audited financial statements for the years … · school jurisdiction code: 1180 audited ... notes...

School Jurisdiction Code: 1180

AUDITEDFINANCIAL STATEMENTS

FOR THE YEARS ENDED AUGUST 31, 2012 and AUGUST 31, 2013[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 Chairman

Name Signature

Name Signature

Name Signature

Board-approved Release Date

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

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

Foothills School Division No. 38

P.O. Box 5700 High River AB T1V 1M7

Phone: 403-652-3001 Fax: 403-652-4204 [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

Foothills School Division No. 38

Christine Pretty

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"

SUPERINTENDENT

Del Litke

SECRETARY-TREASURER OR TREASURER

Andrew F. Chipman

December 18, 2013

"Original Signed"

"Original Signed"

1


TABLE OF CONTENTS

Page

INDEPENDENT AUDITOR'S REPORT 3

STATEMENTS OF FINANCIAL POSITION 4

STATEMENTS OF OPERATIONS 5

STATEMENTS OF CASH FLOWS 6

STATEMENTS OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT) 7

STATEMENT OF REMEASUREMENT GAINS AND LOSSES 8

SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS (2012 - 2013) 9

SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS (2011 - 2012) 11

SCHEDULE OF CAPITAL REVENUE (2012 - 2013) 13

SCHEDULE OF CAPITAL REVENUE (2011 - 2012) 14

SCHEDULE OF PROGRAM OPERATIONS 15

NOTES TO THE FINANCIAL STATEMENTS 16

2

1 o thE:~ Boord of Tn 1s·1 oos of

Foolhills School Division No. 38

Young Parkyn McNab ur

CHARTERED ACCOUNT ANTS

INDFPENDENT AUDITOrrs r<EPOr<T

Wo havo audited 1-hE} occompanyinn finoncial statements of Foothills School Division No. 38, which cornpriso l'he stotornonts of fincmciol posi'tion as at August ~~ l, 2013, August 31, 2012 and September l,

2011, onci the stcstcmmnls of operCJtions, change in net financial ossets (net debt) and cash flows for tho yorns E.mcied Auousi' 31, 2013 ond August 31, 2.012, ond a summary of significant accountino policies cmd o-thE)r oxplcmo1ory inforrnolion.

MonO(Jernent's Responsibility for the Finoncial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sedor accounting standards, and for such internal control as rncmagernent determines is necessary ·to enable the preparation of financial statements that are free from ma·terial misstat<:-m1ent, whether due to fraud or error.

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

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

We believe that the audit evidence we have obtained in our audits 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 Foothills School Division No. 38 as at August 31, 2013, August 31, 2012 and September l, 2011, and the results of its operations, changes in its net debt, and its cash flows for the years ended August 31, 2013 and August 31, 2012 in accordance with Canadian public sector accounting standards.

Lethbridge, Alberta December 18, 2013 Chartered Accountants

LETHBRIDGE • FORT MACLEOD • CLARESHOLM • TABER • MILK RIVER • •PINCHER CREEK

• Denotes Part-Time Office


STATEMENTS OF FINANCIAL POSITIONAs at (in dollars)

September 1

2013 2012 2011

Restated Restated

FINANCIAL ASSETS

Cash and cash equivalents (Note 4) $11,490,657 $9,018,472 $7,431,209

Accounts receivable (net after allowances) (Note 5) $3,025,622 $2,384,728 $3,189,177

Portfolio investments (Note 6) $7,816,224 $7,787,882 $3,755,569

Other financial assets $0 $0 $0

Total financial assets $22,332,503 $19,191,082 $14,375,955

LIABILITIES

Bank indebtedness $0 $0 $0

Accounts payable and accrued liabilities (Note 7) $1,173,252 $2,139,619 $1,530,558

Deferred revenue (Note 8) $68,784,055 $72,989,712 $71,231,048

Employee future benefit liabilities (Note 9) $554,307 $403,227 $331,407

Other liabilities $0 $0 $0

Debt (Note 10)

Supported: Debentures and other supported debt $986,440 $1,171,240 $1,356,040

Unsupported: Debentures and capital loans $0 $0 $0

Capital leases $261,394 $116,010 $186,138

Mortgages $0 $0 $0

Total liabilities $71,759,448 $76,819,808 $74,635,191

Net financial assets (debt) ($49,426,945) ($57,628,726) ($60,259,236)

NON-FINANCIAL ASSETS

Tangible capital assets (Note 11)

Land $1,643,103 $1,643,103 $1,643,103

Construction in progress $0 $601,864 $13,986,906

Buildings $128,861,961

Less: Accumulated amortization ($62,082,848) $66,779,113 $69,245,258 $53,926,532

Equipment $1,201,139

Less: Accumulated amortization ($761,264) $439,875 $302,524 $399,046

Vehicles $7,385,399

Less: Accumulated amortization ($4,994,703) $2,390,696 $2,359,269 $2,334,427

Computer Equipment $2,847,100 $2,779,631 $2,924,679

Less: Accumulated amortization ($1,342,717) $1,504,383 ($1,292,892) ($1,544,587)

Total tangible capital assets $72,757,170 $75,638,757 $73,670,106

Prepaid expenses $248,561 $510,367 $260,198

Other non‐financial assets $0 $0 $0

Total non-financial assets $73,005,731 $76,149,124 $73,930,304

Accumulated surplus (Note 12) $23,578,785 $18,520,398 $13,671,068

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) $23,578,785 $18,520,398 $13,671,068

Accumulated remeasurement gains (losses) $0 $0 $0

$23,578,785 $18,520,398 $13,671,068

Contractual obligations (Note 13)

