School District No. 48 (Sea To Sky) · PDF fileMy responsibility is to express an opinion on...

Audited Financial Statements of

School District No. 48 (Sea To Sky)

June 30, 2016

September 26, 2016 9:07

School District No. 48 (Sea To Sky)June 30, 2016

Table of Contents

Management Report ...........................................................................................................................................................................................1

Independent Auditors' Report ...........................................................................................................................................................................................2-3

Statement of Financial Position - Statement 1 ...........................................................................................................................................................................................4

Statement of Operations - Statement 2 ...........................................................................................................................................................................................5

Statement of Changes in Net Financial Assets (Debt) - Statement 4 ...........................................................................................................................................................................................6

Statement of Cash Flows - Statement 5 ...........................................................................................................................................................................................7

Notes to the Financial Statements ...........................................................................................................................................................................................8-21

Schedule of Changes in Accumulated Surplus (Deficit) by Fund - Schedule 1 ...........................................................................................................................................................................................22

Schedule of Operating Operations - Schedule 2 ...........................................................................................................................................................................................23

Schedule 2A - Schedule of Operating Revenue by Source ...........................................................................................................................................................................................24

Schedule 2B - Schedule of Operating Expense by Object ...........................................................................................................................................................................................25

Schedule 2C - Operating Expense by Function, Program and Object ...........................................................................................................................................................................................26

Schedule of Special Purpose Operations - Schedule 3 ...........................................................................................................................................................................................28

Schedule 3A - Changes in Special Purpose Funds and Expense by Object ...........................................................................................................................................................................................29

Schedule of Capital Operations - Schedule 4 ...........................................................................................................................................................................................31

Schedule 4A - Tangible Capital Assets ..................................................................................................................................................................................32

Schedule 4B - Tangible Capital Assets - Work in Progress ...........................................................................................................................................................................................33

Schedule 4C - Deferred Capital Revenue ...........................................................................................................................................................................................34

Schedule 4D - Changes in Unspent Deferred Capital Revenue ...........................................................................................................................................................................................35

September 26, 2016 9:07


MANAGEMENT REPORT Version: 3162-2417-9434

Management's Responsibility for the Financial Statements.

The accompanying financial statements of School District No. 48 (Sea To Sky) have been prepared by management in accordance with the accounting requirements of Section 23.1 of the Budget Transparency and Accountability Act of British Columbia, supplemented by Regulations 257/2010 and 198/2011 issued by the Province of British Columbia Treasury Board, and the integrity and objectivity of these statements are management's responsibility. Management is also responsible for all of the notes to the financial statements and schedules, and for ensuring that this information is consistent, where appropriate, with the information contained in the financial statements.

The preparation of financial statements necessarily involves the use of estimates based on management's judgment particularly when transactions affecting the current accounting period cannot be finalized with certainty until future periods.

Management is also responsible for implementing and maintaining a system of internal controls to provide reasonable assurance that assets are safeguarded, transactions are properly authorized and reliable financial information is produced.

The Board of Education of School District No. 48 (Sea To Sky) (called the "Board") is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal control and exercises these responsibilities through the Board. The Board reviews internal financial statements on a monthly basis and externally audited financial statements yearly.

The external auditors, Office of the Auditor General of B.C., conduct an independent examination, in accordance with Canadian generally accepted auditing standards, and express their opinion on the financial statements. The external auditors have full and free access to financial management of School District No. 48 (Sea To Sky) and meet when required . The accompanying Independent Auditors' Report outlines their responsibilities, the scope of their examination and their opinion on the School District's financial statements.

·strict No. 48 (Sea To Sky)

Date Signed

Signature of the Superintendent Date Signed

Date Signed

September 26, 2016 9:07 Page 1

INDEPENDENT AUDITOR’S REPORT

To the Board of Education of School District No. 48 (Sea to Sky), and

To the Minister of Education, Province of British Columbia

I have audited the accompanying financial statements of School District No. 48 (Sea to Sky)

(“the entity”), which comprise the statement of financial position as at June 30, 2016, and the

statements of operations, changes in net financial assets (debt) and cash flows 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 of these financial statements in accordance with

Canadian Public Sector Accounting Standards, and for such internal control as management

determines is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I

conducted my audit in accordance with Canadian generally accepted auditing standards. Those

standards require that I comply with ethical requirements and plan and perform the audit to

obtain reasonable assurance about whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedures selected depend on the auditor's

judgment, including the assessment of the risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor considers

internal control relevant to the entity's preparation 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.

In my view, the audit evidence I have obtained is sufficient and appropriate to provide a basis for

my qualified audit opinion.

Basis for Qualified Opinion

As described in Note 2 to the financial statements, the entity’s accounting treatment for

contributions received from governments and for externally restricted contributions received

from non-government sources is to initially record them as deferred revenue (a liability) and then

recognize revenue in the statement of operations either on the same basis as the related

expenditures occur or, in the case of funds for the purchase or construction of capital assets, to

SCHOOL DISTRICT NO. 48 (Sea to Sky) Independent Auditor’s Report

recognize revenue on the same basis as the related assets are amortized. The entity was required

to adopt this accounting policy as prescribed by Province of British Columbia Treasury Board

Regulation 198/2011.

Under Canadian Public Sector Accounting Standards, the entity’s method of accounting for

contributions is only appropriate in circumstances where the funding meets the definition of a

liability. Otherwise, the appropriate accounting treatment is to record contributions as revenue

when they are received or receivable. In my opinion certain contributions of the entity do not

meet the definition of a liability, and as such the entity’s method of accounting for those

contributions represents a departure from Canadian Public Sector Accounting Standards.

This departure has existed since the inception of the standard, which applies to periods beginning

on or after April 1, 2012. When the cumulative effects of this departure to date are adjusted

through opening accumulated surplus, the entity’s records indicate that the effects of this

departure on the current year financial statements is an overstatement of the liability for deferred

capital revenue of $42.8 million, an understatement of accumulated surplus of $42.8 million, and

a current year overstatement of revenue of $1.8 million. Accordingly, the current year deficit is

understated by $1.8 million and net debt is overstated by $42.8 million.

Qualified Opinion

In my opinion, except for the effects of the matter described in the Basis for Qualified Opinion

paragraph, the financial statements present fairly, in all material respects, the financial position

of School District No. 48 (Sea to Sky) as at June 30, 2016, and the results of its operations,

changes in its net financial assets (debt), and its cash flows for the year then ended in accordance

with Canadian Public Sector Accounting Standards.

Other Matters

Without modifying my opinion, I advise the reader that I was not engaged to audit the

comparative financial statements of School District No. 48 (Sea to Sky) as at June 30, 2015, for

their fair presentation in accordance with Canadian Public Sector Accounting Standards. The

financial statements of School District No. 48 (Sea to Sky) as at June 30, 2015 were audited by a

professional accounting firm who previously reported on their compliance with Section 23.1 of

the Budget Transparency and Accountability Act including Treasury Board Regulation 198/2011

prescribing the accounting policy for contributions. However, because that audit reported against

a different framework than that of the current year, I must advise you that the comparative

information in the financial statements and related disclosures were not audited in accordance

with the Canadian Public Sector Accounting Standards framework adopted in the current year,

but rather in compliance with Section 23.1 of the Budget Transparency and Accountability Act.

