AUDITED FINANCIAL STATEMENTS FOR THE YEARS ENDED AUGUST 31, 2012 and AUGUST 31, 2013

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1 School Jurisdiction Code: 7020 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] St. Albert Public School District No Legal Name of School Jurisdiction 60 Sir Winston Churchill Ave, St. Albert, Alberta, T8N 0G4 Mailing Address Phone: (780) Fax: (780) Telephone & Fax Numbers, and Address SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements of St. Albert Public School District No 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 Gerry Martins Name "Original Signed" Signature SUPERINTENDENT Barry Wowk Name "Original Signed" Signature SECRETARY-TREASURER OR TREASURER Michael R. Brenneis BCom. CA Name "Original Signed" Signature November 13, 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: 7020 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

3 November 13, 2013 Independent Auditor s Report To the Board of Trustees of St. Albert Public School District No We have audited the accompanying financial statements of St. Albert Public School District No. 5565, which comprise the statements of financial position as at August 31, 2013, August 31, 2012 and September 1, 2011 and the statements of operations, cash flows, changes in net debt and remeasurement gains and losses for the years ended August 31, 2013 and August 31, 2012, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers LLP TD Tower, Avenue NW, Suite 1501, Edmonton, Alberta, Canada T5J 3N5 T: , F: PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

4 Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of St. Albert Public School District No as at August 31, 2013, August 31, 2012 and September 1, 2011 and the results of its operations, cash flows, changes in net debt and remeasurement gains and losses for the years ended August 31, 2013 and August 31, 2012 in accordance with Canadian public sector accounting standards. Chartered Accountants

5 School Jurisdiction Code: 7020 STATEMENTS OF FINANCIAL POSITION As at (in dollars) August 31 September restated restated FINANCIAL ASSETS Cash and cash equivalents (Note 4) $12,140,530 $10,285,912 $12,790,922 Accounts receivable (net after allowances) (Note 5) $2,894,998 $4,101,089 $5,909,835 Portfolio investments $0 $0 $0 Other financial assets $0 $0 $0 Total financial assets $15,035,528 $14,387,001 $18,700,757 LIABILITIES Bank indebtedness $0 $0 $0 Accounts payable and accrued liabilities (Note 7) $2,287,159 $2,003,505 $4,546,205 Deferred revenue (Note 8) $22,811,012 $24,170,724 $25,428,793 Employee future benefit liabilities (Note 9) $257,403 $218,097 $206,336 Other liabilities $0 $0 $0 Debt (Note 10) Supported: Debentures and other supported debt $1,929,245 $2,526,966 $3,350,977 Unsupported: Debentures and capital loans $0 $0 $0 Capital leases $15,237 $22,354 $22,677 Mortgages $0 $0 $0 Total liabilities $27,300,056 $28,941,646 $33,554,988 Net financial assets (debt) ($12,264,528) ($14,554,645) ($14,854,231) NON-FINANCIAL ASSETS Tangible capital assets (Note 11) Land $1,601,571 $1,601,571 $1,601,571 Construction in progress $265,380 $0 $450,297 Buildings $70,028,970 Less: Accumulated amortization ($46,170,924) $23,858,046 $25,419,151 $25,356,734 Equipment $2,650,183 Less: Accumulated amortization ($1,936,278) $713,905 $846,706 $797,724 Vehicles $701,580 Less: Accumulated amortization ($511,665) $189,915 $211,005 $285,098 Computer Equipment $483,324 $0 Less: Accumulated amortization ($356,857) $126,467 $114,257 $84,400 Total tangible capital assets $26,755,284 $28,192,690 $28,575,824 Prepaid expenses $218,236 $185,983 $145,010 Other non financial assets $0 $0 $0 Total non-financial assets $26,973,520 $28,378,673 $28,720,834 Accumulated surplus (Note 12) $14,708,992 $13,824,028 $13,866,603 Accumulating surplus / (deficit) is comprised of: Accumulated operating surplus (deficit) $14,708,992 $13,824,028 $13,866,603 Accumulated remeasurement gains (losses) $0 $0 $0 $14,708,992 $13,824,028 $13,866,603 Contractual obligations (Note 13) Contingent liabilities (Note 14) The accompanying notes and schedules are part of these financial statements. 4

6 School Jurisdiction Code: 7020 STATEMENTS OF OPERATIONS For the Years Ended August 31 (in dollars) Budget Actual Actual restated REVENUES Alberta Education $64,934,854 Other - Government of Alberta $347,773 Federal Government and First Nations $0 Other Alberta school authorities $0 Out of province authorities $0 Alberta Municipalities-special tax levies $0 Property taxes $0 Fees (Note 15) $2,699,120 Other sales and services $613,293 Investment income $110,000 Gifts and donations $12,400 Rental of facilities $41,844 Fundraising $655,600 Gains (losses) on disposal of capital assets $0 Other revenue $0 $68,095,409 $66,180,441 $246,672 $293,794 $82,022 $118 $306,696 $139,357 $0 $0 $0 $0 $0 $0 $3,207,474 $2,894,900 $1,279,488 $1,271,190 $167,941 $154,747 $225,960 $432,775 $101,906 $92,258 $315,661 $719,006 $0 $0 $0 $0 Total revenues $69,414,884 $74,029,229 $72,178,586 EXPENSES Instruction $57,018,101 Plant operations and maintenance $8,618,512 Transportation $1,972,706 Administration $2,461,955 External services $823,513 $59,473,792 $8,104,580 $2,082,151 $2,446,006 $1,037,736 $58,760,374 $8,158,840 $1,966,987 $2,230,035 $1,104,925 Total expenses $70,894,787 $73,144,265 $72,221,161 Operating surplus (deficit) ($1,479,903) $884,964 ($42,575) The accompanying notes and schedules are part of these financial statements. 5

7 School Jurisdiction Code: 7020 STATEMENTS OF CASH FLOWS For the Years Ended August 31 (in dollars) restated CASH FLOWS FROM: A. OPERATING TRANSACTIONS Operating surplus (deficit) $884,964 $42,575 Add (Deduct) items not affecting cash: Total amortization expense $2,233,693 $2,140,733 Gains on disposal of tangible capital assets $0 $0 Losses on disposal of tangible capital assets $0 $10,741 Changes in: Accounts receivable $1,206,091 $984,735 Prepaids ($32,253) ($40,973) Other financial assets $0 $0 Non financial assets $0 $0 Accounts payable and accrued liabilities $283,654 ($2,542,700) Deferred revenue (excluding EDCR) ($1,359,712) ($519,208) Employee future benefit liabilitiies $39,306 $11,761 Other (describe) staff funds reclassified as trust accounts $0 ($12,343) Total cash flows from operating transactions $3,255,743 $75,321 B. CAPITAL TRANSACTIONS Purchases of tangible capital assets Land $0 $0 Buildings ($553,181) ($1,384,822) Equipment ($162,203) ($324,897) Vehicles ($41,554) ($58,621) Computer equipment ($40,462) $0 Net proceeds from disposal of unsupported capital assets $1,113 $0 Other (describe) $0 $0 Total cash flows from capital transactions ($796,287) ($1,768,340) C. INVESTING TRANSACTIONS Changes in portfolio investments $0 $0 Remeasurement gains (losses) reclassified to the statement of operations $0 $0 Other (describe) $0 $0 Total cash flows from investing transactions $0 $0 D. FINANCING TRANSACTIONS Issue of debt $0 $0 Repayment of debt ($604,838) ($824,334) Other (describe) $0 $0 Total cash flows from financing transactions ($604,838) ($824,334) Increase (decrease) in cash and cash equivalents $1,854,618 ($2,517,353) Cash and cash equivalents, at beginning of year $10,285,912 $12,803,265 Cash and cash equivalents, at end of year $12,140,530 $10,285,912 The accompanying notes and schedules are part of these financial statements. 6

8 School Jurisdiction Code: 7020 STATEMENTS OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT) For the Years Ended August 31 (in dollars) Operating surplus (deficit) $884,964 ($42,575) Effect of changes in tangible capital assets Aquisition of tangible capital assets ($797,400) ($1,768,340) Amortization of tangible capital assets $2,233,693 $2,140,733 Net carrying value of tangible capital assets disposed of $1,113 $10,741 Write down carrying value of tangible capital assets $0 $0 Total effect of changes in tangible capital assets $1,437,406 $383,134 Changes in: Prepaid expenses ($32,253) ($40,973) Other non financial assets $0 Net remeasurement gains and (losses) $0 $0 Endowments $0 $0 Increase (decrease) in net financial assets (net debt) $2,290,117 $299,586 Net financial assets (net debt) at beginning of year ($14,554,645) ($14,854,231) Net financial assets (net debt) at end of year ($12,264,528) ($14,554,645) The accompanying notes and schedules are part of these financial statements. 7

9 School Jurisdiction Code: 7020 STATEMENT OF REMEASUREMENT GAINS AND LOSSES For the Year Ended August 31, 2013 (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

10 School Jurisdiction Code: 7020 School Jurisdiction Code: 7020 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2013 (in dollars) SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2013 (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 School & Instruction Related Operating Capital Operations & Maintenance Operating INTERNALLY RESTRICTED RESERVES BY PROGRAM Capital Board & System Administration Operating Capital Transportation Operating Capital External Services Operating Capital Balance at August 31, 2012 $13,824,028 $0 $13,824,028 $4,871,375 $0 $52,460 $7,174,130 $1,726,063 $3,966,887 $152,942 $1,496,712 $31,000 $1,673,069 $1,542,121 $37,462 $0 $0 $0 Prior period adjustments: $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjusted Balance, Aug. 31, 2012 $13,824,028 $0 $13,824,028 $4,871,375 $0 $52,460 $7,174,130 $1,726,063 $3,966,887 $152,942 $1,496,712 $31,000 $1,673,069 $1,542,121 $37,462 $0 $0 $0 Operating surplus (deficit) $884,964 $884,964 $884,964 Board funded tangible capital asset additions $374,274 ($374,274) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Disposal of unsupported tangible capital assets $0 $0 ($1,113) $1,113 $0 $0 $0 $0 $0 $0 Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 $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 ($2,233,693) $2,233,693 Capital revenue recognized $0 $1,745,886 ($1,745,886) Debt principal repayments (unsupported) $0 $0 $0 Externally imposed endowment restrictions $0 $0 $0 $0 $0 $0 $0 $0 $0 Net transfers to operating reserves $0 ($2,995,878) $2,995,878 $2,650,495 $93,125 $252,258 $0 $0 Net transfers from operating reserves $0 $2,016,322 ($2,016,322) ($1,791,450) ($151,545) ($35,865) ($37,462) $0 Net transfers to capital reserves $0 ($200,000) $200,000 $200,000 $0 $0 $0 $0 Net transfers from capital reserves $0 $132,690 ($132,690) $0 $0 ($132,690) $0 $0 Assumption/transfer of other operations' surplus $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balance at August 31, 2013 $14,708,992 $0 $14,708,992 $4,756,729 $0 $5,204 $8,153,686 $1,793,373 $4,825,932 $352,942 $1,438,292 $31,000 $1,889,462 $1,409,431 $0 $0 $0 $0 9

11 School Jurisdiction Code: 7020 School Jurisdiction Code: 7020 SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS for the Year Ended August 31, 2012 (in dollars) 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 School & Instruction Related Operating Capital Operations & Maintenance Operating INTERNALLY RESTRICTED RESERVES BY PROGRAM Capital Board & System Administration Operating Capital Transportation External Services Operating Capital Operating Capital Balance at August 31, 2011 $15,710,086 $0 $15,710,086 $6,958,781 $0 $490,318 $6,493,969 $1,767,018 $3,548,503 $193,897 $1,540,472 $31,000 $1,372,532 $1,542,121 $32,462 $0 $0 $0 Prior period adjustments: schools' deferred revenues to operation reserves $676,431 $0 $676,431 $0 $0 $0 $676,431 $0 $676,431 $0 $0 $0 $0 $0 $0 $0 $0 $0 adjustments deferred to operating ($55,279) $0 ($55,279) $0 $0 $0 ($55,279) $0 ($55,279) $0 $0 $0 $0 $0 $0 $0 $0 $0 staff funds to restricted ($12,343) $0 ($12,343) $0 $0 $0 ($12,343) $0 ($12,343) $0 $0 $0 $0 $0 $0 $0 $0 $0 net imr building to supported ($2,417,286) $0 ($2,417,286) ($2,417,286) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 net imr equipment to supported ($35,006) $0 ($35,006) ($35,006) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjusted Balance, Aug. 31, 2011 $13,866,603 $0 $13,866,603 $4,506,489 $0 $490,318 $7,102,778 $1,767,018 $4,157,312 $193,897 $1,540,472 $31,000 $1,372,532 $1,542,121 $32,462 $0 $0 $0 Operating surplus (deficit) ($42,575) ($42,575) ($42,575) Board funded tangible capital asset additions $803,409 ($803,409) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Disposal of unsupported tangible capital assets $0 $0 ($10,741) $10,741 $0 $0 $0 $0 $0 $0 Disposal of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Write-down of unsupported tangible capital assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Write-down of supported tangible capital assets (board funded portion) $0 $0 $0 $0 $0 $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 ($2,140,733) $2,140,733 Capital revenue recognized $0 $1,712,951 ($1,712,951) Debt principal repayments (unsupported) $0 $0 $0 Externally imposed endowment restrictions $0 $0 $0 $0 $0 $0 $0 $0 $0 Net transfers to operating reserves $0 ($3,327,161) $3,327,161 $2,545,454 $436,030 $340,677 $5,000 $0 Net transfers from operating reserves $0 $3,362,188 ($3,362,188) ($2,842,258) ($479,790) ($40,140) $0 $0 Net transfers to capital reserves $0 ($60,000) $60,000 $60,000 $0 $0 $0 $0 Net transfers from capital reserves $0 $100,955 ($100,955) ($100,955) $0 $0 $0 $0 Assumption/transfer of other operations' surplus $0 $0 $0 $0 ($106,379) $106,379 $0 $106,379 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balance at August 31, 2012 $13,824,028 $0 $13,824,028 $4,871,375 $0 $52,460 $7,174,130 $1,726,063 $3,966,887 $152,942 $1,496,712 $31,000 $1,673,069 $1,542,121 $37,462 $0 $0 $0 11

12 7020 SCHEDULE OF CAPITAL REVENUE (EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY) for the Year Ended August 31, 2013 (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 $0 $0 $0 $0 $23,298,961 Prior period adjustments $0 $0 $0 $0 $0 Adjusted balance, August 31, 2012 $0 $0 $0 $0 $23,298,961 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) $0 Infrastructure Maintenance & Renewal capital related to school facilities $278,963 Other Government of Alberta $0 Federal Government and First Nations $0 Other sources $0 Unexpended capital revenue receivable from Alberta Education school building & modular $151,280 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 ($430,243) $0 $0 $0 $430,243 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 recognized $1,745,886 Balance at August 31, 2013 $0 $0 $0 $0 $21,983,318 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at August 31, 2013 (A) + (B) + (C) + (D) $0 Unexpended Deferred Capital Revenue (A) Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only. (B) Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only. (C) Represents proceeds on disposal of provincially funded restricted use capital assets to be expended on approved tangible capital assets per 10 (2) (a) of Disposition of Property Reg. 181/2010 (D) Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted use tangible capital assets. 13

13 7020 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 $0 $0 $0 $24,046,659 Prior period adjustments $0 $0 $0 $0 Adjusted balance, August 31, 2011 $0 $0 $0 $0 $24,046,659 Add: Unexpended capital revenue received from: Alberta Education school building & modular projects (excl. IMR) $0 Infrastructure Maintenance & Renewal capital related to school facilities $625,580 Other Government of Alberta $0 Federal Government and First Nations $0 Other sources $0 Unexpended capital revenue receivable from Alberta Education school building & modular $339,673 Unexpended capital revenue receivable from other than Alberta Education $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 ($965,253) $0 $0 $0 $965,253 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 $1,712,951 Balance at August 31, 2012 $0 $0 $0 $0 $23,298,961 (A) (B) (C) (D) Balance of Unexpended Deferred Capital Revenue at August 31, 2012 (A) + (B) + (C) + (D) $0 Unexpended Deferred Capital Revenue (A) Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only. (B) Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only. (C) Represents proceeds on disposal of provincially funded restricted use capital assets to be expended on approved tangible capital assets per 10 (2) (a) of Disposition of Property Reg. 181/2010 (D) Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted use tangible capital assets. 14

14 SCHEDULE OF PROGRAM OPERATIONS for the Year Ended August 31, 2013 (in dollars) School Jurisdiction Code: 7020 Plant Operations Board & restated REVENUES Instruction and System External (ECS- Grade 12) Maintenance Transportation Administration Services TOTAL TOTAL (1) Alberta Education $55,931,256 $7,818,392 $1,640,699 $2,487,411 $217,651 $68,095,409 $66,180,441 (2) Other - Government of Alberta $21,735 $216,936 $62 $919 $7,020 $246,672 $293,794 (3) Federal Government and First Nations $0 $0 $0 $0 $82,022 $82,022 $118 (4) Other Alberta school authorities $300,801 $0 $0 $495 $5,400 $306,696 $139,357 (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 $2,505,085 $398,015 $304,374 $3,207,474 $2,894,900 (9) Other sales and services $798,245 $6,343 $356 $30,375 $444,169 $1,279,488 $1,271,190 (10) Investment income $12,696 $8,100 $0 $147,145 $0 $167,941 $154,747 (11) Gifts and donations $225,160 $0 $0 $0 $800 $225,960 $432,775 (12) Rental of facilities $85,271 $16,635 $0 $0 $0 $101,906 $92,258 (13) Fundraising $243,537 $0 $0 $0 $72,124 $315,661 $719,006 (14) Gains on disposal of tangible capital assets $0 $0 $0 $0 $0 $0 $0 (15) Other revenue $0 $0 $0 $0 $0 $0 $0 (16) TOTAL REVENUES $60,123,786 $8,066,406 $2,039,132 $2,666,345 $1,133,560 $74,029,229 $72,178,586 EXPENSES (17) Certificated salaries $35,737,666 $486,924 $306,912 $36,531,502 $36,039,696 (18) Certificated benefits $7,620,759 $55,753 $25,419 $7,701,931 $7,451,526 (19) Non-certificated salaries and wages $6,418,215 $2,433,733 $114,203 $1,022,732 $291,664 $10,280,547 $10,040,120 (20) Non-certificated benefits $1,849,653 $622,495 $26,491 $213,720 $60,034 $2,772,393 $2,666,134 (21) SUB - TOTAL $51,626,293 $3,056,228 $140,694 $1,779,129 $684,029 $57,286,373 $56,197,476 (22) Services, contracts and supplies $7,553,532 $2,948,766 $1,935,603 $589,795 $349,592 $13,377,288 $13,559,454 (23) Amortization of supported tangible capital assets $0 $1,745,886 $0 $0 $0 $1,745,886 $1,712,951 (24) Amortization of unsupported tangible capital assets $272,577 $139,367 $0 $73,106 $2,757 $487,807 $427,782 (25) Supported interest on capital debt $0 $214,333 $0 $0 $0 $214,333 $312,757 (26) Unsupported interest on capital debt $0 $0 $0 $0 $0 $0 $0 (27) Other interest and finance charges $21,390 $0 $5,854 $3,976 $1,358 $32,578 $0 (28) Losses on disposal of tangible capital assets $0 $0 $0 $0 $0 $0 $10,741 (29) Other expense $0 $0 $0 $0 $0 $0 $0 (30) TOTAL EXPENSES $59,473,792 $8,104,580 $2,082,151 $2,446,006 $1,037,736 $73,144,265 $72,221,161 (31) OPERATING SURPLUS (DEFICIT) $649,994 ($38,174) ($43,019) $220,339 $95,824 $884,964 ($42,575) 15

15 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 S-3. 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) Conversion to public sector accounting standards Commencing with the fiscal year, the District has adopted Canadian Public Sector Accounting Standards (PSAS). These financial statements are the first for which the District has applied PSAS with retroactive application. As a result of the adoption of PSAS, comparative information has been restated as noted below. Original Adjustment Restated $ $ $ September 1, 2011 adjustments Cash Accounts Receivable Accounts payable Deferred revenue Employee future benefits Equipment Equipment accumulated amortization Computer equipment Computer accumulated amortization Restricted operating reserves Investment in capital assets Unamortized capital allocations Unrestricted surplus Trust assets Trust liabilities 12,053, ,576 12,790,922 2,558,858 3,350,977 5,909,835 4,752,541 (206,336) 4,546,205 1,253,367 24,175,426 25,428, , ,336 2,994,662 (401,316) 2,593,346 (2,112,538) 316,916 ( ) 401, ,316 (316,916) (316,916) 6,493, ,809 7,102,778 6,958,781 (2,452,292) 4,506,489 18, (18,243,390) - 490, ,580 1,115, ,172 (157,172) - 157,172 (157,172) -

16 St. Albert Public School District No Notes to the Financial Statements August 31, 2013 Original Adjustment Restated $ August 31, 2012 adjustments Cash 10,268,614 17,298 10,285,912 Accounts Receivable 1,574, 123 2,526,966 4,101,089 Accounts payable 2,221,602 (218,097) 2,003,505 Deferred revenue 1,569,653 22,601,071 24,170,724 Employee future benefits - 218, ,097 Equipment 3,150,818 (459,936) 2,690,882 Equipment accumulated amortization (2,189,855) 345,679 (1,844,176) Computer equipment - 459, ,936 Computer accumulated amortization - (345,679) (345,679) Restricted operating reserves 6,458, ,188 7,174,130 Investment in capital assets 7,680,248 (2,808,873) 4,871,375 Alberta Education revenues 66,537,022 (356,611) 66,180,411 Amortize supported assets 1,443, ,999 1,712,951 Amortize unsupported assets 696,781 (268,999) 427,782 Trust assets 137,264 (137,264) - Trust liabilities 137,264 (137,264) - Unamortized Capital Allocations 17,963,122 (17,963,122) - Fees revenue 2,591, ,271 2,894,900 Other sales and services revenue 1,574,461 (303,271) 1,271,190 Fundraising revenue 612, , ,006 3) Summary of significant accounting policies The financial statements are prepared in accordance with CICA Canadian 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 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.

17 St. Albert Public School District No Notes to the Financial Statements August 31, 2013 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 10% 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 of $5,000 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. 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 Benefits include vacation and overtime. 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

18 St. Albert Public School District No Notes to the Financial Statements August 31, 2013 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, 2013, the amount contributed by the Government was $3,898,945 ( $3,438,058). The District participates in a multi-employer 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 $907,836 for the year ended August 31, 2013 ( $841,948). At December 31, 2012, the Local Authorities Pension Plan reported an actuarial deficiency of $4,977,303,000 ( $4,639,390,000 deficiency). Effective the fiscal year, the Government of Alberta has taken responsibilities for the LAPP unfunded liabilities. 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. 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: Non-capital contributions for specific purposes are recorded as deferred revenue and recognized as revenue in the year the stipulated related expenses are incurred; Unexpended Deferred Capital Revenue; or Expended Deferred Capital Revenue.

19 St. Albert Public School District No Notes to the Financial Statements August 31,2013 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-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/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 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 de-recognition 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. Recognition, de-recognition 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 rrior periods, including the comparative information, have not been restated. 1) Operating and Capital Certain amounts are internally or externally restricted for future operating or capital purposes. Transfer to and from capital reserves are recorded when approved by the Board of Trustees. Capital serves are restricted to capital purposes and may only be used for operating purposes with the approval of the Minister of Education. are disclosed in the Schedule of Changes in Accumulated Surplus.

20 St. Albert Public School District No Notes to the Financial Statements August 31, ) Cash and cash equivalents Interest Cost Fair value Interest Cost Fair value rate% $ $ rate% $ $ Cash 12,140,530 12,140,530 10,256,313 10,256,313 Guaranteed investment certificate ,599 29,599 Total cash and temporary investments 12,140,530 12,140,530 10,285,912 10,285, Accounts receivable $ $ Province of Alberta 2,698,652 3,844,590 Federal government 150, ,067 Other Alberta School Jurisdictions 13,699 - Other 31, , Trusts under administration 2,894,998 4,101,089 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 73,713 58,226 Scholarship trusts 59,402 49,397 Other 19,434 29, , , Accounts payable and accrued liabilities $ $ Trade payables and accrued liabilities 2,007,433 1,763,462 Province of Alberta 279, ,043 2,287,159 2,003,505

21 St. Albert Public School District No Notes to the Financial Statements August 31, Deferred Revenues Received / Expended / 2012 receivable payable 2013 $ $ $ $ Expended Deferred Capital Revenue 23,298, ,243 (1,745,886) 21,983,318 Infrastructure maintenance and renewal - 1,146,057 (1,039,078) 106,979 Alberta Initiative for School Improvement 125,135 - (125,135) - School fees 374, ,376 (374,313) 277,376 Transportation fees 336, ,665 (336,140) 407,665 Other 36,175 - (501) 35,674 24,170,724 2,261,341 (3,621,053) 22,811,012 Received / Expended / 2011 receivable payable 2012 $ $ $ $ Expended Deferred Capital Revenue 24,046, ,253 (1,712,951) 23,298,961 Infrastructure maintenance and renewal 248,273 1,140,100 (1,388,373) - Alberta Initiative for School improvement 294, ,135 (294,464) 125,135 School fees 315, ,313 (315,596) 374,313 Transportation fees 266, ,140 (266,030) 336,140 Other 257,771 - (221,596) 36,175 25,428,793 2,940,941 (4,199,010) 24,170, Future Employee Benefits $ $ Vacation and Overtime 257, ,097

22 St. Albert Public School District No Notes to the Financial Statements August 31, Debt Debenture debt - Supported The debenture debt bears interest at rates varying between 7.625% and 10.50%. The debenture debt is fully supported by Alberta Finance. Debenture payments due over the next five years and beyond are: Supported $ , , , ,6l ,414 Thereafter 150,761 Unsupported capital debt 1,929,245 The District has entered into a capital lease in the amount of $25,395. The non-interest lease expires on August 30, Unsupported $ , ,079 I F

23 St. Albert Public School District No Notes to the Financial Statements August 31, Tangible capital assets Cost at September 1, Addition / Disposal / 2013 Tangible capital 2012 transfer in transfer out Net assets $ $ $ $ Land 1,601, ,601,571 Construction in Progress - 265, ,380 Buildings 69,741, ,803-70,028,972 Equipment 2,690, ,203 (202,902) 2,650,182 Computer equipment 459,936 40,462 (17,074) 483,324 Vehicles 683,562 41,554 (23,536) 701,580 75,177, ,402 (243,512) 75,731,009 Cost at September 1, Addition / Disposal / 2013 Accumulated 2012 transfer in transfer out Net amortization $ $ $ $ Buildings 44,322,018 1,848,907-46,170,925 Equipment 1,844, ,888 (201,786) 1,936,278 Computer equipment 345,678 28,253 (17,074) 356,857 Vehicles 472,557 62,644 (23,536) 511,665 46,984,429 2,233,692 (242,396) 48,975,725 Tangible capital assets Land Construction in Progress Net Net $ $ 1,601,571 1,601,571 Buildings 265,380 23,858,047 25,419, ,904 Equipment Computer equipment 126, ,258 Vehicles 189, ,005 26,755,284 28,192,690

24 St. Albert Public School District No Notes to the Financial Statements August 31, 2013 Cost at September 1, Addition / Disposal / 2012 Tangible capital 2011 transfer in transfer out Net assets $ $ $ $ Land 1,601, ,601,571 Buildings 68,356,347 1,384,822-69,741,169 Equipment 2,593, ,897 (227,365) 2,690,881 Computer equipment 401,315 58, ,936 Vehicles 683, ,562 73,636,144 1,768,340 (227,365) 75,177,119 Cost at September 1, Addition / Disposal / 2012 Accumulated 2011 transfer in transfer out Net amortization $ $ $ $ Buildings 42,549,318 1,772,700 44,322,018 Equipment 1,795, ,175 (216,623) 1,844,176 Computer equipment 316,914 28, ,678 Vehicles 398,464 74, ,557 45,060,320 2,140,732 (216,623) 46,984,429 Tangible capital assets Laud Buildings Equipment Computer equipment Vehicles 2011 Net S 1,601,571 25,807, ,725 84, ,098 28,575,824

25 St. Albert Public School District No Notes to the Financial Statements August 31, Accumulated surplus Detailed information related to accumulated surplus is on the Schedule of Changes in Accumulated surplus $ $ Operating & Unrestricted Net Assets Accumulated amortization reserves 2,226,657 2,302,711 General instruction 890, ,788 Schoolst instructional reserves 1,721,689 1,246,607 Schools' fundraising and club reserves 919, ,188 Designated instructional initiatives 398, ,050 Administration 1,328,323 1,298,218 Board of Trustees 183, ,142 Facilities 484, ,964 Transportation - 37,462 Unrestricted net assets 5,204 52,460 8,158,890 7,226, $ $ Capital Schools 352, ,942 System administration 1,327,310 1,460,000 Facilities 113, , Contractual obligations 1,793,373 1,726, $ $ School buildings (1) 621,668 - Service providers (2) 4,052,202 2,305,155 (1) The District is committed to further capital expenditures for modular classrooms. These costs will be fully funded by capital contributions from Alberta Education. (2) The District has commitments relating to service and grant contracts. 4,673,870 2,305,155

26 St. Albert Public School District No Notes to the Financial Statements August 31, 2013 Service School buildings Providers $ $ 621, ,023, ,028, Thereafter 621,668 4,052, Contingent Liabilities As at August 31, 2013, the district has no outstanding claims that would create a contingent liability. 15. Fees $ $ Instructional materials 785, ,228 Other instructional 587, ,526 Field trip 573, ,127 Club 464, ,530 Transportation 398, ,320 Lunchroom 201, ,201 Students! union 49,810 55,910 International students 34,250 11,100 Adult 26,855 43,095 Other fees 86,216 94,863 3,207,474 2,894,900 Transportation fees are charged in accordance with School Act, Section 51(3). Instructional material fees are charged in accordance with School Act, Section 60 (2) (j). Other instructional fees are reported in accordance with Alberta Education guidelines.

27 St. Albert Public School District No Notes to the Financial Statements August 31, Related party transactions Various Government of Alberta departments are involved with administering education, district facilities, and the various school boards in the province and are considered to be related parties. Balances Transactions Assets Liabilities Revenue Expenses $ $ $ $ Alberta Education 2,698, ,726 66,537, ,080 Alberta Finance 95,782 95, , ,333 Other Government of Alberta ,460 - Post-secondary institutes ,402 School Jurisdictions 13, ,090 Total ,808, ,508 66,830, ,905 Total ,844, ,042 65,526, , Economic dependence on related third party The District's primary source of revenue is from the Government of Alberta. The District's ability to continue viable operations is dependent on this funding. 18. 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, 2013 was $91,646 (2012 -$102,171). This amount has not been recognized in the District's financial statements, as the District has not realized the revenue.

28 St. Albert Public School District No Notes to the Financial Statements August 31, Remuneration and monetary incentives Remuneration Benefits Total Expenses FTEs $ $ $ $ Board Chair: Joan Trettler ,251-24,251 9,606 Trustee: Joe Demko , ,019 4,1 11 Trustee: Cheryl Dumont , ,128 8,620 Trustee: Gerry Martins ,422-19,422 9,433 Trustee: MerrinNuc , ,910 9,464 Subtotal: 107,079 1, ,730 41,234 Superintendent: Barry Wowk ,580 27, ,093 3,533 Secretary Treasurer: Michael Brenneis ,119 38, ,154 4,376 Certificated staff ,334,922 7,674,418 44,009,340 Uncertificated staff ,007,349 2,732,707 12,740,056 Total ,812,049 10,474,324 57,286,373 49,143 Total ,079,816 10,117,660 56,197,476 35, Budget The budget was prepared by district management with the Board of Trustees' approval given on May 8, It is presented for information purposes and has not been audited. 21. Comparative figures The comparative figures have been reclassified where necessary to conform to the presentation. 22. Prior period adjustments School Generated Funds were restated as at August 31, Original Adjustment Restated $ $ $ September 1,2011 adjustments School generated assets 676,431 (676,431) School generated liabilities 676,431 (676,431)