AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED … · INDEPENDENT AUDITORS' REPORT To the Board of...

4010UUE2

School Jurisdiction Code: 4010

AUDITEDFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2016[School Act, Sections 147(2)(a), 148, 151(1) and 276]

Legal Name of School Jurisdiction

Mailing Address

Telephone & Fax Numbers, and Email Address

SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements o

Board of Trustees Responsibility

External Auditors

Declaration of Management and Board Chair

c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected] AND [email protected]: Mei-Ling: (780) 415-8940; Robert: (780) 427-3855 FAX: (780) 422-6996

Board-approved Release Date

Signature

Signature

SignatureName

Name

Name

SUPERINTENDENT

Mr. Gary Strother

SECRETARY-TREASURER OR TREASURER

Mr. John Deausy

November 30, 2016

"Original Signed"

"Original Signed"

school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and train

Calgary Roman Catholic Separate School District No. 1

1000 - 5 Avenue S.W. Calgary AB T2P 4T9

(403) 500-2000 (403) 500-2919 [email protected]

presented to Alberta Education have been prepared by school jurisdiction management which has responsibilitytheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordawith 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 desigto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are execuin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect


Ms. Cheryl Low

of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strosystem of budgetary control

The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the audfinancial statements with management in detail and approved the financial statements for releas

The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findinThe external auditors were given full access to school jurisdiction record

To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial positresults of operations and cash flows for the year in accordance with Canadian Public Sector Accounting Standar

BOARD CHAIR

"Original Signed"

1


TABLE OF CONTENTS

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Schedule 8: UNAUDITED SCHEDULE OF FEE REVENUES

Schedule 9: UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDING

Schedule 10: UNAUDITED SCHEDULE OF CENTRAL ADMINISTRATION EXPENSES

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)

INDEPENDENT AUDITOR'S REPORT

NOTES TO THE FINANCIAL STATEMENTS

Schedule 3: SCHEDULE OF PROGRAM OPERATIONS

Schedule 2: SCHEDULE OF CAPITAL REVENUE

Schedule 1: SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS

STATEMENT OF REMEASUREMENT GAINS AND LOSSES

STATEMENT OF CASH FLOWS

STATEMENT OF OPERATIONS

STATEMENT OF FINANCIAL POSITION

Schedule 4: SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES

Schedule 5: SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTS

Schedule 6: SCHEDULE OF CAPITAL ASSETS

Schedule 7: SCHEDULE OF REMUNERATION AND MONETARY INCENTIVES

2

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of Calgary Roman Catholic Separate School District No. 1

We have audited the accompanying financial statements of Calgary Roman Catholic Separate School District No. 1, which comprise the statement of financial position as at August 31, 2016, and the statements of operations, change in net debt, cash flow, and remeasurement gains and losses for the year then ended and 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.

Auditors' responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 auditors' 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 auditors consider 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 audit is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Calgary Roman Catholic Separate School District No. 1 as at August 31, 2016, and the results of its operations, changes in net debt, cash flows and remeasurement gains and losses for the year then ended in accordance with Canadian public sector accounting standards.

Calgary, Canada November 30, 2016. Chartered Professional Accountants

. ...... ,.________ ·------------------·----------.. ----·-···-···--------- -----------------------------------------------------·--··-·-- ... . ;' r-,(~r-·:.-,.· •rn ,1 ! C:, \''.•';'Jj ,;;r,:,2! :•_·'J


2016 2015

FINANCIAL ASSETS

Cash and cash equivalents (schedule 5) 77,492,465$ 98,692,817$

Accounts receivable (net after allowances) (note 3) 34,652,620$ 22,188,850$

Portfolio investments (schedule 5) -$ -$

Other financial assets 196,800$ -$

Total financial assets 112,341,885$ 120,881,667$

LIABILITIES

Bank indebtedness (note 4) -$ -$

Accounts payable and accrued liabilities (note 5) 71,551,816$ 49,024,469$

Deferred revenue (note 6) 450,886,761$ 408,787,857$

Employee future benefit liabilities (note 7) 6,369,614$ 6,142,355$

Liability for contaminated sites (note 14) -$ -$

Other liabilities -$ -$

Debt (note 8)

Supported: Debentures and other supported debt 290,172$ 511,479$

Unsupported: Debentures and capital loans -$ -$

Mortgages -$ -$

Capital leases -$ -$

Total liabilities 529,098,363$ 464,466,160$

(416,756,478)$ (343,584,493)$

NON-FINANCIAL ASSETS

Tangible capital assets (schedule 6; note 9)

Land 6,069,298$ 6,069,298$

Construction in progress 92,849,081$ 16,743,411$

Buildings 644,075,454$

Less: Accumulated amortization (290,675,589)$ 353,399,865$ 356,744,190$

Equipment 20,598,910$


Vehicles 2,113,033$

Less: Accumulated amortization (1,525,727)$ 587,306$ 743,310$

Computer Equipment 17,903,453$


Total tangible capital assets 466,175,806$ 394,169,015$

Prepaid expenses (note 10) 3,246,723$ 3,061,713$

Other non-financial assets 933,621$ 538,766$

Total non-financial assets 470,356,150$ 397,769,494$

Accumulated surplus (schedule 1; note 11) 53,599,672$ 54,185,001$

Accumulating surplus / (deficit) is comprised of:

Accumulated operating surplus (deficit) 53,599,672$ 54,185,001$

Accumulated remeasurement gains (losses) -$ -$

53,599,672$ 54,185,001$

Contractual obligations (note 12)

Contingent liabilities (notes 13, 14, 15)

The accompanying notes and schedules are part of these financial statements.

As at August 31, 2016 (in dollars)STATEMENT OF FINANCIAL POSITION

Net financial assets (debt)

4


Budget Actual Actual2016 2016 2015

(note 22)

Alberta Education 461,066,525$ 459,668,753$ 449,123,067$

Other - Government of Alberta 283,108$ 507,597$ 500,736$

Federal Government and First Nations 1,154,042$ 1,290,904$ 1,203,311$

Other Alberta school authorities -$ 210,293$ 165,076$

Out of province authorities -$ -$ -$

Alberta municipalities-special tax levies -$ -$ -$

Property taxes 81,440,705$ 92,966,500$ 85,344,095$

Fees (schedule 8) 15,238,807$ 11,634,559$ 11,599,148$

Other sales and services 3,832,662$ 6,812,236$ 6,631,678$

Investment income 709,424$ 1,106,294$ 1,139,924$

Gifts and donations 2,569,405$ 2,617,971$ 2,958,132$

Rental of facilities 1,992,967$ 2,108,259$ 2,255,726$

Fundraising 3,022,378$ 2,998,346$ 3,317,802$

Gains on disposal of capital assets 25,000$ 52,405$ -$

Other revenue 4,994$ 10,192$ 602,232$

Total revenues 571,340,017$ 581,984,309$ 564,840,927$

Instruction - ECS 17,908,140$ 21,538,183$ 24,524,543$

Instruction - Grades 1 - 12 447,578,710$ 452,099,715$ 428,402,671$

Plant operations and maintenance 71,408,098$ 72,245,923$ 73,160,005$

Transportation 16,218,078$ 16,692,945$ 16,121,953$

Board & system administration 16,685,029$ 17,864,102$ 15,967,110$

External services 1,541,962$ 2,128,770$ 2,282,438$

Total expenses 571,340,017$ 582,569,638$ 560,458,720$

-$ (585,329)$ 4,382,207$

STATEMENT OF OPERATIONSFor the Year Ended August 31, 2016 (in dollars)

EXPENSES

Operating surplus (deficit)


REVENUES

5

4010

2016 2015

CASH FLOWS FROM:

A. OPERATING TRANSACTIONS

Operating surplus (deficit) (585,329)$ 4,382,207$

Add (Deduct) items not affecting cash:

Total amortization expense 20,862,306$ 20,984,706$

Gains on disposal of tangible capital assets (52,405)$ -$

Losses on disposal of tangible capital assets -$ 42,072$

Expended deferred capital revenue recognition (16,916,243)$ (17,235,858)$

Deferred capital revenue write-down / adjustment -$ -$

Donations in kind -$ (9,524)$

Changes in:

Accounts receivable (12,463,770)$ (1,767,493)$

Prepaids (185,010)$ (687,891)$

Other financial assets (196,800)$ 45,400$

Non-financial assets (394,855)$ (82,017)$

Accounts payable, accrued and other liabilities 22,527,347$ 8,453,461$

Deferred revenue (excluding EDCR) 58,771,197$ 57,713,533$

Employee future benefit liabilities 227,259$ 156,145$

-$ -$

Total cash flows from operating transactions 71,593,697$ 71,994,741$

B. CAPITAL TRANSACTIONS

Purchases of tangible capital assets

Land -$ -$

Buildings (88,427,952)$ (17,371,422)$

Equipment (2,945,114)$ (1,265,445)$

Vehicles (64,385)$ (324,191)$

Computer equipment (1,323,917)$ (1,868,343)$

Net proceeds from disposal of unsupported capital assets 188,626$ 34,441$

-$ -$

Total cash flows from capital transactions (92,572,742)$ (20,794,960)$

C. INVESTING TRANSACTIONS

Purchases of portfolio investments -$ -$

Dispositions of portfolio investments -$ -$

Remeasurement (gains) losses reclassified to the statement of operations -$ -$

Change in endowments -$ -$

-$ -$

Total cash flows from investing transactions -$ -$

D. FINANCING TRANSACTIONS

Issue of debt -$ -$

Repayment of debt (221,307)$ (221,307)$

-$ -$

Issuance of capital leases -$ -$

Repayment of capital leases -$ -$

-$ -$

-$ -$

Total cash flows from financing transactions (221,307)$ (221,307)$

Increase (decrease) in cash and cash equivalents (21,200,352)$ 50,978,474$

Cash and cash equivalents, at beginning of year 98,692,817$ 47,714,343$

Cash and cash equivalents, at end of year 77,492,465$ 98,692,817$


For the Year Ended August 31, 2016 (in dollars)

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

Other factors affecting debt (describe)

Other factors affecting capital leases (describe)

Other (describe)

Other (describe)

Other (describe)

Other (describe)

6

4010

Budget 2016 2015

2016

Operating surplus (deficit) -$ (585,329)$ 4,382,207$

Effect of changes in tangible capital assets

Acquisition of tangible capital assets -$ (93,005,318)$ (23,090,057)$

Amortization of tangible capital assets -$ 20,862,306$ 20,984,706$

Net carrying value of tangible capital assets disposed of -$ 136,221$ 84,801$

Write-down carrying value of tangible capital assets -$ -$ -$

Other changes -$ -$ (9,524)$

Total effect of changes in tangible capital assets -$ (72,006,791)$ (2,030,074)$

Changes in:

Prepaid expenses -$ (185,010)$ (687,891)$

Other non-financial assets -$ (394,855)$ (82,017)$

Net remeasurement gains and (losses) -$ -$ -$

Endowments -$ -$ -$

Increase (decrease) in net financial assets (net debt) -$ (73,171,985)$ 1,582,225$

Net financial assets (net debt) at beginning of year (343,584,493)$ (343,584,493)$ (345,166,718)$

Net financial assets (net debt) at end of year (343,584,493)$ (416,756,478)$ (343,584,493)$

School Jurisdiction Code:

STATEMENT OF CHANGE IN NET FINANCIAL ASSETS (NET DEBT)



7


2016 2015

Accumulated remeasurement gains (losses) at beginning of year -$ -$

-$ -$

-$ -$

Unrealized gains (losses) attributable to:

Portfolio investments -$ -$

-$ -$

Amounts reclassified to the statement of operations:

Portfolio investments -$ -$

-$ -$

Net remeasurement gains (losses) for the year -$ -$

Accumulated remeasurement gains (losses) at end of year -$ -$

STATEMENT OF REMEASUREMENT GAINS AND LOSSES



Other

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Prior Period Adjustment (Explain)

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al S

ervi

ces

INT

ER

NA

LL

Y R

ES

TR

ICT

ED

RE

SE

RV

ES

BY

PR

OG

RA

M

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

Ope

ratin

g

Res

erve

s

Cap

ital

Res

erve

s

10

4010SCHEDULE 2

SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)

for the Year Ended August 31, 2016 (in dollars)

Proceeds on UnexpendedDisposal 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, 2015 41,059,999$ -$ 51,190$ -$ 361,412,979$

Prior period adjustments -$ -$ -$ -$ -$

Adjusted balance, August 31, 2015 41,059,999$ -$ 51,190$ -$ 361,412,979$

Add:

Unexpended capital revenue received from:

Alberta Education school building & modular projects (excl. IMR) 47,538,651$

Infrastructure Maintenance & Renewal capital related to school facilities 197,588$

Other sources: -$ -$


Unexpended capital revenue receivable from:

Alberta Education school building & modular (excl. IMR) 12,944,031$



Interest earned on unexpended capital revenue 142,096$ -$ 276$ -$

Other unexpended capital revenue: -$

Proceeds on dispoition of supported capital -$ -$

Insurance proceeds (and related interest) -$ -$

Donated tangible capital assets: -$

Alberta Infrastructure managed projects 243,950$

Transferred in (out) tangible capital assets (amortizable, @ net book value) -$

Expended capital revenue - current year (90,285,979)$ -$ -$ -$ 90,285,979$

Surplus funds approved for future project(s) -$ -$

Other adjustments: (1,186,468)$ -$ -$ -$ -$

Deduct:

Net book value of supported tangible capital dispositions or write-offs -$

Other adjustments: -$ -$ -$ -$

Capital revenue recognized - Alberta Education 16,884,344$

Capital revenue recognized - Other Government of Alberta 31,899$

Capital revenue recognized - Other revenue -$

Balance at August 31, 2016 10,409,918$ -$ 51,466$ -$ 435,026,665$ (A) (B) (C) (D)

Balance of Unexpended Deferred Capital Revenue at August 31, 2016 (A) + (B) + (C) + (D) 10,461,384$

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 restricted-use 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 restricted-use tangible capital assets.

Unexpended Deferred Capital Revenue

Decanting costs

11

SC

HE

DU

LE

3S

cho

ol J

uri

sdic

tio

n C

od

e:40

10

2015

Pla

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erat

ion

s B

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RE

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NU

ES

and

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Gra

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1 -

12

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rtat

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min

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atio

nS

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ces

TO

TA

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(1)

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(3

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12

SC

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e:40

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Exp

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All

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All

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All

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Cap

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gu

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)

Fac

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Pla

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s A

dm

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Cu

sto

dia

l:

No

te:

13

SCHEDULE 5 School Jurisdiction Code: 4010

Cash & Cash Equivalents 2015

Average Effective

(Market) Yield Cost Amortized Cost Amortized Cost

Cash $ 3,066,064 $ 3,066,064 $ 1,389,939

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 1.15% 74,400,000 74,426,401 97,302,878

Total cash and cash equivalents 1.10% $ 77,466,064 $ 77,492,465 $ 98,692,817

Portfolio Investments 2015

Average Effective

(Market) Yield Cost Fair Value Balance Balance

Long term deposits 0.00% $ - $ - $ - $ -

Guranteed interest 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% $ - $ - $ - $ -

The following represents the maturity structure for portfolio investments based on principal amount:

2016 2015

Under 1 year 0.0% 0.0%

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%

0.0% 0.0%

2016

2016

SCHEDULE OF CASH, CASH EQUIVALENTS, AND PORTFOLIO INVESTMENTSfor the Year Ended August 31, 2016 (in dollars)

