAPP] or the Alberta Teachers' Retirement Fund [ATRF], as appropriate, for which the district is responsible for the entire cost. The District and certain members of senior administration participate in this plan. This is an unfunded pension arrangement with no assets. It is not a registered pension plan and not subject to pension regulations. SERP enhances the LAPP/ATRF benefits formula to a full 2 per cent final average earnings pension plan which provides for the portion of the accrued pension that is in excess of the Income Tax Act (Canada) maximum for each participant. The liability relating to SERP is actuarially determined using the projected accrued benefit cost method pro-rated on service and management's best estimate of expected inflation, salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight-line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year. Retirement allowances relate to employees who are members of the Canadian Union of Public Employees, Unifor, and exempt employees. The allowance is based on years of service and salary. The liability relating to retirement allowances is actuarially determined using the accrued benefit actuarial cost method and is based on management's best estimate of salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight-line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year. Employee future benefit liabilities also include post-employment benefit continuation and retirement allowances for certain members of senior administration. These benefits have not been actuarially determined. They have been accounted for using current benefit rates and estimated retirement ages. [vi] Liability for contaminated sites

Contaminated sites are a result of contamination being introduced into air, soil, water or sediment of a chemical, organic or radioactive material or live organism that exceeds an environmental standard. A liability for remediation of contaminated sites, net of expected recoveries, is recognized when a site is not in productive use and an environmental standard exists, contamination exceeds the environmental standard, the district is directly responsible or accepts responsibility, future economic benefits are expected to be given up and a reasonable estimate of the amount can be made. The estimate would include costs directly attributable to remediation



August 31, 2017

5

activities, post-remediation operation, maintenance and monitoring costs and costs of assets acquired, to the extent they have no alternative use, that are an integral part of the remediation strategy. [vii] Asset retirement obligations

Asset retirement obligations represent legal obligations associated with the retirement of tangible capital assets that result from the acquisition, construction, development or normal operation of the assets. The liability is recognized in the period in which it is incurred when a reasonable estimate of the amount can be made. The obligations are measured initially at fair value, determined using present value methodology, and the resulting costs are capitalized as part of the related tangible capital asset cost. In subsequent periods, the liability is adjusted for accretion 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 accretion expense is included in the statement of operations. Accumulated surplus

Accumulated surplus represents the financial assets and non-financial assets of the district less liabilities. It consists of the accumulated balance of the operating surplus (deficit) arising from the operations of the district. Certain amounts of the accumulated surplus as established at the discretion of the Board of Trustees of the district, or externally, have been designated for future operating and capital expenditures. These internally restricted amounts, which are the operating and capital reserves, are not available for use without approval of the Board of Trustees. Revenue recognition

Revenues are recorded on an accrual basis, which recognizes revenues as they are earned and measurable. [i] Government transfers

Revenue recognition of government transfers is dependent upon the terms of the transfer, namely, eligibility criteria and stipulations. Eligibility criteria are criteria that the district must meet in order to receive the contributions from a transferring government. Stipulations describe how the district must use the contributions or the actions it 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. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government and all eligibility criteria have been met. [ii] Property taxes

Property taxes are levied and collected on a calendar year basis. The education property tax mill rate is set by the Government of Alberta. The district has elected, by way of Board resolution, to directly requisition tax revenues from the properties of separate school supporters. Tax revenues are recognized on the basis of time with 1/12th of the total tax revenue assessed recorded monthly.



August 31, 2017

6

[iii] Restricted revenues

Contributions with or without eligibility criteria but with stipulations are recognized as revenue in the period the contributions are authorized and all eligibility criteria have been met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Liabilities are recorded as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the contributions. Funds received other than government transfers, such as donations and fees that are externally restricted, are recognized as revenue in the period in which the funds are used for the purpose specified. Externally restricted funds received before this criterion has been met are reported as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the funds, provided it meets the definition of a liability. [iv] Donated tangible capital assets

Donated tangible capital assets are recognized as revenue when received or receivable, except when the donated tangible capital assets give rise to an obligation that meets the definition of a liability in which case it is recorded as expended deferred capital revenue and recognized as revenue when the restrictions have been met. Donated tangible capital assets are recorded at fair market value when reasonably determinable. [v] Donated materials and services

Donated materials are recognized as revenue when received or receivable. Donated materials are recorded at fair market value when reasonably determinable, when they are used in the normal course of the district's operations and when they would otherwise have been purchased. Volunteers assist schools operated by the district in carrying out certain activities. Because of the difficulty in determining the fair value of the services and the fact that such assistance is generally not otherwise purchased, the value of contributed services is not recognized in the financial statements. Multi-employer defined benefit pension plans

