2005/06 Audited Financial Statements template

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  • 1.School Jurisdiction Code:1220 AUDITEDFINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2007 [School Act, Sections 147(2)(a), 148, 151(1) and 276] High Prairie School Division #48 Legal Name of School Jurisdiction Box 870, High Prairie, Ab. T0G 1E0Mailing Address780-523-3337 (voice) 780-523-4639 (fax) Telephone and Fax NumbersSCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTINGThe financial statements ofHigh Prairie School Division #48 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 generally accepted accounting principles 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 budgetary system of 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 the Board 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 have full and free 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 and results of operations and cash flows for the year in accordance with generally accepted accounting principles and follow the financial reporting requirements for Alberta school jurisdictions.BOARD CHAIRMAN Mrs. Joyce Dvornek "ORIGINAL SIGNED"Name Signature SUPERINTENDENTMr. Kenneth Riegel"ORIGINAL SIGNED"Name Signature SECRETARY TREASURER OR TREASURER Mr. Paul Burrows "ORIGINAL SIGNED"Name Signature21-Nov-07 Board-approved Release Date c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch,8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: Cindy.Jarry@gov.ab.caPHONE: (780) 427-7782 (Toll free 310-0000)

2. School Jurisdiction Code:1220TABLE OF CONTENTS Page AUDITORS' REPORT INSERT 3 STATEMENT OF FINANCIAL POSITION 4 STATEMENT OF REVENUES AND EXPENSES5 STATEMENT OF CASH FLOWS 6 STATEMENT OF CHANGES IN NET ASSETS7 STATEMENT OF CAPITAL ALLOCATIONS8 NOTES TO THE FINANCIAL STATEMENTS INSERT9page 2 3. School Jurisdiction Code:1220 STATEMENT OF FINANCIAL POSITIONas at August 31, 2007(in dollars)2006 2007 (Note)ASSETS Current assetsCash and temporary investments$12,324,795 $9,668,650Accounts receivable (net after allowances) $450,650 $1,060,453Prepaid expenses $289,777 $301,091Other current assets $0 $0Total current assets$13,065,222$11,030,194 School generated assets $591,069 $555,482 Trust assets$557,195 $428,749 Long term accounts receivable $0 $0 Long term investments $0 $0 Capital assetsLand$103,605$4,113Buildings$36,647,416Less: accumulated amortization($17,106,488) $19,540,928$20,314,457Equipment $272,444Less: accumulated amortization($45,946) $226,499$229,728Vehicles$6,809,930Less: accumulated amortization ($4,015,212)$2,794,718 $2,888,866Total capital assets$22,665,750$23,437,164 TOTAL ASSETS $36,879,235$35,451,589LIABILITIES Current liabilitiesBank indebtedness$0 $0Accounts payable and accrued liabilities $1,696,080 $1,639,609Deferred revenue $528,574 $193,868Deferred capital allocations $0 $0Current portion of all long term debt$403,686 $471,120 Total current liabilities $2,628,340 $2,304,597 School generated liabilities$591,069 $555,482 Trust liabilities $557,195 $428,749 Employee future benefits liability$0 $0 Long term payables and accrued liabilities$0 $0 Long term debtSupported: Debentures and other supported debt $902,265 $1,366,429 Less: Current portion of supported debt($403,686) ($464,164)Unsupported: Debentures and Capital Loans$0 $0 Capital Leases$0 $0 Mortgages $0 $6,956 Less: Current portion of unsupported debt $0($6,956) Other long term liabilities $0 $0 Unamortized capital allocations$17,828,221$18,392,802 Total long term liabilities$19,475,063$20,279,298TOTAL LIABILITIES $22,103,404$22,583,895NET ASSETS Unrestricted net assets $0 $0 Operating Reserves$6,957,987 $5,906,771Accumulated Operating Surplus (Deficit)$6,957,987 $5,906,771Investment in capital assets $3,935,262 $3,670,976Capital Reserves $3,882,583 $3,289,947Total Capital Funds$7,817,845 $6,960,923 Total net assets $14,775,832$12,867,694TOTAL LIABILITIES AND NET ASSETS$36,879,235$35,451,589Note: Input "(Restated)" in 2006 column heading where comparatives are not taken from the finalized 2005-2006 Audited Financial Statements. page 4 4. School Jurisdiction Code:1220STATEMENT OF REVENUES AND EXPENSES for the Year Ended August 31, 2007 (in dollars) Budget Actual2007 2006Actual (Note) (Note)2007 REVENUES Government of Alberta$32,785,816 $30,894,848 $31,385,850 Federal Government and/or First Nations $2,439,749$1,733,225$2,168,285 Other Alberta school authorities$253,916$192,925$318,899 Out of province authorities $0 $0 $0 Alberta Municipalities (excluding supplementary requisitions)$64 $1,000 $663 Instruction resource fees $223,253$183,075$245,885 Transportation fees $168,095$110,000$197,044 Other sales and services$576,883 $86,000$358,394 Investment income $499,681 $96,000$345,204 Gifts and donations $0 $0 $0 Rentals of facilities $32,235$27,238$32,545 Net school generated funds$261,003$114,000$289,730 Gains on disposal of capital assets $71,629$0 $43,161 Amortization of capital allocations $1,028,745$1,016,971$902,178Total Revenues$38,341,069 $34,455,282 $36,287,838 EXPENSES Certificated salaries$16,244,249 $15,629,564 $15,970,834 Certificated benefits $1,763,002$1,931,744$1,875,605 Non-certificated salaries and wages $6,623,935$5,978,579$6,267,138 Non-certificated benefits $1,380,120$1,312,354$1,241,046 Services, contracts and supplies$8,370,033$7,636,458$7,224,831 Net school generated funds$261,003$114,000$289,730 Capital and debt services Amortization of capital assets Supported $1,028,745$1,016,971$902,178 Unsupported $638,200$598,147$647,500Total Amortization of capital assets $1,666,945$1,615,118$1,549,678 Interest on capital debt Supported $123,466$157,840$177,868 Unsupported $178$174 $3,126Total Interest on capital debt $123,644$158,014$180,994 Other interest charges$0 $0 $0 Losses on disposal of capital assets$0 $0 $192Total Expenses$36,432,931 $34,375,831 $34,600,048EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES BEFORE EXTRAORDINARY ITEM$1,908,138 $79,451$1,687,790 Extraordinary Item$0 $0 $0EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES $1,908,138 $79,451$1,687,790Note:Input "(Restated)" in Budget 2007 and/or Actuals 2006 column headings where comparatives are not taken from the respectivefinalized 2006-2007 Budget Report and/or finalized 2005-2006 Audited Financial Statements filed with Alberta Education.page 5 5. School Jurisdiction Code: 1220 STATEMENT OF CASH FLOWSfor the Year Ended August 31, 2007 (in dollars) 20062007(Note)CASH FLOWS FROM:A. OPERATIONS Excess (deficiency) of revenues over expenses for the year$1,908,138$1,687,790 Add (Deduct) items not affecting cash: Amortization of capital allocations revenue ($1,028,745) ($902,178) Total amortization expense $1,666,945 $1,549,678 Gains on disposal of capital assets($71,629)($43,161) Losses on disposal of capital assets $0 $192 Changes in accrued accounts: Accounts receivable $609,803 $25,793 Prepaids and other current assets$11,314 $21,200 Long term accounts receivable $0$0 Long term investments $0$0 Payables and accrued liabilities $56,471$301,813 Deferred revenue$334,706 ($195,524) Employee future benefit expense (recovery)$0$0 Other (describe)$0$0Total sources (uses) of cash from Operations $3,487,003$2,445,603B. INVESTING ACTIVITIESPurchases of capital assets Land ($99,492) ($4,113) Buildings ($285,620) ($424,680) Equipment($42,717) ($229,728) Vehicles($503,202) ($588,301) Net proceeds from disposal of capital assets $107,129$83,637 Other (describe) $0 $0Total sources (uses) of cash from Investing activities ($823,902) ($1,163,185)C. FINANCING ACTIVITIES Capital allocations$0 $173,270 Issue of long term debt$0 $0 Repayment of long term debt ($471,120) ($501,628) Add back: supported portion$464,164 $464,163 Other (describe) $0 $0Total sources (uses) of cash from Financing activities ($6,956)$135,805Net sources (uses) of cash during year$2,656,145$1,418,223 Cash and temporary investments, net of bank indebtedness, at Aug. 31/06 $9,668,650$8,250,427 Cash and temporary investments, net of bank indebtedness, at Aug. 31/07$12,324,795$9,668,650 Note: Input "(Restated)" in 2006 column heading where not taken from the finalized 2005-2006 Audited Financial Statements filed with Alberta Education.page 6 6. School Jurisdiction Code:1220 STATEMENT OF CHANGES IN NET ASSETS for the Year Ended August 31, 2007 (in dollars) RESTRICTED TOTAL INVESTMENT UNRESTRICTEDNET ASSETSNET IN CAPITALNET OPERATING CAPITAL ASSETS ASSETSASSETSRESERVES RESERVESBalance at August 31, 2006 $12,867,694 $3,670,976$0$5,906,771 $3,289,947Prior period adjustments (describe) $0 $0 $0 $0$0 $0 $0 $0 $0$0 $0 $0 $0 $0$0Adjusted Balance,Aug.31, 2006$12,867,694 $3,670,976$0$5,906,771 $3,289,947Excess(def) of revenue over expenses $1,908,138$1,908,138Board funded capital transactions$931,030$0 $0 ($931,030)Direct credi

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