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2004/05 Audited Financial Statements An Overview November 9, 2005

<logo>. 2004/05 Audited Financial Statements An Overview November 9, 2005. Highlights Review of Statements PHRD Schools & Sites ADLC. Agenda. Enrolments. Average CEU Completion Rate. NOTE: 1092 of the 1238 Vista Virtual students are in grades 10-12.

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2004/05 Audited Financial Statements An Overview November 9, 2005

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  1. <logo> 2004/05 Audited Financial Statements An Overview November 9, 2005

  2. Highlights Review of Statements PHRD Schools & Sites ADLC Agenda

  3. Enrolments

  4. Average CEU Completion Rate NOTE: 1092 of the 1238 Vista Virtual students are in grades 10-12. Because these students only register for 1-2 courses each, their completion average (04/05=7.68) distorts the PHRD Community Schools average.

  5. ADLC Highlights • Total Students Served: • 04/05 – 14,651; 3,363.34 FTE • 03/04 - 13,449; 3,276.48 FTE • % increase = 8.94% (+2.65% FTE) • Funded Students Served: • 04/05 – 12,502; 2,254.56 FTE • 03/04 - 11,359; 2,161.35 FTE • % increase = 10.06% (+4.31% FTE)

  6. 04/05 Operating Surplus (Deficit) • Pembina Hills Regional Div. No. 7 $358,675 • 03/04 = $(116,355) • Alberta Distance Learning Centre $29,500 • 03/04 = $198,804

  7. Operating & Capital Reserves • PHRD $4.82 million (03/04=$4.72 million) Represents 11.5% of 04/05 operational expenses (03/04=11%) Operating Reserves only = $2.6 million, or 6.30% of operational expenses • ADLC $0.98 million (03/04=$0.97 million) Represents 10% of 04/05 operational expenses (03/04 =10%)

  8. The Statements A Quick Overview

  9. Statement of Financial Position (aka Balance Sheet) • Primary purpose - to present the PHRD’s economic resources, obligations and net assets (equity) at August 31 • Assets - funded by liabilities and/or equity

  10. Balance Sheet - some unique terms • School Generated Funds (SGF) • funds under control & responsibility of schools (eg. yearbook sales, grad fees, etc) • Balance Sheet states the ending bank balances of SGF’s. • Deferred Capital Allocations • funds received for capital projects (eg. Block Modernization funds) that have not been expended at August 31

  11. Balance Sheet - some unique terms • Unamortized capital allocations • supported capital funds that have been expended but have yet to be amortized over the useful life of the applicable assets purchased • Represents the provincial government’s equity in our school buildings

  12. Overview - PHRD Balance Sheet

  13. Overview - ADLC Balance Sheet

  14. Statement of Revenues and Expenses (aka Income Statement) • Provides information on PHRD’s operations for the year. • Surplus (Deficit) of revenue over expenses represents the change in PHRD’s unrestricted resources as a result of operations for the year. • Surplus (Deficit) does not account for unsupported capital additions or transfers to and from reserves. • Comparative 2004/05 budget figures are those approved May 12, 2004. They do not account for budget adjustments throughout the year (eg. actual Sept enrolment)

  15. Overview - PHRD Statement of Revenues and Expenses

  16. Overview - ADLC Statement of Revenues and Expenses

  17. Statement of Changes in Net Assets (aka Statement of Changes in Equity) • “Total net assets” = equity • Equity represents the jurisdiction’s residual interest (value) in the assets. • To fully understand the nature of PHRD’s financial activities in the period, information is required about changes to net assets as a result of: • Operations • Capital assets • Assets that are externally and internally restricted.

  18. Statement of Changes in Net Assets (aka Statement of Changes in Equity) • The statement of changes in net assets provides critical financial information and shows the extent to which PHRD’s activities have resulted in an increase or decrease in net assets

  19. Overview - PHRD Statement of Changes in Equity

  20. Overview - ADLC Statement of Changes in Equity

  21. Statement of Cash Flows • Reports and explains the PHRD total changes in cash equivalents as a result of activities during the year • PHRD experienced a decrease in cash flow from the beginning of the year of $251,248 • ADLC experienced an increase in cash flow from the beginning of the year of $905,704 • Main contributor to increased cash flow was @ Aug 31/04 PHRD owed ADLC $680,779 vs. @ Aug 31/05, ADLC owed PHRD $115,550 (net difference - $796,329)