Contingent liabilities

August 31

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

4


Budget Actual Actual

2013 2013 2012Restated Restated

REVENUES

Alberta Education $79,206,722$82,991,803 $80,626,832

Other - Government of Alberta $0$135,361 $152,356

Federal Government and First Nations $150,000$271,500 $209,480

Other Alberta school authorities $0$0 $0

Out of province authorities $0$0 $0

Alberta Municipalities-special tax levies $0$0 $0

Property taxes $0$0 $0

Fees (Note 15) $3,747,508$2,650,860 $2,836,705

Other sales and services $256,015$83,735 $206,381

Investment income $70,000$238,961 $164,457

Gifts and donations $0$251,708 $351,910

Rental of facilities $53,000$18,015 $69,270

Fundraising $0$747,120 $962,324

Gains (losses) on disposal of capital assets $0$975 $8,057

Other revenue $0$673,000 $452,255

Total revenues $83,483,245 $88,063,038 $86,040,027

Instruction $65,943,708$65,077,936

$63,640,222

Plant operations and maintenance $10,791,477$11,540,357

$11,005,701

Transportation $4,011,970$3,995,269

$4,033,285

Administration $2,736,090$2,391,089

$2,511,489

External services $0$0

$0

Total expenses $83,483,245 $83,004,651 $81,190,697

$0 $5,058,387 $4,849,330

STATEMENTS OF OPERATIONS

For the Years Ended August 31 (in dollars)

EXPENSES

Operating surplus (deficit)


5

1180

2013 2012

Restated

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) $5,058,387 $4,849,330

Add (Deduct) items not affecting cash:

Total amortization expense $4,327,591 $3,844,950

Gains on disposal of tangible capital assets ($975) ($8,057)

Losses on disposal of tangible capital assets $58,846 $0

Changes in:

Accounts receivable ($640,894) $804,449

Prepaids $261,806 ($250,169)

Other financial assets $0 $0

Non‐financial assets $0 $0

Accounts payable and accrued liabilities ($966,367) $609,061

Deferred revenue (Excluding EDCR) ($4,036,661) ($2,404,179)

Employee future benefit liabilitiies $151,080 $71,820

Other (describe) ($168,996) $0

Total cash flows from operating transactions $4,043,817 $7,517,205

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land $0 $0

Buildings ($291,980) ($601,369)

Equipment ($230,632) $0

Vehicles ($455,524) ($459,591)

Computer equipment ($526,713) ($590,015)

Net proceeds from disposal of unsupported capital assets $975 $8,274

Other (describe) $0

Total cash flows from capital transactions ($1,503,874) ($1,642,701)

C. INVESTING TRANSACTIONS

Changes in portfolio investments ($28,342) ($4,032,313)

Remeasurement gains (losses) reclassified to the statement of operations $0 $0

Other (describe) $0 $0

Total cash flows from investing transactions ($28,342) ($4,032,313)

D. FINANCING TRANSACTIONS

Issue of debt $217,171 $0

Repayment of debt ($256,587) ($254,928)

Other (describe) $0 $0

Total cash flows from financing transactions ($39,416) ($254,928)

Increase (decrease) in cash and cash equivalents $2,472,185 $1,587,263

Cash and cash equivalents, at beginning of year $9,018,472 $7,431,209

Cash and cash equivalents, at end of year $11,490,657 $9,018,472



School Jurisdiction Code:

STATEMENTS OF CASH FLOWS

Write‐off of EDCR

6

1180

2013 2012

Restated

Operating surplus (deficit) $5,058,387 $4,849,330

Effect of changes in tangible capital assets

Acquisition of tangible capital assets ($1,504,849) ($5,813,818)

Amortization of tangible capital assets $4,327,591 $3,844,950

Net carrying value of tangible capital assets disposed of $58,846 $217

Write‐down carrying value of tangible capital assets $0 $0

Total effect of changes in tangible capital assets $2,881,588 ($1,968,651)

Changes in:

Prepaid expenses $261,806 ($250,169)

Other non‐financial assets $0 $0

Net remeasurement gains and (losses) $0 $0

Endowments $0 $0

Increase (decrease) in net financial assets (net debt) $8,201,781 $2,630,510

Net financial assets (net debt) at beginning of year ($57,628,726) ($60,259,236)

Net financial assets (net debt) at end of year ($49,426,945) ($57,628,726)


STATEMENTS OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)



7

1180

2013

Opening accumulated remeasurement gains and (losses) upon adoption on September 1, 2012 $0

Unrealized gains (losses) attributable to:

Portfolio investments $0

Other $0

Amounts reclassified to the statement of operations:

Portfolio investments

Other $0

Net remeasurement gains (losses) for the year $0

Accumulated remeasurement gains (losses) at end of year $0

STATEMENT OF REMEASUREMENT GAINS AND LOSSES



For the Year Ended August 31, 2013 (in dollars)

8


ACCUMULATED ACCUMULATED ACCUMULATED INVESTMENT ENDOWMENTS UNRESTRICTED TOTAL TOTALSURPLUS REMEASUREMENT OPERATING IN TANGIBLE SURPLUS OPERATING CAPITAL

GAINS (LOSSES) SURPLUS CAPITAL RESERVES RESERVESASSETS

Balance at August 31, 2012 $18,307,027 $0 $18,307,027 $6,865,514 $0 $0 $8,284,706 $3,156,807

Prior period adjustments:

Endowments (Note 2) $213,371 $0 $213,371 $0 $213,371 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

Adjusted Balance, Aug. 31, 2012 $18,520,398 $0 $18,520,398 $6,865,514 $213,371 $0 $8,284,706 $3,156,807

Operating surplus (deficit) $5,058,387 $5,058,387 $5,058,387Board funded tangible capital asset additions $1,077,219 $0 $0 ($1,077,219)Disposal of unsupported tangible capital assets $0 $0 ($58,846) $0 $58,846Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0Net remeasurement gains (losses) for the year $0 $0

