AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED …...School Jurisdiction Code: 1135 AUDITED...

School Jurisdiction Code: 1135

AUDITEDFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2014[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

Board-approved Release Date

Signature

Signature

SignatureName

Name

Name

SUPERINTENDENT

David Driscoll

SECRETARY-TREASURER OR TREASURER

Jeffery Perry

November 25, 2014

"Original Signed"

"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

Box 69, Claresholm, Alberta T0L 0T0

403-625-3356; Fax 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

Martha Ratcliffe

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"

1


TABLE OF CONTENTS

Page

3

4

5

6

7

8

9

11

12

13

14

STATEMENT OF CHANGE IN 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

2

Young Parkyn McNab LLP

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To the Board of Trustees of the Livingstone Range School Division No. 68

We have audited the accompanying financial statements of Livingstone Range School Division No. 68, which comprise the statement of financial position as at August 31 , 2014, and the statements 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 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.

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 performing 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, 2014, 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, 2014 in accordance with Canadian public sector accounting standards.

Leth bridge, Alberta November 25, 2014 Chartered Accountants

3

LETHBRIDGE • FORT MACLEOD • CLARESHOLM • TABER • MILK RIVER • *PINCHER CREEK * Denotes Part-Time Office


2014 2013

FINANCIAL ASSETS

Cash and cash equivalents (Note 3) 9,455,739$ 8,644,896$

Accounts receivable (net after allowances) (Note 4) 4,888,379$ 4,070,471$

Portfolio investments (Note 5) 150,414$ 129,063$

Other financial assets (Note 6) 102,018$ 65,383$

Total financial assets 14,596,550$ 12,909,813$

LIABILITIES

Bank indebtedness (Note 7) -$ -$

Accounts payable and accrued liabilities (Note 8) 1,660,821$ 1,177,496$

Deferred revenue (Note 9) 37,219,300$ 37,795,062$

Employee future benefit liabilities (Note 10) 61,200$ 107,400$

Other liabilities -$ -$

Debt (Note 11)

Supported: Debentures and other supported debt 202,472$ 265,695$

Unsupported: Debentures and capital loans -$ -$

Capital leases -$ -$

Mortgages -$ -$

Total liabilities 39,143,793$ 39,345,653$

Net financial assets (debt) (24,547,243)$ (26,435,840)$

NON-FINANCIAL ASSETS

Tangible capital assets (Note 12)

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

Construction in progress -$

Buildings 73,954,499$

Less: Accumulated amortization (39,611,735)$ 34,342,764$ 35,429,844$

Equipment 810,597$

Less: Accumulated amortization (636,174)$ 174,423$ 250,182$

Vehicles 5,105,775$

Less: Accumulated amortization (3,538,942)$ 1,566,833$ 1,549,756$

Computer Equipment -$

Less: Accumulated amortization -$ -$ -$

Total tangible capital assets 37,242,381$ 38,388,143$

Prepaid expenses 154,299$ 122,837$

Other non-financial assets -$ -$

Total non-financial assets 37,396,680$ 38,510,980$

Accumulated surplus (Note 13) 12,849,437$ 12,075,140$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 12,849,437$ 12,075,140$

