audited financial statements for the year ......an audit also includes evaluating the...

School Jurisdiction Code: 4010

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

Gary Strother

SECRETARY-TREASURER OR TREASURER

John Deausy

November 26, 2014

"Original Signed"

"Original Signed"

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

Calgary Roman Catholic Separate School District No. 1

1000 - 5 Avenue SW Calgary, Alberta T2P 4T9

Telephone: 403-500-2777 Fax: 403-500-2932 Email: [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


Linda Wellman

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

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of Calgary Roman Catholic Separate School District No. 1

We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise the statements of financial position as at August 31, 2014, and the statements of operation, change in net debt, cash flow, and remeasurement gains and losses for the year 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 generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Calgary Roman Catholic Separate School District No. 1 as at August 31, 2014, and the results of its operations, changes in net debt, cash flows and remeasurement gains and losses for the year ended in accordance with Canadian public sector accounting standards.

Calgary, Canada November 26, 2014

EV

Chartered Accountants

• s- /


2014 2013

FINANCIAL ASSETS

Cash and cash equivalents (Note 3) 47,714,343$ 53,717,010$

Accounts receivable (net after allowances) (Note 4) 20,421,357$ 20,474,778$

Portfolio investments -$ -$

Other financial assets (Note 5) 45,400$ 115,685$

Total financial assets 68,181,100$ 74,307,473$

LIABILITIES

Bank indebtedness (Note 6) -$ -$

Accounts payable and accrued liabilities (Note 7) 40,571,008$ 38,527,794$

Deferred revenue (Note 8) 366,057,814$ 375,643,883$

Employee future benefit liabilities (Note 9) 5,986,210$ 5,891,956$

Other liabilities

Debt (Note 10)

Supported: Debentures and other supported debt 732,786$ 1,008,399$

Unsupported: Debentures and capital loans -$ -$

Capital leases -$ -$

Mortgages -$ -$

Total liabilities 413,347,818$ 421,072,032$

Net financial assets (debt) (345,166,718)$ (346,764,559)$

NON-FINANCIAL ASSETS

Tangible capital assets (Note 11)

Land 6,069,298$ 6,069,298$

Construction in progress 484,964$ 3,317,849$

Buildings 627,023,402$

Less: Accumulated amortization (257,816,468)$ 369,206,934$ 373,187,550$

Equipment 21,869,173$


Vehicles 2,127,828$

Less: Accumulated amortization (1,523,774)$ 604,054$ 621,598$

Computer Equipment 14,979,184$


Total tangible capital assets 392,138,941$ 399,849,892$

Prepaid expenses 2,373,822$ 2,200,322$

Other non-financial assets 456,749$ 611,396$

Total non-financial assets 394,969,512$ 402,661,610$

Accumulated surplus (Note 12) 49,802,794$ 55,897,051$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 49,802,794$ 55,897,051$

Accumulated remeasurement gains (losses) -$ -$

49,802,794$ 55,897,051$

Contractual obligations (Note 13)

Contingent liabilities (Note 14)

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 503,377,701$ 425,174,126$ 415,025,372$

Other - Government of Alberta 1,236,858$ 556,443$ 435,911$

Federal Government and First Nations 957,555$ 1,248,442$ 963,963$

Other Alberta school authorities -$ 68,112$ 88,155$

Out of province authorities -$ 125$ -$

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

Property taxes -$ 82,263,338$ 83,849,565$

Fees (Note 17) 13,137,596$ 13,812,804$ 11,884,438$

Other sales and services 3,803,060$ 4,126,398$ 3,998,970$

Investment income 701,523$ 904,257$ 965,857$

Gifts and donations 2,938,379$ 2,839,599$ 3,105,272$

Rental of facilities 2,129,300$ 2,217,539$ 2,123,020$

Fundraising 3,016,396$ 2,991,990$ 2,820,226$

Gains on disposal of capital assets 25,000$ 51,350$ -$

Other revenue 497,250$ 106,038$ 4,855$

Total revenues 531,820,618$ 536,360,561$ 525,265,604$

Instruction (ECS - Grade 12) 437,681,366$ 441,228,745$ 425,343,722$

Plant operations and maintenance 69,787,242$ 67,189,478$ 65,408,798$

Transportation 14,689,200$ 14,866,560$ 13,372,753$

Board & system administration 16,636,525$ 16,865,416$ 16,824,486$

External services 1,215,605$ 2,304,619$ 2,677,494$

Total expenses 540,009,938$ 542,454,818$ 523,627,253$

(8,189,320)$ (6,094,257)$ 1,638,351$

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

EXPENSES

Operating surplus (deficit)


REVENUES

5

4010

2014 2013

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) (6,094,257)$ 1,638,351$

Add (Deduct) items not affecting cash:

Total amortization expense 20,317,786$ 20,463,839$

Gains on disposal of tangible capital assets (51,350)$ -$

Losses on disposal of tangible capital assets -$ 27,427$

Expended deferred capital revenue recognition (16,678,209)$ (16,938,757)$

Deferred capital revenue write-off -$ -$

Donations in kind (174,223)$ (184,597)$

Changes in:

Accounts receivable 53,421$ 900,590$

Prepaids (173,500)$ (13,619)$

Other financial assets 70,285$ 70,167$

Non-financial assets 154,647$ 49,375$

Accounts payable and accrued liabilities 2,043,214$ 1,973,282$

Deferred revenue (excluding EDCR) 6,658,128$ 5,316,272$

Employee future benefit liabilitiies 94,254$ 274,748$

Other (describe) -$ -$

Total cash flows from operating transactions 6,220,196$ 13,577,078$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings (8,917,996)$ (7,203,667)$

Equipment (1,113,188)$ (901,583)$

Vehicles (145,306)$ (111,551)$

Computer equipment (1,850,277)$ (1,475,548)$

Net proceeds from disposal of unsupported capital assets 79,517$ 29,263$


Total cash flows from capital transactions (11,947,250)$ (9,663,086)$

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 (275,613)$ (296,389)$


Total cash flows from financing transactions (275,613)$ (296,389)$

Increase (decrease) in cash and cash equivalents (6,002,667)$ 3,617,603$

Cash and cash equivalents, at beginning of year 53,717,010$ 50,099,407$

Cash and cash equivalents, at end of year 47,714,343$ 53,717,010$


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

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

6

4010

Budget 2014 2013

2014

Operating surplus (deficit) (8,189,320)$ (6,094,257)$ 1,638,351$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets -$ (12,460,779)$ (10,476,851)$

Amortization of tangible capital assets -$ 20,317,786$ 20,463,839$

Net carrying value of tangible capital assets disposed of -$ 28,167$ 57,434$

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

Other changes -$ (174,223)$ -$

Total effect of changes in tangible capital assets -$ 7,710,951$ 10,044,422$

Changes in:

Prepaid expenses -$ (173,500)$ (13,619)$

Other non-financial assets -$ 154,647$ 49,375$

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

Endowments -$ -$ -$

Decrease (increase) in net debt (8,189,320)$ 1,597,841$ 11,718,529$

Net debt at beginning of year (346,764,559)$ (346,764,559)$ (358,483,088)$

Net debt at end of year (354,953,879)$ (345,166,718)$ (346,764,559)$

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:


Other -$ -$

Amounts reclassified to the statement of operations:


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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10

4010

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 2,949,073$ 658,724$ 48,240$ -$ 367,245,499$

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

Adjusted balance, August 31, 2013 2,949,073$ 658,724$ 48,240$ -$ 367,245,499$

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) 3,223,011$

Infrastructure Maintenance & Renewal capital related to school facilities 8,445$

Other sources: (Describe) -$ -$

Other sources (Describe) : -$ -$

Unexpended capital revenue receivable from:

Alberta Education school building & modular (excl. IMR) 1,761,688$

Other sources: (Describe) -$

Other souces: (Describe) -$ -$

Interest earned on unexpended capital revenue (8,176)$ -$ 434$ -$

Other unexpended capital revenue: (Describe) -$

Net proceeds on disposal of supported tangible capital assets 325$ -$

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 434,012$

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

Expended capital revenue - current year (8,592,765)$ -$ -$ -$ 8,592,765$

Surplus funds approved for future project(s) 658,724$ (658,724)$

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

Deduct:

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

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

Capital revenue recognized - Alberta Education 16,646,310$

Capital revenue recognized - Other Government of Alberta 31,899$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2014 -$ -$ 48,999$ -$ 359,594,067$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (A) + (B) + (C) + (D) 48,999$

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


NOTES TO FINANCIAL STATEMENTS

August 31, 2014

1. AUTHORITY AND PURPOSE

Calgary Roman Catholic Separate School District No. 1 [the "District"] was established under the authority of the School Act, Revised Statutes of Alberta, Chapter S-3, to provide education programs to The City of Calgary and surrounding areas.

The District receives instruction and support allocations under the Education Grants Regulation 120/2008 from the Government of Alberta and by way of municipal property taxes. The regulation allows for the setting of conditions and use of grant monies. The District is limited on certain funding allocations and administration expenditures.

The District is registered as a charitable organization under the Income Tax Act (Canada) and, therefore, is exempt from income taxes.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

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

Reporting entity

The financial statements include all of the assets, liabilities, revenues and expenses of the District.

Funds generated at the schools are included as assets, liabilities, revenues and expenses of the District when the accountability, control and ownership of these funds rest with the District and are under the control of the school. Funds are raised through non-instructional fees and fundraising activities.

Measurement uncertainty

The preparation of financial statements in conformity with PSAS requires management to make estimates and assumptions that impact reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are reviewed periodically by management and, as adjustments become necessary, they are reported in the period in which they



August 31, 2014

became known. Measurement uncertainty that may be material to these financial statements exists for the liability for employee future benefits because actual experience may differ significantly from actuarial estimations and for the useful lives of tangible capital assets and related amortization because the estimate of useful life is based on management assumptions. Actual results could differ from these estimates.