Endowment expenses $0 $0 $0

Direct credits to accumulated surplus $0 $0 $0 $0

Amortization of tangible capital assets $0 ($4,327,591) $4,327,591

Capital revenue recognized $0 $3,241,903 ($3,241,903)

Debt principal repayments (unsupported) $0 $71,787 ($71,787)

Externally imposed endowment restrictions $0 $0 $0 $0

Net transfers to operating reserves $0 ($5,722,288) $5,722,288

Net transfers from operating reserves $0 $0 $0

Net transfers to capital reserves $0 ($350,000) $350,000

Net transfers from capital reserves $0 $0 $0Assumption/transfer of other operations' surplus $0 $0 $168,996 $0 $0 ($168,996) $0

Balance at August 31, 2013 $23,578,785 $0 $23,578,785 $7,038,982 $213,371 $0 $13,837,998 $2,488,434

SCHEDULE OF CHANGES IN ACCUMULATED SURPLUSfor the Year Ended August 31, 2013 (in dollars)

INTERNALLY RESTRICTED

9

Balance at August 31, 2012


Endowments (Note 2)

Adjusted Balance, Aug. 31, 2012

Operating surplus (deficit)Board funded tangible capital asset additionsDisposal of unsupported tangible capital assetsDisposal of supported tangible capital assets (board funded portion)Write-down of unsupported tangible capital assetsWrite-down of supported tangible capital assets (board funded portion)Net remeasurement gains (losses) for the year

Endowment expenses

Direct credits to accumulated surplus

Amortization of tangible capital assets

Capital revenue recognized

Debt principal repayments (unsupported)

Externally imposed endowment restrictions

Net transfers to operating reserves

Net transfers from operating reserves

Net transfers to capital reserves

Net transfers from capital reservesAssumption/transfer of other operations' surplus



$7,095,813 $197,222 $290,632 $1,707,003 $376,224 $632,970 $522,037 $619,612 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$7,095,813 $197,222 $290,632 $1,707,003 $376,224 $632,970 $522,037 $619,612 $0 $0

$0 ($583,807) $0 ($67,762) $0 $0 $0 ($425,650) $0 $0

$0 $58,846 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$3,861,816 $100,000 $1,663,987 $96,485 $0

$0 $0 $0 $0 $0

$250,000 $0 $0 $100,000 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$10,957,629 ($136,585) $390,632 $1,698,087 $2,040,211 $632,970 $618,522 $293,962 $0 $0

External Services

INTERNALLY RESTRICTED RESERVES BY PROGRAM

Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves


Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves

School & Instruction Related

Operations & MaintenanceBoard & System Administration

Transportation

10


ACCUMULATED ACCUMULATED ACCUMULATED INVESTMENT ENDOWMENTS UNRESTRICTED TOTAL TOTALSURPLUS REMEASUREMENT OPERATING IN TANGIBLE SURPLUS OPERATING CAPITAL

GAINS (LOSSES) SURPLUS CAPITAL RESERVES RESERVESASSETS

Balance at August 31, 2011 $13,457,697 $0 $13,457,697 $6,845,449 $0 $0 $3,938,164 $2,674,084


Endowments (Note 2) $213,371 $0 $213,371 $0 $213,371 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

Adjusted Balance, Aug. 31, 2011 $13,671,068 $0 $13,671,068 $6,845,449 $213,371 $0 $3,938,164 $2,674,084

Operating surplus (deficit) $4,849,330 $4,849,330 $4,849,330Board funded tangible capital asset additions $1,052,565 $0 $0 ($1,052,565)Disposal of unsupported tangible capital assets $0 $0 ($217) ($8,057) $8,274Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0Net remeasurement gains (losses) for the year $0 $0

Endowment expenses $0 $0 $0

Direct credits to accumulated surplus $0 $0 $0 $0

Amortization of tangible capital assets $0 ($3,844,950) $3,844,950

Capital revenue recognized $0 $2,742,539 ($2,742,539)

Debt principal repayments (unsupported) $0 $70,128 ($70,128)

Externally imposed endowment restrictions $0 $0 $0 $0

Net transfers to operating reserves $0 ($4,346,542) $4,346,542

Net transfers from operating reserves $0 $0 $0

Net transfers to capital reserves $0 ($1,527,014) $1,527,014

Net transfers from capital reserves $0 $0 $0Assumption/transfer of other operations' surplus $0 $0 $0 $0 $0 $0 $0

Balance at August 31, 2012 $18,520,398 $0 $18,520,398 $6,865,514 $213,371 $0 $8,284,706 $3,156,807


INTERNALLY RESTRICTED

11



Endowments (Note 2)

Adjusted Balance, Aug. 31, 2011

Operating surplus (deficit)Board funded tangible capital asset additionsDisposal of unsupported tangible capital assetsDisposal of supported tangible capital assets (board funded portion)Write-down of unsupported tangible capital assetsWrite-down of supported tangible capital assets (board funded portion)Net remeasurement gains (losses) for the year

Endowment expenses

Direct credits to accumulated surplus

Amortization of tangible capital assets

Capital revenue recognized

Debt principal repayments (unsupported)

Externally imposed endowment restrictions

Net transfers to operating reserves

Net transfers from operating reserves

Net transfers to capital reserves

Net transfers from capital reservesAssumption/transfer of other operations' surplus



$2,974,347 $200,000 $190,632 $1,287,772 $251,148 $536,424 $522,037 $649,888 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,974,347 $200,000 $190,632 $1,287,772 $251,148 $536,424 $522,037 $649,888 $0 $0

$0 ($589,340) $0 ($130,769) $0 ($3,454) $0 ($329,002) $0 $0

$0 $0 $0 $8,274 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

$4,121,466 $100,000 $125,076 $0 $0

$0 $0 $0 $0 $0

$586,562 $550,000 $100,000 $290,452 $0

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$7,095,813 $197,222 $290,632 $1,707,003 $376,224 $632,970 $522,037 $619,612 $0 $0


Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves

INTERNALLY RESTRICTED RESERVES BY PROGRAM

Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves

Operating Reserves

Capital Reserves

School & Instruction Related

Operations & MaintenanceBoard & System Administration

Transportation External Services

12

1180

SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2013 (in dollars)

Proceeds on UnexpendedDisposal of Deferred

Provincially Surplus from Provincially Capital ExpendedApproved Provincially Funded Revenue from Deferred& Funded Approved Tangible Capital Other CapitalProjects (A) Projects (B) Assets (C) Sources (D)

Revenue

Balance at August 31, 2012 $479,773 $0 $0 $0 $67,485,993

Prior period adjustments $0 $0 $0 $0 $1,171,240

Adjusted balance, August 31, 2012 $479,773 $0 $0 $0 $68,657,233

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) $73,350

Infrastructure Maintenance & Renewal capital related to school facilities $0

Other Government of Alberta $0

Federal Government and First Nations $0

Other sources $0

Unexpended capital revenue receivable from

Alberta Education school building & modular $0

Unexpended capital revenue receivable from other than Alberta Education $0 $0

Interest earned on unexpended capital revenue $0 $0 $0 $0

Other unexpended capital revenue and donations $0

Net proceeds on disposal of supported tangible capital assets $0 $0

Insurance proceeds (and related interest) $0 $0

Donated tangible capital assets (amortizable, @ fair market value) $0

Public Private Partnership (P3), other Alberta Schools Alternative Program (ASAP) Initiative and Alberta Infrastructure managed projects $0

Transferred in tangible capital assets (amortizable, @ net book value) $0

Expended capital revenue - current year ($210,461) $0 $0 $0 $210,461

Surplus funds approved for future project(s) $0 $0

Deduct:

Net book value of supported tangible capital dispositions, write-offs, or transfers $342,662 $0 $0 $0 $168,996

Capital revenue recognized $3,241,903

Balance at August 31, 2013 $0 $0 $0 $0 $65,456,795(A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2013 (A) + (B) + (C) + (D) $0

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 tangible 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.


13

1180

SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2012 (in dollars)

Proceeds on UnexpendedDisposal of Deferred

Provincially Surplus from Provincially Capital ExpendedApproved Provincially Funded Revenue from Deferred& Funded Approved Tangible Capital Other CapitalProjects (A) Projects (B) Assets (C) Sources (D)

Revenue

Balance at August 31, 2011 $336,661 $0 $0 $0 $65,282,480

Prior period adjustments $0 $0 $0 $0 $1,356,040

Adjusted balance, August 31, 2011 $336,661 $0 $0 $0 $66,638,520

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) $739,981

Infrastructure Maintenance & Renewal capital related to school facilities $0

Other Government of Alberta $0

Federal Government and First Nations $0

Other sources $0

Unexpended capital revenue receivable from

Alberta Education school building & modular $0

Unexpended capital revenue receivable from other than Alberta Education $0 $0

Interest earned on unexpended capital revenue $1,540 $0 $0 $0

Other unexpended capital revenue and donations $0

Net proceeds on disposal of supported tangible capital assets $0 $0

Insurance proceeds (and related interest) $0 $0

Donated tangible capital assets (amortizable, @ fair market value) $0

Public Private Partnership (P3), other Alberta Schools Alternative Program (ASAP) Initiative and Alberta Infrastructure managed projects $4,165,803

Transferred in tangible capital assets (amortizable, @ net book value) $0

Expended capital revenue - current year ($598,409) $0 $0 $0 $598,409

Surplus funds approved for future project(s) $0 $0

Deduct:

Net book value of supported tangible capital dispositions, write-offs, or transfers $0 $0 $0 $0 $2,960

Capital revenue recognition $2,742,539

Balance at August 31, 2012 $479,773 $0 $0 $0 $68,657,233(A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2012 (A) + (B) + (C) + (D) $479,773


(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 tangible 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.


14

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15

FOOTHILLS SCHOOL DIVISION NO. 38 NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended August 31, 2013

16

1. AUTHORITY AND PURPOSE The School Jurisdiction delivers education programs under the authority of the School Act, Revised

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

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

2. CONVERSION TO PUBLIC SECTOR ACCOUNTING STANDARDS

Commencing with the 2012/13 fiscal year, the Division has adopted Canadian Public Sector Accounting (“PSA”) standards without not-for-profit provisions. These financial statements are the first financial statements for which the Division has applied PSA standards, with retroactive application.

The Division has elected to use the following exemptions in accordance with CICA PSA Handbook Section 2125:

Tangible capital asset impairment - the Division has elected to apply Section PS 3150.31 on

a prospective basis from the date of transition per Section PS 2125.14.

Key adjustments to the School Division’s financial statements resulting from the adoption of these accounting standards are as follows:

Previously, the Division was not required to record an accrued benefit obligation related to

sick leave benefits as the benefits do not vest. PSA standards require that a liability and an expense be recognized for post-employment benefits and compensated absences that vest or accumulate in the period in which employees render services to the Division. An adjustment was not made to recognize a liability and an expense related to accumulated sick leave entitlement as the sick leave benefits earned are greater than the sick leave benefits used.

Supported long term debt paid by Alberta Finance and Treasury are now recorded as

accounts receivable and expended deferred capital revenue. This resulted in an increase of $1,356,040 to the 2011 accounts receivable and expended deferred capital revenue. The 2012 adjustments were reduced by the amount of principal repayments of $184,800, resulting in a net adjustment of $1,171,240.

Endowments held by the Division are now recorded in accumulated surplus. This resulted in

an increase of $213,371 to the 2011 accumulated surplus.

