AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2017

Transcription

1 7020TTT4 School Jurisdiction Code: 7020 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2017 [School Act, Sections 147(2)(a), 148, 151(1) and 276] St. Albert Public School District No Legal Name of School Jurisdiction 60 Sir Winston Churchill Ave St. Albert AB T8N 0G4 Mailing Address (780) (780) Telephone & Fax Numbers, and Address SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements o St. Albert Public School District No presented to Alberta Education have been prepared by school jurisdiction management which has responsibility their preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accorda with Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Educatio In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures desig to provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are execu in accordance with appropriate authorization and that accounting records may be relied upon to properly reflect school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and train of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a stro 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 aud financial statements with management in detail and approved the financial statements for releas External Auditors The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findin The external auditors were given full access to school jurisdiction record Declaration of Management and Board Chair To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial posit results of operations, remeasurement gains and losses, changes in net financial assets (debt), and cash flows for the y in accordance with Canadian Public Sector Accounting Standards BOARD CHAIR Kim Armstrong Name "Original Signed" Signature SUPERINTENDENT Barry Wowk Name "Original Signed" Signature SECRETARYTREASURER OR TREASURER Michael R. Brenneis, BComm, CPA, CA Name "Original Signed" Signature November 22, 2017 Boardapproved Release Date c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch 8th Floor Commerce Place, Street, Edmonton AB T5J 4L5 EDC.FRA@gov.ab.ca PHONE: MeiLing: (780) ; Robert: (780) FAX: (780) Version

2 School Jurisdiction Code: 7020 TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT 3 STATEMENT OF FINANCIAL POSITION 4 STATEMENT OF OPERATIONS 5 STATEMENT OF CASH FLOWS 6 STATEMENT OF CHANGE IN NET DEBT 7 STATEMENT OF REMEASUREMENT GAINS AND LOSSES 8 Schedule 1: SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS 9 Schedule 2: SCHEDULE OF CAPITAL REVENUE 11 Schedule 3: SCHEDULE OF PROGRAM OPERATIONS 12 Schedule 4: SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES 13 Schedule 5: SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS 14 Schedule 6: SCHEDULE OF CAPITAL ASSETS 15 Schedule 7: SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES 16 NOTES TO THE FINANCIAL STATEMENTS 17 Schedule 8: UNAUDITED SCHEDULE OF FEE REVENUES 29 Schedule 9: UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING 30 Schedule 10: UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES 31 2

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4 STATEMENT OF FINANCIAL POSITION As at August 31, 2017 (in dollars) School Jurisdiction Code: FINANCIAL ASSETS Cash and cash equivalents (Schedule 5) 13,042,291 16,080,218 Accounts receivable (net after allowances) (Note 3) 4,969,785 2,234,769 Portfolio investments Other financial assets Total financial assets 18,012,076 18,314,987 LIABILITIES Bank indebtedness Accounts payable and accrued liabilities (Note 5) 4,338,655 3,977,323 Deferred revenue (Note 6) 57,982,732 48,681,746 Employee future benefits liabilities Liability for contaminated sites Other liabilities Debt (Note 7) Supported: Debentures and other supported debt 328, ,788 Unsupported: Debentures and capital loans Mortgages Capital leases Total liabilities 62,649,561 53,304,857 Net financial assets (debt) (44,637,485) (34,989,870) NONFINANCIAL ASSETS Tangible capital assets (Schedule 6) Land 1,601,571 1,601,571 Construction in progress 6,221,631 23,859,450 Buildings 105,287,007 Less: Accumulated amortization (53,748,758) 51,538,249 24,604,991 Equipment 4,659,155 Less: Accumulated amortization (2,470,663) 2,188, ,442 Vehicles 924,202 Less: Accumulated amortization (680,804) 243, ,832 Computer Equipment 780,381 Less: Accumulated amortization (328,281) 452, ,630 Total tangible capital assets 62,245,441 51,405,916 Prepaid expenses (Note 8) 289, ,875 Other nonfinancial assets Total nonfinancial assets 62,535,139 51,647,791 Accumulated surplus (Schedule 1; Note 9) 17,897,654 16,657,921 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) 17,897,654 16,657,921 Accumulated remeasurement gains (losses) 17,897,654 16,657,921 Contractual obligations (Note 10) Contingent liabilities (Note 11) The accompanying notes and schedules are part of these financial statements. 4