Trust funds

Trust funds held for other organizations and administered by the District are not included in the financial statements [note 19].

Financial assets

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

(i] Cash and cash equivalents

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

(ii] Accounts receivable

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

(iii] Other financial assets

Inventory held for resale is carried at the lower of cost, determined on a first-in, first-out basis, and net realizable value. This inventory consists of laptop computers for the purpose of selling them to students in order to allow the students to complete their studies under the laptop program. The payment terms of the sale agreements are between one and three years. Laptop computers expected to be sold within the next fiscal year are classified as other financial assets and those expected to be sold after the next fiscal year have been classified as other non-financial assets.

2



August 31, 2014

Non-financial assets

Non-financial assets generally are assets held for consumption in the provision of services. These assets do not normally provide resources to discharge the liabilities of the District.

[i] Tangible capital assets

Tangible capital assets have useful lives extending beyond the accounting period, are held for use by the District and are not intended for sale in the ordinary course of operations. Tangible capital assets acquired or constructed are recorded at cost and include all costs directly attributable to the acquisition, design, construction, development, installation and betterment of the tangible capital asset.

The costs of the depreciable tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows:

Buildings Furniture and equipment Computer software and hardware Vehicles Site development Leasehold improvements

10 to 40 years 5 to 10 years 5 years 5 to 10 years 20 years Lease term

Work in progress is not depreciated as these assets are not available for use. Once completed and available for use, these assets are depreciated in accordance with the District's accounting policy.

Donated tangible capital assets are recorded at their fair market value at the date of donation when reasonably determinable; otherwise they are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization.

[ii) Prepaid expenses

Prepaid expenses are amounts paid for goods and services which will provide economic benefits in one or more future periods.

[iii) Other non-financial assets

Inventory of supplies is carried at the lower of cost, determined on a first-in, first-out basis, and replacement cost.

3



August 31, 2014

Non-financial assets also include inventory of laptop computers for the purpose of selling them to students where they are expected to be sold after the next fiscal year. They are carried at the lower of cost, determined on a first-in, first-out basis, and net realizable value.

Liabilities

Liabilities are obligations arising from transactions and events occurring prior to the financial statement date.

[i] Accounts payable and accrued liabilities

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

[ii) Unexpended deferred operating revenue

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

[iii] Unexpended deferred capital revenue

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

[iv] Expended deferred capital revenue

Expended deferred capital revenue represent contributions received or receivable contammg stipulations that meet the definition of a liability, for the purpose of acquiring depreciable tangible capital assets. It consists of contributions which are transferred from unexpended deferred capital revenue when expended. The expended deferred capital revenue account balance is also increased by debenture debt, originally incurred for the purpose of acquiring capital assets, the payment of which is made by the Government of Alberta on behalf of the District. Where the Government of Alberta has entered into contracts (private-public partnerships) for the design, build, and finance of schools and modular classrooms on behalf of the District, expended deferred capital revenue is

4



August 31, 2014

recorded in the amount of the estimated fair value of these assets transferred to the District. Expended deferred capital revenue is amortized to revenue on the same basis as the depreciation on the tangible capital assets acquired.

[v] Employee future benefit liabilities

Employee future benefit liabilities represent retirement and post-employment benefits that accrue to the District's employees. The cost of these benefits is recorded in the reporting period the benefits are earned by employees.

Employee future benefit liabilities include the non-registered Supplemental Executive Retirement Program ["SERP"] and retirement allowances.

SERP is a defined benefit pension plan supplemental to the Local Authorities Pension Plan [LAPP] or the Alberta Teachers' Retirement Fund [ATRF], as appropriate, for which the District is responsible for the entire cost. The District and certain members of senior administration participate in this plan. This is an unfunded pension arrangement with no assets. It is not a registered pension plan and not subject to pension regulations. SERP enhances the LAPP/ATRF benefits formula to a full 2% final average earnings pension plan which provides for the portion of the accrued pension that is in excess of the Income Tax Act (Canada) maximum for each participant.

The liability relating to SERP is actuarially determined using the projected accrued benefit cost method pro-rata on service and management's best estimate of expected inflation, salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.

Retirement allowances relate to employees who are members of the Canadian Union of Public Employees, Uni for and exempt employees. The allowance is based on years of service and salary.

The liability relating to retirement allowances is actuarially determined using the accrued benefit actuarial cost method and is based on management's best estimate of salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.

5



August 31, 2014

Employee future benefit liabilities also include post-employment benefit continuation and retirement allowances for certain members of senior administration. These benefits have not been actuarially determined. They have been accounted for using current benefit rates and estimated retirement ages.

Revenue recognition

Revenues are recorded on an accrual basis, which recognizes revenues as they are earned and measurable.