The district and its staff participate in several multi-employer defined benefit pension plans. Multi-employer defined benefit pension plans are accounted for as a defined contribution plan whereby the district's contributions for current and past service pension benefits required for participating staff during the year are recorded as an expense; the net pension assets or liabilities of the plans are not recognized in the financial statements. The district's certificated staff is required to participate in the Alberta Teachers' Retirement Fund. The current service and past service costs of the Alberta Teachers' Retirement Fund are shared equally by active members and the Government of Alberta. Active members are solely responsible for the additional 10 per cent cost-of-living pension adjustment provision. Under the terms of the Teachers' Pension Plans Act, the district does not make pension contributions for certificated staff. The contributions by the Government of Alberta for the district's certificated staff are recorded as an increase in expense and an increase in Government of Alberta revenue. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from active members and the Government of Alberta over a fifteen-year period. However,



August 31, 2017

7

funding deficiencies relating to the additional 10 per cent cost-of-living pension adjustment provision is amortized by additional contributions from active members only. The district and its non-certificated staff participate in the multi-employer Local Authorities Pension Plan. Members and employers make contributions to this pension plan. Contributions are shared between the members and employers with employers paying one per cent more. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from members and employers over a fifteen-year period. The district and certain members of senior administration participate in a multi-employer registered Supplemental Integrated Pension Plan ["SIPP"]. This plan is supplemental to the Local Authorities Pension Plan or the Alberta Teachers' Retirement Fund, as appropriate. Employers are solely responsible for contributions to this pension plan. An actuarial valuation of the plan is performed every three years. Funding deficiencies under the plan are amortized by additional contributions over a fifteen-year period. Financial instruments

Financial instruments are any contracts that give rise to financial assets of one entity and financial liabilities of another entity. Because they represent contractual arrangements, they do not include government transfers. The district's financial instruments recognized in the statement of financial position consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt. All financial instruments are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value upon initial recognition. The gain or loss arising from derecognition of a financial instrument and impairment losses such as write-downs are reported in the statement of operations. Expenses

Expenses are reported on an accrual basis. Expenses are recognized in the period that the events giving rise to the expense occurs and there is a legal or constructive obligation to pay.



August 31, 2017

8

3. Cash and cash equivalents

Cash equivalents are investments that have original maturity dates of 90 days or less. The term deposits bear interest at 1.15% to 1.41% [2016 – 0.75% to 1.40%].

2017 2016 $ $ Cash 3,068,655 3,066,064 Term deposits 71,530,851 74,426,401 Total 74,599,506 77,492,465

4. Accounts receivable

2017

Total receivables

Allowance for doubtful accounts Net receivables

$ $ $ Municipalities – property taxes 15,979,354 — 15,979,354 Government of Alberta and other related parties 11,736,134 — 11,736,134 Federal Government 903,022 — 903,022 Other 1,846,408 — 1,846,408 Total 30,464,918 — 30,464,918

2016

Total receivables

Allowance for doubtful accounts Net receivables

$ $ $ Municipalities – property taxes 16,178,449 — 16,178,449 Government of Alberta and other related parties 16,365,964 — 16,365,964 Federal Government 1,269,520 — 1,269,520 Other 868,523 (29,836) 838,687 Total 34,682,456 (29,836) 34,652,620



August 31, 2017

9

5. Credit facilities

The district has a $2,000,000 demand operating credit facility and a $15,000,000 demand seasonal operating facility from June 1 to July 31 annually with interest at the bank’s prime rate less 0.50%. A borrowing resolution to a maximum of the district's accounts receivable as per the most recent audited financial statements, covering all revenue of the district, has been provided as collateral for these facilities. At August 31, 2017 and August 31, 2016, no amount of the demand credit facilities was outstanding. The district has a purchasing card facility in the amount of $2,500,000 [2016 – $2,500,000], of which $273,167 was outstanding at August 31, 2017 [2016 – $359,805] and included in accounts payable and accrued liabilities. 6. Accounts payable and accrued liabilities

2017 2016 $ $ Government of Alberta and other related parties 17,918,392 19,330,084 Federal Government 5,048,270 5,077,934 Alberta municipalities 169,317 117,105 Salaries and benefits payable 10,645,321 10,795,442 Other trade payables and accrued liabilities 20,984,761 36,231,251 Total 54,766,061 71,551,816



