Prince Albert Roman Catholic Separate School Division No. 6Statement of Operations and Accumulated Surplus from Operationsfor the year ended August 31, 2019 2019 2019 2018Budget Actual Actual$ $ $REVENUES(Note 13)Property Taxes and Other Related 2,831,005 2,882,539 1,216,168Grants 26,723,613 26,687,615 28,529,827Tuition and Related Fees 166,707 180,917 210,457School Generated Funds 350,000 1,120,806 987,387Complementary Services (Note 11) 785,980 775,933 776,320Other 71,800 700,358 114,979Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138EXPENSESGovernance 144,802 163,558 131,686Administration 1,628,935 1,503,201 1,642,800Instruction 22,910,432 23,066,736 23,059,888Plant 4,956,098 5,154,355 4,486,792Transportation 1,789,440 1,994,623 1,981,976School Generated Funds 350,000 1,055,276 883,152Complementary Services (Note 11) 725,479 822,509 762,074Other 84,125 83,765 296,461Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829Operating Deficit for the Year (1,660,206) (1,495,855) (1,409,691)Accumulated Surplus from Operations, Beginning of Year 35,560,529 35,560,529 36,970,220Accumulated Surplus from Operations, End of Year 33,900,323 34,064,674 35,560,529The accompanying notes and schedules are an integral part of these statements. Prince Albert Roman Catholic Separate School Division No. 6Statement of Changes in (Net Debt) Net Financial Assetsfor the year ended August 31, 2019 2019 2019 2018Budget Actual Actual$ $ $(Note 13)Net Financial Assets, Beginning of Year 75,515 75,515 213,678Changes During the YearOperating Deficit for the Year (1,660,206) (1,495,855) (1,409,691)Acquisition of Tangible Capital Assets (Schedule C) (288,328) (491,289) (410,783)Amortization of Tangible Capital Assets (Schedule C) 2,055,940 1,668,313 1,696,420Net Change in Other Non-Financial Assets - (15,558) (14,109)Change in Net Financial Assets / Net Debt 107,406 (334,389) (138,163)(Net Debt) Net Financial Assets, End of Year 182,921 (258,874) 75,515 Prince Albert Roman Catholic Separate School Division No. 6Statement of Cash Flowsfor the year ended August 31, 2019 2019 2018$ $OPERATING ACTIVITIESOperating Deficit for the Year (1,495,855) (1,409,691)Add Non-Cash Items Included in Deficit (Schedule D) 1,668,313 1,696,420Net Change in Non-Cash Operating Activities (Schedule E) 770,369 (94,695)Cash Provided by Operating Activities 942,827 192,034CAPITAL ACTIVITIESCash Used to Acquire Tangible Capital Assets (491,289) (410,783)Cash Used by Capital Activities (491,289) (410,783)INVESTING ACTIVITIESCash Used to Acquire Portfolio Investments (2,703) (752)Cash Used by Investing Activities (2,703) (752)FINANCING ACTIVITIESRepayment of Long-Term Debt (107,406) (102,904)Cash Used by Financing Activities (107,406) (102,904)INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 341,429 (322,405)CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,427,244 3,749,649CASH AND CASH EQUIVALENTS, END OF YEAR 3,768,673 3,427,244The accompanying notes and schedules are an integral part of these statements. The Minister’s Office has asked for a briefing note on the financial health of Prince Albert Roman Catholic Separate School Division No. 6. Please review their attached 2018-19 audited financial statements and provide a briefing note on the financial health of the school division focusing on their cash position and accumulated surplus including any PMR maintenance project allocation, designated assets, and their unrestricted surplus. Also make explanantions in an excel sheet
Prince Albert Roman Catholic Separate School Division No. 6
Statement of Operations and Accumulated Surplus from Operations
for the year ended August 31, 2019
2019 2019 2018
Budget Actual Actual
$ $ $
REVENUES
(Note 13)
Property Taxes and Other Related 2,831,005 2,882,539 1,216,168
Grants 26,723,613 26,687,615 28,529,827
Tuition and Related Fees 166,707 180,917 210,457
School Generated Funds 350,000 1,120,806 987,387
Complementary Services (Note 11) 785,980 775,933 776,320
Other 71,800 700,358 114,979
Total Revenues (Schedule A) 30,929,105 32,348,168 31,835,138
EXPENSES
Governance 144,802 163,558 131,686
Administration 1,628,935 1,503,201 1,642,800
Instruction 22,910,432 23,066,736 23,059,888
Plant 4,956,098 5,154,355 4,486,792
Transportation 1,789,440 1,994,623 1,981,976
School Generated Funds 350,000 1,055,276 883,152
Complementary Services (Note 11) 725,479 822,509 762,074
Other 84,125 83,765 296,461
Total Expenses (Schedule B) 32,589,311 33,844,023 33,244,829
Operating Deficit for the Year (1,660,206) (1,495,855) (1,409,691)
Accumulated Surplus from Operations, Beginning of Year 35,560,529 35,560,529 36,970,220
Accumulated Surplus from Operations, End of Year 33,900,323 34,064,674 35,560,529
The accompanying notes and schedules are an integral part of these statements.
Prince Albert Roman Catholic Separate School Division No. 6
Statement of Changes in (Net Debt) Net Financial Assets
for the year ended August 31, 2019
2019 2019 2018
Budget Actual Actual
$ $ $
(Note 13)
Net Financial Assets, Beginning of Year 75,515 75,515 213,678
Changes During the Year
Operating Deficit for the Year (1,660,206) (1,495,855) (1,409,691)
Acquisition of Tangible Capital Assets (Schedule C) (288,328) (491,289) (410,783)
Amortization of Tangible Capital Assets (Schedule C) 2,055,940 1,668,313 1,696,420
Net Change in Other Non-Financial Assets - (15,558) (14,109)
Change in Net Financial Assets / Net Debt 107,406 (334,389) (138,163)
(Net Debt) Net Financial Assets, End of Year 182,921 (258,874) 75,515
Prince Albert Roman Catholic Separate School Division No. 6
Statement of Cash Flows
for the year ended August 31, 2019
2019 2018
$ $
OPERATING ACTIVITIES
Operating Deficit for the Year (1,495,855) (1,409,691)
Add Non-Cash Items Included in Deficit (Schedule D) 1,668,313 1,696,420
Net Change in Non-Cash Operating Activities (Schedule E) 770,369 (94,695)
Cash Provided by Operating Activities 942,827 192,034
CAPITAL ACTIVITIES
Cash Used to Acquire Tangible Capital Assets (491,289) (410,783)
Cash Used by Capital Activities (491,289) (410,783)
INVESTING ACTIVITIES
Cash Used to Acquire Portfolio Investments (2,703) (752)
Cash Used by Investing Activities (2,703) (752)
FINANCING ACTIVITIES
Repayment of Long-Term Debt (107,406) (102,904)
Cash Used by Financing Activities (107,406) (102,904)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 341,429 (322,405)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,427,244 3,749,649
CASH AND CASH EQUIVALENTS, END OF YEAR 3,768,673 3,427,244
The accompanying notes and schedules are an integral part of these statements.
The Minister’s Office has asked for a briefing note on the financial health of Prince Albert Roman Catholic Separate School Division No. 6. Please review their attached 2018-19 audited financial statements and provide a briefing note on the financial health of the school division focusing on their cash position and accumulated surplus including any PMR maintenance project allocation, designated assets, and their unrestricted surplus. Also make explanantions in an excel sheet
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