Accumulated remeasurement gains (losses) -$ -$

12,849,437$ 12,075,140$

Contractual obligations

Contingent liabilities

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

As at August 31, 2014 (in dollars)STATEMENT OF FINANCIAL POSITION

4


Budget Actual Actual2014 2014 2013

Alberta Education 42,278,484$ 44,021,286$ 43,906,801$

Other - Government of Alberta -$ 24,584$ 56,580$

Federal Government and First Nations 2,843,055$ 2,528,077$ 2,940,632$

Other Alberta school authorities -$ -$ -$

Out of province authorities -$ -$ -$

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

Property taxes -$ -$ -$

Fees (Note 14) 576,256$ 488,879$ 549,842$

Other sales and services 984,604$ 973,355$ 750,811$

Investment income 119,735$ 198,061$ 178,341$

Gifts and donations 197,000$ 222,671$ 304,259$

Rental of facilities 61,200$ 73,427$ 39,713$

Fundraising 641,000$ 431,415$ 470,948$

Gains on disposal of capital assets -$ 12,525$ 7,662$

Other revenue -$ -$ -$

Total revenues 47,701,334$ 48,974,280$ 49,205,589$

Instruction (ECS - Grade 12) 35,993,135$ 36,250,192$ 35,928,853$

Plant operations and maintenance 7,195,006$ 6,602,355$ 6,723,317$

Transportation 3,345,477$ 3,493,733$ 3,220,987$

Board & system administration 2,172,479$ 1,853,703$ 1,961,984$

External services -$ -$ 38,743$

Total expenses 48,706,097$ 48,199,983$ 47,873,884$

(1,004,763)$ 774,297$ 1,331,705$

STATEMENT OF OPERATIONSFor the Year Ended August 31, 2014 (in dollars)

EXPENSES

Operating surplus (deficit)


REVENUES

5

1135

2014 2013

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) 774,297$ 1,331,705$

Add (Deduct) items not affecting cash:

Total amortization expense 2,578,053$ 2,414,191$

Gains on disposal of tangible capital assets (12,525)$ (7,662)$

Losses on disposal of tangible capital assets -$ 13,840$

Expended deferred capital revenue recognition (2,137,967)$ (1,923,141)$

Deferred capital revenue write-off -$ -$

Donations in kind -$ -$

Changes in:

Accounts receivable (817,908)$ (28,929)$

Prepaids (31,462)$ (32,827)$

Other financial assets (36,635)$ 8,606$

Non-financial assets -$ -$

Accounts payable and accrued liabilities 483,325$ (96,626)$

Deferred revenue (excluding EDCR) 1,562,205$ 5,541,951$

Employee future benefit liabilitiies (46,200)$ (31,181)$

Other (describe) -$ (5,209,879)$

Total cash flows from operating transactions 2,315,183$ 1,980,048$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings (1,099,255)$ (5,737,783)$

Equipment (22,362)$ (28,245)$

Vehicles (327,706)$ (339,497)$

Computer equipment -$ -$

Net proceeds from disposal of unsupported capital assets 29,557$ 35,662$

Other (describe) 5,209,879$

Total cash flows from capital transactions (1,419,766)$ (859,984)$

C. INVESTING TRANSACTIONS

Purchases of portfolio investments (21,351)$ (10,566)$

Dispositions of portfolio investments -$ -$

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

Other (describe) -$ -$

Total cash flows from investing transactions (21,351)$ (10,566)$

D. FINANCING TRANSACTIONS

Issue of debt -$ -$

Repayment of debt (63,223)$ (99,342)$

Other (describe) -$ -$

Total cash flows from financing transactions (63,223)$ (99,342)$

Increase (decrease) in cash and cash equivalents 810,843$ 1,010,156$

Cash and cash equivalents, at beginning of year 8,644,896$ 7,634,740$

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


For the Year Ended August 31, 2014 (in dollars)

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

Alberta Infrastructure Managed Projects

Alberta Infrastructure Managed Projects

6

1135

Budget 2014 2013

2014

Operating surplus (deficit) (1,004,763)$ 774,297$ 1,331,705$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets (426,908)$ (1,449,323)$ (6,105,525)$

Amortization of tangible capital assets 2,454,051$ 2,578,053$ 2,414,191$

Net carrying value of tangible capital assets disposed of -$ 17,032$ 41,840$

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

Other changes -$ -$

Total effect of changes in tangible capital assets 2,027,143$ 1,145,762$ (3,649,494)$

Changes in:

Prepaid expenses -$ (31,462)$ (32,827)$

Other non-financial assets -$ -$ -$

Net remeasurement gains and (losses) -$ -$ -$

Endowments -$ -$ -$

Decrease (increase) in net debt 1,022,380$ 1,888,597$ (2,350,616)$

Net debt at beginning of year (26,435,840)$ (26,435,840)$ (24,085,224)$

Net debt at end of year (25,413,460)$ (24,547,243)$ (26,435,840)$

School Jurisdiction Code:

STATEMENT OF CHANGE IN NET DEBT

For the Year Ended August 31, 2014


7


2014 2013

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


For the Year Ended August 31, 2014 (in dollars)

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1135

SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2014 (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, 2013 -$ 322,368$ -$ -$ 34,688,894$