August 31, 2017

10

7. Unexpended deferred operating revenue

2016 Restricted funds

received/receivable

Revenue recognized in

the year 2017 $ $ $ $ Alberta Education

Infrastructure Maintenance Renewal 236,433 13,400,890 (9,294,390) 4,342,933 Regional Collaborative Calgary &

Area 39,287 710,184 (739,666) 9,805 CTS Bridging Teacher Certificate — 272,000 (96,484) 175,516 Nutrition Program — 250,000 (99,926) 150,074 Other Alberta Education 64,134 — (64,134) —

Other Government of Alberta University of Alberta – Wellness Fund

Project — 30,000 (30,000) — Other Government of Alberta

[note 23] 32,072 10,733 (38,554) 4,251 Other

School Generated Funds [note 23] 2,300,705 10,305,097 (10,315,249) 2,290,553 Student fees 1,646,062 3,694,529 (4,940,218) 400,373 International student tuition 626,500 870,810 (659,260) 838,050 Donations 307,542 616,642 (591,522) 332,662 Lease revenue 123,137 — (16,791) 106,346 Other 22,840 118,808 (116,820) 24,828

Total 5,398,712 30,279,693 (27,003,014) 8,675,391



August 31, 2017

11

2015 Restricted funds

received/receivable

Revenue recognized in

the year 2016 $ $ $ $ Alberta Education

Infrastructure Maintenance Renewal 2,150,158 8,325,179 (10,238,904) 236,433 Regional Collaborative Calgary &

Area 2,807 1,052,152 (1,015,672) 39,287 Other Alberta Education 37,103 129,213 (102,182) 64,134

Other Government of Alberta University of Alberta – Wellness Fund

Project 35,575 50,000 (85,575) — Other Government of Alberta

[note 23] 59,559 239,200 (266,687) 32,072 Other

School Generated Funds [note 23] 2,113,817 9,272,465 (9,085,577) 2,300,705 Student fees 811,720 3,219,688 (2,385,346) 1,646,062 International student tuition 589,500 684,450 (647,450) 626,500 Donations 288,439 691,859 (672,756) 307,542 Lease revenue 139,928 — (16,791) 123,137 Other 35,083 268,446 (280,689) 22,840

Total 6,263,689 23,932,652 (24,797,629) 5,398,712 8. Unexpended deferred capital revenue

2016

Restricted funds received/

receivable

Transferred to expended

deferred capital revenue [note 9]

Adjustments or returned funds

2017

$ $ $ $ $ Government of Alberta

capital transfers 10,247,288 76,596,967 (77,833,513) (38,593) 8,972,149 Interest earned on

capital transfers 162,630 37,913 (15,464) — 185,079 Other 51,466 435 — — 51,901 Total 10,461,384 76,635,315 (77,848,977) (38,593) 9,209,129



August 31, 2017

12

2015

Restricted funds received/

receivable

Transferred to expended

deferred capital revenue [note 9]

Adjustments or returned funds

2016

$ $ $ $ $ Government of Alberta

capital transfers

40,826,376

60,680,270

(90,072,890) (1,186,468)

10,247,288 Interest earned on

capital transfers

233,623

142,096

(213,089) —

162,630

Other 51,190

276 — —

51,466

Total 41,111,189

60,822,642

(90,285,979) (1,186,468)

10,461,384 9. Expended deferred capital revenue

2016

Transferred from

unexpended deferred capital

revenue [notes 8 and 21]

Transferred in - tangible

capital assets

Capital revenue

recognized

Net book value of capital

dispositions

2017 $ $ $ $ $ $ Government of Alberta capital transfers

435,026,665 77,848,977 339,696 (19,024,818) (1,729) 494,188,781

Total

435,026,665 77,848,977 339,696 (19,024,828) (1,729) 494,188,781



August 31, 2017

13

2015

Transferred from

unexpended deferred capital

revenue [notes 8 and

21]

Transferred in - tangible

capital assets

Capital revenue

recognized

Net book value of capital

dispositions

2016 $ $ $ $ $ $ Government of Alberta capital transfers

361,412,979

90,285,979

243,950

(16,916,243) —

435,026,665

Total 361,412,979

90,285,979

243,950

(16,916,243)

—

435,026,665

10. Employee future benefit liabilities

Employee future benefits consist of the following:

2017 2016 $ $ Retirement allowances [i] 5,455,000 5,089,200 Defined benefit pension plan liability [ii] 430,700 393,700 Executive retirement allowances [iii] 635,248 691,714 Post-employment benefits [iii] 172,000 195,000 Total 6,692,948 6,369,614

[i] Retirement allowances

The actuarial valuation of the plan was performed as of June 30, 2016 and extrapolated to August 31, 2017. Benefit plan obligations are as follows:

2017 2016 $ $ Accrued benefit obligation, beginning of year 5,089,200 4,889,800 Current service cost 385,700 352,900 Interest cost 250,800 237,200 Benefit payments (328,100) (394,900) Amortization of experience (gain) loss 57,400 4,200 Accrued benefit obligation, end of year 5,455,000 5,089,200



August 31, 2017

14

There are no defined benefit plan assets. Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:

2017 2016 $ $ Pension obligation 5,661,200 5,644,500 Plan deficit 5,661,200 5,644,500 Unamortized experience loss (206,200) (555,300) Accrued benefit obligation 5,455,000 5,089,200

The significant actuarial assumptions used in measuring the district's accrued benefit obligation and expense are as follows:

2017 2016 Discount rate – obligation 4.30% 4.40% Discount rate – expense 4.40% 4.70% Rate of compensation increase 0% from 2017-

2018, 2.0% in 2019, 2.2% thereafter

0% from 2016-2018, 2.0% in

2019, 2.2% thereafter

Remaining service life 10 years 10 years [ii] Defined benefit pension plan liability

The district participates in a non-registered Supplemental Executive Retirement Program [note 2] which is a defined benefit plan for certain members of senior administration. The actuarial valuation of the plan was performed as of August 31, 2017. Defined benefit plan obligations are as follows:

2017 2016 $ $ Accrued benefit obligation, beginning of year 393,700 343,600 Current service cost 39,900 51,000 Interest cost 14,900 13,400 Amortization of experience gain (17,800) (14,300) Accrued benefit obligation, end of year 430,700 393,700

There are no defined benefit plan assets.



August 31, 2017

15

Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:

2017 2016 $ $ Pension obligation 349,500 266,900 Plan deficit 349,500 266,900 Unamortized experience gain 81,200 126,800 Accrued benefit obligation 430,700 393,700

The significant actuarial assumptions used in measuring the district's accrued benefit obligation and expense are as follows:

2017 2016 Discount rate – obligation 4.70% 5.20% Discount rate – expense 5.20% 5.25% Rate of compensation increase 3.50% 3.50% Remaining service life 8 years 9 years

[iii] Other employee future benefits

These include retirement allowances for certain members of senior administration and post-employment benefit continuation for all members of senior administration. 11. Long-term debt

Long-term debt is comprised of debentures issued by the Alberta Capital Finance Authority at interest rates ranging from 7.875% to 10% per annum which mature at various dates to 2020. All debenture principal and interest payments are fully supported [funded] by the Government of Alberta. Principal and interest payments required over each of the next three years are as follows:

Principal Interest Total $ $ $ 2018 47,599 6,306 53,905 2019 16,067 1,961 18,028 2020 5,200 494 5,694 Total 68,866 8,761 77,627

Interest on long-term debt incurred during the year ended August 31, 2017 was $15,843 [2016 – $37,473].



August 31, 2017

16

12. Tangible capital assets

2017

Land Work in

progress Buildings Site

development

Furniture and

equipment

Computer software

and hardware Vehicles Total

$ $ $ $ $ $ $ $ Historical cost Beginning of year 6,069,298 92,849,081 599,383,463 44,691,991 20,598,910 17,903,453 2,113,033 783,609,229 Additions — 79,662,969 — — 683,859 215,834 154,055 80,716,717 Transfers to (from) — (113,331,126) 97,996,431 8,416,337 5,215,850 1,702,508 — — Disposals (6,659) — — (196,204) (1,803,031) (12,129) (178,221) (2,196,244)

6,062,639 59,180,924 697,379,894 52,912,124 24,695,588 19,809,666 2,088,867 862,129,702

Accumulated amortization Beginning of year — — 266,678,529 23,997,060 13,163,020 12,069,087 1,525,727 317,433,423 Amortization for the year — — 16,378,090 2,219,618 2,309,781 2,268,754 147,254 23,323,497 Disposals — — — (173,064) (1,788,829) (12,129) (153,063) (2,127,085) — — 283,056,619 26,043,614 13,683,972 14,325,712 1,519,918 338,629,835 Net book value, end of year 6,062,639 59,180,924 414,323,275 26,868,510 11,011,616 5,483,954 568,949 523,499,867