As a result of the adoption of Public Sector Accounting Standards, comparative information has been restated as follows:



17

(a) Reconciliation of opening Statement of Financial Position

September 1, 2011 September 1, 2011

Not‐for‐Profit Adjustment PSAS

FINANCIAL ASSETS

Cash and cash equivalents / Cash and temporary investments $10,931,209 ($3,500,000) $7,431,209

Accounts receivable (net after allowances) $1,833,137 $1,356,040 $3,189,177

Portfolio investments / Long term investments $0 $3,755,569 $3,755,569

Other financial assets $0 $0 $0

Other current assets $0 $0 $0

Trust assets $475,388 ($475,388) $0

Long term accounts receivable $0 $0 $0

Total financial assets $13,239,734 $1,136,221 $14,375,955

LIABILITIES

Bank indebtedness $0 $0 $0

Accounts payable and accrued liabilities $1,718,101 ($187,543) $1,530,558

Deferred revenue $4,213,669 $67,017,379 $71,231,048

Deferred capital allocations $336,661 ($336,661) $0

Trust liabilities $475,388 ($475,388) $0

Employee future benefit liabilities $143,864 $187,543 $331,407

Other liabilities $0 $0 $0

Long term debt

Supported: Debentures and other supported debt $1,356,040 $0 $1,356,040

Unsupported: Debentures and capital loans $0 $0 $0

Capital leases $186,138 $0 $186,138

Mortgages $0 $0 $0

Other long‐term liabilities $0 $0 $0

Unamortized capital allocations $65,282,480 ($65,282,480) $0

Total liabilities $73,712,341 $922,850 $74,635,191

Net Debt ($60,472,607) $213,371 ($60,259,236)


Tangible capital assets

Land $1,643,103 $0 $1,643,103

Construction in progress $13,986,906 $0 $13,986,906

Buildings $109,818,864 $0 $109,818,864

Less: Accumulated amortization ($55,892,332) $0 ($55,892,332)

Equipment $4,274,840 ($2,924,679) $1,350,161

Less: Accumulated amortization ($2,495,702) $1,544,587 ($951,115)

Vehicles $7,588,069 $0 $7,588,069

Less: Accumulated amortization ($5,253,642) $0 ($5,253,642)

Computer Equipment $0 $2,924,679 $2,924,679

Less: Accumulated amortization $0 ($1,544,587) ($1,544,587)

Total tangible capital assets $73,670,106 $0 $73,670,106

Prepaid expenses $260,198 $0 $260,198

Other non‐financial assets $0 $0 $0

Total non-financial assets $73,930,304 $0 $73,930,304

Total accumulated surplus $13,457,697 $213,371 $13,671,068


Accumulated operating surplus (deficit) $13,457,697 $213,371 $13,671,068

Accumulated remeasurement gains (losses) $0 $0 $0

$13,457,697 $213,371 $13,671,068



18

(b) Reconciliation of Statement of Financial Position

August 31, 2012 August 31, 2012

Not‐for‐Profit Adjustment Adjustment PSAS

FINANCIAL ASSETS

Cash and cash equivalents / Cash and temporary investments $16,553,740 ($7,535,268) $0 $9,018,472

Accounts receivable (net after allowances) $1,213,488 $0 $1,171,240 $2,384,728

Portfolio investments / Long term investments $0 $7,535,268 $252,614 $7,787,882

Other financial assets $0 $0 $0 $0

Other current assets $0 $0 $0 $0

Trust assets $422,239 $0 ($422,239) $0

Long term accounts receivable $0 $0 $0 $0

Total financial assets $18,189,467 $0 $1,001,615 $19,191,082

LIABILITIES

Bank indebtedness $0 $0 $0 $0

Accounts payable and accrued liabilities $2,366,469 ($226,850) $0 $2,139,619

Deferred revenue $3,813,463 $0 $69,176,249 $72,989,712

Deferred capital allocations $479,773 $0 ($479,773) $0

Trust liabilities $422,239 $0 ($422,239) $0

Employee future benefit liabilities $176,377 $226,850 $0 $403,227

Other liabilities $0 $0 $0 $0

Long term debt

Supported: Debentures and other supported debt $1,171,240 $0 $0 $1,171,240

Unsupported: Debentures and capital loans $0 $0 $0 $0

Capital leases $116,010 $0 $0 $116,010

Mortgages $0 $0 $0 $0

Other long‐term liabilities $0 $0 $0 $0

Unamortized capital allocations $67,485,993 $0 ($67,485,993) $0

Total liabilities $76,031,564 $0 $788,244 $76,819,808

Net Debt ($57,842,097) $0 $213,371 ($57,628,726)


Tangible capital assets

Land $1,643,103 $0 $0 $1,643,103

Construction in progress $601,864 $0 $0 $601,864

Buildings $127,968,118 $0 $0 $127,968,118

Less: Accumulated amortization ($58,722,860) $0 $0 ($58,722,860)

Equipment $3,924,049 ($2,779,631) $0 $1,144,418

Less: Accumulated amortization ($2,134,786) $1,292,892 $0 ($841,894)

Vehicles $7,246,372 $0 $0 $7,246,372

Less: Accumulated amortization ($4,887,103) $0 $0 ($4,887,103)

Computer Equipment $0 $2,779,631 $0 $2,779,631

Less: Accumulated amortization $0 ($1,292,892) $0 ($1,292,892)