  22. PHRD Schools & Sites Summary Information

  23. Renewed Funding Framework • 04/05 marked the 1st year of the Renewed Funding Framework • The renewed framework is an allocation system and is not intended to provideexpenditure direction. Jurisdictions have enhanced flexibility to spend funding as they choose to meet needs of their students’ and local priorities • This supports the principle of flexibility

  24. Instruction

  25. Instruction • Instructional Operating Reserves @ Aug 31/05 - $2,547,106 (03/04=$2,105,958) • Community Schools - $1,362,717 (03/04=$1,181,285) • Co-op Pool - 800,293 (03/04=$234,545) • WAN (telephone system) - 0 (03/04=$306,029) • Vista Virtual - 384,096 (03/04=$384,096) • Average program cost per FTE student in Kindergarten to Grade 12 - $6,566 • 03/04=$6,381

  26. Co-op Pool • 04/05 Surplus/(Deficit) = $259,719 • 03/04 = $66,013 • Variance Analysis

  27. Co-op Pool (cont.) • Operating Reserve @ Aug 31/05 = $800,293 • Recommendation for disbursement of reserve to be discussed at November 24, 2005 Administrators’ meeting • Recommendation will be placed on December 14, 2005 Regular Board Meeting Agenda

  28. Barrhead Composite High School • 04/05 Surplus/(Deficit) - $(8,313) • 03/04 = $85,775 • 04/05 budgeted transfer from operating reserve(deficit) - $75,000 • Average high school CEU completion rate – 38.49 (gr. 10-12) • 03/04 (gr 11&12) = 37.77 • Operating Reserve @ Aug 31/05 - $323,972

  29. Barrhead Elementary School • 04/05 Surplus/(Deficit) - $34,799 • 03/04 = $(43,350) • 04/05 budgeted Surplus/(Deficit) - $(64,066) • Operating Reserve @ Aug 31/05 - $205,195

  30. Busby School • 04/05 Surplus/(Deficit) - $(2,472) • 03/04 = $(8,579) • 04/05 budgeted Surplus/(Deficit) - $(6,493) • Operating Reserve @ Aug 31/05 - $51,040

  31. Dapp School • 04/05 Surplus/(Deficit) - $(19,112) • 03/04 = $13,291 • 03/04 budgeted Surplus/(Deficit) - $(15,000) • Operating Reserve @ Aug 31/05 - $168,404

  32. Dunstable School • 04/05 Surplus(Deficit) - $7,480 • 03/04 = $(7,043) • 04/05 budgeted Surplus/(Deficit) - $(2,277) • Operating Reserve @ Aug 31/05 - $94,874

  33. Eleanor Hall School • 04/05 Surplus/(Deficit) - $(266) • 03/04 = $(32,043) • 04/05 budgeted Surplus/(Deficit) - $696 • Operating Reserve @ Aug 31/05 - $(32,976) • A 2 year deficit reduction plan has been developed by the school, with approx. $20,000 of the accumulated deficit to be recaptured in the 05/06 school year and the balance in 06/07

  34. Fort Assiniboine School • 04/05 Surplus/(Deficit) - $3,712 • 03/04 = $(19,588) • Includes Forestry Funding of $82,341 • 04/05 budgeted Surplus/(Deficit) - $(22,783) • Average high school CEU completion rate – 33.26 (gr 10-12) • 03/04 (gr 11&12)=29.69 • Operating Reserve @ Aug 31/05 - $52,323

  35. Hillman Colony School • 04/05 Surplus/(Deficit) - $(2,990) • Low enrolment continues to be a challenge • 04/05 – 2 Kindergarten students; 14 students in grades 1-9 • 05/06 change in ESL funding for Hutterite students in Colony Schools – 5 yr. Max. funding limit may be waived for individual students • Operating Reserve @ Aug 31/05 - $3,010

  36. Jarvie School • 04/05 Surplus/(Deficit) - $(19,664) • 03/04 = $5,118 • 04/05 budgeted Surplus/(Deficit) - $(20,489) • Operating Reserve @ Aug 31/05 - $871

  37. Meadowview School • 04/05 Surplus/(Deficit) - $(17,181) • 03/04 = $662 • $17,810 in Federal CAP funding remaining for future years’ expenditures • 04/05 budgeted Surplus/(Deficit) - $(29,746) • Operating Reserve @ Aug 31/05 - $36,997

  38. Neerlandia School • 04/05 Surplus/(Deficit) - $22,432 • 03/04 = $(11,531) • 04/05 budgeted Surplus/(Deficit) - $4,740 • Operating Reserve @ Aug 31/05 - $142,488