August 31, 2017

17

2016

Land Work in

progress Buildings Site

development

Furniture and

equipment

Computer software

and hardware Vehicles Total

$ $ $ $ $ $ $ $ Historical cost Beginning of year 6,069,298 16,743,411 587,510,152 43,941,502 21,219,125 15,640,831 2,201,440 693,325,759 Additions — 92,059,625 — — 671,746 209,562 64,385 93,005,318 Transfers to (from) — (15,953,955) 12,643,084 750,489 449,268 2,111,114 — — Disposals — — (769,773) — (1,741,229) (58,054) (152,792) (2,721,848) 6,069,298 92,849,081 599,383,463 44,691,991 20,598,910 17,903,453 2,113,033 783,609,229 Accumulated amortization Beginning of year — — 252,671,245 22,036,219 12,829,783 10,161,367 1,458,130 299,156,744 Amortization for the year — — 14,777,057 1,960,841 2,023,601 1,930,942 169,865 20,862,306 Disposals — — (769,773) — (1,690,364) (23,222) (102,268) (2,585,627) — — 266,678,529 23,997,060 13,163,020 12,069,087 1,525,727 317,433,423 Net book value, end of year 6,069,298 92,849,081 332,704,934 20,694,931 7,435,890 5,834,366 587,306 466,175,806



August 31, 2017

18

The Government of Alberta has entered into contracts [public-private partnerships] for the design, build, finance, and maintenance of schools and modular classrooms on behalf of the district. The cost of modular classrooms was nil in 2017 [2016 - $127,572]. These contributed assets have been transferred to the district at their estimated fair value as determined by the Government of Alberta based upon the competitively bid contract to construct these assets. The Government of Alberta has incurred manpower costs and plaques on behalf of the district in the amount of $339,696 [2016 – $116,378] which was recorded as an increase to tangible capital assets. Prior to the existence of the Joint Use Agreement ["JUA"] between the City of Calgary, the Calgary Board of Education and the district in March 1985, the district either purchased sites or, in some instances, acquired certain school sites from the City of Calgary for a nominal cost [$1 per site]. Subsequent to the JUA, the district receives school sites at no cost. The district also has JUAs with the City of Chestermere and Rocky View County and both JUAs include Rocky View School Division No. 41. The land which has been reserved for the district for future school sites under the JUAs has not been recorded as a reasonable estimate of the amount cannot be made as the land can only be used for a school site and cannot be sold, therefore, there is no market value. 13. Accumulated surplus

The schedule of changes in accumulated surplus provides detailed information on the changes in accumulated surplus. The following provides detailed information on the changes in the reserves:

2017 Balance,

beginning of year Appropriated Utilized

Balance, end of year

$ $ $ $ Operating reserves School and instruction 3,820,438 4,001,995 (2,752,805) 5,069,628 Plant operations and maintenance 280,682 — — 280,682 4,101,120 4,001,995 (2,752,805) 5,350,310 Capital reserves School and instruction 232,900 — — 232,900 Plant operations and maintenance 224,985 633,188 — 858,173 Board and system administration 7,140,169 — — 7,140,169 7,598,054 633,188 — 8,231,242 Total reserves 11,699,174 4,635,183 (2,752,805) 13,581,552



August 31, 2017

19

2016 Balance,

beginning of year Appropriated Utilized

Balance, end of year

$ $ $ $ Operating reserves School and instruction 5,415,621 2,763,322 (4,358,505) 3,820,438 Plant operations and maintenance 280,682 — — 280,682 5,696,303 2,763,322 (4,358,505) 4,101,120 Capital reserves School and instruction 232,900 — — 232,900 Plant operations and maintenance 76,865 188,626 (40,506) 224,985 Board and system administration 7,140,169 — — 7,140,169 7,449,934 188,626 (40,506) 7,598,054 Total reserves 13,146,237 2,951,948 (4,399,011) 11,699,174

14. Contractual obligations

The district has entered into contracts for the delivery of services and construction of tangible capital assets. These contractual obligations will become liabilities in the future when the terms of the contracts are met. Disclosure relates to the unperformed portion of the contracts.

2017 2016 $ $ Building projects 54,918,309 71,102,675 Service providers 5,310,168 6,276,769 Total contractual obligations 60,228,477 77,379,444

Building

project Service

providers $ $ 2018 46,333,829 2,427,175 2019 8,584,480 2,198,389 2020 — 684,604 54,918,309 5,310,168



August 31, 2017

20

Building projects include the district's obligation for the new schools in Evanston, Auburn Bay, New Brighton, Legacy, Sherwood and Mahogany areas, and St. Francis modernization. Building projects also include the district's obligation for Infrastructure Maintenance Renewal projects. It is anticipated that $54,781,349 will be funded by Alberta Education. Service providers include the district's obligation to purchase minimum volumes of electricity and gas at a fixed price and software support services. 15. Contingent liabilities

