AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED AUGUST 31, 2012 and AUGUST 31, 2013 [School Act, Sections 147(2)(a), 148, 151(1) and 276]

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1 School Jurisdiction Code: 1110 AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED AUGUST 31, 2012 and AUGUST 31, 2013 [School Act, Sections 147(2)(a), 148, 151(1) and 276] Sturgeon School Division No. 24 Legal Name of School Jurisdiction Street, Morinville, AB Mailing Address Phone (780) ; Fax (780) Telephone & Fax Numbers, and Address SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements of Sturgeon School Division No. 24 presented to Alberta Education have been prepared by school jurisdiction management which has responsibility for their preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordance with 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 designed to provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executed in accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control. Board of Trustees Responsibility The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the audited financial statements with management in detail and approved the financial statements for release. External Auditors 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. Declaration of Management and Board Chairman 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 Terry Jewell Name "Original Signed" Signature SUPERINTENDENT Michele Dick Name "Original Signed" Signature SECRETARY-TREASURER OR TREASURER Iva Paulik Name "Original Signed" Signature November 27, 2013 Board-approved Release Date c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch 8th Floor Commerce Place, Street, Edmonton AB T5J 4L5 sarah.brennan@gov.ab.ca PHONE: (780) (Toll free ) FAX: (780)

2 School Jurisdiction Code: 1110 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 ( ) 9 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS ( ) 11 SCHEDULE OF CAPITAL REVENUE ( ) 13 SCHEDULE OF CAPITAL REVENUE ( ) 14 SCHEDULE OF PROGRAM OPERATIONS 15 NOTES TO THE FINANCIAL STATEMENTS 16 2

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4 School Jurisdiction Code: 1110 STATEMENTS OF FINANCIAL POSITION As at (in dollars) August 31 September Restated Restated FINANCIAL ASSETS Cash and cash equivalents (Note 4) $2,975,285 $3,648,173 $4,426,478 Accounts receivable (net after allowances) (Note 5) $685,508 $2,077,913 $1,679,857 Portfolio investments (Note 6) $43,041 $62,330 $55,765 Other financial assets (Note 7) $23,940 $38,920 $27,765 Total financial assets $3,727,774 $5,827,336 $6,189,865 LIABILITIES Bank indebtedness (Note 8) $0 $0 $0 Accounts payable and accrued liabilities (Note 9) $845,996 $2,133,120 $868,098 Deferred revenue (Note 10) $19,985,397 $21,358,781 $22,412,833 Employee future benefit liabilities (Note 11) $37,500 Other liabilities $0 $0 $0 Debt (Note 12) Supported: Debentures and other supported debt $311,992 $515,204 $718,415 Unsupported: Debentures and capital loans $0 $0 $0 Capital leases $0 $0 $0 Mortgages $0 $0 $0 Total liabilities $21,180,885 $24,007,105 $23,999,346 Net financial assets (debt) ($17,453,111) ($18,179,769) ($17,809,481) NON-FINANCIAL ASSETS Tangible capital assets (Note 13) Land $1,414,541 $1,414,541 $1,414,541 Construction in progress $0 $0 $0 Buildings $56,666,273 Less: Accumulated amortization ($36,489,446) $20,176,827 $21,578,182 $22,173,113 Equipment $3,899,610 Less: Accumulated amortization ($3,594,372) $305,238 $331,911 $239,943 Vehicles $1,151,924 Less: Accumulated amortization ($777,986) $373,938 $447,288 $551,882 Computer Equipment $109,266 $0 $0 Less: Accumulated amortization $0 $109,266 $0 $0 Total tangible capital assets $22,379,810 $23,771,922 $24,379,479 Prepaid expenses $95,088 $205,643 $279,771 Other non financial assets $0 $0 $0 Total non-financial assets $22,474,898 $23,977,565 $24,659,250 Accumulated surplus (Note 14) $5,021,786 $5,797,796 $6,849,769 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) $5,021,786 $5,797,796 $6,849,769 Accumulated remeasurement gains (losses) $0 $0 $0 $5,021,786 $5,797,796 $6,849,769 Contractual obligations (Note 15) Contingent liabilities (Note 16) The accompanying notes and schedules are part of these financial statements. 4

5 STATEMENTS OF OPERATIONS For the Years Ended August 31 (in dollars) School Jurisdiction Code: 1110 Budget Actual Actual May Budget Restated REVENUES Alberta Education $55,601,205 Other - Government of Alberta $421,743 Federal Government and First Nations $321,958 Other Alberta school authorities $33,980 Out of province authorities $0 Alberta Municipalities-special tax levies $0 Property taxes $0 Fees (Note 17) $482,698 Other sales and services $538,400 Investment income $30,000 Gifts and donations $0 Rental of facilities $0 Fundraising $800,000 Gains (losses) on disposal of capital assets $0 Other revenue $0 $57,915,286 $55,088,924 $501,916 $521,157 $374,937 $330,351 $34,000 $66,903 $0 $0 $0 $0 $0 $0 $810,009 $802,701 $666,540 $968,216 $44,857 $45,919 $114,234 $182,412 $37,539 $28,632 $345,129 $377,209 $0 $0 $8,428 $0 Total revenues $58,229,984 $60,852,875 $58,412,424 EXPENSES Instruction $44,283,666 Plant operations and maintenance $6,246,057 Transportation $5,385,348 Administration $2,141,095 External services $531,800 $46,496,618 $6,924,958 $5,795,014 $2,328,281 $84,014 $44,705,999 $6,608,362 $5,483,334 $2,220,296 $446,405 Total expenses $58,587,966 $61,628,885 $59,464,396 Operating surplus (deficit) ($357,982) ($776,010) ($1,051,972) The accompanying notes and schedules are part of these financial statements. 5

6 School Jurisdiction Code: 1110 STATEMENTS OF CASH FLOWS For the Years Ended August 31 (in dollars) Restated CASH FLOWS FROM: A. OPERATING TRANSACTIONS Operating surplus (deficit) ($776,010) ($1,051,972) Add (Deduct) items not affecting cash: Total amortization expense $1,673,784 $1,555,926 Gains on disposal of tangible capital assets $0 $0 Losses on disposal of tangible capital assets $0 $7,741 Changes in: Accounts receivable $1,392,405 ($398,056) Prepaids $110,555 $74,128 Other financial assets $14,980 ($11,155) Non financial assets $0 $0 Accounts payable and accrued liabilities ($1,287,124) $1,265,022 Deferred revenue (Excluding EDCR) $59,639 ($447,698) Employee future benefit liabilitiies $37,500 $0 Other (describe) Capital revenue recognized not affecting cash ($1,459,547) ($1,355,216) Total cash flows from operating transactions ($233,818) ($361,280) B. CAPITAL TRANSACTIONS Purchases of tangible capital assets Land $0 $0 Buildings ($111,401) ($590,526) Equipment ($61,004) ($207,314) Vehicles $0 $0 Computer equipment ($109,266) $0 Net proceeds from disposal of unsupported capital assets $0 $35,800 Other (describe) Adjustment to EDCR and NBV of donated asset $15,343 ($25,389) Total cash flows from capital transactions ($266,328) ($787,429) C. INVESTING TRANSACTIONS Changes in portfolio investments $19,289 ($6,565) Remeasurement gains (losses) reclassified to the statement of operations $0 $0 Other (describe) Capital revenue $11,181 $580,180 Total cash flows from investing transactions $30,470 $573,615 D. FINANCING TRANSACTIONS Issue of debt $0 $0 Repayment of debt ($203,212) ($203,211) Other (describe) Capital revenue Total cash flows from financing transactions ($203,212) ($203,211) Increase (decrease) in cash and cash equivalents ($672,888) ($778,305) Cash and cash equivalents, at beginning of year $3,648,173 $4,426,478 Cash and cash equivalents, at end of year $2,975,285 $3,648,173 The accompanying notes and schedules are part of these financial statements. 6

7 School Jurisdiction Code: 1110 STATEMENTS OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT) For the Years Ended August 31 (in dollars) Operating surplus (deficit) ($776,010) ($1,051,972) Effect of changes in tangible capital assets Aquisition of tangible capital assets ($281,671) ($991,908) Amortization of tangible capital assets $1,673,784 $1,555,926 Net carrying value of tangible capital assets disposed of $0 $43,538 Write down carrying value of tangible capital assets $0 $0 Total effect of changes in tangible capital assets $1,392,113 $607,556 Changes in: Prepaid expenses $110,555 $74,128 Other non financial assets $0 $0 Net remeasurement gains and (losses) $0 $0 Endowments $0 $0 Increase (decrease) in net financial assets (net debt) $726,658 ($370,288) Net financial assets (net debt) at beginning of year ($18,179,769) ($17,809,481) Net financial assets (net debt) at end of year ($17,453,111) ($18,179,769) The accompanying notes and schedules are part of these financial statements. 7

8 School Jurisdiction Code: 1110 STATEMENT OF REMEASUREMENT GAINS AND LOSSES For the Year Ended (in dollars) 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 $0 Other $0 Net remeasurement gains (losses) for the year $0 Accumulated remeasurement gains (losses) at end of year $0 The accompanying notes and schedules are part of these financial statements. 8

9 School Jurisdiction Code: 1110 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended (in dollars) INTERNALLY RESTRICTED ACCUMULATED ACCUMULATED ACCUMULATED INVESTMENT ENDOWMENTS UNRESTRICTED TOTAL TOTAL SURPLUS REMEASUREMENT OPERATING IN TANGIBLE SURPLUS OPERATING CAPITAL GAINS (LOSSES) SURPLUS CAPITAL RESERVES RESERVES ASSETS Balance at August 31, 2012 $5,539,885 $0 $5,539,885 $2,695,207 $0 $0 $1,997,425 $847,253 Prior period adjustments: School Generated Funds $401,719 $0 $401,719 $0 $0 $0 $401,719 $0 School Generated Funds ($143,808) $0 ($143,808) $0 $0 $0 ($143,808) $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 $5,797,796 $0 $5,797,796 $2,695,207 $0 $0 $2,255,336 $847,253 Operating surplus (deficit) ($776,010) ($776,010) ($776,010) Board funded tangible capital asset additions $181,445 ($181,445) $0 $0 Disposal of unsupported tangible capital assets $0 $0 $0 $0 $0 Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0 Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 Net 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 ($1,673,784) $1,673,784 Capital revenue recognized $0 $1,459,547 ($1,459,547) Debt principal repayments (unsupported) $0 $0 $0 Externally imposed endowment restrictions $0 $0 $0 $0 Net transfers to operating reserves $0 ($67,927) $67,927 Net transfers from operating reserves $0 $799,964 ($799,964) Net transfers to capital reserves $0 $0 $0 Net transfers from capital reserves $0 $11,181 ($11,181) Assumption/transfer of other operations' surplus $0 $0 $0 $0 $0 $0 $0 Balance at $5,021,786 $0 $5,021,786 $2,662,415 $0 $0 $1,523,299 $836,072 9

10 School Jurisdiction Code: 1110 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended (in dollars) School & Instruction Related Operating Capital INTERNALLY RESTRICTED RESERVES BY PROGRAM Operations & Maintenance Board & System Administration Transportation Operating Capital Operating Capital Operating Capital External Services Operating Capital Balance at August 31, 2012 $1,625,091 $43,000 $0 $557,450 $0 $242,084 $372,334 $4,719 $0 $0 Prior period adjustments: School Generated Funds School Generated Funds $401,719 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($143,808) $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjusted Balance, Aug. 31, 2012 Operating surplus (deficit) Board funded tangible capital asset additions Disposal of unsupported tangible capital assets Disposal of supported tangible capital assets (board funded portion) Write-down of unsupported tangible capital assets Write-down of supported tangible capital assets (board funded portion) Net remeasurement gains (losses) for the year $1,883,002 $43,000 $0 $557,450 $0 $242,084 $372,334 $4,719 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 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 reserves Assumption/transfer of other operations' surplus Balance at $0 $0 $0 $0 $0 $67,927 $0 $0 $0 $0 ($799,964) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($11,181) $0 $0 $0 $1,150,965 $43,000 $0 $546,269 $0 $242,084 $372,334 $4,719 $0 $0 10

11 School Jurisdiction Code: 1110 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2012 (in dollars) INTERNALLY RESTRICTED ACCUMULATED ACCUMULATED ACCUMULATED INVESTMENT ENDOWMENTS UNRESTRICTED TOTAL TOTAL SURPLUS REMEASUREMENT OPERATING IN TANGIBLE SURPLUS OPERATING CAPITAL GAINS (LOSSES) SURPLUS CAPITAL RESERVES RESERVES ASSETS Balance at August 31, 2011 $6,448,049 $0 $6,448,049 $2,592,025 $0 $904,285 $2,104,486 $847,253 Prior period adjustments: School Generated Funds $401,719 $0 $401,719 $0 $0 $401,719 $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 $6,849,768 $0 $6,849,768 $2,592,025 $0 $904,285 $2,506,205 $847,253 Operating surplus (deficit) ($1,051,972) ($1,051,972) ($1,051,972) Board funded tangible capital asset additions $347,430 ($347,430) $0 $0 Disposal of unsupported tangible capital assets $0 $0 ($43,538) $43,538 $0 Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0 Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 Net 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 ($1,555,926) $1,555,926 Capital revenue recognized $0 $1,355,216 ($1,355,216) Debt principal repayments (unsupported) $0 $0 $0 Externally imposed endowment restrictions $0 $0 $0 $0 Net transfers to operating reserves $0 ($506,197) $506,197 Net transfers from operating reserves $0 $757,066 ($757,066) Net transfers to capital reserves $0 $0 $0 Net transfers from capital reserves $0 $0 $0 Assumption/transfer of other operations' surplus $0 $0 $0 $0 $0 $0 $0 Balance at August 31, 2012 $5,797,796 $0 $5,797,796 $2,695,207 $0 $0 $2,255,336 $847,253 11