Total tangible capital assets $75,638,757 $0 $0 $75,638,757

Prepaid expenses $510,367 $0 $0 $510,367

Other non‐financial assets $0 $0 $0 $0

Total non-financial assets $76,149,124 $0 $0 $76,149,124

Total accumulated surplus $18,307,027 $0 $213,371 $18,520,398


Accumulated operating surplus (deficit) $18,307,027 $0 $213,371 $18,520,398

Accumulated remeasurement gains (losses) $0 $0 $0 $0

$18,307,027 $0 $213,371 $18,520,398



19

(c) Reconciliation of Statement of Operations

August 31, 2012 August 31, 2012

Not‐for‐Profit Adjustment PSAS

REVENUES

Alberta Education $77,813,966 $2,812,554 $80,626,520

Other - Government of Alberta $0 $152,668 $152,668

Federal Government and First Nations $432,163 ($222,683) $209,480

Other Alberta school authorities $0 $0 $0

Out of province authorities $0 $0 $0

Alberta Municipalities-special tax levies $0 $0 $0

Property taxes $0 $0 $0

Fees $2,836,705 $0 $2,836,705

Other sales and services $206,381 $0 $206,381

Investment income $164,457 $0 $164,457

Gifts and donations $351,910 $0 $351,910

Rental of facilities $69,270 $0 $69,270

Fundraising $962,324 $0 $962,324

Gains (losses) on disposal of capital assets $8,057 $0 $8,057

Amortization of capital contributions $2,742,539 ($2,742,539) $0

Other revenue $452,255 $0 $452,255

Total Revenues $86,040,027 $0 $86,040,027

Instruction $63,640,222 $0 $63,640,222

Plant operations and maintenance $11,005,701 $0 $11,005,701

Transportation $4,033,285 $0 $4,033,285

Administration $2,511,489 $0 $2,511,489External services $0 $0 $0

Total Expenses $81,190,697 $0 $81,190,697

$4,849,330 $0 $4,849,330

EXPENSES

Operating surplus (deficit)

(d) Reconciliation of the Schedule of Expenses by Object

August 31, 2012 August 31, 2012

EXPENSES Not-for-Profit Adjustments PSAS

Certificated salaries $38,240,302 $0 $38,240,302

Certificated benefits $7,747,074 $0 $7,747,074

Non-certificated salaries and wages $10,572,651 $0 $10,572,651

Non-certificated benefits $3,196,271 $0 $3,196,271

SUB - TOTAL $59,756,298 $0 $59,756,298

Services, contracts and supplies $17,462,561 $0 $17,462,561

Amortization of supported tangible capital assets $2,742,539 $0 $2,742,539

Amortization of unsupported tangible capital asse $1,102,411 $0 $1,102,411

Supported interest on capital debt $119,878 $0 $119,878

Unsupported interest on capital debt $7,010 $0 $7,010

Other interest and finance charges $0 $0 $0

Losses on disposal of tangible capital assets $0 $0 $0Other expense $0 $0 $0

TOTAL EXPENSES $81,190,697 $0 $81,190,697



20

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

a) Cash and Cash Equivalents

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

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

c) Portfolio Investments

The Division has investments in GIC’s that have a maturity of greater than 3 months. GIC’s are not quoted in an active market and are reported at cost. Detailed information regarding portfolio investments is disclosed in Note 6.

d) 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.

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

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

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

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

Buildings 2.5% to 6% Vehicles & Buses 10% to 20% Computer Hardware & Software 20% to 25% Other Equipment & Furnishings 10% to 20%



21

e) Deferred Revenue Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Public Sector Accounting Standard (PSAS) PS 3200. These contributions are recognized by the 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 includes 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.

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 the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset.

f) Employee Future Benefits

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

g) Asset Retirement Obligations

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

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



22

i) Revenue Recognition

Revenues are recorded on an accrual basis. Instruction and support allocations are recognized in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered. Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Contributed services are not recognized in the financial statements. Eligibility criteria are criteria that the Division has to meet in order to receive certain contributions. Stipulations describe what the 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.

j) Expenses

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

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

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

Supplies and services are allocated based on actual program identification.

k) 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 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, 2013, the amount contributed by the Government was $4,061,912 (2012 $3,704,504) The school board participates in a multi-employer pension plan, the Local Authorities Pension Plan, and does not report on any unfunded liabilities. The expense for this pension plan is equivalent to the annual contributions of $876,542 for the year ended August 31, 2013 (2012 $832,994). At December 31, 2012, the Local Authorities Pension Plan reported an actuarial deficiency of $4,977,303,000 (2011 deficiency of $4,639,390,000).



23

l) Program Reporting The Division’s operations have been segmented as follows:

ECS-Grade 12 Instruction: The provision of Early Childhood Services education and grades 1 - 12 instructional services that fall under the basic public education mandate.

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

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

school), whether contracted or board operated, including transportation facilities. 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.

m) Trusts Under Administration

The 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 16.

n) Financial Instruments A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The Division recognizes a financial instrument when it becomes a party to a financial instrument contract. Financial instruments consist of cash and cash equivalents, accounts receivable, portfolio investments, bank indebtedness, accounts payable and accrued liabilities, debt and other liabilities. Unless otherwise noted, it is management’s opinion that the Division is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks. Recognition, derecognition and measurement policies followed in the financial statements for periods prior to the effective date of September 1, 2012 specified are not reversed and, therefore, the financial statements of prior periods, including the comparative information, have not been restated.

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



24

4. CASH AND CASH EQUIVALENTS

Average Effective (Market)

Yield CostAmortized

CostAmortized

Cost

Cash 1.15% $ 11,490,657 $ 11,490,657 $ 9,018,472

Total cash and cash equivalents $ 11,490,657 $ 11,490,657 $ 9,018,472

2013 2012

5. ACCOUNTS RECEIVABLE

2012

Gross Amount

Allowance for Doubtful Accounts

Net Realizable

Value

Net Realizable

Value

Alberta Education - Grants $ 931,534 $ - $ 931,534 $ 86,946

Alberta Education - Capital 664,643 - 664,643 730,451

Treasury Board and Finance 986,440 - 986,440 1,171,240

Federal government 103,344 - 103,344 167,903

Other 339,661 - 339,661 228,188

Total $3,025,622 $ - $3,025,622 $2,384,728

2013

6. PORTFOLIO INVESTMENTS

Average Effective (Market)