The district may, from time to time, be involved in legal proceedings, claims and litigation that arise in the ordinary course of business. In the event that any such claims or litigation are resolved against the district, management does not anticipate any material impact from such outcomes or resolutions on the business, financial condition, or results of operations of the district at the present time. The district is a member of The Urban Schools Insurance Consortium ["USIC"], a licensed reciprocal insurance exchange under Alberta's Insurance Act, which facilitates the placement of property and liability insurance coverage for 14 jurisdictions throughout the province of Alberta. Member contributions pay for premiums on insurance policies and self-insure a portion of each member's risk exposure. Also, premium rebates are received by the reciprocal from the insurer's favorable claims experience. Each member could become liable for its proportionate share of any claim losses in excess of the funds held by the reciprocal. The district's share of the accumulated USIC funds as at August 31, 2017 was $978,819 [2016 – $603,375]. This amount has not been recognized in the district's financial statements as the accumulated funds are payable only upon membership termination or dissolution of the reciprocal. 16. Liability for contaminated sites

The district has one site which is not in productive use, which was formerly used as a school site. There has not been any historical use of this site that would warrant an environmental assessment. As a result, a liability for the remediation of contaminated sites has not been recognized. 17. Asset retirement obligations

The district has a legal obligation to remove hazardous material located on the site of non-school buildings upon their disposal. As at August 31, 2017, none of the non-school buildings were scheduled for a major renovation or demolition. As no settlement date can be estimated, the fair value of the obligation cannot be determined and therefore a liability has not been recognized.



August 31, 2017

21

18. Expenses by object

2017 2016 $ $ Certificated salaries 303,818,698 299,322,360 Certificated benefits 68,970,657 70,850,779 Non-certificated salaries and wages 77,784,536 75,830,543 Non-certificated benefits 21,193,218 20,392,528 Services, contracts and supplies 94,317,566 94,327,425 Amortization of tangible capital assets [note 12] 23,323,497 20,862,306 Interest and charges [note 11] 407,587 431,107 Other expense 402,344 552,590 Total expenses 590,218,103 582,569,638

19. Pension plans

Multi-employer defined benefit plans [i] The district's certificated staff participates in the Alberta Teachers' Retirement Fund [note 2]. The expense for this defined benefit pension plan is equivalent to the annual contributions by the Government of Alberta of $34,484,176 for the year ended August 31, 2017 [2016 – $35,863,536]. As at August 31, 2016, the Alberta Teachers' Retirement Fund reported a surplus of $1,227,749,000 [2015 – surplus of $779,716,000]. [ii] The district participates in the multi-employer Local Authorities Pension Plan [note 2] for non-certificated staff. The expense for this defined benefit pension plan is equivalent to the annual contributions of $8,335,679 for the year ended August 31, 2017 [2016 – $8,153,720]. As at December 31, 2016, the Local Authorities Pension Plan reported a deficit of $637,357,000 [2015 – deficit of $923,416,000]. [iii] The district participates in a multi-employer registered Supplemental Integrated Pension Plan [note 2] for certain members of senior administration. The expense for this plan is equivalent to the annual contributions of $53,309 for the year ended August 31, 2017 [2016 – $57,326]. As at December 31, 2014, the most recent actuarial valuation, the SIPP reported a surplus of $951,100 [2011 – surplus of $3,800].



August 31, 2017

22

20. Salaries and benefits

2017

2016

Number

Salaries, wages and

accrued vacation

Benefits and allowances Total Total

$ $ $ $ Chair 1 27,367 19,466 46,833 46,823 Other Board members 6 134,074 96,632 230,706 233,274 Superintendent 1 262,405 85,974 348,379 318,724 Secretary-Treasurer 1 186,187 49,019 235,206 242,287 Certificated staff 3,292 303,556,293 68,884,683 372,440,976 369,854,415 Non-certificated staff 1,583 77,436,908 21,028,101 98,465,009 95,700,687 4,884 381,603,234 90,163,875 471,767,109 466,396,210

The number of board positions and employees represent those as of September 30, 2016. 21. Statement of cash flows

Net change in non-cash assets and liabilities

2017 2016 $ $ Accounts receivable 3,966,396 (12,685,077) Other financial assets (324,500) (196,800) Accounts payable and accrued liabilities (1,256,735) 2,307,908 Unexpended deferred operating revenue 3,276,679 (864,977) Unexpended deferred capital revenue [note 8] (1,252,255) (30,649,805) Expended deferred capital revenue [note 9] 77,848,977 90,285,979 Employee future benefit liabilities 323,334 227,259 Prepaid expenses 35,153 (185,010) Other non-financial assets 224,182 (394,855) Total net change in non-cash operating activities 82,841,231 47,844,622 Accounts payable and accrued liabilities (15,529,020) 20,219,439 Total net change in non-cash capital activities (15,529,020) 20,219,439