Russ Jones, FCPA, FCA Victoria, British Columbia

September 30, 2016 Deputy Auditor General

School District No. 48 (Sea To Sky) Statement of Financial Position As at June 30, 2016

Financial Assets Cash and Cash Equivalents Accounts Receivable

Due from Province - Ministry of Education Other (Note 3)

Tota l Financial Assets

Liabilities Accounts Payable and Accrued Liabilities

Other (Note 5) Unearned Revenue (Note 6) Deferred Revenue (Note 7) Deferred Capital Revenue (Note 8) Employee Future Benefits (Note 9) International Education Program Homestay Total Liabilities

Net Financial Assets (Debt)

Non-Financial Assets Tangible Capital Assets (Note 10) Prepaid Expenses Total Non-Financial Assets

Accumulated Surplus (Deficit)

Version: 3162-2417-9434 September 26, 2016 9:07 The accompanying notes are an integral part of these financial statements.

Statement 1

2016 2015 Actual Actual

s $

11,596,101 12,162,354

31,714 31,714

326,652 202,845 11,954,467 12,396,9 13

4,815,399 4,465,824 1,449,879 1,416,190

728,303 I , 155,755

44,034,699 44,994,823 1,739,522 1,544,433

801,500 782,900 53,569,302 54,359,925

(41,614,835) (41 ,963,012)

53,149,703 53,812,463 329,630 205,858

53,479,333 54,018,321

11,864,498 12,055,309

2_y.,(l. Date Signed

Date Signed

s ('_ , I- _2 / I l. Date Signed

Page 4

Statement 2

2016 2016 2015

Budget Actual Actual

$ $ $

Revenues

Provincial Grants

Ministry of Education 43,915,579 45,405,831 42,547,724

Tuition 2,613,000 3,100,110 2,593,806

Other Revenue 2,502,984 2,473,251 2,174,453

Rentals and Leases 285,000 316,105 313,652

Investment Income 75,000 119,122 132,317

Amortization of Deferred Capital Revenue 2,186,808 2,437,044 2,182,826

Total Revenue 51,578,371 53,851,463 49,944,778

Expenses

Instruction 37,273,642 39,768,126 37,103,684

District Administration 2,781,841 2,508,709 2,411,947

Operations and Maintenance 9,681,027 10,174,690 9,303,027

Transportation and Housing 3,028,423 1,590,749 1,748,588

Total Expense 52,764,933 54,042,274 50,567,246

Surplus (Deficit) for the year (1,186,562) (190,811) (622,468)

Accumulated Surplus (Deficit) from Operations, beginning of year 12,055,309 12,677,777

Accumulated Surplus (Deficit) from Operations, end of year 11,864,498 12,055,309

School District No. 48 (Sea To Sky)Statement of Operations

Year Ended June 30, 2016

The accompanying notes are an integral part of these financial statements.Version: 3162-2417-9434


Statement 4

2016 2016 2015


$ $ $

Surplus (Deficit) for the year (1,186,562) (190,811) (622,468)

Effect of change in Tangible Capital Assets

Acquisition of Tangible Capital Assets (80,000) (2,311,277) (944,732)

Amortization of Tangible Capital Assets 2,511,704 2,974,037 2,538,785

Total Effect of change in Tangible Capital Assets 2,431,704 662,760 1,594,053

Acquisition of Prepaid Expenses (329,630) (205,858)

Use of Prepaid Expenses 205,858 207,588

Total Effect of change in Other Non-Financial Assets - (123,772) 1,730

(Increase) Decrease in Net Financial Assets (Debt),

before Net Remeasurement Gains (Losses) 1,245,142 348,177 973,315

Net Remeasurement Gains (Losses)

(Increase) Decrease in Net Financial Assets (Debt) 348,177 973,315

Net Financial Assets (Debt), beginning of year (41,963,012) (42,936,327)

Net Financial Assets (Debt), end of year (41,614,835) (41,963,012)

School District No. 48 (Sea To Sky)Statement of Changes in Net Financial Assets (Debt)




Statement 5

2016 2015

Actual Actual

$ $

Operating Transactions

Surplus (Deficit) for the year (190,811) (622,468)

Changes in Non-Cash Working Capital

Decrease (Increase)

Accounts Receivable (123,807) 556,377

Prepaid Expenses (123,772) 1,730

Increase (Decrease)

Accounts Payable and Accrued Liabilities 349,575 (373,475)

Unearned Revenue 33,689 320,956

Deferred Revenue (427,452) (54,851)

Employee Future Benefits 195,089 37,607

Amortization of Tangible Capital Assets 2,974,037 2,538,785

Amortization of Deferred Capital Revenue (2,437,044) (2,182,826)

International Education Program Homestay 18,600 105,150

Total Operating Transactions 268,104 326,985

Capital Transactions

Tangible Capital Assets Purchased (1,494,115) (944,732)

Tangible Capital Assets -WIP Purchased (421,242)

COA Funded AFG Expenditures (135,072) (681,048)

Total Capital Transactions (2,050,429) (1,625,780)

Financing Transactions

Capital Revenue Received 1,216,072 999,333

Total Financing Transactions 1,216,072 999,333

Net Increase (Decrease) in Cash and Cash Equivalents (566,253) (299,462)

Cash and Cash Equivalents, beginning of year 12,162,354 12,461,816

Cash and Cash Equivalents, end of year 11,596,101 12,162,354

Cash and Cash Equivalents, end of year, is made up of:

Cash 11,596,101 7,111,326

Cash Equivalents 5,051,028

11,596,101 12,162,354

School District No. 48 (Sea To Sky)Statement of Cash Flows




School District No. 48 (Sea to Sky) Notes To Financial Statements


NOTE 1 AUTHORITY AND PURPOSE

The School District, established on April 12, 1946 operates under authority of the School Act of British Columbia as a corporation under the name of "The Board of Education of School District No. 48 (Sea to Sky)", and operates as “School District No. 48." A board of education (“Board”) elected for a four-year term governs the School District. The School District provides educational programs to students enrolled in schools in the district, and is principally funded by the Province of British Columbia through the Ministry of Education. School District No. 48 (Sea to Sky) is a Registered Charitable Organization, and is exempt from federal and provincial corporate income taxes.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Accounting

These financial statements have been prepared in accordance with Section 23.1 of the BudgetTransparency and Accountability Act of the Province of British Columbia. This Section requiresthat the financial statements be prepared in accordance with Canadian public sector accountingstandards except in regard to the accounting for government transfers as set out in Notes 2(e) and2(k).

In November 2011, Treasury Board provided a directive through Restricted ContributionsRegulation 198/2011 providing direction for the reporting of restricted contributions whether theyare received or receivable by the School District before or after this regulation was in effect.