  39. R.F. Staples Secondary School • 04/05 Surplus/(Deficit) - $38,273 • 03/04 = $(131,058) • 04/05 budgeted Surplus/(Deficit) - $(78,176) • Average high school CEU completion rate – 37.19 (gr 10-12) • 03/04 (gr 11&12)=34.81 • Operating Reserve @ Aug 31/05 - $152,788

  40. Sunniebend Colony School • 04/05 Surplus/(Deficit) - $4,153 • Low enrolment continues to be a challenge • 04/05 – 3 Kindergarten students; 11 students in grades 1-10 • 05/06 change in ESL funding for Hutterite students in Colony Schools – 5 yr. Max. funding limit may be waived for individual students • Operating Reserve @ Aug 31/05 - $5,153

  41. Swan Hills School • 04/05 Surplus/(Deficit) - $65,425 • 03/04 = $56,394 • 04/05 budgeted Surplus/(Deficit) - $32,214 • Average high school CEU completion rate – 37.54 (gr 10-12) • 03/04 (gr 11&12)=29.53 • Operating Reserve @ Aug 31/05 - $64,393

  42. Vimy School • 04/05 Surplus/(Deficit) - $29,614 • 03/04 = $(34,895) • 04/05 budgeted Surplus/(Deficit) - $28,235 • Operating Reserve @ Aug 31/05 - $(4,129)

  43. W.R. Frose School • 04/05 Surplus/(Deficit) - $(17,384) • 03/04 = $(7,994) • 04/05 budgeted Surplus/(Deficit) - $10,901 • Operating Reserve @ Aug 31/05 - $(31,313) • A 2 year deficit reduction plan is being developed by the school

  44. Westlock Elementary School • 04/05 Surplus/(Deficit) - $55,655 • 03/04 = $(77,073) • 04/05 budgeted Surplus/(Deficit) - $72,546 • Operating Reserve @ Aug 31/05 - $132,915

  45. Outreach Centres • 04/05 combined surplus/(deficit) - $7,268 • 03/04 = $(122,981) • Combined CEU completion rate – 15.91 (gr. 10-12) • 03/04 (gr 11&12) = 15.14 • Combined Operating Reserves @ Aug 31/05 - $(3,288) • Accumulated deficit to be recovered in 05/06

  46. Vista Virtual • A virtual school operated by PHRD • PHRD contracts the ADLC OnLine Program to provide instruction. Similarly, other school jurisdictions contract ADLC OnLine to provide instruction for their virtual programs. • 1,238 students were registered with Vista Virtual in 04/05 • 03/04 – 1,107 • High School CEU completion rate = 7.68 (gr 10-12) • 03/04 (gr 11&12)=6.69 • lower completion due to students taking only a portion of their courseload thru OnLine • 04/05 instructional funding received - $1,863,223

  47. Operations & Maintenance of Schools • 04/05 Surplus/(Deficit) - $(102,983) • 03/04=$(1,639) • 04/05 Surplus/(Deficit), excluding gain on sale from Swan Hills House - $(130,972) • Projected Surplus/(Deficit) - $(178,470) • Responsibility for funding of PO&M transferred from Alta. Infrastructure & Transportation to Alta. Education effective April 1, 2005 • PO&M funding for boards from April 1-Aug 31/05 not finalized • Based April 1-Aug 31/05 estimate on letter received from AIT in October, 2004 • Based on summer of 2005 announcement from AIT, 05/06 PO&M funding should increase approx. $300,000 over 04/05 levels

  48. Operations & Maintenance of Schools • Average cost per FTE student in Kindergarten to Grade 12 - $1,345 • 03/04 - $1,329 • Average cost, excluding debenture & BQRP costs - $766 • 03/04 - $729 • Reserves @ Aug 31/05 • Operating - $(80,735) • Capital (for future fleet replacements) - $131,084 • Capital –Swan Hills Property Disposition (for future upgrades to Swan Hills School) - $27,990

  49. Student Transportation • 04/05 Surplus/(Deficit) - $(6,237) • 03/04=$102,823 • 04/05 budgeted Surplus/(Deficit) - $46,129 • An annual surplus is required in the transportation area to help fund the cost of replacement buses for the division owned fleet

  50. Student Transportation Average cost per student transported - $1,320 • 02/03 - $1,261 • 03/04 - $1,335 • Operating Reserve @ Aug 31/05 - $109,351 • Capital Reserve (for future fleet replacements) - $392,962 • Represents funding for approx. 5 buses

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