5 STATEMENT OF OPERATIONS For the Year Ended August 31, 2017 (in dollars) School Jurisdiction Code: 7020 Budget Actual Actual REVENUES Alberta Education Other Government of Alberta Federal Government and First Nations Other Alberta school authorities Out of province authorities Alberta municipalitiesspecial tax levies Property taxes Fees (Schedule 8) Other sales and services Investment income Gifts and donations Rental of facilities Fundraising Gains on disposal of capital assets 80,750,319 83,185,360 79,163,087 19,948 68,362 45,971 3,216 6, , , ,271 4,126,109 4,614,966 3,908,239 1,173,307 1,081,979 1,630, , , ,747 46,000 1,007, ,566 86, , , , , ,244 Other revenue EXPENSES Total revenues 86,892,513 91,057,848 85,962,281 Instruction ECS 6,264,966 5,661,129 5,335,083 Instruction Grades ,787,663 67,784,430 66,014,427 Plant operations and maintenance 10,121,293 10,250,221 8,966,062 Transportation 2,680,577 2,671,422 2,650,269 Board & system administration 3,051,117 2,684,447 2,615,190 External services 550, , ,151 Total expenses 90,456,073 89,818,115 86,196,182 Operating surplus (deficit) (3,563,560) 1,239,733 (233,901) The accompanying notes and schedules are part of these financial statements. 5

6 School Jurisdiction Code: 7020 STATEMENT OF CASH FLOWS For the Year Ended August 31, 2017 (in dollars) CASH FLOWS FROM: A. OPERATING TRANSACTIONS Operating surplus (deficit) 1,239,733 (233,901) Add (Deduct) items not affecting cash: Total amortization expense 2,711,907 2,426,586 Gains on disposal of tangible capital assets Losses on disposal of tangible capital assets 4,577 13,299 Expended deferred capital revenue recognition (2,147,548) (1,941,760) Deferred capital revenue writedown / adjustment 1,997 Donations in kind Changes in: Accounts receivable (2,735,016) 1,794,443 Prepaids (47,823) 252,263 Other financial assets Nonfinancial assets Accounts payable, accrued and other liabilities 361,332 (1,258,163) Deferred revenue (excluding EDCR) 11,448,534 18,816,544 Employee future benefit liabilities Other (describe) Total cash flows from operating transactions 10,835,696 19,871,308 B. CAPITAL TRANSACTIONS Purchases of tangible capital assets Land Buildings (11,402,917) (18,659,511) Equipment (1,887,684) (741,258) Vehicles (20,914) (101,883) Computer equipment (244,494) (10,871) Net proceeds from disposal of unsupported capital assets 1,999 Other (describe) Total cash flows from capital transactions (13,556,009) (19,511,524) C. INVESTING TRANSACTIONS Purchases of portfolio investments Dispositions of portfolio investments Remeasurement (gains) losses reclassified to the statement of operations Other (Describe) Other (describe) Total cash flows from investing transactions D. FINANCING TRANSACTIONS Issue of debt Repayment of debt (317,614) (401,614) Other factors affecting debt (describe) Issuance of capital leases Repayment of capital leases Other (describe) Other (describe) Total cash flows from financing transactions (317,614) (401,614) Increase (decrease) in cash and cash equivalents (3,037,927) (41,830) Cash and cash equivalents, at beginning of year 16,080,218 16,122,048 Cash and cash equivalents, at end of year 13,042,291 16,080,218 The accompanying notes and schedules are part of these financial statements. 6

7 School Jurisdiction Code: 7020 STATEMENT OF CHANGE IN NET DEBT For the Year Ended August 31, 2017 (in dollars) Operating surplus (deficit) 1,239,733 (233,901) Effect of changes in tangible capital assets Acquisition of tangible capital assets (13,556,009) (19,513,523) Amortization of tangible capital assets 2,711,907 2,426,586 Net carrying value of tangible capital assets disposed of 4,577 15,298 Writedown carrying value of tangible capital assets Other changes Total effect of changes in tangible capital assets (10,839,525) (17,071,639) Changes in: Prepaid expenses (47,823) 252,263 Other nonfinancial assets Net remeasurement gains and (losses) Endowments Decrease (increase) in net debt (9,647,615) (17,053,277) Net debt at beginning of year (34,989,870) (17,936,593) Net debt at end of year (44,637,485) (34,989,870) The accompanying notes and schedules are part of these financial statements. 7

8 School Jurisdiction Code: 7020 STATEMENT OF REMEASUREMENT GAINS AND LOSSES For the Year Ended August 31, 2017 (in dollars) Accumulated remeasurement gains (losses) at beginning of year Prior Period Adj. (Explain) Linked to Sch. 1 Prior Period Adjustment (Explain) Unrealized gains (losses) attributable to: Portfolio investments Other Amounts reclassified to the statement of operations: Portfolio investments Other Net remeasurement gains (losses) for the year Accumulated remeasurement gains (losses) at end of year The accompanying notes and schedules are part of these financial statements. 8