As noted in Notes 2(e) and 2(k), Section 23.1 of the Budget Transparency and Accountability Actand its related regulations require the School District to recognize government transfers for theacquisition of capital assets into revenue on the same basis as the related amortization expense.As these transfers do not contain stipulations that create a liability, Canadian public sectoraccounting standards would require these grants to be fully recognized into revenue.

The impact of this difference on the financial statements of the School District is as follows:

Year-ended June 30, 2016 – decrease in annual surplus by $1,776,631June 30, 2016 – increase in accumulated surplus and decrease in deferred contributions by$42,809,699Year-ended June 30, 2015 – decrease in annual surplus by $1,268,814June 30, 2015 – increase in accumulated surplus and decrease in deferred contributions by$44,190,410

b) Cash and Cash Equivalents

Cash and cash equivalents are readily convertible to known amounts of cash, and are subject toan insignificant risk of change in value. These cash equivalents are redeemable on demand andare held for the purpose of meeting short-term cash commitments rather than for investing.

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c) Accounts Receivable Accounts receivable are measured at amortized cost and are presented net of allowance for

doubtful accounts. d) Unearned Revenue

Unearned revenue includes tuition fees received for courses to be delivered in future periods and receipt of proceeds for services or products to be delivered in a future period. Revenue will be recognized in that future period when the courses, services, or products are provided.

e) Deferred Revenue and Deferred Capital Revenue

Deferred revenue includes contributions received with stipulations that meet the description of restricted contributions in the Restricted Contributions Regulation 198/2011 issued by Treasury Board. When stipulations are met, deferred revenue is recognized as revenue in the fiscal year in a manner consistent with the circumstances and evidence used to support the initial recognition of the contributions received as a liability as detailed in Note 2(k).

Funding received for the acquisition of depreciable tangible capital assets is recorded as deferred capital revenue and amortized over the life of the asset acquired as revenue in the statement of operations. This accounting treatment is not consistent with the requirements of Canadian public sector accounting standards which require that government transfers be recognized as revenue when approved by the transferor and eligibility criteria have been met unless the transfer contains a stipulation that creates a liability in which case the transfer is recognized as revenue over the period that the liability is extinguished. See Note 2(a) for the impact of this policy on these financial statements.

f) Employee Future Benefits The School District provides certain post-employment benefits including vested and non-vested benefits for certain employees pursuant to certain contracts and union agreements. The School District accrues its obligations and related costs including both vested and non-vested benefits under employee future benefit plans. Benefits include accumulating non-vested sick leave, retirement/severance, vacation, and death benefits. The benefits cost is actuarially determined using the projected unit credit method pro-rated on service and using management’s best estimate of expected salary escalation, termination rates, retirement rates and mortality. The discount rate used to measure obligations is based on the cost of borrowing. The cumulative unrecognized actuarial gains and losses are amortized over the expected average remaining service lifetime of active employees covered under the plan. The most recent valuation of the obligation was performed at March 31, 2016 and projected to June 30, 2019. The next valuation will be performed at March 31, 2019 for use at June 30, 2019. For the purposes of determining the financial position of the plans and the

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employee future benefit costs, a measurement date of March 31 was adopted for all periods subsequent to July 1, 2004. The School District and its employees make contributions to the Teachers’ Pension Plan and Municipal Pension Plan. The plans are multi-employer plans where assets and obligations are not separated. The costs are expensed as incurred.

g) Tangible Capital Assets

The following criteria apply:

Tangible capital assets acquired or constructed are recorded at cost which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets. Cost also includes overhead directly attributable to construction as well as interest costs that are directly attributable to the acquisition or construction of the asset.

Donated tangible capital assets are recorded at their fair market value on the date of donation, except in circumstances where fair value cannot be reasonably determined, which are then recognized at nominal value.

Work-in-progress is recorded as an acquisition to the applicable asset class at substantial completion.

Tangible capital assets are written down to residual value when conditions indicate they no longer contribute to the ability of the School District to provide services or when the value of future economic benefits associated with the sites and buildings are less than their net book value. The write-downs are accounted for as expenses in the Statement of Operations.

Buildings that are demolished or destroyed are written-off. Works of art, historic assets and other intangible assets are not recorded as assets in these

financial statements. The cost, less residual value, of tangible capital assets (excluding sites), is amortized on a

straight-line basis over the estimated useful life of the asset. It is management’s responsibility to determine the appropriate useful lives for tangible capital assets. These useful lives are reviewed on a regular basis or if significant events initiate the need to revise. Estimated useful life is as follows:

Buildings 40 years Furniture & Equipment 10 years Vehicles 10 years Computer Hardware 5 years

h) Capital Leases

Leases that, from the point of view of the lessee, transfer substantially all the benefits and risks incident to ownership of the property to the School District are considered capital leases. These are accounted for as an asset and an obligation. The School District has no capital leases. All leases are accounted for as operating leases and the related payments are charged to expenses as incurred.

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i) Prepaid Expenses

Annual insurance premiums, Municipal property taxes and utility charges, and software maintenance fees are included as a prepaid expense and stated at acquisition cost and are charged to expense over the periods expected to benefit from it.

j) Funds and Reserves

Certain amounts, as approved by the Board are set aside in accumulated surplus for future operating and capital purposes. Transfers to and from funds and reserves are an adjustment to the respective fund when approved (see Notes 12 – Interfund Transfers and Note 17 – Internally Restricted Surplus – Operating Fund).

k) Revenue Recognition Revenues are recognized in the period in which the transactions or events occurred that gave rise to the revenues. All revenues are recorded on an accrual basis, except when the accruals cannot be determined with a reasonable degree of certainty or when their estimation is impracticable.

Contributions received or where eligibility criteria have been met are recognized as revenue except where the contribution meets the criteria for deferral as described below. Eligibility criteria are the criteria that the School District has to meet in order to receive the contributions including authorization by the contributor. For contributions subject to a legislative or contractual stipulation or restriction as to their use, revenue is recognized as follows:

Non-capital contributions for specific purposes are recorded as deferred revenue and recognized as revenue in the year related expenses are incurred,

Contributions restricted for site acquisitions are recorded as revenue when the sites are purchased, and

Contributions restricted for tangible capital assets acquisitions other than sites are recorded as deferred capital revenue and amortized over the useful life of the related assets.

Donated tangible capital assets other than sites are recorded at fair market value and amortized over the useful life of the assets. Donated sites are recorded as revenue at fair market value when received or receivable.

The accounting treatment for restricted contributions is not consistent with the requirements of Canadian public sector accounting standards which require that government transfers be recognized as revenue when approved by the transferor and eligibility criteria have been met unless the transfer contains a stipulation that meets the criteria for liability recognition in which case the transfer is recognized as revenue over the period that the liability is extinguished. See Note 2(a) for the impact of this policy on these financial statements.

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Revenue related to fees or services received in advance of the fee being earned or the service is performed is deferred and recognized when the fee is earned or service performed. Investment income is reported in the period earned. When required by the funding party or related Act, investment income earned on deferred revenue is added to the deferred revenue balance.

l) Expenditures

Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed.