14

SC

HE

DU

LE

6S

cho

ol J

uri

sdic

tio

n C

od

e:40

10

Tan

gib

le C

apit

al A

sset

s20

15

Est

imat

ed u

sefu

l life

10-4

0 Y

ears

5-10

Yea

rs5-

10 Y

ears

5 Y

ears

His

tori

cal c

ost

B

egin

ning

of y

ear

$

6

,069

,298

$

16,7

43,4

11

$

631

,451

,654

$

21,2

19,1

25

$

2

,201

,440

$

15,6

40,8

31

$

693

,325

,759

$

672,

553,

849

P

rior

perio

d ad

just

men

ts

-

-

-

-

-

-

-

-

Add

ition

s

-

92,0

59,6

25

-

671

,746

64,

385

209

,562

93,0

05,3

18

2

3,09

9,58

1

Tra

nsfe

rs in

(ou

t)

-

(

15,9

53,9

55)

13

,393

,573

4

49,2

68

-

2

,111

,114

-

-

Less

dis

posa

ls in

clud

ing

writ

e-of

fs

-

-

(7

69,7

73)

(1

,741

,229

)

(1

52,7

92)

(58

,054

)

(2,7

21,8

48)

(2,3

27,6

71)

$

6

,069

,298

$

92,8

49,0

81

$

644

,075

,454

$

20,5

98,9

10

$

2

,113

,033

$

17,9

03,4

53

$

783

,609

,229

$

693,

325,

759

Acc

um

ula

ted

am

ort

izat

ion

B

egin

ning

of y

ear

$

-

$

-

$

274

,707

,464

$

12,8

29,7

83

$

1

,458

,130

$

10,1

61,3

67

$

299

,156

,744

$

280,

414,

908

P

rior

perio

d ad

just

men

ts

-

-

-

-

-

-

-

Am

ortiz

atio

n -

-

16,7

37,8

98

2

,023

,601

1

69,8

65

1

,930

,942

20,8

62,3

06

2

0,98

4,70

6

Oth

er a

dditi

ons

-

-

-

-

-

-

-

-

T

rans

fers

in (

out)

-

-

-

-

-

-

-

-

Le

ss d

ispo

sals

incl

udin

g w

rite-

offs

-

-

(769

,773

)

(1,6

90,3

64)

(102

,268

)

(

23,2

22)

(2

,585

,627

)

(2

,242

,870

)

$

-

$

-

$

290

,675

,589

$

13,1

63,0

20

$

1

,525

,727

$

12,0

69,0

87

$

317

,433

,423

$

299,

156,

744

Net

Bo

ok

Val

ue

at A

ug

ust

31,

201

6 $

6,0

69,2

98

$

92

,849

,081

$

3

53,3

99,8

65

$

7

,435

,890

$

5

87,3

06

$

5

,834

,366

$

4

66,1

75,8

06

Net

Bo

ok

Val

ue

at A

ug

ust

31,

201

5 $

6,0

69,2

98

$

16

,743

,411

$

3

56,7

44,1

90

$

8

,389

,342

$

7

43,3

10

$

5

,479

,464

$

394,

169,

015

2016

2015

$

-

$

-

$

-

$

-

To

tal

To

tal

Tot

al a

mor

tizat

ion

of a

sset

s un

der

capi

tal l

ease

SC

HE

DU

LE

OF

CA

PIT

AL

AS

SE

TS

for

the

Yea

r E

nd

ed A

ug

ust

31,

201

6 (i

n d

olla

rs)

2016

Lan

dC

on

stru

ctio

n In

P

rog

ress

Bu

ildin

gs

Eq

uip

men

tV

ehic

les

Co

mp

ute

r H

ard

war

e &

S

oft

war

e

Tot

al c

ost o

f ass

ets

unde

r ca

pita

l lea

se

15

SC

HE

DU

LE

7

Negotiated

Performan

ceOther Accrued

Board Mem

bers:

FTE

Remun

eration

Bene

fits

Allowan

ces

Bonu

ses

Unp

aid Be

nefits (1)

Expe

nses

Cha

ir: C

hery

l Low

1.00

$27,

348

$6,2

49$1

3,22

6$0

$7,4

81

Oth

er m

embe

rs-

$0$0

$0$0

Mar

gare

t Bel

cour

t1.

00

$2

4,64

2$5

,017

$11,

918

$0$5

,333

Mar

y M

artin

1.00

$21,

694

$5,6

73$1

0,49

3$0

$2,7

87

Ser

afin

o S

carp

ino

1.00

$22,

544

$5,9

72$1

0,89

8$0

$4,1

64

Pet

er T

eppl

er1.

00

$2

2,42

2$5

,886

$10,

840

$0$3

,126

Lind

a W

ellm

an1.

00

$2

2,24

9$5

,955

$10,

758

$0$4

,888

Cat

hie

Will

iam

s1.

00

$2

2,37

0$3

,128

$10,

815

$0$3

,114

-

$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

Su

bto

tal

7.00

$1

63,2

69$3

7,88

0$7

8,94

8$0

$30,

893

Gar

y S

trot

her,

Sup

erin

tend

ent

1.00

$229

,448

$39,

632

$9,6

74$0

$0$3

9,97

0$1

1,04

7

$0$0

$0$0

$0$0

$0

John

Dea

usy,

Sec

reta

ry/T

reas

urer

1.00

$192

,325

$42,

858

$0$0

$0$7

,104

$11,

937

$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

Cer

tific

ated

teac

hers

3,25

1.00

$2

99,0

92,9

12$6

8,90

4,11

4$1

,786

,305

$0$0

$71,

084

Non

-cer

tific

ated

- o

ther

1,54

4.00

$7

5,47

4,94

9$2

0,19

6,06

4$0

$0$0

$29,

674

TO

TA

LS

4,80

4.00

$3

75,1

52,9

03$8

9,22

0,54

8$1

,874

,927

$0$0

$147

,832

$53,

877

ERIP's / Other Paid

SC

HE

DU

LE

OF

RE

MU

NE

RA

TIO

N A

ND

MO

NE

TA

RY

INC

EN

TIV

ES

for

the

Yea

r E

nd

ed A

ug

ust

31,

201

6 (i

n d

olla

rs)

16


NOTES TO FINANCIAL STATEMENTS

August 31, 2016

1. AUTHORITY AND PURPOSE

Calgary Roman Catholic Separate School District No. 1 [the "district"] was established under the authority of the School Act, Revised Statutes of Alberta, Chapter S-3, to provide education programs to The City of Calgary and surrounding areas.

The district receives instruction and support allocations under the Education Grants Regulation 120/2008 from the Government of Alberta and by way of municipal property taxes. The regulation allows for the setting of conditions and use of grant monies. The district is limited on certain funding allocations and administration expenditures.

The district is registered as a charitable organization under the Income Tax Act (Canada) and, therefore, is exempt from income taxes.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The financial statements of the district have been prepared by management in accordance with Canadian Public Sector Accounting Standards ["PSAS"] without not-for-profit provisions, Section PS 4200 of the Chartered Professional Accountants of Canada ["CPA Canada"] Public Sector ["PS"] Accounting Handbook. The significant accounting policies are summarized below.

Reporting entity

The financial statements include all of the assets, liabilities, revenues and expenses of the district.

Funds generated at the schools are included as assets, liabilities, revenues and expenses of the district when the accountability, control and ownership of these funds rest with the district and are under the control of the school. Funds are raised through non-instructional fees and fundraising activities.

Measurement uncertainty

The preparation of financial statements in conformity with PSAS requires management to make estimates and assumptions that impact reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Estimates are reviewed periodically by management and, as adjustments become necessary, they are reported in the period in which they



August 31, 2016

become known. Measurement uncertainty that may be material to these financial statements exists for the liability for employee future benefits because actual experience may differ significantly from actuarial estimations and for the useful lives of tangible capital assets and related amortization because the estimate of useful life is based on management's assumptions. Actual results could differ from these estimates.

Trust funds

Trust funds held for other organizations and administered by the district are not included in the financial statements [note 19}.

Financial assets

Financial assets are assets that could be used to discharge existing liabilities or to finance future operations and are not for consumption in the normal course of operations.