9 SCHEDULE 1 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2017 (in dollars) School Jurisdiction Code: 7020 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, ,657,921 16,657,921 5,554,496 53,811 7,443,826 3,605,788 Prior period adjustments: Adjusted Balance, August 31, ,657,921 16,657,921 5,554,496 53,811 7,443,826 3,605,788 Operating surplus (deficit) 1,239,733 1,239,733 1,239,733 Board funded tangible capital asset additions Disposal of unsupported tangible capital 995,913 (884,450) (111,463) assets or board funded portion of supported (4,577) 4,577 Writedown of unsupported tangible capital assets or board funded portion of supported Net remeasurement gains (losses) for the year Endowment expenses & disbursements Endowment contributions Reinvested endowment income Direct credits to accumulated surplus (Describe) Amortization of tangible capital assets (2,711,907) 2,711,907 Capital revenue recognized 2,147,548 (2,147,548) Debt principal repayments (unsupported) Additional capital debt or capital leases Net transfers to operating reserves (6,591,479) 6,591,479 Net transfers from operating reserves 5,609,937 (5,609,937) Net transfers to capital reserves Net transfers from capital reserves 152,678 (152,678) Assumption/transfer of other operations' surplus Other Changes Balance at August 31, ,897,654 17,897,654 5,981, ,166 8,425,368 3,341,647 9

10 SCHEDULE 1 Balance at August 31, 2016 Prior period adjustments: Adjusted Balance, August 31, 2016 Operating surplus (deficit) Board funded tangible capital asset additions Disposal of unsupported tangible capital assets or board funded portion of supported Writedown of unsupported tangible capital assets or board funded portion of supported Net remeasurement gains (losses) for the year Endowment expenses & disbursements Endowment contributions Reinvested endowment income Direct credits to accumulated surplus (Describe) Amortization of tangible capital assets Capital revenue recognized Debt principal repayments (unsupported) Additional capital debt or capital leases 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 Other Changes Balance at August 31, 2017 School Jurisdiction Code: 7020 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2017 (in dollars) INTERNALLY RESTRICTED RESERVES BY PROGRAM School & Instruction Related Operations & Maintenance Board & System Administration Transportation External Services Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves Operating Reserves Capital Reserves 5,235, , ,598 31,000 1,725,325 3,252,773 (171,440) 5,235, , ,598 31,000 1,725,325 3,252,773 (171,440) (111,463) 5,412, , , ,460 (5,363,571) (219,560) (26,806) (152,678) 5,284, , ,212 31,000 2,194,895 3,100,095 (48,980) 10

11 SCHEDULE 2 SCHEDULE OF CAPITAL REVENUE (EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY) for the Year Ended August 31, 2017 (in dollars) 7020 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, ,851,423 Prior period adjustments Adjusted balance, August 31, ,851,423 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) 10,458,699 Infrastructure Maintenance & Renewal capital related to school facilities 114,129 Other sources: Investment Income 6,347 Other sources: Unexpended capital revenue receivable from: Alberta Education school building & modular (excl. IMR) 1,980,918 Other sources: Other sources: Interest earned on unexpended capital revenue Other unexpended capital revenue: Proceeds on disposition of supported capital Insurance proceeds (and related interest) Donated tangible capital assets: Alberta Infrastructure managed projects Transferred in (out) tangible capital assets net book value) Expended capital revenue current year (12,560,093) 12,560,093 Surplus funds approved for future project(s) Other adjustments: Deduct: Net book value of supported tangible capital dispositions or writeoffs Other adjustments: Capital revenue recognized Alberta Education 2,147,548 Capital revenue recognized Other Government of Alberta Capital revenue recognized Other revenue Balance at August 31, ,263,968 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at August 31, 2017 (A) + (B) + (C) + (D) Unexpended Deferred Capital Revenue (A) Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only. Please specify department if funds received from a source other than Alberta Education. (B) Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only. (C) Represents proceeds on disposal of provincially funded restricteduse capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010. (D) Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricteduse tangible capital assets. 11