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

Adjusted balance, August 31, 2013 -$ 322,368$ -$ -$ 34,688,894$

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) -$

Infrastructure Maintenance & Renewal capital related to school facilities -$

Other sources: (Describe) -$ -$

Other sources (Describe) : -$ -$

Unexpended capital revenue receivable from:

Alberta Education school building & modular (excl. IMR) 1,026,778$

Other sources: (Describe) -$ -$

Other souces: (Describe) -$ -$

Interest earned on unexpended capital revenue -$ -$ -$ -$

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 (1,026,778)$ (72,477)$ -$ -$ 1,099,255$

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): -$ -$ -$ -$ -$

Capital revenue recognized - Alberta Education 2,137,967$

Capital revenue recognized - Other Government of Alberta -$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2014 -$ 249,891$ -$ -$ 33,650,182$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (A) + (B) + (C) + (D) 249,891$

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.

Unexpended Deferred Capital Revenue

11

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13

LIVINGSTONE RANGE SCHOOL DIVISION NO. 68

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended August 31, 2014

14

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



15

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

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 2.5% 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.



16

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 Alberta Government. 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 Reserve 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 when and to the extent that the contributions give rise to an obligation that meets the definition of a liability in accordance with Section 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.



17

Supplies and services are allocated based on actual program identification.

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, 2014, the amount contributed by the Government was $2,554,759 (2013 $2,124,192). 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 $ 476,850 for the year ended August 31, 2014 (2013 $449,742). At December 31, 2013, the Local Authorities Pension Plan reported an actuarial deficiency of $4,861,516,000 (2012 deficiency of $4,977,303,000).

l) Program Reporting

The Division’s operations have been segmented as follows:

ECS-Grade 12 Instruction: The provision of Early Childhood Services education and grades 1 - 12 instructional services 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.

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 15.



18

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 $ 7,977,870 $ 7,977,870 $ 7,784,643

Cash equivalents

Government of Canada, direct d d

% - - -

Provincial, direct and guaranteed % - - -

Corporate % - - -

Municipal % - - -

Pooled investment funds % - - -

Other, including GIC's 1.15% 1,477,869 1,477,869 860,253

Total cash and cash equivalents $ 9,455,739 $ 9,455,739 $ 8,644,896

2014 2013



19

4. ACCOUNTS RECEIVABLE

2013

Gross Amount

Allowance for Doubtful Accounts

Net Realizable

Value

Net Realizable

Value

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

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

Alberta Education - IMR - - - 412,604

Alberta Education - (Specify) - - - -

Other Alberta school jurisdictions - - - -

Treasury Board and Finance - Supported debenture principal 202,472 - 202,472 265,695

Treasury Board and Finance - Accrued interest on supported debentures 4,501 - 4,501 5,918

Alberta Health & Wellness - - - -

Alberta Health Services - - - -

Innovation & Advanced Education - - - -

Post-secondary institutions - - - -

Government of Alberta Ministry (S if )

- - - -

Government of Alberta Ministry (S f )

-

Government of Alberta Ministry (S if )

-

Federal government 157,756 - 157,756 179,124

First Nations - Kainai 6,236 - 6,236 -

First Nations - AANDC 69,717 - 69,717 -

Windpow er 2,002,164 - 2,002,164 2,116,760

Other 207,840 - 207,840 141,489

Total $4,888,379 $ - $4,888,379 $4,070,471

2014



20

5. PORTFOLIO INVESTMENTS

Average Effective (Market)

Yield Cost Fair Value Balance2013

Balance

Long term deposits % $ - $ - $ - $ -

Guranteed interest certif icates % - - - -

Fixed income securities

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

Provincial, direct and guaranteed % - - - -

Municipal % - - - -

Corporate % - - - -

Pooled investment funds 8.42% 150,414 150,414 150,414 129,063

Total f ixed income securities 8.42% 150,414 150,414 150,414 129,063

Equities

Canadian % - - - -

Foreign % - - - -

Real estate % - - - -

Total equities % - - - -

Supplemental Integrated Pension Plan assets % - - - -

Restricted long-term investments % - - - -

Other (Specify) % - - - -



Total portfolio investments 8.42% $ 150,414 $ 150,414 $ 150,414 $ 129,063

2014

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

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

2014 2013

Inventory $ 102,003 $ 65,368

Other 15 15

Total $ 102,018 $ 65,383

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



21

7. BANK INDEBTEDNESS

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

3% (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 (2013: $0) at August 31, 2014.