Yield Cost Fair Value Balance2012

Balance

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

Guranteed interest certif icates 1.60% 3,535,268 3,535,268 3,535,268 7,535,268

Guaranteed interest certif icates 1.70% 4,027,923 4,027,923 4,027,923

Guranteed interest certif icates 1.35% 253,033 253,033 253,033 252,614

Total portfolio investments 1.60% $7,816,224 $7,816,224 $7,816,224 $7,787,882

2013

7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

2013 2012

Alberta Education $ - $ 26,025

Other Alberta school jurisdictions 10,066 -

Alberta Health Services 131,000 -

Other trade payables and accrued liabilities 1,032,186 2,113,594

Total $ 1,173,252 $ 2,139,619



25

8. DEFERRED REVENUE

ADD: DEDUCT: ADD (DEDUCT):SOURCE AND GRANT OR FUND TYPE DEFERRED 2012/2013 2012/2013 2012/2013 DEFERRED

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

Aug. 31, 2012 Receivable (Paid / Payable) Funds Aug. 31, 2013Unexpended deferred operating revenue

Alberta Education:

Infrastructure Maintenance Renew al 1,449,031 1,188,178 (1,418,311) - 1,218,898 Portable/Modular Unit Relocation (37,194) 37,194 - - - Other Alberta Education deferred revenue 667,467 31,218 (610,826) - 87,859

Other Government of Alberta:

Classroom resources 156,000 - - - 156,000 Technology in the Classroom 292,883 - - - 292,883

Other Deferred Revenue:

School Generated Funds 1,270,740 3,103,053 (2,892,420) - 1,481,373 Fees 14,536 11,586 (14,536) - 11,586 Donations - 39,000 - - 39,000 Interest on Endow ments 39,243 2,089 (1,671) - 39,661

Total unexpended deferred operating revenu 3,852,706$ 4,412,318$ (4,937,764)$ -$ 3,327,260$

Unexpended deferred capital revenue 479,773 73,350 (553,123) - -

Expended deferred capital revenue 68,657,233 210,461 (3,410,899) - 65,456,795

Total 72,989,712$ 4,696,129$ (8,901,786)$ -$ 68,784,055$

ADD: DEDUCT: ADD (DEDUCT):SOURCE AND GRANT OR FUND TYPE DEFERRED 2011/2012 2011/2012 2011/2012 DEFERRED

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

Aug. 31, 2011 Receivable (Paid / Payable) Funds Aug. 31, 2012Unexpended deferred operating revenue

Alberta Education:

Alberta Initiative for School Improvement 353,263$ 796,566$ (1,149,829)$ -$ -$ Infrastructure Maintenance Renew al 1,636,901 1,212,628 (1,400,498) - 1,449,031 Portable/Modular Unit Relocation 28,223 238,437 (303,854) - (37,194) Other Alberta Education deferred revenue - 1,481,325 (813,858) - 667,467

Other Government of Alberta:

Classroom resources 156,000 - - - 156,000 Technology in the Classroom 650,104 74,000 (431,221) - 292,883

Other Deferred Revenue:

School Generated Funds 1,371,857 3,316,967 (3,418,084) - 1,270,740 Fees 17,321 5,950 (8,735) - 14,536 Interest on Endow ments 42,198 - (2,955) - 39,243

Total unexpended deferred operating revenu 4,255,867$ 7,125,873$ (7,529,034)$ -$ 3,852,706$

Unexpended deferred capital revenue 336,661 741,521 (598,409) - 479,773

Expended deferred capital revenue 66,638,520 4,764,212 (2,745,499) - 68,657,233

Total 71,231,048$ 12,631,606$ (10,872,942)$ -$ 72,989,712$



26

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

2013 2012

Defined benefit pension plan liability $ 289,400 $ 176,377

Vacation accrual liability 264,907 226,850

Total $ 554,307 $ 403,227

10. DEBT

2013 2012

Debentures outstanding at August 31, 2013 have interest

rates betw een 6% to 12%. The terms of the loans range

betw een 20 and 25 years, payments made annually,

supported by Alberta Education. $ 986,440 $ 1,171,240

Obligations under capital lease, due 2018, equipment w ith a

net book value of $128,488 pledged as security. 122,215 -


net book value of $88,863 pledged as security. 70,481 -


net book value of $50,115 pledged as security. 47,807 63,948







Paid out in 2013 - 3,984

Total $ 1,247,834 $ 1,287,250



27

10. DEBT (Continued) Debenture Debt – Supported The debenture debt bears interest at rates varying between 6% and 12%. The debenture debt is fully supported by Alberta Finance. Debenture payments due over the next five years and beyond are:

Principal Interest Total

2013-2014 $ 184,800 $ 87,239 $ 272,039

2014-2015 184,800 70,920 255,720

2015-2016 184,800 54,601 239,401

2016-2017 184,800 38,282 223,082

2017-2018 184,800 21,963 206,763

2018 to maturity 62,440 7,990 70,430

Total $ 986,440 $ 280,995 $1,267,435

Capital Leases Capital leases are approved by the Minister of Education but are funded by the Division. Capital leases are secured by specifically identified assets.

Principal Interest Total

2013-2014 $ 72,453 $ 7,830 $ 80,283

2014-2015 66,735 5,310 72,045

2015-2016 57,669 3,097 60,766

2016-2017 43,968 1,422 45,390

2017-2018 20,569 279 20,848

2018 to maturity - - -

Total $ 261,394 $ 17,938 $ 279,332

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30

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:

2013 2012

Unrestricted surplus -$ -$

Operating reserves 13,837,998 8,284,706

Accumulated surplus (deficit) from operations 13,837,998 8,284,706

Investment in tangible capital assets 7,038,982 6,865,514

Capital reserves 2,488,434 3,156,807

Endow ments (1) 213,371 213,371

Accumulated remeasurement gains (losses) - -

Accumulated surplus (deficit) 23,578,785$ 18,520,398$

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

2013 2012

Accumulated surplus (deficit) from operations 23,578,785$ 18,520,398$

Employee future benefits 554,307 403,227

Adjusted accumulated surplus (deficit) (2)24,133,092$ 18,923,625$

(1) Terms of the endowments stipulate that the principal balance be maintained permanently. Investment income of $39,661 (2012 - $39,243) is externally restricted for scholarships and is included in deferred revenue. Investment income of $238,961 (2012 - $164,457) is unrestricted.