[i] 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.

[ii] Accounts receivable

Accounts receivable includes education property taxes receivable, provincial grants receivable, federal goods and services tax rebates and other receivables. Other receivables are recorded at cost less valuation allowances. Valuation allowances are recorded where collectability is considered doubtful.

[iii] Other financial assets

Other financial assets include refundable deposits.

Non-financial assets

Non-financial assets generally are assets held for consumption in the provision of services. These assets do not normally provide resources to discharge the liabilities of the district.

2



August 31, 2016

Ii] Tangible capital assets

Tangible capital assets have useful lives extending beyond the accounting period, are held for use by the district and are not intended for sale in the ordinary course of operations. Tangible capital assets acquired or constructed are recorded at cost and include all costs directly attributable to the acquisition, design, construction, development, installation and betterment of the tangible capital asset.

The costs of the depreciable tangible capital assets are amortized on a straight-line basis over their estimated useful lives as follows:

Buildings Furniture and equipment Computer software and hardware Vehicles Site development

I 0 to 40 years 5 to 10 years 5 years 5 to 10 years 20 to 30 years

Work in progress is not amortized as these assets are not available for use. Once completed and available for use, these assets are amortized in accordance with the district's accounting policy.

Donated tangible capital assets are recorded at their fair market value at the date of donation when reasonably determinable; otherwise, they are recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization.

Iii) Prepaid expenses

Prepaid expenses are amounts paid for goods and services which will provide economic benefits in one or more future periods.

!iii] Other non-financial assets

Other non-financial assets include inventory of supplies and deposits for the provision of services.

Inventory of supplies is carried at the lower of cost, determined on a first-in, first-out basis, and replacement cost.

Liabilities

Liabilities are obligations arising from transactions and events occurring prior to the financial statement date.

3



August 31, 2016

[i] Accounts payable and accrued liabilities

Accounts payable and accrued liabilities include amounts owing to third parties and employees for work performed, goods supplied and services rendered, but not yet paid, at the financial statement date. Amounts are generally payable within one year.

[ii] Unexpended deferred operating revenue

Unexpended deferred operating revenue includes contributions received with stipulations that meet the definition of a liability, other than unexpended deferred capital revenue as described below. Unexpended deferred operating revenue is recognized as revenue when the stipulations are met.

[iii] Unexpended deferred capital revenue

Unexpended deferred capital revenue represents externally restricted funds received or receivable by the district for the purpose of acquiring or developing a depreciable tangible capital asset, but the related expenditure has not been made by the financial statement date. These contributions are recorded by the district once it has met all eligibility criteria to receive the contributions. These contributions must also have stipulations that meet the definition of a liability when expended. When expended, this unexpended deferred capital revenue is transferred to expended deferred capital revenue.

[iv] Expended deferred capital revenue

Expended deferred capital revenue represents contributions received or receivable containing stipulations that meet the definition of a liability, for the purpose of acquiring depreciable tangible capital assets. It consists of contributions which are transferred from unexpended deferred capital revenue when expended. The expended deferred capital revenue account balance is also increased by debenture debt, originally incurred for the purpose of acquiring capital assets, the payment of which is made by the Government of Alberta on behalf of the district. Where the Government of Alberta has entered into contracts [private-public partnerships] for the design, build, and finance of schools and modular classrooms on behalf of the district, expended deferred capital revenue is recorded in the amount of the estimated fair value of these assets transferred to the district. Expended deferred capital revenue is amortized to revenue on the same basis as the amortization on the related tangible capital assets acquired.

4



August 31, 2016

Iv] Employee future benefit liabilities

Employee future benefit liabilities represent retirement and post-employment benefits that accrue to the district's employees. The cost of these benefits is recorded in the reporting period that the benefits are earned by employees.

Employee future benefit liabilities include the non-registered Supplemental Executive Retirement Program ["SERP"] and retirement allowances.

SERP is a defined benefit pension plan supplemental to the Local Authorities Pension Plan [LAPP] or the Alberta Teachers' Retirement Fund [A TRF], as appropriate, for which the district is responsible for the entire cost. The district and certain members of senior administration participate in this plan. This is an unfunded pension arrangement with no assets. It is not a registered pension plan and not subject to pension regulations. SERP enhances the LAPP/ATRF benefits formula to a full 2 per cent final average earnings pension plan which provides for the portion of the accrued pension that is in excess of the Income Tax Act (Canada) maximum for each participant.

The liability relating to SERP is actuarially determined using the projected accrued benefit cost method pro-rated on service and management's best estimate of expected inflation, salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight-line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.

Retirement allowances relate to employees who are members of the Canadian Union of Public Employees, Unifor and exempt employees. The allowance is based on years of service and salary.

The liability relating to retirement allowances is actuarially determined using the accrued benefit actuarial cost method and is based on management's best estimate of salary escalation, termination and retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. Actuarial gains and losses are amortized on a straight-line basis over the expected average remaining service life of the related employee groups. Actuarial valuations are performed periodically. An actuary extrapolates these valuations when a valuation is not done in the current fiscal year.

Employee future benefit liabilities also include post-employment benefit continuation and retirement allowances for certain members of senior administration. These benefits have not been actuarially determined. They have been accounted for using current benefit rates and estimated retirement ages.

5



August 31, 2016

[vi] Liability for contaminated sites

Contaminated sites are a result of contamination being introduced into air, soil, water or sediment of a chemical, organic or radioactive material or live organism that exceeds an environmental standard. A liability for remediation of contaminated sites, net of expected recoveries, is recognized when a site is not in productive use and an environmental standard exists, contamination exceeds the environmental standard, the district is directly responsible or accepts responsibility, future economic benefits are expected to be given up and a reasonable estimate of the amount can be made. The estimate would include costs directly attributable to remediation activities, post-remediation operation, maintenance and monitoring costs and costs of assets acquired, to the extent they have no alternative use, that are an integral part of the remediation strategy.

[vii] Asset retirement obligations

Asset retirement obligations represent legal obligations associated with the retirement of tangible capital assets that result from the acquisition, construction, development or normal operation of the assets. The liability is recognized in the period in which it is incurred when a reasonable estimate of the amount can be made. The obligations are measured initially at fair value, determined using present value methodology, and the resulting costs are capitalized as part of the related tangible capital asset cost. In subsequent periods, the liability is adjusted for accretion and any changes in the amount or timing of the underlying future cash flows. The capitalized asset retirement cost is amortized on the same basis as the related asset and accretion expense is included in the Statement of Operations.

Accumulated surplus

Accumulated surplus represents the financial assets and non-financial assets of the district less liabilities. It consists of the accumulated balance of the operating surplus (deficit) arising from the operations of the district.

Certain amounts of the accumulated surplus as established at the discretion of the Board of Trustees of the district, or externally, have been designated for future operating and capital expenditures. These internally restricted amounts, which are the operating and capital reserves, are not available for use without approval of the Board of Trustees.

Revenue recognition

Revenues are recorded on an accrual basis, which recognizes revenues as they are earned and measurable.

6



August 31, 2016

[i] Government transfers

Revenue recognition of government transfers is dependent upon the terms of the transfer, namely, eligibility criteria and stipulations. Eligibility criteria are criteria that the district has to meet in order to receive the contributions from a transferring government. Stipulations describe how the district must use the contributions or the actions it must perform in order to keep the contributions.

Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government.

Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government and all eligibility criteria have been met.

[ii] Property taxes

Property taxes are levied and collected on a calendar year basis. The education property tax mill rate is set by the Government of Alberta. The district has elected, by way of Board resolution, to directly requisition tax revenues from the properties of separate school supporters. Tax revenues are recognized on the basis of time with l/121

h of the total tax revenue assessed recorded monthly.

[iii] Restricted revenues

Contributions with or without eligibility criteria but with stipulations are recognized as revenue in the period the contributions are authorized and all eligibility criteria have been met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability. Liabilities are recorded as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the contributions.