(i) Government transfers

Revenue recognition of government transfers is dependant upon the terms of the transfer, namely, eligibility criteria and stipulations. Eligibility criteria are criteria that the District has to meet in order to receive the contributions from a transferring government. Stipulations describe how the District must use the contributions or the actions it must perform in order to keep the contributions.

Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government.

Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government and all eligibility criteria have been met.

[ii] Property taxes

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

[iii) Restricted revenues

Contributions with or without eligibility criteria but with stipulations are recognized as revenue in the period the contributions are authorized and all eligibility criteria have been met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Liabilities are recorded as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terrns and conditions of the contributions.

6



August 31, 2014

Funds received other than government transfers, such as donations and fees that are externally restricted are recognized as revenue in the period in which the funds are used for the purpose specified. Externally restricted funds received before this criterion has been met is reported as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the funds, provided it meets the definition of a liability.

[iv] Donated tangible capital assets

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

(v] Donated materials and services

Donated materials are recognized as revenue when received or receivable. Donated materials are recorded at fair market value when reasonably determinable, when they are used in the normal course of the District's operations and when they would otherwise have been purchased.

Volunteers assist schools operated by the District in carrying out certain activities. Because of the difficulty in determining the fair value of the services and the fact that such assistance is generally not otherwise purchased, the value of contributed services is not recognized in the financial statements.

Multi-employer defined benefit pension plans

The District and its staff participate in several multi-employer defined benefit pension plans. Multi-employer defined pension plans are accounted for as a defined contribution plan whereby the District's contributions for current and past service pension benefits required for participating staff during the year are recorded as an expense; the net pension assets or liabilities of the plan are not recognized in the financial statements.

The District's certificated staff is required to participate in the Alberta Teachers' Retirement Fund. The current service and past service costs of the Alberta Teachers' Retirement Fund are shared equally by active members and the Government of Alberta. Active members are solely responsible for the additional 10% cost-of-living pension adjustment provision. Under the terms of the Teachers' Pension Plans Act, the District does not make pension contributions for certificated staff. The contributions by the Government of Alberta for the District's certificated staff are recorded as an increase in expense and an increase in Government of Alberta revenue. An

7



August 31, 2014

actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from active members and the Government of Alberta over a fifteen year period. However, funding deficiencies relating to the additional 10% cost-of-living pension adjustment provision is amortized by additional contributions from active members only.

The District and its non-certificated staff participate in the multi-employer Local Authorities Pension Plan. Members and employers make contributions to the pension plan. Contributions are shared between the members and employers with employers paying 1 % more. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from members and employers over a fifteen year period.

The District and certain members of senior administration participate in a multi-employer registered Supplemental Integrated Pension Plan ["SIPP"). This plan is supplemental to the Local Authorities Pension Plan or the Alberta Teachers' Retirement Fund, as appropriate. Employers are solely responsible for contributions to the pension plan. An actuarial valuation of the plan is performed every three years. Funding deficiencies under the plan are amortized by additional contributions over a fifteen year period.

Financial instruments

Financial instruments are any contracts that give rise to financial assets of one entity and financial liabilities of another entity. Because they represent contractual arrangements, they do not include government transfers. The District's financial instruments recognized in the statement of financial position consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt.

All financial instruments are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value upon initial recognition. The gain or loss arising from derecognition of a financial instrument and impairment losses such as write-downs are reported in the Statement of Operations.

Expenses

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

8



August 31, 2014

Program reporting

The District's operations are segmented as follows:

ECS-Grade 12 instruction which entails 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 which entails the operation and maintenance of all school buildings and maintenance shop facilities.

Transportation which entails the provision of regular and special education bus services to and from school, including transportation facilities.

Board and system administration which entails the provision of board governance and system based/central office administration, including administration facilities.

External services which entail all 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. It includes such programs as the International Student program, Breakfast Club and rental of facilities.

Whenever possible, program expenditures are determined by actual identification. Actual salaries and benefits of staff who are assigned to more than one program are allocated based on the time spent in each program. Other expenditures that relate to more than one program are allocated on a reasonable basis, for example, depreciation of a building housing staff relating to more than one program is allocated based on area utilized.

Program revenues are reported by source and type and program expenses are reported by object on the Schedule of Program Operations.

9



August 31, 2014

3. CASH AND CASH EQUIVALENTS

Cash equivalents are investments that have original maturity dates of 90 days or less.