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

2014 2013

Alberta Education $ 20,392

Other Alberta school jurisdictions - -

Alberta Capital Finance Authority (Interest on long-term debt - Supported) 4,501 5,918

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

- -

Alberta Health & Wellness - -

Alberta Health Services - -

Innovation & Advanced Education - -

Post-secondary institutions - -

Other Government of Alberta ministries (Specify) - -



Federal government 118,693

First Nations - -

Other interest on long-term debt - -

Other bank charges, fees, and interest - -

Accrued vacation pay liability 217,381 196,881

Other salaries & benefit costs - -

Other trade payables and accrued liabilities 1,438,939 835,612

Total $ 1,660,821 $ 1,177,496



22

9. DEFERRED REVENUE

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

2014 2013

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 61,200 107,400

Total $ 61,200 $ 107,400

ADD: DEDUCT: ADD (DEDUCT):SOURCE AND GRANT OR FUND TYPE DEFERRED 2013/2014 2013/2014 2013/2014 DEFERRED

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

Aug. 31, 2013 Receivable (Paid / Payable) Funds Aug. 31, 2014Unexpended deferred operating revenue

Alberta Education: Regional Collaborative Service Delivery -$ -$ - $ -$ -$ Children and Youth with Complex Needs - - - - - Student Health Initiative (School Authorities) - - - - Infrastructure Maintenance Renewal 1,024,316 630,145 (171,293) - 1,483,168 Regional Educational Consulting Services - - - - - SuperNet Service - - - - - Bridges to Teaching 53,403 - (53,403) - -

Other Government of Alberta: (Specify ministry & program) - - - - -

Other Deferred Revenue: School Generated Funds 1,673,101 1,182,908 (1,062,917) 1,793,092 Fees - - - - - Donations - - - - - Cardinal Bus Lines 1,850 22,200 (22,200) - 1,850 Lethbridge Foundation Grant 3,900 - (3,900) - - Lethbridge College 1,833 (1,833) - U of L Healthy School Grant 10,000 (10,000) - Cassix/ASBOA Conference 44,351 (22,476) 21,875 International Education Tuition 20,200 (12,505) 7,695 Matthew Halton Booster Club 15,397 - (3,850) - 11,547

Total unexpended deferred operating revenue 2,783,800$ 1,899,804$ (1,364,377)$ -$ 3,319,227$

Unexpended deferred capital revenue 322,368 - (72,477) - 249,891 Expended deferred capital revenue 34,688,894 1,099,255 (2,137,967) - 33,650,182

Total 37,795,062$ 2,999,059$ (3,574,821)$ -$ 37,219,300$



23

11. DEBT

2014 2013

Debentures outstanding at August 31, 2014 have interestrates between 8.875% to 11.5%. The terms of the Loan rangebetween 20 and 25 years, payments made annuallysupported by Alberta Education $ 202,472 $ 265,695

Total $ 202,472 $ 265,695

Debenture Debt – Supported The debenture debt bears interest at rates varying between 8.875% and 11.5%. The debenture debt is fully supported by Alberta Finance. Debenture payments due over the next five years and beyond are

Principal Interest Total

2014-2015 $ 63,223 $ 18,652 $ 81,875

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 0 0 -

Total $ 202,472 $ 41,644 $ 244,116

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25

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:

2014 2013

Unrestricted surplus 1,274,396$ 1,281,075$

Operating reserves 7,903,021 7,094,815

Accumulated surplus (deficit) from operations 9,177,417 8,375,890

Investment in tangible capital assets 3,592,200 3,699,250

Capital reserves 79,820 -

Endowments - -

Accumulated remeasurement gains (losses) - -

Accumulated surplus (deficit) 12,849,437$ 12,075,140$

The school jurisdiction has recorded a provision for employee future benefits. Since this provision reflects estimated future obligations, it is not required to be funded from current operations. Accumulated surplus (deficit) may be adjusted as follows:

2014 2013

Accumulated surplus (deficit) from operations 12,849,437$ 12,075,140$

Employee future benefits 61,200 107,400

Adjusted accumulated surplus (deficit) from operations (1)12,910,637$ 12,182,540$

(1) Adjusted accumulated surplus represents unspent funding available to support the school jurisdiction’s operations for the 2014-2015 year.