Categories of Salaries

Principals, Vice-Principals, and Directors of Instruction employed under an administrative officer contract are categorized as Principals and Vice-Principals.

Superintendents, Assistant Superintendents, Secretary-Treasurers, Trustees and other employees excluded from union contracts are categorized as Other Professionals.

Allocation of Costs

Operating expenses are reported by function, program, and object. Whenever possible, expenditures are determined by actual identification. Additional costs pertaining to specific instructional programs, such as special and aboriginal education, are allocated to these programs. All other costs are allocated to related programs.

Actual salaries of personnel assigned to two or more functions or programs are allocated based on the time spent in each function and program. School-based clerical salaries are allocated to school administration and partially to other programs to which they may be assigned. Principals and Vice-Principals salaries are allocated to school administration and may be partially allocated to other programs to recognize their other responsibilities.

Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individual’s salary.

Supplies and services are allocated based on actual program identification.

m) Financial Instruments A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The School District recognizes a financial instrument when it becomes a party to a financial instrument contract. Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and other liabilities. All financial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value of these investments upon initial recognition. Transaction costs are incremental costs directly attributable to the acquisition or issue of a financial asset or a financial liability.

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Interest and dividends attributable to financial instruments are reported in the statement of operations. All financial assets are tested annually for impairment. When financial assets are impaired, impairment losses are recorded in the statement of operations.

n) Measurement Uncertainty Preparation of financial statements in accordance with the basis of accounting described in Note 2(a) requires management to make estimates and assumptions that impact reported amounts of assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods. Significant areas requiring the use of management estimates relate to the potential impairment of assets, rates for amortization and estimated employee future benefits. Actual results could differ from those estimates.

NOTE 3 ACCOUNTS RECEIVABLE – OTHER RECEIVABLES June 30,

2016 June 30,

2015 Due from Federal Government $ 82,918 $ 83,117 Due from Other School Districts 3,074 5,153 Other 240,660 114,576 $ 326,652 $ 202,845

NOTE 4 REVOLVING CREDIT FACILITY The School District has a revolving credit facility agreement with its financial institution for operating fund purposes and a VISA Business Card Agreement. Under the revolving credit facility agreement the School District may borrow up to $1,075,000 at prime bank interest rates. The School District has never drawn on this facility. NOTE 5 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES – OTHER June 30,

2016 June 30,

2015 Trade payables $975,680 $ 2,355,240 Salaries and benefits payable 3,446,747 1,741,134 Accrued vacation pay 392,972 369,450 $4,815,399 $4,465,824

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NOTE 6 UNEARNED REVENUE June 30,

2016 June 30,

2015 Balance, beginning of year $1,416,190 $1,095,234 Increase:

Tuition fees collected 2,941,190 2,742,861 Medical fees collected 192,960 174,670 Rental/Lease of facilities collected 194 545

3,134,344 2,864,697 Decrease:

Tuition fees earned 2,914,350 2,439,326 Medical fees earned 185,760 154,080 Rental/Lease of facilities earned 545 2,714

3,100,655 2,543,741 Net changes for the year 33,689 320,956

Balance, end of year $1,449,879 $1,416,190

NOTE 7 DEFERRED REVENUE Deferred revenue includes unspent grants and contributions received that meet the description of a restricted contribution in the Restricted Contributions Regulation 198/2011 issued by Treasury Board, as the stipulations associated with those grants and contributions have not yet been fulfilled. June 30,

2016 June 30,

2015 Balance, beginning of year $1,155,755 $1,210,606 Increases:

Provincial grants - MOE 1,575,875 1,551,872 Annual Facility Grant 21,800 19,182 Scholarships and Bursaries 14,750 21,000 School Generated Funds 860,739 1,015,777

Decreases: Allocated to Revenue 2,900,616 2,662,682

Balance, end of year $728,303 $1,155,755

NOTE 8 DEFERRED CAPITAL REVENUE Deferred capital revenue includes grants and contributions received that are restricted by the contributor for the acquisition of tangible capital assets that meet the description of a restricted contribution in the Restricted Contributions Regulation 198/2011 issued by Treasury Board. Once spent, the contributions are amortized into revenue over the life of the asset acquired.

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June 30, 2016 June 30, 2015 Balance, beginning of year $44,190,410 $45,459,224 Increases:

Transferred from Deferred Revenue – Capital Additions 660,413 914,012 AFG Adjustment 395,920 0 Transferred from Deferred Revenue – Work in Progress 421,242 0

Decreases: Amortization of Deferred Capital Revenue 2,437,044 2,182,826

Deferred Capital Revenue, end of year 43,230,941 44,190,410 Unspent Deferred Capital Revenue, end of year 803,758 804,413 Deferred Capital Revenue $44,034,699 $44,994,823

NOTE 9 EMPLOYEE FUTURE BENEFITS Benefits include accumulating non-vested sick leave, retirement/severance, vacation, and death benefits. Funding is provided when the benefits are paid and accordingly, there are no plan assets. Although no plan assets are uniquely identified, the School District has provided for the payment of these benefits. June 30,

2016 June 30,

2015

Reconciliation of Accrued Benefit Obligation Accrued Benefit Obligation – April 1 2,103,933 2,017,395 Service Cost 176,208 156,778 Interest Cost 48,570 66,528 Benefit Payments (119,540) (207,957) Actuarial (Gain) Loss (102,364) 71,190 Accrued Benefit Obligation – March 31 2,109,082 2,103,933 Reconciliation of Funded Status at End of Fiscal Year

Accrued Benefit Obligation - March 31 2,109,082 2,103,933 Market Value of Plan Assets - March 31 0 0 Funded Status - Surplus (Deficit) (2,109,082) (2,103,933) Employer Contributions After Measurement Date 47,194 54,379 Benefits Expense After Measurement Date (51,938) (56,195) Unamortized Net Actuarial (Gain) Loss 374,305 561,315 Accrued Benefit Asset (Liability) - June 30 (1,739,522) (1,544,433)

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Reconciliation of Change in Accrued Benefit Liability

Accrued Benefit Liability (Asset) - July 1 1,544,433 1,506,826 Net Expense for Fiscal Year 307,443 299,944 Employer Contributions (112,355) (262,337) Accrued Benefit Liability (Asset) - June 30 1,739,522 1,544,433 Components of Net Benefit Expense

Service Cost 170,951 161,636 Interest Cost 49,571 62,038 Immediate Recognition of Plan Amendment 2,275 0 Amortization of Net Actuarial (Gain)/Loss 84,646 76,271 Net Benefit Expense (Income) 307,443 299,944 Assumptions Discount Rate - April 1 2.25% 3.25% Discount Rate - March 31 2.50% 2.25% Long Term Salary Growth - April 1 2.50% +seniority 2.50% +seniority

Long Term Salary Growth - March 31 2.50% +seniority 2.50% +seniority

EARSL - March 31 8.5 8.5 NOTE 10 TANGIBLE CAPITAL ASSETS

Net Book Value:

Net Book Value 2016

Net Book Value 2015

Sites $ 5,369,561 $ 5,369,561 Buildings 43,889,901 45,199,173 Furniture & Equipment 1,466,750 1,153,003 Vehicles 1,855,042 2,049,726 Computer Hardware 568,449 41,000 Total $ 53,149,703 $ 53,812,463

June 30, 2016 Cost:

Opening Cost July 1, 2015

Additions Disposals Total

June 30, 2016 Sites $ 5,369,561 $ 0 $ 0 $ 5,369,561 Buildings 85,327,556 1,040,920 0 86,368,476 Furniture & Equipment 1,921,654 505,912 164,772 2,262,794 Vehicles 3,519,712 157,287 369,990 3,307,009 Computer Hardware 94,965 607,158 32,175 669,948 Total $96,233,448 $2,311,277 $566,937 $97,977,788

Page 16



Accumulated Amortization:

Opening Accumulated Amortization July 1, 2015

Additions Disposals Total

June 30, 2016

Buildings 40,128,383 2,350,192 0 42,478,575 Furniture & Equipment 768,651 192,165 164,772 796,044 Vehicles 1,469,986 351,971 369,990 1,451,967 Computer Hardware 53,965 79,709 32,175 101,499 Total $42,420,985 2,974,037 $566,937 $44,828,085

June 30, 2015

Cost: Opening Cost July 1, 2014

Additions Disposals Total June 30,

2015 Sites $ 5,369,561 $ 0 $ 0 $ 5,369,561 Buildings 85,327,556 0 0 85,327,556 Furniture & Equipment 1,836,755 401,900 317,001 1,921,654 Vehicles 3,762,254 542,831 785,374 3,519,711 Computer Hardware 112,255 0 17,290 94,965 Total $96,408,381 $944,732 $1,119,665 $96,233,448

Accumulated Amortization: Opening

Accumulated Amortization July 1, 2014

Additions Disposals Total June 30, 2015

Buildings $38,171,949 $1,956,434 $ 0 $40,128,383 Furniture & Equipment 901,977 183,675 317,001 768,651 Vehicles 1,879,135 376,225 785,374 1,469,986 Computer Hardware 48,804 22,451 17,290 53,965 Total $41,001,865 $2,538,785 $1,119,665 $42,420,985

Cost as at June 30th, 2016 included Work In Progress on equipment amounting to $421,242. NOTE 11 EMPLOYEE PENSION PLANS The School District and its employees contribute to the Teachers’ Pension Plan and Municipal Pension Plan, jointly trusteed pension plans. The boards of trustees for these plans represent plan members and employers and are responsible for managing the pension plans including investing assets and administering benefits. The pension plans are multi-employer defined benefit pension plans. Basic pension benefits provided are based on a formula. As at December 31, 2015, the Teachers’ Pension Plan has 44,918 active members and 35,599 retired members. As at December 31, 2015 the Municipal Pension Plan has 188,651 active members and 84,777 retired members. Every three years, an actuarial valuation is performed to assess the financial position of the plans and adequacy of plan funding. The actuary determines an appropriate combined employer and member contribution rate to fund the plans. The actuary’s calculated contribution rate is based on the entry-

Page 17



age normal cost method, which produces the long-term rate of member and employer contributions sufficient to provide benefits for average future entrants to the plans. This rate is then adjusted to the extent there is any amortization of any funding deficit. The most recent actuarial valuation of the Teachers’ Pension Plan as at December 31, 2014 indicated a $500 million funding surplus for basic pension benefits. The next valuation will be as at December 31, 2017 with results available in 2018. The most recent actuarial valuation for the Municipal Pension Plan as at December 31, 2012 indicated a $1,370 million funding deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available in 2016. Employers participating in the Plan record their pension expense as the amount of employer contributions made during the fiscal year (defined contribution pension plan accounting). This is because the Plan records accrued liabilities and accrued assets for the Plan in aggregate with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the Plan. The School District paid $4,433,473 for employer contributions to the plan in the year ended June 30, 2016 ($4,102,120 in 2015). NOTE 12 INTERFUND TRANSFERS During the year the School District transferred $829,158 to the capital fund, $70,000 for the acquisition of playground equipment, $152,000 for vehicles and $ 607,158 for computer hardwarre. NOTE 13 RELATED PARTY TRANSACTIONS The School District is related through common ownership to all Province of British Columbia ministries, agencies, school districts, health authorities, colleges, universities, and crown corporations. Transactions with these entities, unless disclosed separately, are considered to be in the normal course of operations and are recorded at the exchange amount.

Page 18



NOTE 14 CONTRACTUAL OBLIGATIONS The School District has entered into a number of multiple year contracts for the delivery of services. 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. June 30, June 30, Thereafter 2017 2018 Photocopier Operating Lease Cost - Xerox $74,347 73,132 $95,991 District ERP System - SRB 68,395 68,395 68,395 Schools Accounting System - KEV 33,916 38,916 38,916 $176,658 $180,443 $203,302

NOTE 15 BUDGET FIGURES Budget figures included in the financial statements were approved by the Board through the adoption of an annual budget on June 10, 2015. NOTE 16 EXPENSE BY OBJECT June 30,

2016 June 30,

2015 Salaries and benefits $41,771,701 $38,965,479 Services and supplies 9,296,536 9,458,902 Amortization 2,974,037 2,538,785 $54,042,274 $50,963,166

Page 19



NOTE 17 INTERNALLY RESTRICTED SURPLUS – OPERATING FUND June 30,

2016 June 30,

2015 Internally Restricted (Appropriated) by the School District for:

Teacherage Reserve $132,670 $133,626 Appropriated in Budget Bylaw 414,299 1,186,562 Additional School Operating Funds 292,230 319,860 School Generated Funds 361,977 0 Community Learning Programs 29,168 0 Professional Development Funds Changing Results for Young Readers

58,314 14,242

46,165 26,723

Career Education Society Program 6,054 6,389 Aboriginal Education Targeted Funds 70,011 33,985 Eagle Eye Theatre Reserve 30,145 33,976 Maintenance Vehicle Replacement 0 72,000 DPAC Budget 3,653 3,272

Total Internally Restricted 1,412,763 1,862,558 Unrestricted Operating Surplus 258,588 291,769

Total Available for Future Operations $1,671,351 $2,154,327

NOTE 18 ECONOMIC DEPENDENCE The operations of the School District are dependent on continued funding from the Ministry of Education and various governmental agencies to carry out its programs. These financial statements have been prepared on a going concern basis. NOTE 19 COMPARATIVE NOTE Certain prior year comparative figures have been restated to conform to the current year financial statement presentation. NOTE 20 RISK MANAGEMENT The School District has exposure to the following risks from its use of financial instruments: credit risk, market risk and liquidity risk. The Board ensures that the School District has identified its risks and ensures that management monitors and controls them. a) Credit risk:

Credit risk is the risk of financial loss to an institution if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Such risks arise principally from certain financial assets held consisting of cash, amounts receivable and investments.

Page 20



The School District is exposed to credit risk in the event of non-performance by a borrower. This risk is mitigated as most amounts receivable are due from the Province and are collectible. It is management’s opinion that the School District is not exposed to significant credit risk associated with its cash deposits as they are placed in recognized British Columbia financial institutions.

b) Market risk :

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is comprised of currency risk and interest rate risk. Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the foreign exchange rates. It is management’s opinion that the School District is not exposed to significant currency risk, as amounts held and purchases made in foreign currency are insignificant. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the market interest rates. The School District is exposed to interest rate risk through its cash deposits. It is management’s opinion that the School District is not exposed to significant interest rate risk as cash deposits are placed in chequing and interest bearing deposit accounts with the Province of BC and earn nominal interest.

c) Liquidity risk:

Liquidity risk is the risk that the School District will not be able to meet its financial obligations as they become due. The School District manages liquidity risk by continually monitoring actual and forecasted cash flows from operations to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the School District’s reputation. The School District has a revolving credit facility agreement with its financial institution to borrow up to $1,075,000 for operating fund purposes.

Risk Management and insurance services for all school districts in British Columbia are provided by the Risk Management Branch of the Ministry of Finance.

Page 21

Schedule 1 (Unaudited)

Operating Special Purpose Capital 2016 2015

Fund Fund Fund Actual Actual

$ $ $ $ $

Accumulated Surplus (Deficit), beginning of year 2,154,327 9,900,982 12,055,309 12,677,777

Changes for the year

Surplus (Deficit) for the year 346,182 (536,993) (190,811) (622,468)

Interfund Transfers

Local Capital (829,158) 829,158 -

Net Changes for the year (482,976) - 292,165 (190,811) (622,468)

Accumulated Surplus (Deficit), end of year - Statement 2 1,671,351 - 10,193,147 11,864,498 12,055,309

School District No. 48 (Sea To Sky)Schedule of Changes in Accumulated Surplus (Deficit) by Fund


Version: 3162-2417-9434



2016 2016 2015


$ $ $

Revenues

Provincial Grants


Tuition 2,613,000 3,100,110 2,593,806

Other Revenue 182,859 1,188,969 1,053,967



Total Revenue 44,610,844 48,378,731 44,814,142

Expenses

Instruction 35,090,403 37,134,198 34,710,687

District Administration 2,781,841 2,508,709 2,411,947

Operations and Maintenance 6,533,814 7,150,864 6,585,654

Transportation and Housing 1,066,452 1,238,778 1,372,363

Total Expense 45,472,510 48,032,549 45,080,651

Operating Surplus (Deficit) for the year (861,666) 346,182 (266,509)

Budgeted Appropriation (Retirement) of Surplus (Deficit) 1,186,562

Net Transfers (to) from other funds

Local Capital (80,000) (829,158) (91,064)

Total Net Transfers (80,000) (829,158) (91,064)

Total Operating Surplus (Deficit), for the year 244,896 (482,976) (357,573)

Operating Surplus (Deficit), beginning of year 2,154,327 2,511,900

Operating Surplus (Deficit), end of year 1,671,351 2,154,327

Operating Surplus (Deficit), end of year

Internally Restricted 1,412,763 1,862,558

Unrestricted 258,588 291,769

Total Operating Surplus (Deficit), end of year 1,671,351 2,154,327

School District No. 48 (Sea To Sky)Schedule of Operating Operations


Version: 3162-2417-9434


Schedule 2A (Unaudited)

2016 2016 2015


$ $ $

Provincial Grants - Ministry of Education

Operating Grant, Ministry of Education 41,087,995 43,221,211 40,620,214

Strike Savings Recovery (1,180,788)

Other Ministry of Education Grants

Labour Settlement Funding 795,004

Pay Equity 371,793 371,793 371,793

Funding for Graduated Adults 8,275 20,766

FSA Scoring Grant 8,696 8,696 8,696

Carbon Tax Rebate - 56,992

Teacher Benefit Leveling Up - 37,147

Audit Recovery - (9,424)

Curriculum Implementation 9,700 -

Other Ministry of Education Grants 34,750

Enrolment Adjustments (13,499)

Total Provincial Grants - Ministry of Education 41,454,985 43,654,425 40,720,400

Tuition

Offshore Tuition Fees 2,535,000 2,914,350 2,439,726

International Program Medical Fees 78,000 185,760 154,080

Total Tuition 2,613,000 3,100,110 2,593,806

Other Revenues

Other School District/Education Authorities 174,859 187,495 328,412

Miscellaneous

Conttibutions from Schools & PACs 8,000 240,918 293,272

Donations 40,934 95,346

International Program Ancillary Revenue 198,862 205,934

Grants from Others 130,396 126,730

Sale of Assets & Other Revenue 28,387 4,273

School Generated Funds 361,977

Total Other Revenue 182,859 1,188,969 1,053,967



Total Operating Revenue 44,610,844 48,378,731 44,814,142

School District No. 48 (Sea To Sky)Schedule of Operating Revenue by Source


Version: 3162-2417-9434


Schedule 2B (Unaudited)

2016 2016 2015


$ $ $

Salaries

Teachers 18,404,351 19,313,623 17,551,154

Principals and Vice Principals 2,436,756 2,605,178 2,451,456

Educational Assistants 1,899,297 2,458,251 2,308,195

Support Staff 4,547,210 4,942,445 4,909,970

Other Professionals 1,794,759 1,856,227 1,646,708

Substitutes 739,999 1,168,102 1,071,156

Total Salaries 29,822,372 32,343,826 29,938,639

Employee Benefits 7,845,467 8,350,939 7,953,090

Total Salaries and Benefits 37,667,839 40,694,765 37,891,729

Services and Supplies

Services 2,312,155 1,880,834 1,585,415

Student Transportation 357,558 408,118 435,920

Professional Development and Travel 648,522 829,459 839,292


Dues and Fees 507,717 508,366 541,150

Insurance 160,000 158,464 162,801

Supplies 2,336,999 2,190,911 2,304,398

Utilities 1,317,820 1,161,662 1,130,450

Total Services and Supplies 7,804,671 7,337,784 7,188,922

Total Operating Expense 45,472,510 48,032,549 45,080,651



Schedule of Operating Expense by Object

Version: 3162-2417-9434


Schedule 2C (Unaudited)School District No. 48 (Sea To Sky)Operating Expense by Function, Program and Object

Principals and Educational Support Other

Teachers Vice Principals Assistants Staff Professionals Substitutes Total

Salaries Salaries Salaries Salaries Salaries Salaries Salaries

$ $ $ $ $ $ $

1 Instruction

1.02 Regular Instruction 16,196,848 858,667 59,274 239,297 979,597 18,333,683

1.03 Career Programs 53,281 3,691 29,570 3,222 89,764

1.07 Library Services 296,730 109,275 17,946 423,951

1.08 Counselling 487,496 21,071 29,484 538,051

1.10 Special Education 1,921,219 240,402 2,261,233 65,352 116,197 4,604,403

1.30 English Language Learning 260,738 23,786 24,778 15,770 325,072

1.31 Aboriginal Education 44,711 114,295 17,034 2,704 178,744

1.41 School Administration 7,452 1,256,430 525,147 451 1,789,480

1.62 Offshore Students 45,460 57,086 102,219 204,765

1.64 Other 45,148 39,153 12,643 2,731 99,675

Total Function 1 19,313,623 2,578,193 2,458,251 967,200 102,219 1,168,102 26,587,588