August 31, 2017

23

22. Student fees

2017 2016 $ $ Basic Instructional supplies and materials 3,464,625 1,821,312 Activity 3,441,734 3,393,126 Fees to enhance education 1,765,417 1,335,639 Lunchroom supervision 2,293,818 2,146,996 Non-curricular travel 1,737,568 1,966,119 Transportation 1,340,984 1,503,073 Non-curricular goods and services 846,622 434,342 Extracurricular 692,855 565,281 Total 15,583,623 13,165,888

23. School generated funds

2017 2016 $ $ Unexpended school generated revenue, beginning of year 4,605,747 4,256,647 Gross receipts:

Fees 8,957,337 8,649,183 Fundraising 1,797,450 2,001,999 Gifts and donations 1,165,925 1,312,585 Grants to schools 21,317 259,004 Other sales and services 4,172,330 4,075,729

Total gross receipts 16,114,359 16,298,500 Total related expenses and uses of funds (12,613,641) (12,784,535) Total direct costs including cost of goods sold to raise funds (3,102,433) (3,164,865) Unexpended school generated revenues, end of year 5,004,032 4,605,747 Balance included in unexpended deferred operating revenue [note 7] 2,294,804 2,332,777 Balance included in accumulated surplus 2,709,228 2,272,970 5,004,032 4,605,747



August 31, 2017

24

24. 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, other school jurisdictions, crown corporations, government agencies, regulated funds, government commercial enterprises, offices of the legislative assembly and government organizations in Alberta. Related party transactions are recorded at the exchange amount, which is the amount of consideration established and agreed upon between the related parties. Amounts due to or from and the amounts of transactions with related parties are recorded in the financial statements and are as follows:

2017 Balances

Transactions

Financial assets

[at cost or net realizable

value]

Liabilities [at amortized

cost] Revenues Expenses $ $ $ $ Government of Alberta [GOA]: Education Accounts receivable / accounts

payable 11,607,645 16,099,916

— — Prepaid expenses / deferred revenue — 4,678,328 — — Unexpended deferred capital revenue — 9,209,129 — — Expended deferred capital revenue — 493,712,306 — — Grant revenue and expenses — — 434,209,140 — Alberta Teachers' Retirement Fund

payments made on behalf of district — — 34,484,176 — Other revenues and expenses — — 117,841 2,656,513 Other Alberta school jurisdictions 22,193 1,285,668 — 1,771,093 Treasury Board and Finance

[Principal] 68,865 — — — Treasury Board and Finance [Accrued

interest] 3,834 — 15,843 — Alberta Health Services — 1,037 — 334,209 Post-secondary institutions 58,553 1,799 85,347 286,133 Human Services — 476,475 31,899 — Agriculture and Forestry — — — 11,704 Environment and Parks — — — 9,024 Culture and Tourism — 999 35,133 —



August 31, 2017

25

2017 Balances

Transactions

Financial assets


value]


cost] Revenues Expenses $ $ $ $ Labour — — 12,000 — Other GOA ministries — 1,484 190 1,822 Other Alberta Local Authorities Pension Plan

Corp. — 525,414 — 8,335,679 Alberta Capital Finance Authority — 72,699 — 15,843 Urban School Insurance Consortium 63,744 — — 426,230 Alberta Foundation for the Arts — 122 2,558 — Other related parties — 2,371 2,632 368 Total 11,824,834 526,067,747 468,996,759 13,848,618

2016 Balances

Transactions

Financial assets


value]


cost]

Financial assets


value] Expenses $ $ $ $ Government of Alberta [GOA] Education Accounts receivable / accounts

payable 16,021,451 17,870,466 — — Prepaid expenses / deferred revenue — 339,854 — — Unexpended deferred capital revenue — 10,461,384 — — Expended deferred capital revenue — 434,518,291 — — Grant revenue and expenses — — 423,684,590 — Alberta Teachers' Retirement Fund

payments made on behalf of district — — 35,863,536 — Other revenues and expenses — — 120,627 1,795,160 Other Alberta school jurisdictions — 863,077 210,293 1,404,172



August 31, 2017

26

2016 Balances

Transactions

Financial assets


value]


cost]