12 SCHEDULE 3 School Jurisdiction Code: 7020 SCHEDULE OF PROGRAM OPERATIONS for the Year Ended August 31, 2017 (in dollars) Plant Operations Board & REVENUES Instruction and System External ECS Grades 1 12 Maintenance Transportation Administration Services TOTAL TOTAL (1) Alberta Education 4,769,334 62,944,383 10,461,564 1,986,710 2,879, ,152 83,185,360 79,163,087 (2) Other Government of Alberta 61,373 6, ,362 45,971 (3) Federal Government and First Nations 3,216 3,216 6,900 (4) Other Alberta school authorities 357,699 1, , ,271 (5) Out of province authorities (6) Alberta municipalitiesspecial tax levies (7) Property taxes (8) Fees 791,320 2,998, , ,082 4,614,966 3,908,239 (9) Other sales and services ,358 27,440 3,350 46, ,806 1,081,979 1,630,995 (10) Investment income 10,650 24, , , ,747 (11) Gifts and donations 1,354 1,006,214 1,007, ,566 (12) Rental of facilities 179,917 17, , ,261 (13) Fundraising 297,760 71, , ,244 (14) Gains on disposal of tangible capital assets (15) Other revenue (16) TOTAL REVENUES 5,562,262 68,487,240 10,537,495 2,702,954 3,062, ,776 91,057,848 85,962,281 EXPENSES (17) Certificated salaries 2,806,651 38,974, , ,864 42,452,876 41,266,734 (18) Certificated benefits 329,647 9,242,416 85,235 14,739 9,672,037 9,415,977 (19) Noncertificated salaries and wages 995,606 7,748,752 2,605, ,579 1,082, ,350 12,745,332 12,136,522 (20) Noncertificated benefits 296,004 2,185, ,443 33, ,058 52,072 3,446,785 3,277,180 (21) SUB TOTAL 4,427,908 58,151,228 3,252, ,992 1,907, ,025 68,317,030 66,096,413 (22) Services, contracts and supplies 1,231,560 9,211,165 4,655,217 2,484, , ,411 18,669,729 17,519,667 (23) Amortization of supported tangible capital assets 2,147,548 2,147,548 1,941,760 (24) Amortization of unsupported tangible capital assets 364, ,083 52, , ,826 (25) Supported interest on capital debt 42,015 42,015 76,380 (26) Unsupported interest on capital debt (27) Other interest and finance charges 1,661 57,836 11, ,030 72,857 63,837 (28) Losses on disposal of tangible capital assets 4,577 4,577 13,299 (29) Other expense (30) TOTAL EXPENSES 5,661,129 67,784,430 10,250,221 2,671,422 2,684, ,466 89,818,115 86,196,182 (31) OPERATING SURPLUS (DEFICIT) (98,867) 702, ,274 31, ,674 (60,690) 1,239,733 (233,901) 12

13 SCHEDULE 4 School Jurisdiction Code: 7020 SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES for the Year Ended August 31, 2017 (in dollars) Expensed IMR, Unsupported TOTAL Utilities Modular Unit Amortization Supported TOTAL Operations and Facility Planning & EXPENSES Custodial Maintenance and Relocations & Operations & Other Capital & Debt Operations and Maintenance Telecomm. Lease Payments Administration Expenses Services Maintenance Uncertificated salaries and wages 1,636, , ,390 2,605,337 2,602,659 Uncertificated benefits 435, ,176 55, , ,366 Subtotal Remuneration 2,071, , ,484 3,252,780 3,249,025 Supplies and services 441, ,629 49,802 2,182,533 13,088 3,323,900 2,414,633 Electricity 641, , ,552 Natural gas/heating fuel 338, , ,262 Sewer and water 113, , ,977 Telecommunications 21,972 21,972 19,350 Insurance 216, , ,300 ASAP maintenance & renewal payments Amortization of tangible capital assets Supported 2,147,548 2,147,548 1,941,760 Unsupported 148, ,083 89,823 Total Amortization 148,083 2,147,548 2,295,631 2,031,583 Interest on capital debt Supported 42,016 42,016 76,380 Unsupported Lease payments for facilities Other interest charges Losses on disposal of capital assets 4,577 4,577 TOTAL EXPENSES 2,513,520 1,464,253 1,164,855 2,182, , ,660 2,189,564 10,250,221 8,966,062 SQUARE METRES School buildings 79, ,509.6 Non school buildings 2, ,279.5 Note: Custodial: All expenses related to activities undertaken to keep the school environment and maintenance shops clean and safe. Maintenance: All expenses associated with the repair, replacement, enhancement and minor construction of buildings, grounds and equipment components. This includes regular and preventative maintenance undertaken to ensure components reach or exceed their life cycle and the repair of broken components. Maintenance expenses exclude operational costs related to expensed IMR & Modular Unit relocations, as they are reported on separately. Utilities & Telecommunications: All expenses related to electricity, natural gas and other heating fuels, sewer and water and all forms of telecommunications. Expensed IMR & Modular Unit Relocation & Lease Pmts: All operational expenses associated with noncapitalized Infrastructure Maintenance Renewal projects, modular unit (portable) relocation, and payments on leased facilities. Facility Planning & Operations Administration: All expenses related to the administration of operations and maintenance including (but not limited to) contract administration, clerical functions, negotiations, supervision of employees & contractors, school facility planning & project 'administration', administration of jointuse agreements, and all expenses related to ensuring compliance with health and safety standards, codes and government regulations. Unsupported Amortization & Other Expenses: All expenses related to unsupported capital assets amortization and interest on unsupported capital debt. Supported Capital & Debt Services: All expenses related to supported capital assets amortization and interest on supported capital debt. 13