12 School Jurisdiction Code: 1110 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2012 (in dollars) School & Instruction Related Operating Capital INTERNALLY RESTRICTED RESERVES BY PROGRAM Operations & Maintenance Board & System Administration Transportation Operating Capital Operating Capital Operating Capital External Services Operating Capital Balance at August 31, 2011 $1,148,969 $43,000 $0 $557,450 $587,429 $242,084 $368,088 $4,719 $0 $0 Prior period adjustments: School Generated Funds $401,719 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjusted Balance, Aug. 31, 2011 Operating surplus (deficit) Board funded tangible capital asset additions Disposal of unsupported tangible capital assets Disposal of supported tangible capital assets (board funded portion) Write-down of unsupported tangible capital assets Write-down of supported tangible capital assets (board funded portion) Net remeasurement gains (losses) for the year $1,550,688 $43,000 $0 $557,450 $587,429 $242,084 $368,088 $4,719 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 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 reserves Assumption/transfer of other operations' surplus Balance at August 31, 2012 $0 $0 $0 $0 $0 $476,122 $0 $30,075 $0 ($143,808) $0 ($587,429) ($25,829) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,883,002 $43,000 $0 $557,450 $0 $242,084 $372,334 $4,719 $0 $0 13

13 1110 SCHEDULE OF CAPITAL REVENUE (EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY) for the Year Ended (in dollars) Unexpended Deferred Capital Revenue Proceeds on Unexpended Disposal 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, 2012 $104,384 $26,289 $0 $0 $20,561,511 Prior period adjustments $0 $0 $0 $0 $515,204 Adjusted balance, August 31, 2012 $104,384 $26,289 $0 $0 $21,076,715 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) 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 $11,181 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 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 net book value) $0 Expended capital revenue - current year ($115,565) $0 $0 $0 $115,565 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 $15,343 Capital revenue recognized $1,459,547 Balance at $0 $26,289 $0 $0 $19,717,390 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at (A) + (B) + (C) + (D) $26,289 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

14 1110 SCHEDULE OF CAPITAL REVENUE (EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY) for the Year Ended August 31, 2012 (in dollars) Unexpended Deferred Capital Revenue Proceeds on Unexpended Disposal 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, 2011 $0 $26,290 $0 $0 $21,069,038 Prior period adjustments $0 $0 $0 $0 $718,415 Adjusted balance, August 31, 2011 $0 $26,290 $0 $0 $21,787,453 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) $104,384 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 $475,796 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 fair market value) $168,682 Public Private Partnership (P3), other Alberta Schools Alternative Program (ASAP) Initiative and Alberta Infrastructure managed projects $0 Transferred in tangible capital assets net book value) $0 Expended capital revenue - current year ($475,796) $0 $0 $0 $475,796 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 $0 Capital revenue recognition $1,355,216 Balance at August 31, 2012 $104,384 $26,290 $0 $0 $21,076,715 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at August 31, 2012 (A) + (B) + (C) + (D) $130,674 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. 14

15 SCHEDULE OF PROGRAM OPERATIONS for the Year Ended (in dollars) School Jurisdiction Code: 1110 Plant Operations Board & Restated REVENUES Instruction and System External (ECS- Grade 12) Maintenance Transportation Administration Services TOTAL TOTAL (1) Alberta Education $44,059,345 $6,314,538 $5,373,427 $2,167,976 $0 $57,915,286 $55,088,924 (2) Other - Government of Alberta $459,866 $42,050 $0 $0 $0 $501,916 $521,157 (3) Federal Government and First Nations $328,308 $29,976 $0 $16,653 $0 $374,937 $330,351 (4) Other Alberta school authorities $34,000 $0 $0 $0 $0 $34,000 $66,903 (5) Out of province authorities $0 $0 $0 $0 $0 $0 $0 (6) Alberta Municipalities-special tax levies $0 $0 $0 $0 $0 $0 $ (7) Property Taxes $0 $0 $0 $0 $0 $0 $0 (8) Fees $810,009 $0 $0 $810,009 $802,701 (9) Other sales and services $580,312 $0 $0 $2,214 $84,014 $666,540 $968,216 (10) Investment income $38,577 $4,486 $0 $1,794 $0 $44,857 $45,919 (11) Gifts and donations $104,234 $0 $0 $10,000 $0 $114,234 $182,412 (12) Rental of facilities $32,896 $4,643 $0 $0 $0 $37,539 $28,632 (13) Fundraising $345,129 $0 $0 $0 $0 $345,129 $377,209 (14) Gains on disposal of tangible capital assets $0 $0 $0 $0 $0 $0 $0 (15) Other revenue $0 $0 $0 $8,428 $0 $8,428 $0 (16) TOTAL REVENUES $46,792,676 $6,395,693 $5,373,427 $2,207,065 $84,014 $60,852,875 $58,412,424 EXPENSES (17) Certificated salaries $25,809,549 $364,143 $36,696 $26,210,388 $26,064,871 (18) Certificated benefits $5,398,984 $50,429 $5,434 $5,454,847 $5,340,704 (19) Non-certificated salaries and wages $7,926,744 $2,180,155 $437,110 $897,051 $32,549 $11,473,609 $10,844,092 (20) Non-certificated benefits $2,071,644 $599,400 $87,307 $180,573 $9,335 $2,948,259 $2,647,046 (21) SUB - TOTAL $41,206,921 $2,779,555 $524,417 $1,492,196 $84,014 $46,087,103 $44,896,713 (22) Services, contracts and supplies $5,223,555 $2,571,294 $5,208,051 $749,291 $0 $13,752,191 $12,942,216 (23) Amortization of supported tangible capital assets $1,457,192 $2,355 $0 $0 $1,459,547 $1,355,216 (24) Amortization of unsupported tangible capital assets $66,142 $74,867 $60,191 $13,037 $0 $214,237 $200,710 (25) Supported interest on capital debt $0 $42,050 $0 $0 $0 $42,050 $61,800 (26) Unsupported interest on capital debt $0 $0 $0 $0 $0 $0 $0 (27) Other interest and finance charges $0 $0 $0 $5,770 $0 $5,770 (28) Losses on disposal of tangible capital assets $0 $0 $0 $0 $0 $0 $7,741 (29) Other expense $0 $0 $0 $67,987 $0 $67,987 $0 (30) TOTAL EXPENSES $46,496,618 $6,924,958 $5,795,014 $2,328,281 $84,014 $61,628,885 $59,464,396 (31) OPERATING SURPLUS (DEFICIT) $296,058 ($529,265) ($421,587) ($121,216) $0 ($776,010) ($1,051,972) 15

16 1. AUTHORITY AND PURPOSE Sturgeon School Division No. 24 (the Division ) delivers education programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S-3. The School Division receives instruction and support allocations under Education Grants Regulation 120/2008. The regulation allows for the setting of conditions and use of grant monies. The School Division is limited on certain funding allocations and administration expenses. 2. CONVERSION TO PUBLIC SECTOR ACCOUNTING STANDARDS Commencing with the 2012/13 fiscal year, the School 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 School Division has applied PSA standards with retroactive application. The September 1, 2011 opening balances in the Statement of Financial Position have been restated to conform to the Public Sector Accounting Standards. The changes are reflected in the Note 2 a). They include a restatement of school generated funds in the amount of $401,719 reflected in the first adjustment column. The second adjustment column shows an accounts receivable accrual of $718,415 from the Province equal to the amount of the debentures as the debentures are entirely paid by the Province; a removal of trust assets and liabilities of $205,320 from the Statement of Financial Position to the Note 19 as Trusts under Administration, reclassification of deferred capital allocations of $26,289 and unamortized capital allocations of $21,069,038 and reclassification of other financial assets of $27,765. The August 31, 2012 Statement of Financial Position has been restated to reflect the adoption of Public Sector Accounting Standards. These changes are reflected in the Note 2 b). They include a restatement of School Generated Funds in the amount of $257,911 to the accumulated surplus reflected in the first adjustment column. The second adjustment column shows an accounts receivable accrual of $515,204 from the Province equal to the amount of the debentures as the debentures are entirely paid by the Province; a removal of trust assets and liability of $35,532 from the statement of financial position to the Note 19 as Trusts under Administration; reclassification of deferred capital allocations of $130,673 and unamortized capital allocations of $20,561,511 to deferred revenues and reclassification of other financial assets of $38,920. The August 31, 2012 Statement of Operations has been restated to conform to the Public Sector Accounting Standards. The changes are reflected in the Note 2 c). They include an adjustment of additional school generated funds revenues of $143,807 in other sales and services that were previously reported on a net basis. In addition, the amortization of capital contributions in the amount of $1,355,216 is now reported under Alberta Education revenues. 16

17 (a) Reconciliation of opening Statement of Financial Position August 31, 2011 Adjustment Adjustment August 31, 2011 Not for Profit PSAS FINANCIAL ASSETS Cash and cash equivalents / Cash and temporary investments $4,538,980 ($112,502) $0 $4,426,478 Accounts receivable (net after allowances) $922,902 $38,540 $718,415 $1,679,857 Portfolio investments / Long term investments $0 $55,765 $0 $55,765 Other financial assets $0 $0 $27,765 $27,765 Other current assets $0 $0 $0 $0 Trust assets $205,320 $0 ($205,320) $0 Long term accounts receivable $0 $0 $0 $0 Total financial assets $5,667,202 ($18,197) $540,860 $6,189,865 LIABILITIES Bank indebtedness $0 $0 $0 $0 Accounts payable and accrued liabilities $865,169 $2,929 $0 $868,098 Deferred revenue $1,021,936 ($422,845) $21,813,742 $22,412,833 Deferred capital allocations $26,289 $0 ($26,289) $0 Trust liabilities $205,320 $0 ($205,320) $0 Employee future benefit liabilities $0 $0 $0 $0 Other liabilities $0 $0 $0 $0 Long term debt Supported: Debentures and other supported debt $718,415 $0 $0 $718,415 Unsupported: Debentures and capital loans $0 $0 $0 $0 Capital leases $0 $0 $0 $0 Mortgages $0 $0 $0 $0 Other long term liabilities $0 $0 $0 $0 Unamortized capital allocations $21,069,038 $0 ($21,069,038) $0 Total liabilities $23,906,167 ($419,916) $513,095 $23,999,346 Net Debt ($18,238,965) $401,719 $27,765 ($17,809,481) NON-FINANCIAL ASSETS Tangible capital assets Land $1,414,541 $0 $0 $1,414,541 Construction in progress $0 $0 $0 $0 Buildings $52,875,109 $0 $0 $52,875,109 Less: Accumulated amortization ($30,701,996) $0 $0 ($30,701,996) Equipment $3,674,830 $0 $0 $3,674,830 Less: Accumulated amortization ($3,434,887) $0 $0 ($3,434,887) Vehicles $1,207,099 $0 $0 $1,207,099 Less: Accumulated amortization ($655,217) $0 $0 ($655,217) Computer Equipment $0 $0 $0 $0 Less: Accumulated amortization $0 $0 $0 $0 Total tangible capital assets $24,379,479 $0 $0 $24,379,479 Prepaid expenses $307,536 $0 ($27,765) $279,771 Other non financial assets $0 $0 $0 $0 Total non-financial assets $24,687,015 $0 ($27,765) $24,659,250 Total accumulated surplus $6,448,050 $401,719 $0 $6,849,769 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) $6,448,050 $401,719 $0 $6,849,769 Accumulated remeasurement gains (losses) $0 $0 $0 $0 $6,448,050 $401,719 $0 $6,849,769 17

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 $3,638,720 $9,453 $0 $3,648,173 Accounts receivable (net after allowances) $1,536,193 $26,516 $515,204 $2,077,913 Portfolio investments / Long term investments $0 $62,330 $0 $62,330 Other financial assets $0 $0 $38,920 $38,920 Other current assets $0 $0 $0 $0 Trust assets $35,532 $0 ($35,532) $0 Long term accounts receivable $0 $0 $0 $0 Total financial assets $5,210,445 $98,299 $518,592 $5,827,336 LIABILITIES Bank indebtedness $0 $0 $0 $0 Accounts payable and accrued liabilities $2,037,600 $95,520 $2,133,120 Deferred revenue $397,973 ($246,580) $21,207,388 $21,358,781 Deferred capital allocations $130,673 $0 ($130,673) $0 Trust liabilities $35,532 $0 ($35,532) $0 Employee future benefit liabilities $0 $0 $0 $0 Other liabilities $0 $0 $0 $0 Long term debt Supported: Debentures and other supported debt $515,204 $0 $0 $515,204 Unsupported: Debentures and capital loans $0 $0 $0 $0 Capital leases $0 $0 $0 $0 Mortgages $0 $0 $0 $0 Other long term liabilities $0 $0 $0 $0 Unamortized capital allocations $20,561,511 $0 ($20,561,511) $0 Total liabilities $23,678,493 ($151,060) $479,672 $24,007,105 Net Debt ($18,468,048) $249,359 $38,920 ($18,179,769) NON-FINANCIAL ASSETS Tangible capital assets Land $1,414,541 $0 $0 $1,414,541 Construction in progress $0 $0 $0 $0 Buildings $56,554,871 $0 $0 $56,554,871 Less: Accumulated amortization ($34,976,689) $0 $0 ($34,976,689) Equipment $3,838,606 $0 $0 $3,838,606 Less: Accumulated amortization ($3,506,695) $0 $0 ($3,506,695) Vehicles $1,151,924 $0 $0 $1,151,924 Less: Accumulated amortization ($704,636) $0 $0 ($704,636) Computer Equipment $0 $0 $0 $0 Less: Accumulated amortization $0 $0 $0 $0 Total tangible capital assets $23,771,922 $0 $0 $23,771,922 Prepaid expenses $236,011 $8,552 ($38,920) $205,643 Other non financial assets $0 $0 $0 $0 Total non-financial assets $24,007,933 $8,552 ($38,920) $23,977,565 Total accumulated surplus $5,539,885 $257,911 $0 $5,797,796 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) $5,539,885 $257,911 $0 $5,797,796 Accumulated remeasurement gains (losses) $0 $0 $0 $0 $5,539,885 $257,911 $0 $5,797,796 18

19 (c) Reconciliation of Statement of Operations: August 31, 2012 August 31, 2012 Not for Profit Adjustment PSAS REVENUES Alberta Education $53,733,708 $1,355,216 $55,088,924 Other - Government of Alberta $521,157 $0 $521,157 Federal Government and First Nations $330,351 $0 $330,351 Other Alberta school authorities $66,903 $0 $66,903 Out of province authorities $0 $0 $0 Alberta Municipalities-special tax levies $0 $0 $0 Property taxes $0 $0 $0 Fees $802,701 $0 $802,701 Other sales and services $1,112,023 ($143,807) $968,216 Investment income $45,919 $0 $45,919 Gifts and donations $182,412 $0 $182,412 Rental of facilities $28,632 $0 $28,632 Fundraising $377,209 $0 $377,209 Gains (losses) on disposal of capital assets $0 $0 $0 Amortization of capital contributions $1,355,216 ($1,355,216) $0 Other revenue $0 $0 $0 Total Revenues $58,556,231 ($143,807) $58,412,424 EXPENSES Instruction $44,705,999 $0 $44,705,999 Plant operations and maintenance $6,608,362 $0 $6,608,362 Transportation $5,483,334 $0 $5,483,334 Administration $2,220,296 $0 $2,220,296 External services $446,405 $0 $446,405 Total Expenses $59,464,396 $0 $59,464,396 Operating surplus (deficit) ($908,164) ($143,807) ($1,051,972) (d) Reconciliation of the Schedule of Expenses by Object: August 31, 2012 August 31, 2012 EXPENSES Not-for-Profit Adjustments PSAS Certificated salaries $26,064,871 $0 $26,064,871 Certificated benefits $5,340,704 $0 $5,340,704 Non-certificated salaries and wages $10,844,092 $0 $10,844,092 Non-certificated benefits $2,647,046 $0 $2,647,046 SUB - TOTAL $44,896,713 $0 $44,896,713 Services, contracts and supplies $12,942,216 $0 $12,942,216 Amortization of supported tangible capital assets $1,355,216 $0 $1,355,216 Amortization of unsupported tangible capital asse $200,710 $0 $200,710 Supported interest on capital debt $61,800 $0 $61,800 Unsupported interest on capital debt $0 $0 $0 Other interest and finance charges $0 $0 $0 Losses on disposal of tangible capital assets $7,741 $0 $7,741 Other expense $0 $0 $0 TOTAL EXPENSES $59,464,396 $0 $59,464, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with CICA Canadian Public Sector Accounting standards without not-for-profit provisions. 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 and approximations. The financial 19

20 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 majority of greater than 3 months. GIC s not quoted in an active market are reported at cost or amortized cost. Impairment is defined as a loss in value of a portfolio investment that is other than a temporary decline and is included in the Statement of Operations. In the case of an item in the fair value category, a reversal of any net remeasurement gains recognized in previous reporting periods up to the amount of the write-down is reported in the Statement of Remeasurement Gains and Losses. A subsequent increase in value would be recognized on the Statement of Remeasurement Gains and Losses and realized on the Statement of Operations only when sold. Detailed information regarding portfolio investments is disclosed in Note 6. d) Tangible capital assets The following criteria apply: 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 School District to provide services or when the value of future economic benefits associated with the sites and buildings are less than their net book value. For supported assets, the write-downs are accounted for as reductions to Unamortized Deferred Capital Contributions. 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. 20

21 Tangible capital assets are amortized over their estimated useful lives on a straight-line basis, at the following rates: Buildings 2.5% to 4% Vehicles & Buses 10% to 20% Computer Hardware & Software 20%to 25% Other Equipment & Furnishings 10% to 20% e) Deferred Revenue Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Section PS 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. These contributions must also have stipulations that meet the definition of a liability per PS 3200 when expended. Expended Deferred Capital Revenue Expended Deferred Capital Revenue represent externally restricted supported capital funds that have been expended but have yet to be amortized over the useful life of the related tangible capital asset. Amortization over the useful life of the related tangible capital asset is due to certain stipulations related to the contributions that require that the school jurisdiction to use the asset in a prescribed manner over the life of the associated asset. f) Employee Future Benefits The 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 early retirement, retirement/severance and vacation. Vacation pay is accrued in the period in which the employee earns the benefit. g) Operating and Capital 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. are disclosed in the Schedule of Change in Accumulated Surplus. 21

22 h) 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. Eligibility criteria are criteria that the School District has to meet in order to receive the contributions. Stipulations describe how the School 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 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 or without eligibility criteria but 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 Liabilities are recorded as deferred revenue, deferred capital contributions or unamortized deferred capital contributions depending on the terms and conditions of the contributions. 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; Contributions restricted to tangible capital asset acquisitions are recorded initially as deferred capital contributions. Once acquisitions have been made, contributions are transferred to unamortized deferred capital contributions and revenue is recognized over the useful life of the assets; Donated capital is recorded as unamortized deferred capital contributions at fair market value and revenue is recognized over the useful life of the assets. i) 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. j) 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, the amount contributed by the Government was $2,660,085 ( $2,509,605). 22

23 The School Division participates in a multi-employer pension plan, the Local Authorities Pension Plan, and does not report on any unfunded liabilities. The expense for this pension plan is equivalent to the annual contributions of $1,086,031 for the year ended ( $949,674). At December 31, 2012, the Local Authorities Pension Plan reported a deficiency of $4.977 billion (2011, a deficiency of $4.639 billion). k) 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 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. l) 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 18. m) 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, accounts receivable, portfolio investments, accounts payable and accrued liabilities, and debt. It is management s opinion that the School Division is not exposed to significant interest, currency or credit risks arising from these financial instruments. Unless otherwise noted, the fair values of these financial instruments approximate their carrying values. All other financial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value of items in the cost or amortized cost upon initial recognition. The gain or loss arising from derecognition of a financial instrument is recognized in the Statement of Operations. Impairment losses such as write-downs or write-offs are reported in the Statement of Operations. 23

24 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. n) 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 and rates for amortization. 4. CASH AND CASH EQUIVALENTS Average Effective (Market) Yield Cost Amortized Cost Amortized Cost Amortized Cost Cash - $ 2,975,283 $ 2,975,283 $ 3,648,173 $ 4,426,478 Cash equivalents Government of Canada, direct and guaranteed % % Provincial, direct and guaranteed % % Corporate % % Municipal % % Pooled investment funds % % Other, including GIC's % % Total cash and cash equivalents $ 2,975,283 $ 2,975,283 $ 3,648,173 $ 4,426, ACCOUNTS RECEIVABLE Gross Amount 2013 Allowance for Doubtful Accounts Net Realizable Value Net Realizable Value Net Realizable Value Alberta Education - Grants $ 25,720 $ - $ 25,720 $ 178,405 $ 19,834 Alberta Education - Capital 11,180-11, , ,537 Alberta Education - IMR Alberta Finance - Supported debentures Other Alberta school jurisdictions ,250 24,159 Treasury Board and Finance 331, , , ,773 Alberta Health & Wellness Alberta Health Services Enterprise & Advanced Education Post-secondary institutions Other Government of Alberta ministries ,800 Federal government 132, ,110 93,768 42,706 Municipalities First nations 82,689-82,689 52,971 90,910 Foundations Other 102, , , ,138 Total $ 685,508 $ - $ 685,508 $2,077,913 $ 1,679,857 24