Financial assets


value] Expenses $ $ $ $ Treasury Board and Finance

[Principal] 290,172 — — — Treasury Board and Finance [Accrued

interest] 15,835 — 37,473 — Treasury Board and Finance – other — — 2,520 21,062 Alberta Health Services — 761 — 451,374 Post-secondary institutions 40,807 1,169 146,956 246,133 Human Services — 508,374 31,899 — Agriculture and Forestry — 1,008 — 11,704 Environment and Parks — 176 — 7,274 Culture and Tourism — 28,336 271,858 368 Other GOA ministries — 1,040 390 — Other Alberta Local Authorities Pension Plan

Corp. — 577,092 — 8,153,720 Alberta Capital Finance Authority — 306,007 — 37,473 Urban School Insurance Consortium 107,513 — — 641,596 Alberta Foundation for the Arts — 122 15,203 — Other related parties — 3,074 1,298 50 Total 16,475,778 465,480,231 460,386,643 12,770,086

The district's principal and interest payments on long-term debt in the amount of $221,307 [2016 – $221,307] and $15,843 [2016 – $37,473], respectively, are paid by the Government of Alberta [note 11]. Debenture principal payments are recorded as a decrease in long-term debt and decrease in accounts receivable. Interest payments are recorded as an increase in Government of Alberta revenue and increase in interest expense on long-term debt. Maintenance and supernet costs totaling $2,339,667 [2016 – $1,551,187] are paid by the Government of Alberta and are recorded as an increase in revenue from the Government of Alberta and increase in plant operations and maintenance expense. The district's primary source of revenue is from the Government of Alberta. The district's ability to continue its operations is dependent on this funding.



August 31, 2017

27

25. Financial risk management

It is management's opinion that the district is not exposed to significant currency, interest rate, market, credit or liquidity risks arising from its financial instruments. The district's financial risk exposure is as follows: Currency risk

As the district has cash and accounts payable denominated in U.S. dollars, it is exposed to currency risk. As at August 31, 2017, cash and accounts payable in U.S. dollars totaled $121,237 and nil [2016 – $33,387 and $17,988] respectively. Interest rate risk

Investments are not exposed to significant interest rate risk due to their short-term maturity. The district is not exposed to interest rate risk on long-term debt as it is fully funded by the Government of Alberta. Other financial assets and financial liabilities do not have any interest rate risk since they do not bear interest. Market risk

The district restricts the type of investments to include bankers' acceptances, guaranteed investment certificates, bearer deposit notes and term deposits issued by the five major banks: Royal Bank, Canadian Imperial Bank of Commerce, Toronto Dominion Canada Trust, Bank of Montreal and Bank of Nova Scotia. Also, the district may invest with a financial institution who is a member of the Canadian Deposit Insurance Corporation, and may invest with a financial institution where the principal and interest is 100 per cent guaranteed by the Credit Union Deposit Guarantee Corporation, or where the principal and interest is 100 per cent guaranteed by the Government of Alberta. The maximum term allowed for an investment is 365 days. Credit risk

Receivables comprise amounts receivable from the City of Calgary and the Government of Alberta totaling $27,659,698 [91%] which mitigates the credit risk. The remaining receivables are subject to normal trade credit risk which is not significant as the district manages and analyzes the outstanding accounts receivable balances. Liquidity risk

The district manages its liquidity risk by maintaining sufficient cash and cash equivalents and securing an operating line of credit [note 5]. The district ensures that it operates within its budget and has reserves and an unrestricted operating surplus.



August 31, 2017

28

26. Budget amounts

The budget was prepared by the district and approved by the Board of Trustees on June 8, 2016. The following is the reconciliation between the revenues reported in the approved budget and that reported in the statement of operations due to reclassification of certain revenues for financial reporting purposes:

Revenue Original budget Reallocation Revised budget $ $ $ Alberta Education 469,472,535 (31,899) 469,440,636 Property taxes 89,160,710 — 89,160,710 Other - Government of Alberta 258,587 31,899 290,486 Federal Government and First Nations 1,273,075 — 1,273,075 Student fees 13,614,997 219,931 13,834,928 Other sales and services 5,150,813 548,914 5,699,727 Investment income 983,084 — 983,084 Gifts and donations 2,573,026 — 2,573,026 Rental of facilities 2,169,912 — 2,169,912 Fundraising 2,930,274 (768,845) 2,161,429 Gain on disposal of tangible capital assets 25,000 — 25,000 Other 6,886 — 6,886 Total revenues 587,618,899 — 587,618,899

27. Comparative figures

Certain of the 2016 comparative figures have been reclassified to conform to the 2017 presentation.

Documents

Calgary Roman Catholic Separate School District No€¦ · We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise