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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