audited financial statements for the year ended … · mr. mohammed azim november 28, 2017...
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1325GR21
School Jurisdiction Code: 1325
AUDITEDFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017[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 o
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]: Mei-Ling: (780) 415-8940; Robert: (780) 427-3855 FAX: (780) 422-6996
Version 20170719
Board-approved Release Date
Signature
Signature
SignatureName
Name
Name
SUPERINTENDENT
Mr. Brad Volkman
SECRETARY-TREASURER OR TREASURER
Mr. Mohammed Azim
November 28, 2017
"Original Signed"
"Original Signed"
school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and train
Wild Rose School Division No. 66
4912 - 43 Street Rocky Mountain House AB T4T 1P4
(403) 845-3376 (403) 845-3850 [email protected]
presented to Alberta Education have been prepared by school jurisdiction management which has responsibilitytheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordawith Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Educatio
In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures desigto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are execuin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect
Wild Rose School Division No. 66
Mr. Russell Hickman
of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strosystem of budgetary control
The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the audfinancial statements with management in detail and approved the financial statements for releas
The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findinThe external auditors were given full access to school jurisdiction record
To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial positresults of operations, remeasurement gains and losses, changes in net financial assets (debt), and cash flows for the yin accordance with Canadian Public Sector Accounting Standards
BOARD CHAIR
"Original Signed"
1
School Jurisdiction Code: 1325
TABLE OF CONTENTS
Page
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Schedule 11: UNAUDITED SCHEDULE OF NUTRITION PROGRAM EXPENDITURES
Schedule 8: UNAUDITED SCHEDULE OF FEE REVENUES
Schedule 9: UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING
Schedule 10: UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES
STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)
INDEPENDENT AUDITOR'S REPORT
NOTES TO THE FINANCIAL STATEMENTS
Schedule 3: SCHEDULE OF PROGRAM OPERATIONS
Schedule 2: SCHEDULE OF CAPITAL REVENUE
Schedule 1: SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
STATEMENT OF CASH FLOWS
STATEMENT OF OPERATIONS
STATEMENT OF FINANCIAL POSITION
Schedule 4: SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES
Schedule 5: SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS
Schedule 6: SCHEDULE OF CAPITAL ASSETS
Schedule 7: SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES
2
•Peggy Weinzierl, CPA, CA •Scott St. Arnaud, CPA, CA •Jolene P. Kobi, CPA, CA •Justin J. Tanner, CPA, CA •Eric A. Peterson, CPA, CA (Associate) •Robert J. Krejci, CA (Associate) •Barry D. Gitzel, CPA, CA (Associate)
INDEPENDENT AUDITORS' REPORT
TO: The Board of Trustees Wild Rose School Division No. 66
We have audited the accompanying financial statements of Wild Rose School Division No. 66, which comprise the statement of financial position as at August 31 , 2017, and the statements of operations, cash flows and changes in net financial assets (net debt) for the year then ended, and notes to the financial statements.
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 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 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 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 the school division as at August 31 , 2017, and its financial performance and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.
Stettler, Alberta
71<9~02~ ;2.o 7
~~kotJ £ ~QJ CHARTERE-brROFESSIONAL ACCOUNTANTS
49 12 - 51 St., Box 460, Stettler, AB TOC 2LO Phone: 403-742-4431 Toll Free: 1-877-742-4431 Fax: 403-742-1266 www.gitzel.ca
*DENOTES PROFESSIONAL CORPORATION
School Jurisdiction Code: 1325
2017 2016
FINANCIAL ASSETS
Cash and cash equivalents (Schedule 5; Note 3) 6,472,839$ 5,334,452$
Accounts receivable (net after allowances) (Note 4) 1,057,167$ 1,788,130$
Portfolio investments -$ -$
Other financial assets 525$ 525$
Total financial assets 7,530,531$ 7,123,107$
LIABILITIES
Bank indebtedness (Note 5) -$ -$
Accounts payable and accrued liabilities (Note 6) 2,037,324$ 2,707,803$
Deferred revenue (Note 7) 45,696,526$ 47,066,155$
Employee future benefits liabilities (Note 8) 231,431$ 378,593$
Liability for contaminated sites -$ -$
Other liabilities -$ -$
Debt (Note 9)
Supported: Debentures and other supported debt 379,501$ 548,391$
Unsupported: Debentures and capital loans -$ -$
Mortgages -$ -$
Capital leases -$ -$
Total liabilities 48,344,782$ 50,700,942$
(40,814,251)$ (43,577,835)$
NON-FINANCIAL ASSETS
Tangible capital assets (Schedule 6)
Land 2,048,367$ 2,048,367$
Construction in progress -$ -$
Buildings 85,203,138$
Less: Accumulated amortization (39,643,423)$ 45,559,715$ 47,331,969$
Equipment 3,974,783$
Less: Accumulated amortization (3,051,906)$ 922,877$ 1,094,760$
Vehicles 7,965,173$
Less: Accumulated amortization (5,423,862)$ 2,541,311$ 2,412,688$
Computer Equipment 1,039,174$
Less: Accumulated amortization (1,039,174)$ -$ 4,814$
Total tangible capital assets 51,072,270$ 52,892,598$
Prepaid expenses (Note 10) 448,268$ 487,979$
Other non-financial assets (Note 11) 78,871$ 121,112$
Total non-financial assets 51,599,409$ 53,501,689$
Accumulated surplus (Schedule 1; Note 12) 10,785,158$ 9,923,854$
Accumulating surplus / (deficit) is comprised of:
Accumulated operating surplus (deficit) 10,785,158$ 9,923,854$
Accumulated remeasurement gains (losses) -$ -$
10,785,158$ 9,923,854$
Contractual obligations (Note 13)
Contingent liabilities (Note 14)
The accompanying notes and schedules are part of these financial statements.
As at August 31, 2017 (in dollars)STATEMENT OF FINANCIAL POSITION
Net financial assets (debt)
4
School Jurisdiction Code: 1325
Budget Actual Actual2017 2017 2016
Alberta Education 56,881,487$ 55,940,264$ 58,771,318$
Other - Government of Alberta 577,962$ 607,491$ 574,122$
Federal Government and First Nations 153,639$ 554,813$ 278,238$
Other Alberta school authorities 60,000$ 825$ 16,389$
Out of province authorities -$ -$ 150,377$
Alberta municipalities-special tax levies -$ -$ -$
Property taxes -$ -$ -$
Fees (Schedule 8) 1,156,595$ 1,319,117$ 1,446,455$
Other sales and services 362,535$ 438,057$ 669,298$
Investment income 35,000$ 77,139$ 67,634$
Gifts and donations 181,200$ 353,023$ 313,229$
Rental of facilities 12,000$ 29,490$ 26,724$
Fundraising 645,000$ 570,980$ 693,716$
Gains on disposal of capital assets -$ -$ 5,596$
Other revenue -$ 202,681$ 824,759$
Total revenues 60,065,418$ 60,093,880$ 63,837,855$
Instruction - ECS 2,244,948$ 2,012,924$ 3,441,062$
Instruction - Grades 1 - 12 41,209,287$ 41,452,566$ 43,811,777$
Plant operations and maintenance 8,124,978$ 7,454,884$ 9,100,890$
Transportation 4,974,973$ 4,917,718$ 4,861,301$
Board & system administration 2,477,192$ 2,362,731$ 2,292,433$
External services 1,034,040$ 1,031,753$ 1,035,472$
Total expenses 60,065,418$ 59,232,576$ 64,542,935$
-$ 861,304$ (705,080)$
STATEMENT OF OPERATIONSFor the Year Ended August 31, 2017 (in dollars)
EXPENSES
Operating surplus (deficit)
The accompanying notes and schedules are part of these financial statements.
REVENUES
5
1325
2017 2016
CASH FLOWS FROM:
A. OPERATING TRANSACTIONS
Operating surplus (deficit) 861,304$ (705,080)$
Add (Deduct) items not affecting cash:
Total amortization expense 2,889,148$ 2,906,607$
Gains on disposal of tangible capital assets -$ (5,596)$
Losses on disposal of tangible capital assets -$ -$
Expended deferred capital revenue recognition (2,074,461)$ (2,153,516)$
Deferred capital revenue write-down / adjustment -$ -$
Donations in kind -$ -$
Changes in:
Accounts receivable 730,963$ (524,507)$
Prepaids 39,711$ (144,272)$
Other financial assets -$ -$
Non-financial assets 42,241$ 32,247$
Accounts payable, accrued and other liabilities (670,479)$ 117,194$
Deferred revenue (excluding EDCR) 704,832$ 804,114$
Employee future benefit liabilities (147,162)$ 64,629$
-$ -$
Total cash flows from operating transactions 2,376,097$ 391,820$
B. CAPITAL TRANSACTIONS
Purchases of tangible capital assets
Land -$ -$
Buildings (345,165)$ (1,584,233)$
Equipment (96,984)$ (424,623)$
Vehicles (626,671)$ (595,826)$
Computer equipment -$ -$
Net proceeds from disposal of unsupported capital assets -$ 5,596$
-$ -$
Total cash flows from capital transactions (1,068,820)$ (2,599,086)$
C. INVESTING TRANSACTIONS
Purchases of portfolio investments -$ -$
Dispositions of portfolio investments -$ -$
Remeasurement (gains) losses reclassified to the statement of operations -$ -$
-$ -$
-$ -$
Total cash flows from investing transactions -$ -$
D. FINANCING TRANSACTIONS
Issue of debt -$ -$
Repayment of debt (168,890)$ (178,931)$
-$ -$
Issuance of capital leases -$ -$
Repayment of capital leases -$ -$
-$ -$
-$ -$
Total cash flows from financing transactions (168,890)$ (178,931)$
Increase (decrease) in cash and cash equivalents 1,138,387$ (2,386,197)$
Cash and cash equivalents, at beginning of year 5,334,452$ 7,720,649$
Cash and cash equivalents, at end of year 6,472,839$ 5,334,452$
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2017 (in dollars)
School Jurisdiction Code:
STATEMENT OF CASH FLOWS
Other factors affecting debt (describe)
Other (describe)
Other (describe)
Other (describe)
Other (describe)
Other (describe)
Other (Describe)
6
1325
2017 2016
Operating surplus (deficit) 861,304$ (705,080)$
Effect of changes in tangible capital assets
Acquisition of tangible capital assets (1,068,820)$ (2,604,682)$
Amortization of tangible capital assets 2,889,148$ 2,906,607$
Net carrying value of tangible capital assets disposed of -$ -$
Write-down carrying value of tangible capital assets -$ -$
Other changes -$ -$
Total effect of changes in tangible capital assets 1,820,328$ 301,925$
Changes in:
Prepaid expenses 39,711$ (144,272)$
Other non-financial assets 42,241$ 32,247$
Net remeasurement gains and (losses) -$ -$
Endowments -$ -$
Increase (decrease) in net financial assets (net debt) 2,763,584$ (515,180)$
Net financial assets (net debt) at beginning of year (43,577,835)$ (43,062,655)$
Net financial assets (net debt) at end of year (40,814,251)$ (43,577,835)$
School Jurisdiction Code:
STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)
For the Year Ended August 31, 2017 (in dollars)
The accompanying notes and schedules are part of these financial statements.
7
School Jurisdiction Code: 1325
2017 2016
Accumulated remeasurement gains (losses) at beginning of year -$ -$
-$ -$
-$ -$
Unrealized gains (losses) attributable to:
Portfolio investments -$ -$
-$ -$
Amounts reclassified to the statement of operations:
Portfolio investments -$ -$
-$ -$
Net remeasurement gains (losses) for the year -$ -$
Accumulated remeasurement gains (losses) at end of year -$ -$
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2017 (in dollars)
Other
Other
Prior Period Adj. (Explain) - Linked to Sch. 1
Prior Period Adjustment (Explain)
8
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S
Ext
ern
al S
ervi
ces
INT
ER
NA
LL
Y R
ES
TR
ICT
ED
RE
SE
RV
ES
BY
PR
OG
RA
M
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
Ope
ratin
g
Res
erve
s
Cap
ital
Res
erve
s
10
1325SCHEDULE 2
SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)
for the Year Ended August 31, 2017 (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, 2016 -$ -$ -$ 107,325$ 46,208,137$
Prior period adjustments -$ -$ -$ -$ -$
Adjusted balance, August 31, 2016 -$ -$ -$ 107,325$ 46,208,137$
Add:
Unexpended capital revenue received from:
Alberta Education school building & modular projects (excl. IMR) -$
Infrastructure Maintenance & Renewal capital related to school facilities -$
Other sources: -$ 55,800$
Other sources: -$ -$
Unexpended capital revenue receivable from:
Alberta Education school building & modular (excl. IMR) -$
Other sources: -$ -$
Other sources: -$ -$
Interest earned on unexpended capital revenue -$ -$ -$ -$
Other unexpended capital revenue: -$
Proceeds on disposition of supported capital -$ -$
Insurance proceeds (and related interest) -$ -$
Donated tangible capital assets: -$
Alberta Infrastructure managed projects -$
Transferred in (out) tangible capital assets (amortizable, @ net book value) -$
Expended capital revenue - current year -$ -$ -$ (76,338)$ 76,338$
Surplus funds approved for future project(s) -$ -$
Other adjustments: -$ -$ -$ -$ -$
Deduct:
Net book value of supported tangible capital dispositions or write-offs -$
Other adjustments: -$ -$ -$ -$
Capital revenue recognized - Alberta Education 2,074,461$
Capital revenue recognized - Other Government of Alberta -$
Capital revenue recognized - Other revenue -$
Balance at August 31, 2017 -$ -$ -$ 86,787$ 44,210,014$ (A) (B) (C) (D)
Balance of Unexpended Deferred Capital Revenue at August 31, 2017 (A) + (B) + (C) + (D) 86,787$
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. Please specify department
if funds received from a source other than Alberta Education.
(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
Capital Donations
11
SC
HE
DU
LE
3S
cho
ol J
uri
sdic
tio
n C
od
e:13
25
2016
Pla
nt
Op
erat
ion
s B
oar
d &
RE
VE
NU
ES
and
Sys
tem
E
xter
nal
E
CS
Gra
des
1 -
12
Mai
nte
nan
ceT
ran
spo
rtat
ion
Ad
min
istr
atio
nS
ervi
ces
TO
TA
LT
OT
AL
(1)
Alb
erta
Edu
catio
n2,
039,
204
$
39
,011
,259
$
7,07
8,67
1$
4,99
9,72
2$
2,36
0,37
4$
451,
034
$
55,9
40,2
64$
58
,771
,318
$
(2)
Oth
er -
Gov
ernm
ent o
f Alb
erta
-$
87
,272
$
39,5
80$
-
$
-$
48
0,63
9$
60
7,49
1$
57
4,12
2$
(3
)F
eder
al G
over
nmen
t and
Firs
t Nat
ions
-$
55
4,81
3$
-
$
-$
-
$
-$
55
4,81
3$
27
8,23
8$
(4
)O
ther
Alb
erta
sch
ool a
utho
ritie
s-
$
825
$
-$
-
$
-$
-
$
825
$
16,3
89$
(5)
Out
of p
rovi
nce
auth
oriti
es-
$
-$
-
$
-$
-
$
-$
-
$
150,
377
$
(6)
Alb
erta
mun
icip
aliti
es-s
peci
al ta
x le
vies
-$
-
$
-$
-
$
-$
-
$
-$
-
$
(7)
Pro
pert
y ta
xes
-$
-
$
-$
-
$
-$
-
$
-$
-
$
(8)
Fee
s12
6,53
6$
1,
192,
581
$
-
$
-$
1,
319,
117
$
1,
446,
455
$
(9)
Oth
er s
ales
and
ser
vice
s32
0$
37
3,12
3$
42
,339
$
701
$
18,8
17$
2,
757
$
43
8,05
7$
66
9,29
8$
(1
0)In
vest
men
t inc
ome
-$
32
6$
46
,249
$
-$
30
,564
$
-$
77
,139
$
67,6
34$
(11)
Gift
s an
d do
natio
ns-
$
325,
715
$
-$
12
,074
$
15,2
34$
35
3,02
3$
31
3,22
9$
(12)
Ren
tal o
f fac
ilitie
s-
$
29,4
90$
-
$
-$
-
$
29,4
90$
26
,724
$
(13)
Fun
drai
sing
-$
57
0,98
0$
-
$
-$
-
$
-$
57
0,98
0$
69
3,71
6$
(14)
Gai
ns o
n di
spos
al o
f tan
gibl
e ca
pita
l ass
ets
-$
-
$
-$
-
$
-$
-
$
-$
5,
596
$
(1
5)O
ther
rev
enue
-$
54
,286
$
43,6
29$
-
$
-$
10
4,76
6$
20
2,68
1$
82
4,75
9$
(16)
TO
TA
L R
EV
EN
UE
S2,
166,
060
$
42
,200
,670
$
7,25
0,46
8$
5,00
0,42
3$
2,42
1,82
9$
1,05
4,43
0$
60,0
93,8
80$
63
,837
,855
$
EX
PE
NS
ES
(17)
Cer
tific
ated
sal
arie
s1,
031,
950
$
24
,450
,384
$
371,
457
$
-$
25
,853
,791
$
27,1
09,8
85$
(18)
Cer
tific
ated
ben
efits
530,
765
$
5,29
1,45
4$
37,8
50$
-
$
5,86
0,06
9$
6,27
4,90
2$
(19)
Non
-cer
tific
ated
sal
arie
s an
d w
ages
11
9,49
1$
5,
263,
908
$
1,
898,
842
$
1,
619,
977
$
92
0,04
9$
73
5,12
7$
10
,557
,394
$
12,1
17,0
19$
(2
0)N
on-c
ertif
icat
ed b
enef
its11
0,45
9$
1,
252,
710
$
49
7,27
4$
24
0,26
0$
22
8,92
9$
17
2,17
9$
2,
501,
811
$
2,
957,
064
$
(21)
SU
B -
TO
TA
L1,
792,
665
$
36
,258
,456
$
2,39
6,11
6$
1,86
0,23
7$
1,55
8,28
5$
907,
306
$
44,7
73,0
65$
48
,458
,870
$
(22)
Ser
vice
s, c
ontr
acts
and
sup
plie
s22
0,25
9$
4,
885,
426
$
2,
901,
529
$
2,
645,
586
$
74
9,70
5$
12
4,44
7$
11
,526
,952
$
13,1
18,9
42$
(23)
Am
ortiz
atio
n of
sup
port
ed ta
ngib
le c
apita
l ass
ets
-$
10
4,70
3$
1,
969,
758
$
-
$
-$
-
$
2,07
4,46
1$
2,15
3,51
6$
(24)
Am
ortiz
atio
n of
uns
uppo
rted
tang
ible
cap
ital a
sset
s-
$
201,
947
$
147,
901
$
411,
895
$
52,9
44$
-
$
814,
687
$
753,
091
$
(25)
Sup
port
ed in
tere
st o
n ca
pita
l deb
t-
$
-$
39
,580
$
-$
-
$
39,5
80$
54
,659
$
(26)
Uns
uppo
rted
inte
rest
on
capi
tal d
ebt
-$
-
$
-$
-
$
-$
-
$
-$
-
$
(27)
Oth
er in
tere
st a
nd fi
nanc
e ch
arge
s-
$
2,03
4$
-$
-
$
1,79
7$
-$
3,
831
$
1,
874
$
(28)
Loss
es o
n di
spos
al o
f tan
gibl
e ca
pita
l ass
ets
-$
-
$
-$
-
$
-$
-
$
-$
-
$
(29)
Oth
er e
xpen
se-
$
-$
-
$
-$
-
$
-$
-
$
1,98
3$
(30)
TO
TA
L E
XP
EN
SE
S2,
012,
924
$
41
,452
,566
$
7,45
4,88
4$
4,91
7,71
8$
2,36
2,73
1$
1,03
1,75
3$
59,2
32,5
76$
64
,542
,935
$
(31)
153,
136
$
748,
104
$
(204
,416
)$
82,7
05$
59
,098
$
22,6
77$
86
1,30
4$
(7
05,0
80)
$
O
PE
RA
TIN
G S
UR
PL
US
(D
EF
ICIT
)
SC
HE
DU
LE
OF
PR
OG
RA
M O
PE
RA
TIO
NS
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
7 (in
dol
lars
)
2017
Inst
ruct
ion
12
SC
HE
DU
LE
4S
cho
ol J
uri
sdic
tio
n C
od
e:13
25
Exp
ense
d IM
R,
Un
sup
po
rted
2017
2016
TO
TA
L
Uti
litie
s M
od
ula
r U
nit
Am
ort
izat
ion
S
up
po
rted
TO
TA
LO
per
atio
ns
and
EX
PE
NS
ES
Cu
sto
dia
lM
ain
ten
ance
and
Rel
oca
tio
ns
&&
Oth
er
Cap
ital
& D
ebt
Op
erat
ion
s an
dM
ain
ten
ance
Tel
eco
mm
.L
ease
Pay
men
tsE
xpen
ses
Ser
vice
sM
ain
ten
ance
Un
cert
ific
ated
sal
arie
s an
d w
ages
1,
342,
094
$
207,
295
$
-
$
19
9,94
0$
149,
513
$
1,
898,
842
$
2,07
6,39
1$
Un
cert
ific
ated
ben
efit
s36
0,75
5$
100,
318
$
-
$
-
$
36
,201
$
497,
274
$
54
4,00
2$
Su
b-t
ota
l Rem
un
erat
ion
1,70
2,84
9$
30
7,61
3$
-$
199,
940
$
18
5,71
4$
2,39
6,11
6$
2,
620,
393
$
Su
pp
lies
and
ser
vice
s12
8,91
9$
307,
061
$
-
$
81
1,52
3$
-$
1,24
7,50
3$
2,
714,
165
$
Ele
ctri
city
666,
814
$
66
6,81
4$
649,
368
$
Nat
ura
l gas
/hea
tin
g f
uel
358,
367
$
35
8,36
7$
301,
271
$
Sew
er a
nd
wat
er21
4,38
5$
214,
385
$
17
9,93
7$
Tel
eco
mm
un
icat
ion
s9,
401
$
9,
401
$
10
,340
$
Insu
ran
ce23
0,05
6$
230,
056
$
20
8,59
4$
AS
AP
mai
nte
nan
ce &
ren
ewal
pay
men
ts-
$
-
$
-
$
Am
ort
izat
ion
of
tan
gib
le c
apit
al a
sset
s
Sup
port
ed1,
969,
758
$
1,96
9,75
8$
1,
970,
189
$
Uns
uppo
rted
147,
901
$
14
7,90
1$
190,
037
$
To
tal A
mo
rtiz
atio
n14
7,90
1$
1,96
9,75
8$
2,
117,
659
$
2,16
0,22
6$
Inte
rest
on
cap
ital
deb
t
Sup
port
ed39
,580
$
39,5
80$
54
,659
$
Uns
uppo
rted
-$
-$
Leas
e pa
ymen
ts f
or f
acili
ties
175,
003
$
17
5,00
3$
201,
937
$
Oth
er in
tere
st c
har
ges
-$
-$
-$
Lo
sses
on
dis
po
sal o
f ca
pit
al a
sset
s-
$
-
$
-
$
TO
TA
L E
XP
EN
SE
S1,
831,
768
$
614,
674
$
1,
248,
967
$
1,18
6,46
6$
41
5,77
0$
147,
901
$
2,
009,
338
$
7,45
4,88
4$
9,
100,
890
$
Sch
ool b
uild
ings
6,50
5.0
6,50
5.0
Non
sch
ool b
uild
ings
5,49
7.0
5,49
7.0
All
expe
nses
rel
ated
to
activ
ities
und
erta
ken
to k
eep
the
scho
ol e
nviro
nmen
t an
d m
aint
enan
ce s
hops
cle
an a
nd s
afe.
All
expe
nses
ass
ocia
ted
with
the
rep
air,
rep
lace
men
t, e
nhan
cem
ent
and
min
or c
onst
ruct
ion
of b
uild
ings
, gr
ound
s an
d eq
uipm
ent
com
pone
nts.
T
his
incl
udes
reg
ular
and
pre
vent
ativ
e
mai
nten
ance
und
erta
ken
to e
nsur
e co
mpo
nent
s re
ach
or e
xcee
d th
eir
life
cycl
e an
d th
e re
pair
of b
roke
n co
mpo
nent
s.
Mai
nten
ance
exp
ense
s ex
clud
e op
erat
iona
l cos
ts r
elat
ed t
o
expe
nsed
IMR
& M
odul
ar U
nit
relo
catio
ns,
as t
hey
are
repo
rted
on
sepa
rate
ly.
All
expe
nses
rel
ated
to
elec
tric
ity,
natu
ral g
as a
nd o
ther
hea
ting
fuel
s, s
ewer
and
wat
er a
nd a
ll fo
rms
of t
elec
omm
unic
atio
ns.
All
oper
atio
nal e
xpen
ses
asso
ciat
ed w
ith n
on-c
apita
lized
Infr
astr
uctu
re M
aint
enan
ce R
enew
al
proj
ect
s, m
odul
ar u
nit
(por
tabl
e) r
eloc
atio
n, a
nd p
aym
ents
on
leas
ed f
acili
ties.
All
expe
nses
rel
ated
to
the
adm
inis
trat
ion
of o
pera
tions
and
mai
nten
ance
incl
udin
g (b
ut n
ot li
mite
d to
) co
ntra
ct a
dmin
istr
atio
n,
cler
ical
fun
ctio
ns,
nego
tiatio
ns,
supe
rvis
ion
of e
mpl
oyee
s
& c
ontr
acto
rs,
scho
ol f
acili
ty p
lann
ing
& p
roje
ct 'a
dmin
istr
atio
n',
adm
inis
trat
ion
of jo
int-
use
agre
emen
ts,
and
all e
xpen
ses
rela
ted
to e
nsur
ing
com
plia
nce
with
hea
lth a
nd s
afet
y st
anda
rds,
code
s an
d go
vern
men
t re
gula
tions
.
All
expe
nses
rel
ated
to
unsu
ppor
ted
capi
tal a
sset
s am
ortiz
atio
n an
d in
tere
st o
n un
supp
orte
d ca
pita
l deb
t.
All
expe
nses
rel
ated
to
supp
orte
d ca
pita
l ass
ets
amor
tizat
ion
and
inte
rest
on
supp
orte
d ca
pita
l deb
t.S
up
po
rted
Cap
ital
& D
ebt
Ser
vice
s:
Fac
ility
Pla
nn
ing
& O
per
atio
ns
Ad
min
istr
atio
n:
Exp
ense
d IM
R &
Mo
du
lar
Un
it R
elo
cati
on
& L
ease
Pm
ts:
Uti
litie
s &
Tel
eco
mm
un
icat
ion
s:
Mai
nte
nan
ce:
Un
sup
po
rted
Am
ort
izat
ion
& O
ther
Exp
ense
s:
SQ
UA
RE
ME
TR
ES
SC
HE
DU
LE
OF
PL
AN
T O
PE
RA
TIO
NS
AN
D M
AIN
TE
NA
NC
E E
XP
EN
SE
Sfo
r th
e Y
ear
En
ded
Au
gu
st 3
1, 2
017
(in
do
llars
)
Fac
ility
Pla
nn
ing
&
Op
erat
ion
s A
dm
inis
trat
ion
Cu
sto
dia
l:
No
te:
13
SCHEDULE 5 School Jurisdiction Code: 1325
Cash & Cash Equivalents 2016
Average Effective
(Market) Yield Cost Amortized Cost Amortized Cost
Cash 1% $ 6,472,839 $ 6,472,839 $ 5,334,452
Cash equivalents
Government of Canada, direct and guaranteed 0.00% - - -
Provincial, direct and guaranteed 0.00% - - -
Corporate 0.00% - - -
Municipal 0.00% - - -
Pooled investment funds 0.00% - - -
Other, including GIC's 0.00% - - -
Total cash and cash equivalents 0.00% $ 6,472,839 $ 6,472,839 $ 5,334,452
See Note 3 for additional detail.
Portfolio Investments 2016
Average Effective
(Market) Yield Cost Fair Value Balance Balance
Long term deposits 0.00% $ - $ - $ - $ -
Guaranteed investment certificates 0.00% - - - -
Fixed income securities
Government of Canada, direct and guaranteed 0.00% $ - $ - $ - $ -
Provincial, direct and guaranteed 0.00% - - - -
Municipal 0.00% - - - -
Corporate 0.00% - - - -
Pooled investment funds 0.00% - - - -
Total fixed income securities 0.00% - - - -
Equities
Canadian 0.00% $ - $ - $ - $ -
Foreign 0.00% - - - -
Total equities 0.00% - - - -
Supplemental integrated pension plan assets 0.00% $ - $ - $ - $ -
Restricted investments 0.00% - - - -
Other (Specify) 0.00% - - - -
Other (Specify) 0.00% - - - -
Total portfolio investments 0.00% $ - $ - $ - $ -
See Note 5 for additional detail.
The following represents the maturity structure for portfolio investments based on principal amount:
2017 2016
Under 1 year 100.0% 100.0%
1 to 5 years 0.0% 0.0%
6 to 10 years 0.0% 0.0%
11 to 20 years 0.0% 0.0%
Over 20 years 0.0% 0.0%
100.0% 100.0%
2017
2017
SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTSfor the Year Ended August 31, 2017 (in dollars)
14
SC
HE
DU
LE
6S
cho
ol J
uri
sdic
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n C
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e:13
25
Tan
gib
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s20
16
Est
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sefu
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25-5
0 Y
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5-10
Yea
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3-5
Yea
rsH
isto
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l co
st
Beg
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f yea
r $
2,0
48,3
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$
-
$
85
,373
,513
$
4,2
05,1
06
$
7
,338
,502
$
1,5
23,2
01
$
100
,488
,689
$
99,
270,
110
P
rior
perio
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just
men
ts
-
-
-
-
-
-
-
-
A
dditi
ons
-
-
345
,165
96,
984
626
,671
-
1,0
68,8
20
2,6
04,6
82
T
rans
fers
in (
out)
-
-
-
-
-
-
-
-
Less
dis
posa
ls in
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writ
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fs
-
-
(5
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(327
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)
-
(4
84,0
27)
(1
,326
,874
)
(
1,38
6,10
3)H
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cos
t, A
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t 31,
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7 $
2,0
48,3
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$
-
$
85
,203
,138
$
3,9
74,7
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$
7
,965
,173
$
1,0
39,1
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$
100
,230
,635
$
100,
488,
689
Acc
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ted
am
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B
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of y
ear
$
-
$
-
$
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,041
,544
$
3,1
10,3
46
$
4
,925
,814
$
1,5
18,3
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$
47
,596
,091
$
46,
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men
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-
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-
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498
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4,
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26,8
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Acc
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7 $
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23
$
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$
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$
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$
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58,3
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$
4
7,59
6,09
1
Net
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at A
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31,
201
7 $
2,0
48,3
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$
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$
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,559
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$
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22,8
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$
2
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$
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$
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72,2
70
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31,
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6 $
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48,3
67
$
-
$
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$
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94,7
60
$
2
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$
4,
814
$
5
2,89
2,59
8
2017
2016
$
-
$
-
$
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$
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To
tal
To
tal
Tot
al a
mor
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of a
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SC
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31,
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Lan
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unde
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15
SC
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7S
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25
Negotiated
Performan
ceOther Accrued
Board Mem
bers:
FTE
Remun
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Bene
fits
Allowan
ces
Bonu
ses
Unp
aid Be
nefits
Expe
nses
Hic
kman
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1.00
$19,
246
$4,0
21$0
$0$8
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chan
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$19,
329
$4,0
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-
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-
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$0$0
-
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ERIP's / Other Paid
SC
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16
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
1
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 is exempt under the Income Tax Act. 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 CPA Canada public sector accounting standards (PSAS) without reference to Government Not-for-Profit provisions. 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) Tangible capital assets The following criteria applies:
Tangible capital assets acquired or constructed are recorded at cost which includes amounts that are directly related to the acquisition, design, construction, development, improvement 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.
Work-in-progress is recorded as an acquisition to the applicable asset class at substantial completion.
Buildings include land, site and leasehold improvements. Sites and buildings are written down to residual value when conditions indicate they no
longer contribute to the ability of the School Division 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.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
2
c) Tangible capital assets – Continued
Tangible capital assets with costs in excess of $5,000 are capitalized. Furniture and equipment purchases relating to a new school or school modernization are capitalized.
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% Computer Hardware & Software 20%to 25% Other Equipment & Furnishings 10% to 20%
d) Deferred Revenue
Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Public Sector Accounting Standard PS 3200. These contributions are recognized by the School Division 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 include contributions for capital expenditures, unexpended and expended:
Unexpended Deferred Capital Revenue 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 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.
e) Employee Future Benefits
The School Division 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 vested or accumulating sick leave, early retirement, retirement/severance, job-training and counseling, post-employment benefit continuation, vacation, overtime, and various qualifying compensated absences and non-vested sick leave. The future benefits cost is determined using management’s best estimate of expected salary escalation, benefit usage, termination and retirement rates and mortality.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
3
f) Liability for Contaminated Sites
In June 2010, the Public Sector Accounting Board issued this accounting standard effective for fiscal years starting on or after April 1, 2016. Contaminated sites are a result of contamination being introduced into the air, soil, water, or sediment of a chemical, organic, or radioactive material, or live organism that exceeds an environmental standard. The School District adopted this accounting standard retroactively as of April 1, 2016. As of August 31 the School Division has determined that they do not have any recognizable liability for contaminated sites as all known incidents are associated with buildings currently in productive use.
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 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) Other Non-Financial Assets Inventories are recorded at the lower of cost or replacement cost.
i) Operating and Capital Reserves Certain amounts are internally or externally restricted for future operating or capital purposes. Transfers to and from reserves are recorded when approved by the Board of Trustees. Capital reserves are restricted to capital purposes and may only be used for operating purposes with approval by the Minister of Education. Reserves are disclosed in the Schedule of Changes in Accumulated Surplus.
j) 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.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
4
j) Revenue Recognition - Continued
Eligibility criteria are criteria that the School Division has to meet in order to receive certain contributions. Stipulations describe what the School Division 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 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. The following items fall under this category:
Non-capital contributions for specific purposes are recorded as deferred revenue and recognized as revenue in the year the stipulated related expenses are incurred;
Unexpended Deferred Capital Revenue; or Expended Deferred Capital Revenue.
k) Expenses
Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Allocation of Costs:
Actual salaries of personnel assigned to two or more programs are allocated based on the time spent in each program.
Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individual’s salary.
Supplies and services are allocated based on actual program identification.
l) Pensions Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. The 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 Wild Rose 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, 2017, the amount contributed by the Government was $2,984,033 (2016 - $3,231,318). The School Division 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 $969,496 for the year ended August 31, 2017 (2016 $1,173,535). At December 31, 2016, the Local Authorities Pension Plan reported an actuarial deficiency of $637,357,000 (2015 deficiency of $923,416,000).
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
5
m) Program Reporting
The Division’s operations have been segmented as follows:
ECS Instruction: The provision of Early Childhood Services education instructional services that fall under the basic public education mandate.
Grade 1 - 12 Instruction: The provision of instructional services for grades 1 - 12 that fall under the basic public education mandate.
Plant Operations and Maintenance: The operation and maintenance of all school
buildings and maintenance shop facilities. Transportation: The provision of regular and special education bus services (to and from
school), whether contracted or board operated, including transportation facility expenses. Board & System Administration: The provision of board governance and system-based /
central office administration. External Services: All projects, activities, and services offered outside the public education
mandate for ECS children and students in grades 1-12. Services offered beyond the mandate for public education are to be self-supporting, and Alberta Education funding may not be utilized to support these programs.
The allocation of revenues and expenses are reported by program, source, and object on the Schedule of Program Operations. Respective instruction expenses include the cost of certificated teachers, non-certificated teaching assistants as well as a proportionate share of supplies & services, school administration & instruction support, and System Instructional Support.
n) 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.
o) 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, accounts payable and accrued liabilities, employee future benefit liabilities, debt and other liabilities. Unless otherwise noted, it is management’s opinion that the School Division is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
6
p) 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.
q) Future Accounting Changes The Public Sector Accounting Board has issued the following accounting standards: PS 2200 Related Party Disclosures and PS 3420 Inter-Entity Transactions
(effective April 1, 2017)
PS 2200 defines a related party and establishes disclosures required for related party transactions. PS 3420 establishes standards on how to account for and report transactions between public sector entities that comprise a government’s reporting entity from both a provider and recipient perspective.
PS 3210 Assets, PS 3320 Contingent Assets and PS 3380 Contractual Rights (effective
April 1, 2017) PS 3210 provides guidance for applying the definition of assets set out in FINANCIAL STATEMENT CONCEPTS, Section PS 1000, and establishes general disclosure standards for assets; PS 3320 defines and establishes disclosure standards on contingent assets; and PS 3380 defines and establishes disclosure standards on contractual rights.
PS 3430 Restructuring Transactions (effective April 1, 2018)
This standard provides guidance on how to account for and report restructuring transactions by both transferors and recipients of assets and/or liabilities, together with related program or operating responsibilities.
PS 3450 Financial Instruments (effective April 1, 2019)
Adoption of this standard requires corresponding adoption of PS 2601 Foreign Currency Translation, PS 1201 Financial Statement Presentation, and PS 3401 Portfolio Investments in the same fiscal period. These standards provide guidance on: recognition, measurement and disclosure of financial instruments; standards on how to account for and report transactions that are denominated in a foreign currency; general reporting principles and standards for the disclosure of information in financial statements; and how to account for and report portfolio investments.
Management is currently assessing the impact of these standards on the financial statements. These financial statements have not adopted the future accounting changes for the year ended August 31, 2017.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
7
3. CASH AND CASH EQUIVALENTS
Included in cash and cash equivalents is restricted cash of $778,330 (2016 – $765,167) related to school generated funds held at the school level that is not available for general division use.
4. ACCOUNTS RECEIVABLE
2016
Gross Amount
Allowance for Doubtful Accounts
Net Realizable
Value
Net Realizable
Value
Alberta Education - Grants -$ -$ -$ 35,719$
Alberta Education - Capital 80,049 - 80,049 80,049
Alberta Finance - Supported debentures 379,501 - 379,501 577,062
Other Alberta school jurisdictions 109,051 - 109,051 52,776
Alberta Health Services 44,373 - 44,373 32,876
Federal government 216,645 - 216,645 179,007
Municipalities - - - -
Insurance receivables 135,870 - 135,870 788,097
Other 91,678 - 91,678 42,544
Total 1,057,167$ -$ 1,057,167$ 1,788,130$
2017
5. BANK INDEBTEDNESS
The jurisdiction has entered into a credit card agreement up to a total of $200,000. Minor balances outstanding on these cards at August 31, 2017 are included in accounts payable.
6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
2017 2016
Alberta Education 25,373$ -$
Other Alberta school jurisdictions 1,755 1,685
Alberta Capital Finance Authority (Interest on long-term debt) 20,015 28,671
Post-secondary institutions - 9,669
Salaries & benefit costs 1,658,607 1,315,171
Other trade payables and accrued liabilities 331,574 1,352,607
Total 2,037,324$ 2,707,803$
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
8
7. DEFERRED REVENUE
8. EMPLOYEE FUTURE BENEFIT LIABILITIES
Employee future benefit liabilities consist of the following:
2017 2016
Vacation accrual liability 223,031$ 374,393$
Post-employment benefits 8,400 4,200
Total 231,431$ 378,593$
9. DEBT
2017 2016
Debentures outstanding at August 31, 2017 have interest rates between 8.0% and 9.875%. The Debentures are due over 25 years, with payments made annually supported by Alberta Finance.
Total 379,501$ 548,391$
Debenture Debt – Supported Debenture payments due over the next five years and beyond are:
Principal Interest Total
2017-2018 168,891$ 33,538$ 202,429$
2018-2019 158,491 18,841 177,332
2019-2020 52,119 5,106 57,225
2020-2021 - - -
2021 to maturity - - -
Total 379,501$ 57,485$ 436,986$
DEFERRED ADD: DEDUCT: ADD (DEDUCT):SOURCE AND GRANT OR FUND TYPE REVENUE 2016/2017 2016/2017 2016/2017 DEFERRED
as at Restricted Funds Restricted Funds Adjustments REVENUEAug. 31, 2016 Received/ Expended for Returned as at
Receivable (Paid / Payable) Funds Aug. 31, 2017
Unexpended deferred operating revenue
Alberta Education:
Infrastructure Maintenance Renew al 527,095$ 1,480,784$ (920,313)$ -$ 1,087,566$
CTS Bridging 43,000 - (43,000) - -
Other Alberta Education Kooteney Funding - - - - -
Other Government of Alberta:
AIM for Success - 2,683 - - 2,683
Other Deferred Revenue:
School Generated Funds 121,467 162,414 (121,467) - 162,414
Wellnees programs - 80,402 - - 80,402
Donations 59,131 66,660 (59,131) - 66,660
Total unexpended deferred operating revenue 750,693$ 1,792,943$ (1,143,911)$ -$ 1,399,725$
Unexpended deferred capital revenue 107,325$ 55,800$ (76,338)$ -$ 86,787$
Expended deferred capital revenue 46,208,137 76,338 (2,074,461) - 44,210,014
Total 47,066,155$ 1,925,081$ (3,294,710)$ -$ 45,696,526$
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
9
10. PREPAID EXPENSES
2017 2016
Prepaid insurance 127,581$ 127,662$
Software Licenses & Technology 229,376 179,022
Learning Resources & Other 91,311 181,296
Total 448,268$ 487,980$
11. OTHER NON-FINANCIAL ASSETS
2017 2016
Inventories 78,871$ 121,112$ 12. 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:
2017 2016
Unrestricted surplus 585,722$ -$
Operating reserves 3,007,183 2,859,966
Accumulated surplus (deficit) from operations 3,592,905 2,859,966
Investment in tangible capital assets 6,862,253 6,684,458
Capital reserves 330,000 379,430
Accumulated surplus (deficit) 10,785,158$ 9,923,854$
Accumulated surplus (deficit) from operations (ASO) include school generated funds of $615,916. These funds are raised at school level and are not available to spend at board level. The school jurisdiction’s Adjusted surplus (deficit) from operations is calculated as follows:
2017 2016
Accumulated Surplus (Deficit) from operations 3,592,905$ 2,859,966$
Deduct: School generated funds included in accumulated surplus (Note 7) 615,916 643,699
Accumulated Surplus (Deficit) from operations (1) 2,976,989$ 2,216,267$
(1) Adjusted accumulated surplus (deficit) from operations represents funds available for use by the
school jurisdiction after deducting funds raised at school-level.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
10
13. CONTRACTUAL OBLIGATIONS
2017 2016
Service providers 1,830,404$ 1,771,310$
Building leases 58,788 50,371
Total 1,889,192$ 1,821,681$
Estimated payment requirements for each of the next five years and thereafter are as follows:
Service Providers Building
Leases 2017-18 1,678,306$ 50,371$ 2018-19 1,706,001$ 35,496$ 2019-2020 1,742,455$ 35,496$ 2020-2021 1,770,842$ 35,496$ 2021-2022 1,827,386$ 35,496$ Thereafter -$ 35,496$
14. CONTINGENT LIABILITIES
The jurisdiction is a member of the reciprocal insurance exchange ASBIE. Under the terms of its membership, the jurisdiction could become liable for its proportionate share of any claim losses in excess of the funds held by the exchange.
15. TRUSTS UNDER ADMINISTRATION
These balances represent assets that are held in trust by the jurisdiction. They are not recorded on the statements of the Division.
2017 2016
Deferred salary leave plan $ 291,361 $ 218,937
Scholarship trusts 271,783 276,487
Total $ 563,144 $ 495,424
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
11
16. SCHOOL GENERATED FUNDS
2017 2016
School Generated Funds, Beginning of Year 765,166$ 715,503$
Gross Receipts:
Fees 487,236 614,714
Fundraising 570,980 707,108
Gifts and donations 205,893 216,462
Grants to schools - -
Other sales and services 277,861 221,206
Total gross receipts 1,541,970$ 1,759,490$
Total Related Expenses and Uses of Funds 1,156,168$ 1,310,536$
Total Direct Costs Including Cost of Goods Sold to Raise Funds 372,638 399,291
School Generated Funds, End of Year 778,330$ 765,166$
Balance included in Deferred Revenue 162,414$ 121,467$
Balance included in Accumulated Surplus 615,916$ 643,699$ Various parent groups, including societies and other associations, solicit donations and undertake fundraising activities to provide operating and capital donations to further the objectives of the School Division. The financial information of these groups is not consolidated in these financial statements as the Division has no control or significant influence in any of those entities.
WILD ROSE SCHOOL DIVISION NO. 66
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2017
12
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.
Financial Assets Liabilities
(at cost or net realizable value)
(at amortized cost)
Revenues Expenses
Government of Alberta (GOA):
Education
Accounts receivable / Accounts payable 80,049$ 25,373$ -$ -$ Prepaid expenses / Deferred revenue - 1,087,566 - - Expended deferred capital revenue - 43,435,397 1,976,595 - Grant revenue & expenses - - 53,963,669 -
Other Alberta school jurisdictions 109,051 1,755 113,072 104,958 Treasury Board and Finance (Principal) 379,501 379,501 - - Treasury Board and Finance (Accrued interest) 20,015 - 39,580 - Alberta Health Services 44,373 2,683 263,816 - Post - Secondary Institutions - - 50,021 53,221
Other: Alberta Human Services 200,823 SHIP program - - 50,812 - Alberta Local Authorites Pension Plan Corp - 197,935 - 1,912,599 Alberta Capital Finance Authority (ACFA) - 399,516 - 39,580
TOTAL 2016/2017 632,989$ 45,529,726$ 56,658,388$ 2,110,358$
TOTAL 2015/2016 $ 778,482 $ 46,565,083 $ 59,368,805 $ 1,474,627
Balances Transactions
18. ECONOMIC DEPENDENCE ON RELATED THIRD PARTY
The jurisdiction’s primary source of income is from the Alberta Government. The School Division’s ability to continue viable operations is dependent on this funding.
19. BUDGET AMOUNTS
The budget was prepared by the school jurisdiction and approved by the Board of Trustees on June 21, 2016. It is presented for information purposes only and has not been audited.
Sch
oo
l Ju
risd
icti
on
Co
de:
1325
SC
HE
DU
LE
8
Tra
nsp
ort
atio
n F
ees
$0$0
$0$0
$0
Bas
ic In
stru
ctio
n F
ees
Bas
ic in
stru
ctio
n su
pplie
s$2
68,9
21$2
69,7
43$0
$269
,743
$0
Fee
s to
En
han
ce B
asic
Inst
ruct
ion
Tec
hnol
ogy
user
fees
$0$0
$0$0
$0A
ltern
ativ
e pr
ogra
m fe
es
$0$2
,726
$0$2
,726
$0F
ees
for
optio
nal c
ours
es$1
93,8
04$2
37,8
91$0
$237
,891
$0A
ctiv
ity fe
es$1
8,75
0$7
6,90
5$0
$76,
905
$0E
arly
chi
ldho
od s
ervi
ces
$145
,120
$201
,832
$0$2
01,8
32$0
Oth
er fe
es to
enh
ance
edu
catio
n$0
$31,
056
$0$3
1,05
6$0
$0$0
$0$0
$0$0
$0$0
$0$0
No
n-C
urr
icu
lar
fees
E
xtra
curr
icul
ar fe
es
$530
,000
$487
,236
$0$4
87,2
36$0
Non
-cur
ricul
ar tr
avel
$0$0
$0$0
$0Lu
nch
supe
rvis
ion
and
noo
n ho
ur a
ctiv
ity fe
es$0
$0$0
$0$0
Non
-cur
ricul
ar g
oods
and
ser
vice
s$0
$11,
599
$0$1
1,59
9$0
$0$1
29$0
$129
$0$0
$0$0
$0$0
TO
TA
L F
EE
S$1
,156
,595
$1,3
19,1
17$0
$1,3
19,1
17$0
*Un
exp
end
ed b
alan
ces
can
no
t b
e le
ss t
han
$0
Act
ual
Act
ual
2017
2016
Caf
eter
ia s
ales
, hot
lunc
h, m
ilk p
rogr
ams
$57,
150
$120
,755
Spe
cial
eve
nts,
gra
duat
ion,
tick
ets
$19,
055
$34,
246
Inte
rnat
iona
l and
out
of p
rovi
nce
stud
ent r
even
ue$0
$0S
ales
or
rent
als
of o
ther
sup
plie
s/se
rvic
es (
clot
hing
, age
ndas
, yea
rboo
ks)
$31,
135
$16,
788
Adu
lt ed
ucat
ion
reve
nue
$3,4
50$0
Pre
scho
ol$0
$0C
hild
car
e &
bef
ore
and
afte
r sc
hool
car
e$0
$0Lo
st it
em r
epla
cem
ent f
ee$0
$0$3
,930
$3,6
85$0
$0$0
$0T
OT
AL
$1
14,7
20$1
75,4
74
Oth
er E
nhan
cem
ent f
ees
(des
crib
e)
Oth
er F
ees
-fee
for
cred
it ca
rd p
roce
ssin
gO
ther
Fee
s (d
escr
ibe)
UN
AU
DIT
ED
SC
HE
DU
LE
OF
FE
ES
fo
r th
e Y
ear
En
din
g A
ug
ust
31,
201
7 (in
dol
lars
)
Bu
dg
eted
Fee
R
even
ues
20
16/2
017
Act
ual
Fee
s C
olle
cted
201
6/20
17
Un
exp
end
ed
Bal
ance
at
Sep
tem
ber
1, 2
016*
Act
ual
Fee
E
xpen
dit
ure
s 20
16/2
017
Un
exp
end
ed
Bal
ance
at
Au
gu
st
31, 2
017*
Ple
ase
dis
clo
se a
mo
un
ts p
aid
by
par
ents
of
stu
den
ts t
hat
are
rec
ord
ed a
s "O
ther
sal
es a
nd
ser
vice
s", "
Fu
nd
rais
ing
",
or
"Oth
er r
even
ue"
(ra
ther
th
an f
ee r
even
ue)
:
Ban
d S
uppl
ies
Oth
er (
Des
crib
e)O
ther
(D
escr
ibe)
Oth
er E
nhan
cem
ent f
ees
(des
crib
e)
17
SCHEDULE 9 1325
Funded Students in Program 422 43 82 Federally Funded Students 53 REVENUES
Alberta Education allocated funding 494,613$ 865,081$ 83,645$ 3,431,801$ 845,791$ Other funding allocated by the board to the program 10,010$ -$ -$ 1,044,465$ -$ TOTAL REVENUES 504,623$ 865,081$ 83,645$ 4,476,266$ 845,791$
EXPENSES (Not allocated from BASE, Transportation, or other funding)Instructional certificated salaries & benefits 472,529$ 68,939$ 22,846$ 1,483,724$ Instructional non-certificated salaries & benefits 594,855$ 45,565$ 2,831,483$ SUB TOTAL 472,529$ 663,794$ 68,411$ 4,315,207$ Supplies, contracts and services 32,094$ 201,975$ 7,246$ 109,885$ Program planning, monitoring & evaluation -$ -$ -$ 305,647$ Facilities (required specifically for program area) -$ -$ -$ -$ Administration (administrative salaries & services) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ TOTAL EXPENSES 504,623$ 865,769$ 75,657$ 4,730,739$ NET FUNDING SURPLUS (SHORTFALL) -$ (688)$ 7,988$ (254,473)$
UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDINGfor the Year Ended August 31, 2017 (in dollars)
PROGRAM AREA
First Nations, Metis & Inuit
(FNMI)ECS Program Unit
Funding (PUF)
English as a Second Language
(ESL)Inclusive
Education
Small Schools by Necessity
(Revenue only)
18
Sch
oo
l Ju
risd
icti
on
Co
de:
1325
SC
HE
DU
LE
10
EX
PE
NS
ES
TO
TA
L
Offi
ce o
f the
sup
erin
tend
ent
217,
411
$
23
,055
$
-
$
24
0,46
6$
-$
-$
240,
466
$
Edu
catio
nal a
dmin
istr
atio
n (e
xclu
ding
sup
erin
tend
ent)
-$
-$
-$
-$
660,
838
$
11
9,12
5$
-$
779,
963
$
Bus
ines
s ad
min
istr
atio
n69
5,97
7$
364,
981
$
-
$
1,
060,
958
$
-$
-$
-$
1,06
0,95
8$
Boa
rd g
over
nanc
e (B
oard
of T
rust
ees)
134,
990
$
68
,413
$
-
$
20
3,40
3$
-$
-$
-$
203,
403
$
Info
rmat
ion
tech
nolo
gy-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Hum
an r
esou
rces
191,
896
$
71
,736
$
-
$
26
3,63
2$
787,
145
$
40
,484
$
-
$
1,
091,
261
$
Cen
tral
pur
chas
ing,
com
mun
icat
ions
, mar
ketin
g72
,938
$
59
,056
$
-
$
13
1,99
4$
-$
-$
-$
131,
994
$
Pay
roll
245,
073
$
-
$
-
$
24
5,07
3$
-$
-$
-$
245,
073
$
Adm
inis
trat
ion
- in
sura
nce
127,
391
$
12
7,39
1$
-$
127,
391
$
Adm
inis
trat
ion
- am
ortiz
atio
n52
,944
$
52
,944
$
-
$
52
,944
$
Adm
inis
trat
ion
- ot
her
(adm
in b
uild
ing,
inte
rest
)36
,870
$
36
,870
$
-
$
36
,870
$
Oth
er (
desc
ribe)
-$
-$
-$
-$
-$
-$
-$
-$
Oth
er (
desc
ribe)
-$
-$
-$
-$
-$
-$
-$
-$
Oth
er (
desc
ribe)
-$
-$
-$
-$
-$
-$
-$
-$
TO
TA
L E
XP
EN
SE
S1,
558,
285
$
587,
241
$
21
7,20
5$
2,36
2,73
1$
1,
447,
983
$
159,
609
$
-
$
3,
970,
323
$
UN
AU
DIT
ED
SC
HE
DU
LE
OF
CE
NT
RA
L A
DM
INIS
TR
AT
ION
EX
PE
NS
ES
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
7 (i
n d
olla
rs)
Oth
erS
up
plie
s &
S
ervi
ces
Sal
arie
s &
B
enef
itsA
lloca
ted
to
Bo
ard
& S
yste
m A
dm
inis
trat
ion
Allo
cate
d t
o O
ther
Pro
gra
ms
TO
TA
LS
alar
ies
&
Ben
efit
sS
up
plie
s &
S
ervi
ces
Oth
er
19