14 SCHEDULE 5 School Jurisdiction Code: 7020 SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS for the Year Ended August 31, 2017 (in dollars) Cash & Cash Equivalents Average Effective (Market) Yield Cost Amortized Cost Amortized Cost Cash 13,042,291 16,080,218 Cash equivalents Government of Canada, direct and guaranteed 0.00% Provincial, direct and guaranteed 0.00% Corporate 0.00% Municipal 0.00% Pooled investment funds 0.00% Other, including GIC's 0.00% Total cash and cash equivalents 0.00% 13,042,291 16,080,218 See Note 3 for additional detail. Portfolio Investments Average Effective (Market) Yield Cost Fair Value Balance Balance Long term deposits 0.00% Guaranteed investment certificates 0.00% Fixed income securities Government of Canada, direct and guaranteed 0.00% Provincial, direct and guaranteed 0.00% Municipal 0.00% Corporate 0.00% Pooled investment funds 0.00% Total fixed income securities 0.00% Equities Canadian 0.00% Foreign 0.00% Total equities 0.00% Supplemental integrated pension plan assets 0.00% Restricted investments 0.00% Other (Specify) 0.00% Other (Specify) 0.00% Total portfolio investments 0.00% See Note 5 for additional detail. The following represents the maturity structure for portfolio investments based on principal amount: Under 1 year 100.0% 100.0% 1 to 5 years 0.0% 0.0% 6 to 10 years 0.0% 0.0% 11 to 20 years 0.0% 0.0% Over 20 years 0.0% 0.0% 100.0% 100.0% 14

15 SCHEDULE 6 School Jurisdiction Code: 7020 SCHEDULE OF CAPITAL ASSETS for the Year Ended August 31, 2017 (in dollars) Tangible Capital Assets Land Construction In Progress Buildings Equipment Vehicles Computer Hardware & Software Estimated useful life 2550 Years 510 Years 510 Years 35 Years Historical cost Beginning of year 1,601,571 23,859,450 76,560,632 2,885, , , ,400,315 87,305,224 Prior period adjustments Additions 6,030,383 5,782,450 1,477,768 20, ,495 13,556,011 19,513,523 Transfers in (out) (23,668,202) 23,339, ,602 Less disposals including writeoffs (395,675) (32,782) (48,076) (5,846) (482,379) (418,432) Historical cost, August 31, ,601,571 6,221, ,287,007 4,659, , , ,473, ,400,315 Total Total Accumulated amortization Beginning of year 51,955,641 2,132, , ,102 54,994,399 52,970,947 Prior period adjustments Amortization 2,188, ,320 65,772 86,025 2,711,909 2,426,586 Other additions Transfers in (out) Less disposals including writeoffs (395,675) (32,782) (43,499) (5,846) (477,802) (403,134) Accumulated amortization, August 31, ,748,758 2,470, , ,281 57,228,506 54,994,399 Net Book Value at August 31, ,601,571 6,221,631 51,538,249 2,188, , ,100 62,245,441 Net Book Value at August 31, ,601,571 23,859,450 24,604, , , ,630 51,405,916 Total cost of assets under capital lease Total amortization of assets under capital lease

16 SCHEDULE 7 School Jurisdiction Code: 7020 SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES for the Year Ended August 31, 2017 (in dollars) Negotiated Performance Other Accrued Board Members: FTE Remuneration Benefits Allowances Bonuses ERIP's / Other Paid Unpaid Benefits Expenses Glenys Edwards, Chair , ,912 Kim Armstrong , ,232 Cheryl Dumont , ,505 Gerry Martins , ,504 Sheri Wright , , Subtotal ,859 2, ,027 Barry Wowk, Superintendent ,400 30,183 20, , Michael Brenneis, Secretary/Treasurer ,340 42, , Certificated teachers ,238,476 9,621, Noncertificated other ,425,133 3,401, TOTALS ,198,208 13,098,822 20, ,795 16

17 St. Albert Public School District No Notes to the Financial Statements August 31, 2017 St. Albert Public School District No Notes to the Financial Statements August 31,

18 St. Albert Public School District No Notes to the Financial Statements August 31, ) Authority and purpose St. Albert Public School District No (the District) delivers primary and secondary education programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S3. The District receives instruction and support allocations under Education Grants Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of grant monies. The District is limited on certain funding allocations and administration expenses. 2) Summary of significant accounting policies The financial statements are prepared in accordance with CPA Canadian Public Sector Accounting Standards (PSAS). 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 statements have, in management's opinion, been prepared within reasonable limits of materiality and within the framework of the significant 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 shortterm investments have a maturity of three months or less at acquisition and are held for the purpose of meeting shortterm cash commitments rather than for investing. b) Tangible capital assets Tangible capital assets are recorded at cost and amortized over their estimated useful lives on a straightline basis at the following annual rates: Buildings 2.5%to 4% Equipment and computer equipment 10% and 25% Vehicles 10% and 20% Tangible capital assets are amortized in the year following acquisition. Only tangible capital assets with costs in excess of5,000 are capitalized. c) Deferred revenue Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability. These contributions are recognized by the District once it has met all eligibility criteria to receive the contributions. When stipulations are met, deferred revenue is recognized as revenue in the fiscal year in a manner consistent with the circumstances and evidence used to support the initial recognition of the contributions received as a liability. Deferred revenue also includes contributions for capital expenditures, unexpended and expended. 18