August 31 August 31 August 31 2014 2014 2013

Average Effective (Market)

Yield Cost Amortized Cost Amortized Cost % $ $ $

Cash 2,989,818 2,989,818 1,972,149 Cash equivalents Other, including GIC's 1.41% 44,7002000 4427242525 51,744,861 Total cash and cash equivalents 47,689,818 47,714,343 53,717,010

10



August 31, 2014

4. ACCOUNTS RECEIVABLE

August 312 2014 Allowance for Net

Gross Doubtful Realizable Amount Accounts Value

$ $ $

Alberta Education - Grants 908,243 908,243 Alberta Education - Capital 1,867,341 1,867,341 Alberta Education - Other 3,576 3,576 Other Alberta school jurisdictions 4,653 4,653 Treasury Board and Finance - Supported debenture principal 732,786 732,786 Treasury Board and Finance - Accrued interest on supported debentures 39,700 39,700 Alberta Health Services 557 557 Culture 71,055 71,055 Justice and Solicitor General 64,274 64,274 Federal government 595,260 595,260 Municipalities 13,911,249 13,911,249 Foundations 17,235 17,235 Other 2!313!678 (1082250} 222052428 Total 201529,607 po8,250l 20,421,357

11



August 31, 2014

August 31, 2013

Alberta Education - Grants Alberta Education - Capital Alberta Education - Other Other Alberta school jurisdictions Treasury Board and Finance - Supported debenture principal Treasury Board and Finance - Accrued interest on supported debentures Post-Secondary Institutions Justice and Solicitor General Calgary and Area Child and Family Services Federal Government Municipalities Other Total

5. OTHER FINANCIAL ASSETS

Other financial assets consist of the following:

Inventory for resale Total

Gross Amount

$

3,013,807 71,071 50,064

4,156

1,008,399

54,395 760

115,813 1,986

666,447 13,417,044

2,150,190 20,554,132

Allowance for Doubtful

Accounts $

(79,354) (79,354)

August 31 2014

$

45,400 45,400

Net Realizable Value

$

3,013,807 71,071 50,064

4,156

1,008,399

54,395 760

115,813 1,986

666,447 13,417,044

2,070,836 20,474,778

August 31 2013

$

115,685 115,685

12



August 31, 2014

6. CREDIT FACILITIES

The District has a $17,000,000 revolving bank credit facility comprised of a demand credit facility with interest at bank prime less 0.25% and standby letters of credit to a maximum of $300,000 with fees at 0.30% per annum. A borrowing resolution to a maximum of the District's accounts receivable as per the most recent audited financial statements, covering all revenue of the District, has been provided as collateral for this facility. At August 31, 2014, letters of credit totalling $106,000 were outstanding and no amount of the demand credit facility was outstanding.

The District has a purchasing card facility in the amount of $2,000,000 of which $244,346 was outstanding at August 31, 2014 and included in accounts payable and accrued liabilities.

7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Alberta Education Other Alberta school jurisdictions Alberta Capital Finance Authority (Interest on long-term debt - Supported) Alberta Health Services Post-Secondary Institutions Alberta Local Authorities Pension Plan Corp. Human Services Treasury Board and Finance Tourism, Parks and Recreation Calgary and Area Child and Family Services Service Alberta Federal Government Other bank charges, fees, and interest Accrued vacation pay liability Salaries and benefit costs Other trade payables and accrued liabilities Total

August 31 2014

$

14,078,104 1,351,023

39,700 118,183

1,326 509,507

6,508 990

41,961 30

508,500 2,235

2,786,308 8,746,656

12,379,977 40,571,008

August 31 2013

$

14,116,672 914,088

54,395 365

1, 115 469,510

73,624 383

531,044 6,903

2,654,019 6,424,886

13,280,790 38,527,794

13

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15



August 31, 2014

9. EMPLOYEE FUTURE BENEFITS

Employee future benefits consist of the following:

Retirement allowances [i] Defined benefit pension plan liability [ii) Executive retirement allowances [iii) Post-employment benefits [iii)

Total

[i] Retirement allowances

August 31 2014

$

4,743,400 300,600 750,210 192,000

5,986,210

August 31 2013

$

4,600,600 246,300 815,056 230,000

5,891,956

The actuarial valuation of the plan was performed as of August 31, 2013 and the benefit obligations have been extrapolated to August 31, 2014 based on a revised discount rate. Benefit plan obligations are as follows:

Accrued benefit obligation, beginning of year Current service cost Interest cost Benefit payments Amortization of experience gains Accrued benefit obligation, end of year

There are no defined benefit plan assets.

August 31 2014

$

4,600,600 336,500 227,000

(459,900) 39 200

4,743,400

August 31 2013

$

4,351,800 307,300 205,400

(271,300) 7,400

4,600,600

16



August 31, 2014

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

Pension obligation Plan deficit Unamortized experience gains (losses) Accrued benefit obligation

August 31 2014

$

4,374,200 4,374,200

369,200 4,743,400

August 31 2013

$

4,984,700 4,984,700 (384,100)

4,600,600

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

Discount rate

Rate of compensation increase

August 31

2014

5.90%

0% from 2012-2015, 1 % in 2016,

2.5% thereafter

August 31

2013

4.60%

0% from 2012-2015, 1% in 2016,

2.5% thereafter

17



August 31, 2014

[ii] The District participates in a non-registered Supplemental Executive Retirement Program [refer to note 2] which is a defined benefit plan for certain members of senior administration. The actuarial valuation of the plan was performed as of August 31, 2014.

Defined benefit plan obligations are as follows:

Accrued benefit obligation, beginning of year Current service cost Interest cost Amortization of experience gains Accrued benefit obligation, end of year

There are no defined benefit plan assets.