(2) Adjusted accumulated surplus represents unspent funding available to support the school jurisdiction’s operations for the 2013-2014 year.

13. CONTRACTUAL OBLIGATIONS

2013 2012

-$ -$

Building Leases (2) - -

6,105,287 8,982,967

Other (Specify) - -

- -

6,105,287$ 8,982,967$

Building Projects (1)

Service Providers (3)

Other

Total

(1) Building Projects: The Division is not committed to further capital expenditures for the addition buildings.

(2)Building Leases: The Division is not committed to lease office space on behalf of an affiliated organization. (3) Service Providers: As at August 31, 2013, the Division has $6,105,287 (2012 $8,982,697) in commitments relating to service and grant contracts.



31

13. CONTRACTUAL OBLIGATIONS (Continued)

Estimated payment requirements for each of the next five years and thereafter are as follows:

Building Projects

Building Leases

Service Providers Other Other

2013-14 -$ -$ 2,992,787$ -$ -$ 2014-15 - - 3,112,500 - - 2015-16 - - - - - 2016-17 - - - - - 2017-18 - - - - - Thereafter - - - - -

-$ -$ 6,105,287$ -$ -$

14. SIGNIFICANT EVENTS

On June 20, 2013, the Division experienced significant flood damage and no reasonable estimate of loss can be made as at August 31, 2013. It is anticipated that insurance will cover any losses although the timing of payments is unknown.

15. FEES

Fees

2013 2012

Transportation fees (1) $ 34,260 $ 30,990

Fees charged for instruction material and supplies (2) 794,825 828,616

Other fees 1,821,775 1,977,099

Total 2,650,860 2,836,705

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

16. 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

2013 2012

Scholarship trusts $ 166,271 $ 169,624

Total $ 166,271 $ 169,624



32

17. SCHOOL GENERATED FUNDS

2013 2012

Deferred School Generated Revenue, Beginning of Year $ 1,270,740 $ 1,371,857

Gross Receipts:

Fees 1,821,775 1,977,099

Fundraising 747,120 870,472

Gifts and donations 251,708 351,910

Grants to schools - -

Other sales and services 71,817 117,486

Total gross receipts 2,892,420 3,316,967

Total Related Expenses and Uses of Funds 1,275,855 1,622,000

Total Direct Costs Including Cost of Goods Sold to Raise Funds 1,405,932 1,796,084

Deferred School Generated Revenues, End of Year $ 1,481,373 $ 1,270,740

Balance included in Deferred Revenue $ 1,481,373 $ 1,270,740

Balance included in Accumulated Surplus $ - $ -

18. RELATED PARTY TRANSACTIONS

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

Revenues Expenses

Government of Alberta (GOA):

Education $ - $ - $ - $ -

Accounts receivable / Accounts payable 1,596,177 - -

Prepaid expenses / Deferred revenue - 1,755,640 - -

Unexpended deferred capital revenue - - - -

Expended deferred capital revenue 65,456,795

Grant revenue & expenses - - 82,991,803 -

Other Alberta school jurisdictions - 10,066 - 14,147

Treasury Board and Finance (Principal) 986,440 986,440

Treasury Board and Finance (Accrued interest) 103,558 103,558

Alberta Health Services - 131,000 31,803 131,000

Post-secondary institutions - - - 2,552

Agriculture and Rural Development - - - 5,040

Other:

TOTAL 2012/2013 $2,582,617 $68,339,941 $83,127,164 $ 256,297

TOTAL 2011/2012 $1,988,637 $72,382,685 $77,813,965 $ -

Financial Assets (at cost or net realizable

Balances Transactions

Liabilities (at amortized

cost)



33

19. ECONOMIC DEPENDENCE ON RELATED THIRD PARTY

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

20. REMUNERATION AND MONETARY INCENTIVES

The Foothills School Division had paid or accrued expenses for the year ended August 31, 2013 to or on behalf of the following positions and persons in groups as follows:

21. BUDGET AMOUNTS

The budget was prepared by the school jurisdiction and approved by the Board of Trustees on May 16, 2012. It is presented for information purposes only and has not been audited.

22. COMPARATIVE FIGURES

The comparative figures have been reclassified where necessary to conform to the 2012/2013 presentation.

Negotiated PerformanceBoard Members: FTE Remuneration Benefits Allowances Bonuses ExpensesChair Froc, Diana 1.0 $23,792 $1,004 $0 $10,500Other members Muelaner, Jerry 1.0 $33,975 $1,509 $0 $12,460 Gardener, Doug 1.0 $26,318 $0 $0 $11,547 Pretty, Christine 1.0 $24,280 $1,029 $0 $7,933 Copland, Laurie 1.0 $28,407 $1,233 $0 $5,657

Subtotal 5.0 $136,772 $4,775 $0 $48,097

Superintendent Rose, Denise 0.0 $181,900 $12,978 $0 $0 $0 $20,174Secretary/Treasurer Chipman, Andrew 0.0 $162,540 $31,495 $0 $0 $0 $10,136

Certif icated teachers 451.0 $39,392,799 $8,392,725 $0 $0 $0Non-certif icated - other 327.0 $10,621,564 $3,221,916 $0 $0 $0

TOTALS $50,495,575 $11,663,889 $0 $0 $0

ERIP's / Other

audited financial statements for the years … · school jurisdiction code: 1180 audited ... notes...

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