19 St. Albert Public School District No Notes to the Financial Statements August 31, 2017 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 asset. d) Employee future benefits Vested or accumulating sick leave is not reported within the statements as the amount would not be material. e) Pensions Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. The current service and past service costs of the Alberta Teacher Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, St. Albert Public School District No does not make pension contributions for certificated staff. The Government portion of the current service contributions to the Alberta Teacher Retirement Fund on behalf of the jurisdiction is included in both revenues and expenses. For the school year ended August 31, 2017, the amount contributed by the Government was 4,830,558 (2016 4,821,679). The District participates in a multiemployer pension plan, the Local Authorities Pension Plan, and does not report on any unfunded liabilities. The District's expense for this plan is equivalent to the annual contributions of 1,202, 141 for the year ended August 31, 2017 (2016 1, 171, 774). At December 31, 2016, the Local Authorities Pension Plan reported an actuarial deficiency of637,357,000 ( ,416,000 deficiency). f) Asset retirement obligation The Board has determined that it has a conditional asset retirement obligation relating to certain school sites. These obligations will be covered in the future by funding through the Government of Alberta. The Board 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 specified and information is not available to apply an expected present value technique. g) Revenues 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. 19

20 St. Albert Public School District No Notes to the Financial Statements August 31, 2017 Volunteers assist schools operated by the school district in carrying out certain activities. Because of the difficulty of determining their fair value and the fact that such assistance is generally not otherwise purchased, contributed services are not recognized in the financial statements. Eligibility criteria are criteria the District has to meet in order to receive certain contributions. Stipulations describe what the District must perform in order to keep the contributions. Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met. Contributions with stipulations are recognized as revenue in the period 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 PS3200. Such liabilities are recorded as deferred revenue. The following items fall under this category: Noncapital 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. h) Expenses Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed. i) Program reporting The District's operations have been segmented as follows: ECS. The provision of Early Childhood Services education that fall under the basic public education mandate. Grades 1 12 Instruction. The provision of grades 112 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 ofregular and special education bus services (to/from school), whether contracted or board operated, including transportation facilities. Board & System Administration. The provision of board governance and systembased/central office administration. External Services. All projects, activities, and services offered outside the public education mandate for ECS children and students in grades 112. The allocation of revenues and expenses are reported by program, source, and object on the Schedule of Program Operations. Respective instruction expenses include the cost of certificated teachers, noncertificated teaching assistants as well as a proportion share of supplies & services, school administration & instruction support and system instructional support. 20

21 . St. Albert Public School District No Notes to the Financial Statements August 31, 2017 j) Trusts under administration The District has property that has been transferred or assigned to it to be administered or directed by a trust agreement or statute. Trusts under administration have been excluded from the financial reporting of the District, but are reported within the notes to the financial statements. k) Financial instruments The District's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and debt. It is management's opinion that the jurisdiction is not exposed to significant interest, currency or credit risks arising from these financial instruments. All 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 writedowns or writeoffs are reported in the Statement of Operations. l) Operating and capital reserves Certain amounts are internally or externally restricted for future operating or capital purposes. Transfers to and from capital 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 the approval of the Minister of Education. Reserves are disclosed in the Schedule of Changes in Accumulated Surplus. m) Future accounting changes The Public Sector Accounting Board has issued the following accounting standards: PS 2200 Related Party Disclosures and PS 3420 InterEntity Transactions (effective April 1, 2017) PS 2200 defines a related party and establishes disclosures required for related party transactions. PS 3420 establishes standards on how to account for and report transactions between public sector entities that comprise a government's reporting entity from both a provider and recipient perspective. PS 32 IO Assets, PS 3320 Contingent Assets and PS 3380 Contractual Rights (effective April 1, 2017) PS 3210 provides guidance for applying the definition of assets set out in FINANCIAL ST A TEMENT CONCEPTS, Section PS 1000, and establishes general disclosure standards for assets; PS 3320 defines and establishes disclosure standards on contingent assets; and PS 3380 defines and establishes disclosure standards on contractual rights. PS 3430 Restructuring Transactions (effective April 1, 2018) This standard provides guidance on how to account for and report restructuring transactions by both transferors and recipients of assets and/or liabilities, together with related program or operating responsibilities. PS 3450 Financial Instruments (effective April 1, 2019) 21