4 District Administration

4.11 Educational Administration 46,913 609,912 656,825

4.40 School District Governance 94,065 94,065

4.41 Business Administration 26,985 248,265 664,143 939,393

Total Function 4 - 26,985 - 295,178 1,368,120 - 1,690,283

5 Operations and Maintenance

5.41 Operations and Maintenance Administration 181,778 298,463 480,241

5.50 Maintenance Operations 2,671,136 87,425 2,758,561

5.52 Maintenance of Grounds 192,142 192,142

5.56 Utilities -

Total Function 5 - - - 3,045,056 385,888 - 3,430,944

7 Transportation and Housing

7.70 Student Transportation 635,011 635,011

Total Function 7 - - - 635,011 - - 635,011

9 Debt Services

Total Function 9 - - - - - - -

Total Functions 1 - 9 19,313,623 2,605,178 2,458,251 4,942,445 1,856,227 1,168,102 32,343,826


Page 26Version: 3162-2417-9434

September 26, 2016 9:07

Schedule 2C (Unaudited)School District No. 48 (Sea To Sky)Operating Expense by Function, Program and Object

1 Instruction

1.02 Regular Instruction

1.03 Career Programs

1.07 Library Services

1.08 Counselling

1.10 Special Education

1.30 English Language Learning

1.31 Aboriginal Education

1.41 School Administration

1.62 Offshore Students

1.64 Other

Total Function 1

4 District Administration

4.11 Educational Administration

4.40 School District Governance

4.41 Business Administration

Total Function 4

5 Operations and Maintenance

5.41 Operations and Maintenance Administration

5.50 Maintenance Operations

5.52 Maintenance of Grounds

5.56 Utilities

Total Function 5

7 Transportation and Housing

7.70 Student Transportation

Total Function 7

9 Debt Services

Total Function 9

Total Functions 1 - 9


Total Employee Total Salaries Services and 2016 2016 2015

Salaries Benefits and Benefits Supplies Actual Budget Actual

$ $ $ $ $ $ $

18,333,683 4,927,266 23,260,949 1,253,377 24,514,326 23,477,627 22,484,717

89,764 23,338 113,102 114,943 228,045 132,371 264,705

423,951 111,598 535,549 165,425 700,974 643,706 700,088

538,051 691,936 1,229,987 938 1,230,925 617,788 652,149

4,604,403 624,971 5,229,374 151,079 5,380,453 5,016,932 5,568,275

325,072 86,543 411,615 411,615 382,893 372,988

178,744 44,401 223,145 649,658 872,803 955,293 959,155

1,789,480 430,890 2,220,370 205,999 2,426,369 2,623,495 2,412,160

204,765 46,305 251,070 992,524 1,243,594 1,153,268 1,255,142

99,675 25,419 125,094 125,094 87,030 41,308

26,587,588 7,012,667 33,600,255 3,533,943 37,134,198 35,090,403 34,710,687

656,825 140,113 796,938 104,747 901,685 986,286 826,589

94,065 19,859 113,924 71,061 184,985 186,983 186,441

939,393 206,743 1,146,136 275,903 1,422,039 1,608,572 1,398,917

1,690,283 366,715 2,056,998 451,711 2,508,709 2,781,841 2,411,947

480,241 106,978 587,219 103,270 690,489 601,981 571,131

2,758,561 664,518 3,423,079 1,253,534 4,676,613 4,149,884 4,490,073

192,142 46,473 238,615 237,153 475,768 494,129 398,581

- - 1,307,994 1,307,994 1,287,820 1,125,869

3,430,944 817,969 4,248,913 2,901,951 7,150,864 6,533,814 6,585,654

635,011 153,588 788,599 450,179 1,238,778 1,066,452 1,372,363

635,011 153,588 788,599 450,179 1,238,778 1,066,452 1,372,363

- - - - - - -

32,343,826 8,350,939 40,694,765 7,337,784 48,032,549 45,472,510 45,080,651

Page 27Version: 3162-2417-9434

September 26, 2016 9:07


2016 2016 2015


$ $ $

Revenues

Provincial Grants


Other Revenue 2,320,125 1,284,282 1,120,486

Total Revenue 4,000,647 2,900,616 2,662,682

Expenses

Instruction 2,183,239 2,633,928 2,392,997

Operations and Maintenance 207,408 266,688 269,685

Transportation and Housing 1,610,000

Total Expense 4,000,647 2,900,616 2,662,682

Special Purpose Surplus (Deficit) for the year - - -

Total Special Purpose Surplus (Deficit) for the year - - -

Special Purpose Surplus (Deficit), beginning of year

Special Purpose Surplus (Deficit), end of year - -



Schedule of Special Purpose Operations

Version: 3162-2417-9434


Schedule 3A (Unaudited)School District No. 48 (Sea To Sky)Changes in Special Purpose Funds and Expense by Object

Annual Learning Aboriginal Special Scholarships School Ready,

Facility Improvement Education Education and Generated Strong Set,

Grant Fund Technology Equipment Bursaries Funds Start Learn OLEP

$ $ $ $ $ $ $ $ $

Deferred Revenue, beginning of year 41,697 - - 67,296 36,240 871,586 16,247 19,888 8,238

Add: Restricted Grants

Provincial Grants - Ministry of Education 207,408 862,406 1,541 96,000 19,600 105,714

Other 21,800 14,750 860,739

229,208 862,406 - 1,541 14,750 860,739 96,000 19,600 105,714

Less: Allocated to Revenue 266,688 862,406 - 766 18,450 1,244,032 98,661 12,000 113,952

Deferred Revenue, end of year 4,217 - - 68,071 32,540 488,293 13,586 27,488 -

Revenues

Provincial Grants - Ministry of Education 244,888 862,406 766 98,661 12,000 113,952

Other Revenue 21,800 18,450 1,244,032

266,688 862,406 - 766 18,450 1,244,032 98,661 12,000 113,952

Expenses

Salaries

Teachers 551,940 15,078

Educational Assistants 123,201

- 675,141 - - - - - - 15,078

Employee Benefits 187,265 3,769

Services and Supplies 266,688 766 18,450 1,244,032 98,661 12,000 95,105

266,688 862,406 - 766 18,450 1,244,032 98,661 12,000 113,952

Net Revenue (Expense) before Interfund Transfers - - - - - - - - -

Interfund Transfers

- - - - - - - - -

Net Revenue (Expense) - - - - - - - - -

Additional Expenses funded by, and reported in, the Operating Fund 12,316 18,911


Page 29Version: 3162-2417-9434

September 26, 2016 9:07

Schedule 3A (Unaudited)School District No. 48 (Sea To Sky)Changes in Special Purpose Funds and Expense by Object