14. FEES

2014 2013

Transportation fees (1) $ - $ -

Fees charged for instruction material and supplies (2) 139,391 138,633

School generated funds 349,488 411,209

Field trips

Other fees (Specify)

Other fees (Specify)

Other fees - -

Total $ 488,879 $ 549,842

(1) Charged under School Act, Section 51 (3) (2) Charged under School Act Section 60 (2) (j)



26

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

2014 2013

Deferred salary leave plan $ - $ - Scholarship trusts 31,560 30,414 Student Health Initiative (Banker board) - - Children and Youth with Complex Needs (Banker board) - - Regional Collaborative Service Delivery (Banker board) - - Regional Learning Consortium (Banker board) - - Other foundations (please specify) - -

Total $ 31,560 $ 30,414

16. SCHOOL GENERATED FUNDS

2014 2013

School Generated Funds, Beginning of Year $ 1,673,101 $ 1,624,020 Gross Receipts:

Fees 388,942 411,209 Fundraising 480,118 470,948 Gifts and donations 247,808 304,259 Grants to schools - Other sales and services 66,040 54,399 Total gross receipts 1,182,908 1,240,815

Total Related Expenses and Uses of Funds 458,641 680,411 Total Direct Costs Including Cost of Goods Sold to Raise Funds 604,276 511,323

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

Balance included in Deferred Revenue $ 1,793,092 $ 1,673,101 Balance included in Accumulated Surplus (Operating Reserves) $ - $ -



27

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.

Revenues Expenses

Government of Alberta (GOA):

Education

Accounts receivable / Accounts payable $2,237,693 $ - $ - $ -

Prepaid expenses / Deferred operating revenue - 1,483,168 - -

Unexpended deferred capital revenue - 249,891 - -

Expended deferred capital revenue 33,650,182

Other assets & liabilities - - - -

Grant revenue & expenses - - 44,021,286 -

Other revenues & expenses - - - -

Other Alberta school jurisdictions - - - -

Treasury Board and Finance (Principal) 202,472

Treasury Board and Finance (Accrued interest) 4,501 24,584 24,584

Alberta Health - - - -

Alberta Health Services - - - -

Enterprise and Advanced Education - - - -

Post-secondary institutions 3,900 - 22,233 -

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

TOTAL 2012/2013 $1,633,098 $36,392,817 $43,963,381 $ 34,580

Financial Assets (at cost or net realizable

value)

Balances Transactions

Liabilities (at amortized

cost)

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.



28

19. REMUNERATION AND MONETARY INCENTIVES

The School Division had paid or accrued expenses for the year ended August 31, 2014 to or on behalf of the following positions and persons in groups as follows:

20. BUDGET AMOUNTS

The budget was prepared by the school jurisdiction and approved by the Board of Trustees on May 30, 2013. 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 2013/2014

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 ExpensesChair Ratclif fe, Martha 1.0 $15,000 $4,900 $0 $7,344Scherger, Shannon 1.0 $14,363 $4,878 $0 $7,991Yagos, Clara 1.0 $15,093 $1,388 $0 $8,978Hodges, Loralee 1.0 $12,960 $4,836 $0 $4,269Toone, Bradley 0.8 $11,112 $4,052 $0 $5,546McKee, John 0.8 $11,220 $4,083 $0 $4,348Decoux, Bruce 0.8 $9,423 $0 $0 $5,721Hall, Kelly 0.2 $2,105 $801 $86Peterson, Richard 0.2 $1,718 $802 $0 $1,031Dunlop, Charlene 0.2 $2,134 $0 $0 $440

Subtotal 7.0 $95,128 $25,740 $0 $45,754

Superintendent (1) 1.0 $160,000 $20,681 $0 $0 $0 $24,855Secretary/Treasurer (1) 1.0 $141,245 $37,928 $0 $0 $0 $10,020

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 215.8 $20,780,246 $4,673,631 $0 $0 $0Non-certif icated - other 218.4 $7,635,040 $1,604,571 $0 $0 $0

TOTALS $28,811,659 $6,362,551 $0 $0 $0

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