Funds received other than government transfers, such as donations and fees that are externally restricted are recognized as revenue in the period in which the funds are used for the purpose specified. Externally restricted funds received before this criterion has been met are reported as unexpended deferred operating revenue, unexpended deferred capital revenue or expended deferred capital revenue depending on the terms and conditions of the funds, provided it meets the definition of a liability.

[ivl Donated tangible capital assets

Donated tangible capital assets are recognized as revenue when received or receivable, except when the donated tangible capital assets give rise to an obligation that meets the definition of a

7



August 31, 2016

liability in which case it is recorded as expended deferred capital revenue and recognized as revenue when the restrictions have been met. Donated tangible capital assets are recorded at fair market value when reasonably determinable.

[v] Donated materials and services

Donated materials are recognized as revenue when received or receivable. Donated materials are recorded at fair market value when reasonably determinable, when they are used in the normal course of the district's operations and when they would otherwise have been purchased.

Volunteers assist schools operated by the district in carrying out certain activities. Because of the difficulty in determining the fair value of the services and the fact that such assistance is generally not otherwise purchased, the value of contributed services is not recognized in the financial statements.

Multi-employer defined benefit pension plans

The district and its staff participate in several multi-employer defined benefit pension plans. Multiemployer defined benefit pension plans are accounted for as a defined contribution plan whereby the district's contributions for current and past service pension benefits required for participating staff during the year are recorded as an expense; the net pension assets or liabilities of the plans are not recognized in the financial statements.

The district's certificated staff is required to participate in the Alberta Teachers' Retirement Fund. The current service and past service costs of the Alberta Teachers' Retirement Fund are shared equally by active members and the Government of Alberta. Active members are solely responsible for the additional IO per cent cost-of-living pension adjustment provision. Under the terms of the Teachers' Pension Plans Act, the district does not make pension contributions for certificated staff. The contributions by the Government of Alberta for the district's certificated staff are recorded as an increase in expense and an increase in Government of Alberta revenue. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from active members and the Government of Alberta over a fifteen-year period. However, funding deficiencies relating to the additional 10 per cent cost-of-living pension adjustment provision is amortized by additional contributions from active members only.

The district and its non-certificated staff participate in the multi-employer Local Authorities Pension Plan. Members and employers make contributions to this pension plan. Contributions are shared between the members and employers with employers paying one per cent more. An actuarial valuation of the plan is performed annually. Funding deficiencies under the plan are amortized by additional contributions from members and employers over a fifteen-year period.

8



August 31, 2016

The district and certain members of senior administration part1c1pate in a multi-employer registered Supplemental Integrated Pension Plan ["SIPP"]. This plan is supplemental to the Local Authorities Pension Plan or the Alberta Teachers' Retirement Fund, as appropriate. Employers are solely responsible for contributions to this pension plan. An actuarial valuation of the plan is performed every three years. Funding deficiencies under the plan are amortized by additional contributions over a fifteen-year period.

Financial instruments

Financial instruments are any contracts that give rise to financial assets of one entity and financial liabilities of another entity. Because they represent contractual arrangements, they do not include government transfers. The district's financial instruments recognized in the statement of financial position consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and long-term debt.

All financial instruments are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value upon initial recognition. The gain or loss arising from derecognition of a financial instrument and impairment losses such as write-downs are reported in the Statement of Operations.

Expenses

Expenses are reported on an accrual basis. Expenses are recognized in the period that the events giving rise to the expense occurs and there is a legal or constructive obligation to pay.

Program reporting

The district's operations are segmented as follows:

ECS instructional services which entails the provision of Early Childhood Services education that falls under the basic public education mandate.

Grades 1-12 instructional services that falls under the basic public education mandate.

Plant operations and maintenance which entails the operation and maintenance of all school buildings and maintenance shop facilities.

Transportation which entails the provision of regular and special education bus services to and from school, including transportation facilities.

9



August 31, 2016

Board and system administration which entails the provision of board governance and system based/central office administration, including administration facilities.

External services which entail all activities and services offered outside the public education mandate for ECS children and students in grades 1-12. Services offered beyond the mandate for public education are to be self-supporting, and Alberta Education funding may not be utilized to support these programs. It includes such programs as the International Student program, Breakfast Club and rental of facilities.

Whenever possible, program expenditures are determined by actual identification. Actual salaries and benefits of staff who are assigned to more than one program are allocated based on the time spent in each program. O~her expenditures that relate to more than one program are allocated on a reasonable basis, for example, depreciation of a building housing staff relating to more than one program is allocated based on area utilized.

Program revenues are reported by source and type and program expenses are reported by object on the Schedule of Program Operations.

Changes in accounting policies

[i] Effective September 1, 2015, the district adopted PS 2200, Related party disclosures, and PS 3420, Inter-entity transactions, new accounting standards issued by the Public Sector Accounting Board. These accounting standards are effective for fiscal years beginning on or after April 1, 2017, though earlier adoption is permitted. 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. The change in accounting policy was applied on a retroactive basis to September 1, 2014 and did not have any impact on the financial statements.

[ii] Effective September 1, 2015, the district adopted PS 3210, Assets, a new accounting standard issued by the Public Sector Accounting Board, effective for fiscal years beginning on or after April 1, 2017, though earlier adoption is permitted. PS 3210 provides guidance for applying the definition of assets set out in Financial Statement Concepts, PS 1000, and establishes general disclosure standards for assets. Disclosure of information about the major categories of assets that are not recognized is required. The application of this new standard did not have any impact on the financial statements.

[iii] Effective September I, 2015, the district adopted PS 3320, Contingent assets, a new accounting standard issued by the Public Sector Accounting Board, effective for fiscal years beginning on or after April I, 2017, though earlier adoption is permitted. PS 3320 defines and

10



August 31, 2016

establishes disclosure standards on contingent assets. Contingent assets are possible assets arising from existing conditions involving uncertainty. Disclosure of information about contingent assets is required when the occurrence of the confirming future event is likely. The application of this new standard did not have any impact on the financial statements.

[iv] Effective September 1, 2015, the district adopted PS 3380, Contractual rights, a new accounting standard issued by the Public Sector Accounting Board, effective for fiscal years beginning on or after April 1, 2017, though earlier adoption is permitted. PS 3380 defines and establishes disclosure standards on contractual rights. Contractual rights are rights to economic resources arising from contracts or agreements that will result in both an asset and revenue in the future. Disclosure of information about contractual rights is required including a description about their nature, extent and timing. The application of this new standard did not have any impact on the financial statements.

[v] Effective September 1, 2015, the district adopted PS 3430, Restructuring transactions, a new accounting standard issued by the Public Sector Accounting Board, effective for fiscal years beginning on or after April 1, 2018, though earlier adoption is permitted. PS 3430 defines a restructuring transaction and establishes standards for recognizing and measuring assets and liabilities transferred in a restructuring transaction. A restructuring transaction is a transfer of an integrated set of assets and/or liabilities, together with related program or operating responsibilities without consideration based primarily on the fair value of the individual assets and liabilities transferred. The application of this new standard did not have any impact on the financial statements.

11



August 31, 2016

3. ACCOUNTS RECEIVABLE

2016 Allowance for Net

Gross Doubtful Realizable Amount Accounts Value

$ $ $

Alberta Education - Grants 285,056 285,056 Alberta Education - Capital 15,703,912 15,703,912 Alberta Education - Other 32,483 32,483 Treasury Board and Finance - Supported debenture principal 290,172 290,172 Treasury Board and Finance - Accrued interest on supported debentures 15,835 15,835 Post-secondary institutions 38,506 38,506 Federal government 1,269,520 1,269,520 Municipalities 16,191,913 16,191,913 Foundations 15,386 15,386 Other 839,673 (29,836} 809,837 Total 34,682,456 (29,836) 34,652,620

2015 Allowance for Net

Gross Doubtful Realizable Amount Accounts Value

$ $ $

Alberta Education - Grants 1,433,239 1,433,239 Alberta Education - Capital 2,878,451 2,878,451 Alberta Education - Other 32,997 32,997 Treasury Board and Finance - Supported debenture principal 511,479 511,479 Treasury Board and Finance - Accrued interest on supported debentures 27,745 27,745 Federal government 767,152 767,152 Municipalities 16,177,179 16,177,179 Foundations 19,965 19,965 Other 380,196 (39,553) 340,643 Total 22,228,403 (39,553) 22,188,850

12



August 31, 2016

4. CREDIT FACILITIES

The district has a $2,000,000 demand operating credit facility and a $15,000,000 demand seasonal operating facility from June 1 to July 31 annually with interest at the bank's prime rate less 0.50%. A borrowing resolution to a maximum of the district's accounts receivable as per the most recent audited financial statements, covering all revenue of the district, has been provided as collateral for these facilities. At August 31, 2016 and August 31, 2015, no amount of the demand credit facilities was outstanding.

The district has a purchasing card facility in the amount of $2,500,000 [2015 - $2,500,000], of which $359,805 was outstanding at August 31, 2016 [2015 - $416,587] and included in accounts payable and accrued liabilities.

5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Alberta Education Other Alberta school jurisdictions Alberta Capital Finance Authority (Interest on long-term debt - Supported) Alberta Health Services Post-Secondary Institutions Alberta Local Authorities Pension Plan Corp. Other Government of Alberta ministries Federal Government Other bank charges, fees, and interest Accrued vacation pay liability Salaries and benefit costs Other trade payables and accrued liabilities Total

2016 $

17,870,466 863,077

15,835 761

1,169 577,092

1,684 5,077,934

2,831 3,067,598 7,727,844

36,345,525 71,551,816

2015 $

16,321,719 1,008,297

27,745 6,600

221 562,994

59 567,051

2,695 2,875,297 8,265,426

19,386,365 49,024,469

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7 15



August 31, 2016

7. EMPLOYEE FUTURE BENEFIT LIABILITIES

Employee future benefits consist of the following:

Retirement allowances [i} Defined benefit pension plan liability [ii] Executive retirement allowances [iii] Post-employment benefits [iii]

Total

[i] Retirement allowances

2016 $

5,089,200 393,700 691,714 195,000

6,369,614

2015 $

4,889,800 343,600 718,955 190,000

6,142,355

The actuarial valuation of the plan was performed as of August 31, 2016. Benefit plan obligations are as follows:

Accrued benefit obligation, beginning of year Current service cost Interest cost Benefit payments Amortization of experience (gain) loss

Accrued benefit obligation, end of year

There are no defined benefit plan assets.

2016 $

4,889,800 352,900 237,200

(394,900) 4,200

5,089,200

2015 $

4,743,400 303,000 263,000

(387,400) (32,200)

4,889,800

16



August 31, 2016

Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:

2016 2015 $ $

Pension obligation 5,644,500 4,917,100 Plan deficit 5,644,500 4,917,100 Unamortized experience loss (555,300) (27,300)

Accrued benefit obligation 5,089,200 4,889,800

The significant actuarial assumptions used in measuring the district's accrued benefit obligation and expense are as follows:

Discount rate - obligation

Discount rate - expense

Rate of compensation increase

Remaining service life

2016

4.40%

4.70%

0% from 2016-2018, 2.0% in 2019, 2.2%

thereafter 10 years

2015

4.70%

5.90%

2% in 2016, 2.5% thereafter

10 years

17



August 31, 2016

[ii] Defined benefit pension plan liability

The district participates in a non-registered Supplemental Executive Retirement Program [note 2] which is a defined benefit plan for certain members of senior administration. The actuarial valuation of the plan was performed as of August 31, 2016.

Defined benefit plan obligations are as follows:

Accrued benefit obligation, beginning of year Current service cost Interest cost Amortization of experience gain Accrued benefit obligation, end of year

There are no defined benefit plan assets.

2016 $

343,600 51,000 13,400

(14,300) 393,700

2015 $

300,600 45,400 12,000

(14,400) 343,600

Reconciliation of the funded status of the benefit plans to the amounts recorded in the financial statements is as follows:

Pension obligation Plan deficit Unamortized experience gain Accrued benefit obligation

2016 $

266,900 266,900 126,800 393,700

2015 $

230,300 230,300 113,300 343,600

18



August 31, 2016

The significant actuarial assumptions used in measuring the district's accrued benefit obligation are as follows:

Discount rate - obligation Discount rate - expense Rate of compensation increase Remaining service life

[iii] Other employee future benefits

2016 $

5.20% 5.25% 3.50%

9 years

2015 $

5.25% 6.15% 3.50%

10 years

These include retirement allowances for certain members of senior administration and postemployment benefit continuation for all members of senior administration.

8. LONG-TERM DEBT

Long-term debt is comprised of debentures issued by the Alberta Capital Finance Authority at interest rates ranging from 7.875% to 10.125% per annum which mature at various dates to 2020. All debenture principal and interest payments are fully supported [funded] by the Government of Alberta.

Principal and interest payments required over each of the next four years are as follows:

Principal Interest Total $ $ $

2017 221,307 27,845 249,152 2018 47,598 6,306 53,904 2019 16,067 1,961 18,028 2020 5,200 494 5,694 Total 290,172 36,606 326,778

Interest on long-term debt incurred during the year ended August JI, 2016 was $37,473 [2015 -$58,966].

19



August 31, 2016

9. TANGIBLE CAPITAL ASSETS

At August 31, 2016, construction in progress included buildings of$90,967,l 18 and equipment of $1,881,963. At August 31, 2015, construction in progress included buildings of $15,688,789, equipment of$57,863 and computer hardware and software of$996,759.

The Government of Alberta has entered into contracts [public-private partnerships] for the design, build, finance, and maintenance of schools and modular classrooms on behalf of the district. The cost of modular classrooms incurred in 2016 was $127,572 and the cost of modular classrooms incurred in 2015 was $2,260,656. These contributed assets have been transferred to the district at their estimated fair value as determined by the Government of Alberta based upon the competitively bid contract to construct these assets.

The Government of Alberta has incurred manpower costs on behalf of the district in the amount of $116,378 which was recorded as an increase to tangible capital assets.

Instructional equipment was donated in kind to the district in 2015 in the amount of$9,524.

Prior to the existence of the Joint Use Agreement ["JUA'') between the City of Calgary, the Calgary Board of Education and the district in March 1985, the district either purchased sites or, in some instances, acquired certain school sites from the City of Calgary for a nominal cost [$1 per site]. Subsequent to the JUA, the district receives school sites at no cost.

10. PREP AID EXPENSES

2016 2015 $ $

Licenses and support 2,288,792 1,740,699 Insurance 263,839 373,559 Election costs 136,427 277,494 Bus passes 45,435 38,500 Property Tax 39,465 42,346 Student travel 35,607 200,490 International Baccalaureate fees 30,739 68,784 Other 406,419 319,841 Total 3,246,723 3,061,713

20



August 31, 2016

11. ACCUMULATED SURPLUS

The Schedule of Changes in Accumulated Surplus provides detailed information on the changes in accumulated surplus. A summary of accumulated surplus is as follows:

Unrestricted surplus Operating reserves

Accumulated surplus from operations Investment in tangible capital assets Capital reserves

Accumulated surplus

2016 $

10,751,357 4,101,120

14,852,477 31,149,141

7,598,054 53,599,672

2015 $

8,282,728 5,696,303

13,979,031 32,756,036

7,449,934 54,185,001

Accumulated surplus from operations include school generated funds. These funds are raised at the school level and are not available to spend at the board level. The district's adjusted accumulated surplus from operations is calculated as follows:

Accumulated surplus from operations Deduct: School generated funds included in accumulated surplus [note 18] Adjusted accumulated surplus from operations

12. CONTRACTUAL OBLIGATIONS

2016 $

10,751,357

(2,272,970) 8,478,387

2015 $

8,282,728

(2,083,271) 6,199,457

The district has entered into contracts for the delivery of services and construction of tangible capital assets. These contractual obligations will become liabilities in the future when the terms of the contracts are met. Disclosure relates to the unperformed portion of the contracts.

Building projects Service providers Total contractual obligations

2016 $

71,102,675 6,276,769

77,379,444

2015 $

69,512,427 9,680,470

79,192,897

21



August 31, 2016

Building Service projects providers

$ $

2016-17 55,092,805 2,083,399 2017-18 16,009,870 1,828,803 2018-19 1,734,478 2019-20 630,089

71,102,675 6,276,769

Building projects include the district's obligation for the new schools in Evanston, Auburn Bay, Aspen Woods, Cranston, New Brighton, Legacy, Skyview Ranch, Silverado, Sherwood and Mahogany areas, modernizations at St. Vincent de Paul, St. Cyril and St. Francis and modular classrooms. Building projects also include the district's obligation for Infrastructure Maintenance Renewal projects and maintenance projects at non-school buildings. It is anticipated that these costs will be fully funded by Alberta Education with the exception of maintenance projects at nonschool buildings.

Service providers include the district's obligation to purchase minimum volumes of electricity and gas at a fixed price.

13. CONTINGENT LIABILITIES

The district may, from time to time, be involved in legal proceedings, claims and litigation that arise in the ordinary course of business. In the event that any such claims or litigation are resolved against the district, management does not anticipate any material impact from such outcomes or resolutions on the business, financial condition, or results of operations of the district at the present time.

The district is a member of The Urban Schools Insurance Consortium ["USIC"], a licensed reciprocal insurance exchange under Alberta's Insurance Act, which facilitates the placement of property and liability insurance coverage for 14 jurisdictions throughout the province of Alberta. Member contributions pay for premiums on insurance policies and self-insure a p6rtion of each member's risk exposure. Also, premium rebates are received by the reciprocal from the insurer's favourable claims experience. Each member could become liable for its proportionate share of any claim losses in excess of the funds held by the reciprocal. The district's share of the accumulated USIC funds as at August 31, 2016 was $603,375 [2015 - $676,523]. This amount has not been recognized in the district's financial statements as the accumulated funds are payable only upon membership termination or dissolution of the reciprocal.

22



August31,2016

14. LIABILITY FOR CONTAMINATED SITES

The district has one site which is not in productive use, which was formerly used as a school site. There has not been any historical use of this site that would warrant an environmental assessment. As a result, a liability for the remediation of contaminated sites has not been recognized.

15. ASSET RETIREMENT OBLIGATIONS

The district has a legal obligation to remove hazardous material located on the site of non-school buildings upon their disposal. As at August 31, 2016, none of the non-school buildings were scheduled for a major renovation or demolition. As no settlement date can be estimated, the fair value of the obligation cannot be determined and therefore a liability has not been recognized.

16. PENSION PLANS

Multi-employer defined benefit plans

[i] The district's certificated staff participates in the Alberta Teachers' Retirement Fund [note 2]. The expense for this defined benefit pension plan is equivalent to the annual contributions by the Government of Alberta of $35,863,536 for the year ended August 31, 2016 [2015 - $35,107,558]. At Augu~t 31, 2015, the Alberta Teachers' Retirement Fund reported a surplus of $779,716,000 [2014- surplus of$519,473,000].

[ii] The district participates in the multi-employer Local Authorities Pension Plan [note 2] for non-certificated staff. The expense for this defined benefit pension plan is equivalent to the annual contributions of $8,153,720 for the year ended August 31, 2016 [2015 - $7,721,646]. At December 31, 2015, the Local Authorities Pension Plan reported a deficit of $923,416,000 [2014 - deficit of$2,454,636,000].

[iii] The district participates in a multi-employer registered Supplemental Integrated Pension Plan [note 2] for certain members of senior administration. The expense for this plan is equivalent to the annual contributions of $57,326 for the year ended August 31, 2016 [2015 - $56,052]. As at December 31, 2014, the most recent actuarial valuation, the SIPP reported a surplus of $951, 100 [2011 - surplus of $3,800].

23



August 31, 2016

17. FEES 2016 2015

Activity Instructional supplies and materials Lunchroom supervision Transportation General International student tuition Extracurricular Hockey program Other Total

18. SCHOOL GENERATED FUNDS

Unexpended school generated revenue, beginning of year

Gross receipts: Fees Fundraising Gifts and donations Grants to schools Other sales and services

Total gross receipts

Total related expenses and uses of funds Total direct costs including cost of goods sold to raise funds Unexpended school generated revenues, end of year

Balance included in unexpended deferred operating revenue [note 6}

Balance included in accumulated surplus

$ $

3,073,498 2,201,442 2,146,996 1,503,073

849,030 647,450 565,281 460,047 187,742

11,634,559

2016 $

4,350,450

6,983,448 2,803,209 1,312,585

259,004 5,463,160

16,821,406

(13,279,996) {3,164,865}

4,726,995

2,454,025 2,272,970 4,726,995

3,053,338 2,910,750 2,006,794 1,167,425

917,489 558,800 316,415 481,118 187,019

11,599,148

2015 $

3,969,211

6,722,420 2,913,274 1,376,429

93,891 5,335,929

16,441,943

(12,400,138) (3,660,566}

4,350,450'

2,267, 179 2,083,271 4,350,450

24



August 31, 2016

19. TRUST FUNDS UNDER ADMINISTRATION

These amounts, which are not recorded in the financial statements, represent assets held in trust by the district.

Regional Collaborative Service Delivery [Banker board] Total

20. RELATED PARTY TRANSACTIONS

2016 $

2015 $

947,496 947,496

All entities that are consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions, other school jurisdictions, crown corporations, government agencies, regulated funds, government commercial enterprises, offices of the legislative assembly and government organizations in Alberta. Related party transactions are recorded at the exchange amount, which is the amount of consideration established and agreed upon between the related parties. Amounts due to or from and the amounts of transactions with related parties are recorded in the financial statements and are as follows:

Government of Alberta !GOA):

Education Accounts receivable I accounts payable Prepaid expenses I deferred revenue Unexpended deferred capital revenue Expended deferred capital revenue Grant revenue and expenses Alberta Teachers' Retirement Fund

payments made on behalf of district

Other revenues and expenses

2016 Balances

Financial assets

I at cost or net realizable

value] $

16,021,451

Liabilities lat amortized

cost] $

17,870,466 339,854

10,461,384 434,518,291

Transactions

Revenues $

423,684,590

35,863,536

120,627

Expenses $

1,795,160

25



August 31, 2016

2016 Balances Transactions

Financial assets

[at cost or net Liabilities realizable [at amortized

value) cost) Revenues Expenses $ $ $ $

Other Alberta school jurisdictions 863,077 210,293 1,404,172 Treasury Board and Finance [Principal] 290,172 Treasury Board and Finance [Accrued

interest] 15,835 37,473 Treasury Board and Finance - other 2,520 21,062 Alberta Health Services 761 451,374 Post-secondary institutions 40,807 1,169 146,956 246,133 Human Services 508,374 31,899 Agriculture and Forestry 1,008 11,704 Environment and Parks 176 7,274 Culture and Tourism 28,336 271,858 368 Other GOA ministries 1,040 390 Other: Alberta Local Authorities Pension Plan

Corp. 577,092 8,153,720 Alberta Capital Finance Authority 306,007 37,473 Urban School Insurance Consortium 107,513 641,596 Alberta Foundation for the Arts 122 15,203 Other related parties 3,074 1,298 50 TOTAL 16,475,778 465,480,231 460,386,643 12,770,086

I 26 i

f

I i



August 31, 2016

2015 Balances Transactions

Financial assets

(at cost or net Liabilities realizable (at amortized

value] cost] Revenues Expenses $ $ $ $

Government of Alberta [GOA]:

Education Accounts receivable I accounts payable 4,344,687 16,321,719 Prepaid expenses I deferred revenue 2,191,068 Unexpended deferred capital revenue 41,111,189 Expended deferred capital revenue 360,872,706 Grant revenue and expenses 413,786,631 Alberta Teachers' Retirement Fund

payments made on behalf of district 35,107,558 Other revenues and expenses 228,878 1,434,195 Other Alberta school jurisdictions 925 1,008,297 165,076 1,528,010 Treasury Board and Finance [Principal] 511,479 Treasury Board and Finance (Accrued

interest) 27,745 58,966 Treasury Board and Finance - other 59 47,520 159,822 Alberta Health Services 6,600 304,291 Post-secondary institutions 1,064 35,795 188,518 217,080 Alberta Justice 43,450 115 Human Services 540,272 31,899 445 Culture 55,448 91,526 Other GOA ministries 3,111 8,500 Other: Alberta Local Authorities Pension Plan

Corp. 562,994 7,721,646 Alberta Capital Finance Authority 539,224 58,966 Urban School Insurance Consortium 104,033 624,197 Alberta Innovates - Technology Futures 14,502 Alberta Foundation for the Arts 11,550 Calgary and Area Child and Family

Services 7,944 Other related parties 4,861 TOTAL 4,989,933 423,248,482 449, 788,879 12,057,267

27



August 31, 2016

The district's principal and interest payments on long-term debt in the amount of$221,307 [2015 -$221,307] and $37,473 [2015 - $58,966], respectively, are paid by the Government of Alberta [note 8]. Debenture principal payments are recorded as a decrease in long-term debt and decrease in accounts receivable. Interest payments are recorded as an increase in Government of Alberta revenue and increase in interest expense on long-term debt.

Maintenance costs totaling $1,551,187 [2015 - $1,175,707] related to the four schools constructed under the Public-Private Partnership Agreement are paid by the Government of Alberta and are recorded as an increase in revenue from the Government of Alberta and increase in plant operations and maintenance expense.

The district's primary source of revenue is from the Government of Alberta. The district's ability to continue its operations is dependent on this funding.

21. FINANCIAL RISK MANAGEMENT

It is management's opinion that the district is not exposed to significant currency, interest rate, market, credit or liquidity risks arising from its financial instruments. The district's financial risk exposure is as follows:

la) Currency risk

As the district has cash and accounts payable denominated in U.S. dollars, it is exposed to currency risk. As at August 31, 2016, cash and accounts payable in U.S. dollars totaled $33,387 and $17,988 [2015 - $110,218 and $6,022] respectively.

lb) Interest rate risk

Investments are not exposed to significant interest rate risk due to their short-term maturity.

The district is not exposed to interest rate risk on long-term debt as it is fully funded by the Government of Alberta.

Other financial assets and financial liabilities do not have any interest rate risk since they do not bear interest.

lcl Market risk

The district restricts the type of investments to include bankers' acceptances, guaranteed investment certificates, bearer deposit notes and term deposits issued by the five major banks:

28



August 31, 2016

Royal Bank, Canadian Imperial Bank of Commerce, Toronto Dominion Canada Trust, Bank of Montreal and Bank of Nova Scotia. Also, the district may invest to the maximum insurable amount with a financial institution who is a member of the Canadian Deposit Insurance Corporation, and may invest with a financial institution where the principal and interest is 100 per cent guaranteed by the Credit Union Deposit Guarantee Corporation, or where the principal and interest is 100 per cent guaranteed by the Government of Alberta. The maximum term allowed for an investment is 365 days.

(d) Credit risk

Receivables comprise amounts receivable from the City of Calgary and the Government of Alberta totaling $32,505,907 [94%] which mitigates the credit risk. The remaining receivables are subject to normal trade credit risk which is not significant as the district manages and analyzes the outstanding accounts receivable balances.

(e) Liquidity risk

The district manages its· liquidity risk by maintaining sufficient cash and cash equivalents and securing an operating line of credit [note 4}. The district ensures that it operates within its budget and has reserves and an unrestricted operating surplus.

22. BUDGET AMOUNTS

The budget was prepared by the district and approved by the Board of Trustees on June 24, 2015.

23. COMPARATIVE FIGURES

Certain of the 20 I 5 comparative figures have been reclassified to conform to the 2016 presentation.

29

School Jurisdiction Code: 4010SCHEDULE 8

Actual 2016 Actual 2015

FEES

Transportation fees $1,503,073 $1,167,425

Basic instruction supplies (text books, including lost or replacement fees, course materials) $1,325,850 $2,045,417

Technology user fees $0 $0

Alternative program fees $0 $0

Fees for optional courses (band, art, etc.) $875,592 $865,333

Fees for students from other boards $0 $0

Tuition fees (international & out of province) $647,450 $558,800

Kindergarten & preschool $0 $0

Extracurricular fees (sports teams and clubs) $565,281 $316,415

Field trips (related to curriculum) $3,073,498 $3,053,338

Lunch supervision fees $2,146,996 $2,006,794

Locker rental; locks; student ID; uniforms; library, student union, and fitness fees $0 $0

Other (describe)* $849,030 $917,489

Other (describe)* $460,047 $481,118

Other (describe)* $187,742 $187,019

Other (describe)* $0 $0





TOTAL FEES $11,634,559 $11,599,148

Actual 2016 Actual 2015

Cafeteria sales, hot lunch, milk programs $3,061,298 $3,016,117

Special events, graduation, tickets $269,939 $268,730

Student travel (international, recognition trips, non-curricular) $1,966,120 $1,870,831

$518,478 $522,430

$0 $0

$0 $0

Other (describe) $0 $0



TOTAL $5,815,835 $5,678,108

Adult education revenue

Child care & before and after school care

UNAUDITED SCHEDULE OF FEE REVENUESfor the Year Ending August 31, 2016 (in dollars)

(Mandatory & Optional)

General fee (includes presentations,celebrations, supplies that benefit entire schl population

Hockey program

International Baccalaureate and Advance Placement exam fees

Please disclose amounts paid by parents of students that are recorded as "Other sales and services" or "Other revenue" (rather than fee revenue):

Sales or rentals of other supplies/services (clothing, agendas, yearbooks)

*PLEASE DO NOT USE "SCHOOL GENERATED FUNDS" AS A CATEGORY

18

SCHEDULE 9 4010

Funded Students in Program 1,220 230 10,947 Federally Funded Students 126 REVENUES

Alberta Education allocated funding 1,437,282$ 3,264,394$ 12,079,354$ 28,826,523$ -$ Other funding allocated by the board to the program -$ -$ -$ -$ -$ TOTAL REVENUES 1,437,282$ 3,264,394$ 12,079,354$ 28,826,523$ -$

EXPENSES (Not allocated from BASE, Transportation, or other funding)Instructional certificated salaries & benefits 1,423,800$ 25,982$ 12,317,134$ 20,219,386$ Instructional non-certificated salaries & benefits 25,015$ 1,085,898$ 2,518,041$ 19,377,312$ SUB TOTAL 1,448,815$ 1,111,880$ 14,835,175$ 39,596,698$ Supplies, contracts and services 72,848$ 1,522,551$ 1,074,567$ 10,919,361$ Program planning, monitoring & evaluation 459,845$ 629,963$ 1,283,305$ 6,078,820$ Facilities (required specifically for program area) 21,336$ -$ 106,581$ 253,711$ Administration (administrative salaries & services) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ Other (please describe) -$ -$ -$ -$ TOTAL EXPENSES 2,002,844$ 3,264,394$ 17,299,628$ 56,848,590$ NET FUNDING SURPLUS (SHORTFALL) (565,562)$ -$ (5,220,274)$ (28,022,067)$

UNAUDITED SCHEDULE OF DIFFERENTIAL FUNDINGfor the Year Ended August 31, 2016 (in dollars)

PROGRAM AREA

First Nations, Metis & Inuit

(FNMI)ECS Program Unit

Funding (PUF)

English as a Second Language

(ESL)Inclusive

Education

Small Schools by Necessity

(Revenue only)

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20

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED … · INDEPENDENT AUDITORS' REPORT To the Board of...

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