Deferred Revenue, beginning of year

Add: Restricted Grants


Other

Less: Allocated to Revenue

Deferred Revenue, end of year

Revenues


Other Revenue

Expenses

Salaries

Teachers

Educational Assistants

Employee Benefits

Services and Supplies

Net Revenue (Expense) before Interfund Transfers

Interfund Transfers

Net Revenue (Expense)

Additional Expenses funded by, and reported in, the Operating Fund


Service

Community- Delivery

LINK Transformation TOTAL

$ $ $

66,285 28,278 1,155,755

283,206 1,575,875

897,289

283,206 - 2,473,164

283,661 - 2,900,616

65,830 28,278 728,303

283,661 1,616,334

1,284,282

283,661 - 2,900,616

55,500 622,518

89,715 212,916

145,215 - 835,434

50,468 241,502

87,978 1,823,680

283,661 - 2,900,616

- - -

- - -

- - -

31,227


Page 30Version: 3162-2417-9434

September 26, 2016 9:07


2016 Invested in Tangible Local Fund 2015

Budget Capital Assets Capital Balance Actual

$ $ $ $ $

Revenues

Provincial Grants

Ministry of Education 780,072 135,072 135,072 285,128

Amortization of Deferred Capital Revenue 2,186,808 2,437,044 2,437,044 2,182,826

Total Revenue 2,966,880 2,572,116 - 2,572,116 2,467,954

Expenses

Operations and Maintenance 780,072 135,072 135,072 285,128

Amortization of Tangible Capital Assets

Operations and Maintenance 2,159,733 2,622,066 2,622,066 2,162,560

Transportation and Housing 351,971 351,971 351,971 376,225

Total Expense 3,291,776 3,109,109 - 3,109,109 2,823,913

Capital Surplus (Deficit) for the year (324,896) (536,993) - (536,993) (355,959)

Net Transfers (to) from other funds

Local Capital 80,000 829,158 829,158 91,064

Total Net Transfers 80,000 - 829,158 829,158 91,064

Other Adjustments to Fund Balances

Tangible Capital Assets Purchased from Local Capital 833,702 (833,702) -

Total Other Adjustments to Fund Balances 833,702 (833,702) -

Total Capital Surplus (Deficit) for the year (244,896) 296,709 (4,544) 292,165 (264,895)

Capital Surplus (Deficit), beginning of year 9,622,053 278,929 9,900,982 10,165,877

Capital Surplus (Deficit), end of year 9,918,762 274,385 10,193,147 9,900,982

2016 Actual

School District No. 48 (Sea To Sky)Schedule of Capital Operations


Version: 3162-2417-9434


Schedule 4A (Unaudited)

Furniture and Computer Computer

Sites Buildings Equipment Vehicles Software Hardware Total

$ $ $ $ $ $ $

Cost, beginning of year 5,369,561 85,327,556 1,921,654 3,519,712 - 94,965 96,233,448

Changes for the Year

Increase:

Purchases from:

Deferred Capital Revenue - Bylaw 645,000 15,413 660,413

Local Capital 69,257 157,287 607,158 833,702

AFG Adjustment 395,920 395,920

- 1,040,920 84,670 157,287 - 607,158 1,890,035

Decrease:

Deemed Disposals 164,772 369,990 - 32,175 566,937

- - 164,772 369,990 - 32,175 566,937

Cost, end of year 5,369,561 86,368,476 1,841,552 3,307,009 - 669,948 97,556,546

Work in Progress, end of year 421,242 421,242

Cost and Work in Progress, end of year 5,369,561 86,368,476 2,262,794 3,307,009 - 669,948 97,977,788

Accumulated Amortization, beginning of year 40,128,383 768,651 1,469,986 - 53,965 42,420,985


Increase: Amortization for the Year 2,350,192 192,165 351,971 79,709 2,974,037

Decrease:

Deemed Disposals 164,772 369,990 - 32,175 566,937

- 164,772 369,990 - 32,175 566,937

Accumulated Amortization, end of year 42,478,575 796,044 1,451,967 - 101,499 44,828,085

Tangible Capital Assets - Net 5,369,561 43,889,901 1,466,750 1,855,042 - 568,449 53,149,703

School District No. 48 (Sea To Sky)Tangible Capital Assets


Version: 3162-2417-9434


Schedule 4B (Unaudited)

Furniture and Computer Computer

Buildings Equipment Software Hardware Total

$ $ $ $ $

Work in Progress, beginning of year -


Increase:

Deferred Capital Revenue - Bylaw 421,242 421,242

- 421,242 - - 421,242

Net Changes for the Year - 421,242 - - 421,242

Work in Progress, end of year - 421,242 - - 421,242

School District No. 48 (Sea To Sky)Tangible Capital Assets - Work in Progress


Version: 3162-2417-9434


Schedule 4C (Unaudited)

Bylaw Other Other Total

Capital Provincial Capital Capital

$ $ $ $

Deferred Capital Revenue, beginning of year 41,443,511 2,746,899 44,190,410


Increase:

Transferred from Deferred Revenue - Capital Additions 660,413 660,413

AFG Adjustment 395,920 395,920

1,056,333 - - 1,056,333

Decrease:

Amortization of Deferred Capital Revenue 2,316,065 120,979 2,437,044

2,316,065 - 120,979 2,437,044

Net Changes for the Year (1,259,732) - (120,979) (1,380,711)

Deferred Capital Revenue, end of year 40,183,779 - 2,625,920 42,809,699

Work in Progress, beginning of year -


Increase

Transferred from Deferred Revenue - Work in Progress 421,242 421,242

421,242 - - 421,242

Net Changes for the Year 421,242 - - 421,242

Work in Progress, end of year 421,242 - - 421,242

Total Deferred Capital Revenue, end of year 40,605,021 - 2,625,920 43,230,941

School District No. 48 (Sea To Sky)Deferred Capital Revenue


Version: 3162-2417-9434


Schedule 4D (Unaudited)

MEd Other

Bylaw Restricted Provincial Land Other

Capital Capital Capital Capital Capital Total

$ $ $ $ $ $

Balance, beginning of year 181,517 622,896 804,413


Increase:

Provincial Grants - Ministry of Education 1,216,072 1,216,072

1,216,072 - - - - 1,216,072

Decrease:

Transferred to DCR - Capital Additions 660,413 660,413

Transferred to DCR - Work in Progress 421,242 421,242

COA Funded AFG 135,072 135,072

1,216,727 - - - - 1,216,727

Net Changes for the Year (655) - - - - (655)

Balance, end of year 180,862 622,896 - - - 803,758

School District No. 48 (Sea To Sky)Changes in Unspent Deferred Capital Revenue


Version: 3162-2417-9434


School District No. 48 (Sea To Sky) · PDF fileMy responsibility is to express an opinion on...

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