22 St. Albert Public School District No Notes to the Financial Statements August 31, 2017 Adoption of this standard requires corresponding adoption of PS 2601 Foreign Currency Translation, PS 1201 Financial Statement Presentation, and PS 3401 Portfolio Investments in the same fiscal period. These standards provide guidance on: recognition, measurement and disclosure of financial instruments; standards on how to account for and report transactions that are denominated in a foreign currency; general reporting principles and standards for the disclosure of information in financial statements; and how to account for and report portfolio investments. Management is currently assessing the impact of these standards on the financial statements. 3) Accounts receivable Province of Alberta 1,818,941 4,695,120 Federal government 197, ,251 Other 217,950 38,046 Other Alberta School Jurisdictions ,234,769 4,969,785 4) Trusts under administration Trusts are accounts which the District manages on behalf of others. These amounts are not recorded in the District's financial statements Deferred salary leave plan Scholarship trusts Other 60,502 58,209 25, ,254 80,975 57,841 23, ,111 22

23 ' St. Albert Public School District No Notes to the Financial Statements August 31, ) Accounts payable and accrued liabilities Trade payables and accrued liabilities 3,426,733 3,660,412 Accrued vacation pay liability 332, ,077 Province of Alberta 217, ,166 3,977,323 4,338,655 6) Deferred Revenue Expended Deferred Received I Expended I 2016 receivable payable 2017 Capital Revenue 45,851,423 12,560,093 (2,147,548) 56,263,968 Infrastructure maintenance and renewal 1,218,516 2,192,217 (2,272,437) 1,138,296 Transportation fees 632, ,719 (632,861) 366,719 School sales 54,367 80,385 (54,367) 80,385 Modulars 63, ,748 (692,369) 63,276 School fees 340,233 37,008 (340,233) 37,008 Lois E Hole construction 507,966 97,278 (605,244) Other 12,483 60,000 (39,403) 33,080 48,681,746 16,085,448 (6,784,462) 57,982,732 7) Debt Debenture debt supported The debenture debt bears interest at rates varying between 7.625% and 9.75%. The debenture debt is fully supported by Alberta Finance. Debenture payments due over the next three years are: 23

24 St. Albert Public School District No Notes to the Financial Statements August 31, 2017 Supported " 2018 " 2019 " , ,414 33, ,174 8) Prepaid Expenses 2016 s 2017 s Services and Supplies Insurance 200,080 41, ,548 48, , ,698 24

25 .. St. Albert Public School District No Notes to the Financial Statements August 31, ) Accumulated reserves Detailed information related to accumulated reserves is on the Schedule of Changes in Accumulated Surplus Operating Reserves & Unrestricted Net Assets Schools' instructional reserves Administration Facilities Schools' fundraising and club reserves General instruction Board of Trustees Designated instructional initiatives Transportation Unrestricted net assets 3,607,022 1,524, , , , , ,176 (171,441) 53,811 3,731,188 1,932, , , , , ,446 (48,980) 149,166 7,497,637 8,574,534 Capital Reserves System administration Amortization System administration General Schools Facilities ,100,328 1,152, ,015 31,000 3,605, ,947,651 1,152, ,552 31,000 3,341,647 25

26 St. Albert Public School District No Notes to the Financial Statements August 31, ) Contractual obligations School buildings Service providers ,720,795 5,163, ,176 2,838,876 6,883,842 3,120, Thereafter School buildings 281,176 Service Providers 2,689, , ,176 2,838,876 11) Contingent liabilities As at August 31, 2017, the District has no outstanding claims that would create a contingent liability. 12) Schools' fundraising, sales and club reserves Accumulated surplus, beginning of year 824, ,432 Fundraising 366, ,905 Other sales and services 1,521, ,230 Cost of goods sold (1,286,743) (1,266,313) Related expenses (564,992) (154,528) Accumulated surplus, end of year 860, ,726 26

27 St. Albert Public School District No Notes to the Financial Statements August 31, ) Related party transactions Balances Trans actions Assets Liabilities Revenue Expenses Alberta Education Alberta Education 4,353, ,940 78,354,802 12,306 expended deferred capital revenue Alberta Education ATRF payments on behalf of district Alberta Finance Alberta Finance 13,227 55,235,833 13,227 4,830,558 42,015 42,015 Debenture Debt Other Government of 328, ,174 Alberta Postsecondary 26,347 47,184 institutes School Jurisdictions , ,998 Total ,695,488 55,906,174 83,253, ,234 Total ,465,388 46,715,194 84,173, ,585 14) Economic dependence on related third party The District's primary source ofrevenue is from the Government of Alberta. This District's ability to continue viable operations is dependent on this funding. 15) Urban School Insurance Consortium The District is a member of the Urban School Insurance Consortium, an insurance reciprocal which facilitates the placement of property and liability insurance coverage for fourteen jurisdictions throughout the province of Alberta. The District's share of the accumulated reciprocal funds as at August 31, 2017 is 164,882 ( ,711). This amount has not been recognized in the District's financial statements, as the District has not realized the revenue. 27