August 31 2014

$

246,300 50,500 10,500

(6,700} 300,600

August 31 2013

$

180,400 56,600 10,000

(700) 246,300

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

Pension obligation Plan deficit Unamortized experience gains Accrued benefit obligation

August 31 2014

$

171,700 171,700 128,900 300,600

August 31 2013

$

187,200 187,200 59,100

246,300

18



August 31, 2014

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

Discount rate Rate of compensation increase

(iii) Other employee future benefits

August 31 2014

$

6.15% 3.50%

August 31 2013

$

4.95% 3.50%

These include retirement allowances for certain members of senior administration and postemployment benefit continuation for all members of senior administration.

10. LONG-TERM DEBT

Long-term debt is comprised of debentures issued to the Alberta Capital Finance Authority at interest rates ranging from 7.875% to 10.125% per annum which mature at various dates to 2020. All debenture principal and interest payments are fully supported [funded] by the Government of Alberta.

Principal and interest payments required over each of the next five years and thereafter are as follows:

Principal Interest Total $ $ $

2015 221,307 70,922 292,229 2016 221,307 49,383 270,690 2017 221,307 27,845 249,152 2018 47,598 6,306 53,904 2019 16,067 1,961 18,028 2020 5,200 494 5,694 Total 732,786 156,911 889,697

Interest on long-term debt incurred for 2014 was $82,167 [2013 - $109,532].

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2 21



August 31, 2014

The Government of Alberta has entered into contracts (public-private partnerships) for the design, build, finance, and maintenance of schools and modular classrooms on behalf of the District. The cost of the schools, modular classrooms and the related site development incurred in 2014 was $434,012 [2013 - $599,905]. These contributed assets have been transferred to the District at their estimated fair value as determined by the Government of Alberta based upon the competitively bid contract to construct these assets.

Capital assets in the amount of $174,223 were donated in kind to the District in 2014 [2013 -$184,597]. Contributed capital assets in 2014 and 2013 include playground equipment.

12. ACCUMULATED SURPLUS

Accumulated surplus represents the financial assets and non-financial assets of the District less liabilities. It consists of the accumulated balance of the operating surplus (deficit) arising from the operations of the District.

Certain amounts of the Accumulated surplus as established at the discretion of the Board of Trustees of the District, or externally, have been designated for future operating and capital expenditures. These internally restricted amounts, which are the operating and capital reserves, are not available for use without approval of the Board of Trustees.

The Schedule of Changes in Accumulated Surplus provides detailed information on the changes in accumulated surplus. A summary of accumulated surplus is as follows:

Unrestricted surplus Operating reserves

Accumulated surplus from operations Investment in tangible capital assets Capital reserves

Accumulated surplus

August 31 2014

$

3,048,741 6,019,509 9,068,250

32,544,874 8,189,670

49,802,794

August 31 2013

$

6,423,978 7,015,178

13,439,156 32,604,394 9,853,501

55,897,051

22



August 31, 2014

Accumulated surplus from operations include school generated funds. These funds are raised at the school level and are not available to spend at the board level. The District's adjusted accumulated surplus from operations is calculated as follows:

Accumulated surplus from operations Deduct: School generated funds included in accumulated surplus [Note 18] Adjusted accumulated surplus from operations

13. CONTRACTUAL OBLIGATIONS

August 31 2014

$

9,068,250

(2,008,313) 7,059,937

August 31 2013

$

13,439,156

(l ,538,723) 11,900,433

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

Building projects Service providers Total contractual obligations

2014-15 2015-16 2016-17 2017-18 2018-19

2014 $

7,139,680 8,790,024

15,929,704 Building Projects

$

6,687,092 452,588

7,139,680

2013 $

7,152,017 11,065,323 18,217,340 Service

Providers $

3,190,803 2,612,638 2,262,169

724,414

8,790,024

23



August 31, 2014

Building projects include the District's obligation for the addition and modernization of Notre Dame High School, new schools in Evanston, Auburn Bay, Aspen Woods, Cranston, and New Brighton areas, as well as modernizations at St. Vincent de Paul and St. Cyril. Building projects also include the District's obligation for Infrastructure Maintenance Renewal projects. It is anticipated that these costs will be fully funded by Alberta Education.

Service providers include the District's obligation to purchase minimum volumes of electricity at a fixed price and the District's cell phone contracts.

14. CONTINGENT LIABILITIES

The District may, from time to time, be involved in legal proceedings, claims and litigation that arise in the ordinary course of business. In the event that any such claims or litigation are resolved against the District, management does not anticipate any material impact from such outcomes or resolutions on the business, financial condition, or results of operations of the District at the present time.

The District is a member of The Urban Schools Insurance Consortium ["USIC"], a licensed reciprocal insurance exchange under Alberta's Insurance Act, which facilitates the placement of property and liability insurance coverage for fourteen jurisdictions throughout the province of Alberta. Member contributions pay for premiums on insurance policies and self-insure a portion of each member's risk exposure. Also premium rebates are received by the reciprocal from the insurer's favourable claims experience. Each member could become liable for its proportionate share of any claim losses in excess of the funds held by the reciprocal. The District's share of the accumulated USIC funds as at August 31, 2014 was $656,167 [2013 - $480,666]. This amount has not been recognized in the District's financial statements as the accumulated funds are payable only upon membership termination or dissolution of the reciprocal.

24



August 31, 2014

15. PENSION PLANS

Multi-Employer defined Benefit Plans

[i] The District's certificated staff participates in the Alberta Teachers' Retirement Fund {refer to note 2}. The expense for this defined benefit pension plan is equivalent to the annual contributions by the Government of Alberta of $34,011,660 for the year ended August 31, 2014 [2013 -$28,403,384]. At August 31, 2013, the Alberta Teachers' Retirement Fund reported a deficit of $825,590,000 [2012 - deficit of$1,909,313,000].

[ii] The District participates in the multi-employer Local Authorities Pension Plan [refer to note 2} for non-certificated staff. The expense for this defined benefit pension plan is equivalent to the annual contributions of $7,359,113 for the year ended August 31, 2014 [2013 - $6,730,546]. At December 31, 2013, the Local Authorities Pension Plan reported a deficit of $4,861,516,000 [2012 - deficit of$4,977,303,000].

[iii] The District participates in a multi-employer registered Supplemental Integrated Pension Plan [refer to note 2] for certain members of senior administration. The expense for this plan is equivalent to the annual contributions of $51,479 for the year ended August 31, 2014 [2013 -$40,200]. As at December 31, 2011, the most recent actuarial valuation, the SIPP reported a surplus of $3,800 [2008 - surplus of $8,873].

16. SALARIES AND BENEFITS

Negotiated Performance ERIP's/ Board Members: FTE Remuneration Benefits Allowances Bonuses Other

$ $ $ $ $ Chair Mary Martin 1.0 26,754 5,475 12,940 Margaret Belcourt 1.0 21,609 5,313 10,446 Lois Burke-Gaffney 0.2 3,082 530 1,491 Rosemary Goerlitz 0.2 2,904 780 1,405 Cheryl Low 0.8 19,191 4,210 9,280 Serafino Scarpino 1.0 21,484 5,433 10,392 Peter Teppler 0.8 18,647 4,595 9,014 Linda Wellman 1.0 23,997 5,327 11,604 Cathie Williams 1.0 21,677 2,855 10,481 Subtotal 7.0 I 59,345 34,518 77,053

Superintendent (I) Gary Strother 1.0 242,261 88,281 7,338 Secretary/Treasurer (I) John Dcausy 1.0 172,144 52,077

Certificated teachers 3,154.0 280,100,950 63,485,869 1,428,205 Non-certificated - other 1,505.9 70,608,105 I 7,539,442 TOTALS 35 I ,282,805 81,200,I87 1,512,596

25

Expenses $ 5,679 4,614

738 287

3,095 4,269 3,048 4,344 2,784

28,858

20,907 11,987



August 31, 2014

17. FEES

August 31 August 31 2014 2013

$ $

Transportation 1,109,856 1,153,491 Instructional supplies and materials 3,252,885 3,081,644 Activity 3,255,418 2,350,260 Extracurricular 3,072,488 2,709,043 Lunchroom supervision 1,951,551 1,853,946 General 1,170,606 736,054 Total 13,812,804 11,884,438

18. SCHOOL GENERA TED FUNDS

August 31 August 31 2014 2013

$ $

Unexpended school generated revenue, beginning of year 3,677,000 2,701,427

Gross receipts: Fees 9,179,055 8,604,957 Fundraising 2,806,379 2,679,860 Gifts and donations 1,296,405 1,421,182 Grants to schools 194,549 50,335 Other sales and services 2!718!547 2,459,952

Total gross receipts 16,194,935 15,216,286

Total related expenses and uses of funds 12,247,918 10,664,071 Total direct costs including cost of goods sold to raise funds 3!6542806 3,576,642 Unexpended school generated revenues, end of year 3,969,211 3,677,000

Balance included in unexpended deferred operating revenue [note 8] 1,960,898 2,138,275

Balance included in accumulated surplus 2,008,313 1,538,725 3,969,211 3,677,000

26



August 31, 2014

19. TRUSTS UNDER ADMINISTRATION

These amounts, which are not recorded in the financial statements, represent assets held in trust by the District.

Student Health Initiative (Banker board) Regional Collaborative Service Delivery (Banker board) Total

20. RELATED PARTY TRANSACTIONS

August 31 2014

$

346,627 346,627

August 31 2013

$

62,659 108,000 170,659

All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions, other school jurisdictions, crown corporations, government agencies, regulated funds, government commercial enterprises, offices of the legislative assembly and government organizations in Alberta. Related party transactions are recorded at the exchange amount, which is the amount of consideration established and agreed upon between the related parties. Amounts due to or from and the amounts of transactions with related parties are recorded in the financial statements and are as follows:

Government of Alberta (GOA):

Education Accounts receivable I Accounts payable Prepaid expenses I Deferred revenue Unexpended deferred capital revenue Expended deferred capital revenue Grant revenue & expenses Other revenues & expenses

Other Alberta school jurisdictions Treasury Board and Finance (Principal)

Balances Financial Assets

(at cost or net realizable value)

$

2,779,160

Liabilities (at amortized

cost) $

14,078,104 2,821,510

48,999 359,021,896

Transactions

Revenues $

425,058,396

115,730

Expenses $

4,912

732,786

1,351,023 68,112

2,304,647 1,798,610

27



August 31, 2014

Balances Transactions Financial Assets Liabilities

(at cost or net realizable value)

$

(at amortized cost)

$ Revenues

$ Expenses

$

Treasury Board and Finance (Accrued interest)

Treasury Board and Finance - other Alberta Health Services Post-secondary institutions Alberta Justice Human Services Culture Other GOA ministries Other:

39,700

557

64,274

71,055

82,167 6,508 15,551

118,183 188 378,390 1,582 198,397 128,191

131,738 291 572,171 31,899

92,357 61,984 1,020 4,818

Alberta Local Authorities Pension Plan Corp. Alberta Capital Finance Authority

509,507 7,359,113

Urban School Insurance Consortium Alberta Foundation for the Arts Calgary and Area Child and Family Services Other Related Parties

772,485

117 41,961

82,167 20,000 40,947

7,944 1,180 677

TOTAL 2013/2014 3,692,444 379,437,423 425,818,682 12,072,455 TOTAL 2012/2013 4,577,203 388, 144,888 415,669,438 12,879,044

The District's principal and interest payments on long-term debt in the amount of$275,613 (2013 -$296,388) and $82,167 (2013 - $109,532), respectively, are paid by the Government of Alberta [refer to note JO]. Debenture principal payments are recorded as a decrease in long-term debt and decrease in accounts receivable. Interest payments are recorded as an increase in Government of Alberta revenue and increase in interest on long-term debt expense.

Maintenance costs totalling $1,211,194 [2013 - $1,219,869) related to the four schools constructed under the Public-Private Partnership agreement are paid by the Government of Alberta and are recorded as an increase in revenue from the Government of Alberta and increase in plant operations and maintenance expense.

The District's primary source of revenue is from the Government of Alberta. The District's ability to continue its operations is dependent on this funding.

28



August 31, 2014

21. RISK MANAGEMENT

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

(a] Currency risk

As the District has cash and accounts payable denominated in U.S. dollars, it is exposed to currency risk. As at August 31, 2014, cash and accounts payable in U.S. dollars totaled $69,699 and $40,883, respectively.

(b] Interest rate risk

Investments are not exposed to significant interest rate risk due to their short-term maturity.

The District is not exposed to interest rate risk on long-term debt as it is fully funded by the Government of Alberta.

Other financial assets and financial liabilities do not comprise any interest rate risk since they do not bear interest.

(c] Market risk

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

( d] Credit risk

Receivables comprise amounts receivable from the City of Calgary and the Government of Alberta totaling $16,507,504 [81%] which mitigates the credit risk. The remaining receivables are subject to normal trade credit risk which is not significant as the District manages and analyzes the outstanding accounts receivable balances.

29



August 31, 2014

(e] Liquidity risk

The District manages its liquidity risk by maintaining sufficient cash and cash equivalents and securing an operating line of credit [refer to note 6}. The District ensures that it operates within its budget and has reserves and an unrestricted operating surplus.

22. BUDGET AMOUNTS

The budget was prepared by the District and approved by the Board of Trustees on May 29, 2013.

The following is reconciliation between the revenues reported in the approved budget and that reported in the Statement of Operations due to reclassification of certain revenues for financial reporting purposes:

Revenue

Alberta Education Other - Government of Alberta Federal Government and First Nations Other Alberta school authorities Out of province authorities Alberta Municipalities - special tax

levies Property taxes Fees Other sales and services Investment income Gifts and donations Rental of facilities Fundraising Gains (losses) on disposal of capital

assets Amortization of capital contributions Other revenue Total Revenues

Original budget

$

487,740,816 957,555

13,137,596 3,803,060

701,523 2,938,379 2,129,300 3,016,396

25,000 16,873,743

497,250 531,820,618

Reallocation of Government of

Alberta $

486,535,876 (486,535,876)

Reallocation of amortization

$

16,841,825 31,918

(16,873,743)

Revised budget

$

503,377,701 1,236,858

957,555

13,137,596 3,803,060

701,523 2,938,379 2,129,300 3,016,396

25,000

497,250 531,820,618

30



August 31, 2014

23. COMPARATIVE FIGURES

Certain 2013 figures have been reclassified to conform to the 2014 presentation.

31

audited financial statements for the year ......an audit also includes evaluating the...

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