28 .. St. Albert Public School District No Notes to the Financial Statements August 31, ) Budget The budget was prepared by district management with the Board of Trustees' approval given on May 25, It is presented for information purposes and has not been audited. 17) Unaudited schedules The unaudited schedules offee revenue, differential funding and central administration expenses were prepared by district management. These schedules are presented for information purposes and have not been audited. 28

29 SCHEDULE 8 UNAUDITED SCHEDULE OF FEES for the Year Ending August 31, 2017 (in dollars) School Jurisdiction Code: 7020 Budgeted Fee Revenues 2016/2017 Actual Fees Collected 2016/2017 Unexpended Balance at September 1, 2016* Actual Fee Expenditures 2016/2017 Unexpended Balance at August 31, 2017* Transportation Fees 793, , ,671,421 0 Basic Instruction Fees Basic instruction supplies 543, , ,980,358 0 Fees to Enhance Basic Instruction Technology user fees Alternative program fees 247, , ,578 0 Fees for optional courses 0 349, ,796 0 Activity fees 760, , ,572 0 Early childhood services 95, , ,289 0 Other fees to enhance education ECS enhanced program 854, , ,591 0 Other Enhancement fees (describe) NonCurricular fees Extracurricular fees 299, , ,129 0 Noncurricular travel 165,500 24, ,872 0 Lunch supervision and noon hour activity fees 237, , ,530 0 Noncurricular goods and services 0 292, ,115 0 Required supplies 128,600 56, ,025 0 Other Fees (describe) TOTAL FEES 4,126,109 4,614, ,840,276 0 *Unexpended balances cannot be less than 0 Please disclose amounts paid by parents of students that are recorded as "Other sales and services", "Fundraising", or "Other revenue" (rather than fee revenue): Actual Actual Cafeteria sales, hot lunch, milk programs 284, ,941 Special events, graduation, tickets 317, ,175 International and out of province student revenue 10,500 0 Sales or rentals of other supplies/services (clothing, agendas, yearbooks) 273, ,093 Adult education revenue 42,640 33,305 Preschool 0 0 Child care & before and after school care 0 81,455 Lost item replacement fee 0 0 Replacement of lost items 5,082 4,482 International tuition 0 11,800 Other (Describe) 0 0 TOTAL 934,230 1,241,251 29

30 SCHEDULE UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING for the Year Ended August 31, 2017 (in dollars) PROGRAM AREA First Nations, Metis & Inuit ECS Program Unit English as a Second Language Inclusive Education (FNMI) Funding (PUF) (ESL) Funded Students in Program Federally Funded Students REVENUES Alberta Education allocated funding 338,115 2,943, ,487 4,044,387 Other funding allocated by the board to the program 330,439 TOTAL REVENUES 338,115 2,943, ,487 4,374,826 EXPENSES (Not allocated from BASE, Transportation, or other funding) Instructional certificated salaries & benefits 314, , , ,482 Instructional noncertificated salaries & benefits 63,816 1,011, ,003 3,188,851 SUB TOTAL 378,291 1,774, ,600 4,053,333 Supplies, contracts and services 62, ,549 15, ,286 Program planning, monitoring & evaluation Facilities (required specifically for program area) Administration (administrative salaries & services) 175,475 36, ,009 Other (please describe) Other (please describe) TOTAL EXPENSES 440,792 2,943, ,573 4,875,628 NET FUNDING SURPLUS (SHORTFALL) (102,677) (87,086) (500,802) Small Schools by Necessity (Revenue only) 30

31 SCHEDULE 10 School Jurisdiction Code: 7020 UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES for the Year Ended August 31, 2017 (in dollars) Salaries & Benefits Allocated to Board & System Administration Allocated to Other Programs Supplies & Services EXPENSES Other TOTAL Salaries & Benefits Supplies & Services Other Office of the superintendent 412,132 49, , ,844 Educational administration (excluding superintendent) 136,659 26, , ,012 16, ,055 Business administration 823, ,707 1,245,973 86,972 92,415 1,425,360 Board governance (Board of Trustees) 139,572 52, , ,194 Information technology 36,267 8,705 44,972 36,266 8,705 89,943 Human resources 351,512 27, ,259 42,207 14, ,916 Central purchasing, communications, marketing 7,688 4,280 11,968 64,072 25, ,654 Payroll Administration insurance 3,153 3,153 3,153 6,306 Administration amortization 52,075 52,075 9,132 61,207 Administration other (admin building, interest) 130, ,326 43, ,714 Other (describe) Other (describe) Other (describe) TOTAL EXPENSES 1,907, , ,554 2,684, , ,544 55,673 3,266,193 TOTAL 31