Creight Annual

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1 Creight ton School Division #111 Annual Report Approved November 25, 2013 Creighton School Division Board of Education Annual Report

2 Table of Contents Letter of Transmittal Highlights/Accomplishments for Introduction School Division Profile About Us Division Mission Statement Division Vision Statement Division Core Values and Beliefs Program Overview School Division Planning Strategic Plan Continuous Improvement and Accountability Framework The School Division in the Community Community and Parent Involvement Community Partnerships Governance The Board of Education School Community Councils Our Students and Staff Students Staff Profile Higher Literacy and Achievement Grade 12 Graduation Average Final Marks Equitable Opportunities Strategies to Meet Needs of Diverse Students Smooth Transitions Grade 7 to 10 Transitions Credit Attainment System Accountability and Governance School Community Councils and Learning Improvement Plans Facilities and Transportation Facilities Student Transportation Financial Overview Budget to Actual Expenditure Creighton School Division Board of Education Annual Report

3 Appendix A: Management Report and Audited Financial Statements Appendix B: Organization Chart Appendix C: School List Appendix D: Payee List Board of Education Remuneration Personal Services Supplier Payments Appendix E: Infrastructure Projects List of Figures Figure 1: Location of Creighton School Division Figure 2: Enrolment by Grade September Figure 3: School Division Staff Figure 4: Grade 12 Graduation Students Completing Grade 12 in Three Years Figure 5: Grade 12 Graduation Students Completing Grade 12 in Five Years Figure 6: Average Final Marks in Selected Secondary Level Courses Figure 7: Student Transitions Between Grades 7 and Figure 8: Average Credits Earned per Post-Secondary Student Figure 9: Student Transportation Figure 10: Summary of Revenue and Expenses Creighton School Division #111 Box 158, Creighton, SK S0B 0A0 Phone: (306) Fax: (306) Website: [email protected] An electronic copy of this report is available at Creighton School Division Board of Education Annual Report

4 Letter of Transmittal Honourable Dan Morgan Minister of Education Dear Minister Morgan, The Board of Education of Creighton School Division #111 is pleased to provide you and the residents of the School Division with the annual report. This report outlines activities and accomplishments of the School Division and provides audited financial statements for the fiscal year September 1, 2012 to August 31, Respectfully submitted Janet Clark Chairperson Creighton School Division Board of Education Annual Report Page 1

5 Highlights/Accomplishments for The following are significant division accomplishments for the 2012/2013 school: 1. Data Driven Decision Making The processes of collecting assessment data on student achievement, and using that data to make instructional decisions has become embedded in the practices of the teachers in the division. Examples of that process this year include the data for the Canadian Achievement Test, and the data from the Tell Them From Me Survey. 2. First Nations Metis Education Achievement Plan A three-year First Nations Metis Education Achievement plan (FNMEA) has been developed and submitted to the Ministry of Education. With the submission of this plan the Division will receive approximately $23, in funding to increase achievement of our FNM students. The goals identified in this plan include increased student engagement for our FNM students as identified by the Tell Them From Me Survey, and increased literacy levels of our FNM students so that they are achieving at grade level expectations. 3. Individual Achievement Account Transition to Work Creighton School Division has applied for and received funding to implement a Transition to Work Program for our at risk students. The Division has received a total of $102, during the last two years to fund this program. The overall goal of this program is to assist vulnerable youth to stay in school, and to contribute to their local community by increasing their ability to manage their financial affairs, to gain employment skills, and to assist with their post-secondary plans or the transition to work. 4. Tell Them From Me Survey During this past year our Grade 4-12 students have participated in a perceptual survey that measures a variety of student achievement outcomes. This survey tool is an opportunity for students to have their voice heard, and the results of the survey are a strong indicator of student engagement in schooling. Highlights of the survey data this year indicated that students at Creighton Community School have a very high sense of belonging to their school, they value school outcomes, and they are intellectually engaged and find learning interesting. All of these scores for Creighton Community School were well-above Canadian norms. 5. Board Governance Policy Handbook During the 2012/2013 school year, the Board of Creighton School Division #111 reviewed/revised all of their governance polices. A new school governance policy handbook has been approved that outlines the Board s role in providing good governance practices. The purpose of this process was to identify the Board s role in providing goals and direction to the division, and administration s role in carrying out those decisions. Creighton School Division Board of Education Annual Report Page 2

6 Introduction This annual report presents an overview of Creighton School Division s activities and results for the fiscal year September 1, 2012 to August 31, This annual report provides a snapshot of Creighton School Division, its governance structures, students, staff, programs and facilities. It also offers information regarding the Continuous Improvement & Accountability Framework priorities: higher literacy and achievement, equitable opportunities, smooth transitions, and system accountability and governance. In addition to detailing the School Division s activities and performance in implementing the CIAF, this report outlines the financial overview of the Division, its audited financial statements, and includes appendices such as an organizational chart and payee list. Financial statements included in this report have been audited by an independent auditor following the Canadian Generally Accepted Auditing Standards. Creighton School Division Board of Education Annual Report Page 3

7 School Division Profile Figure 1: Location of Creighton School Division About Us Creighton School Division #111 is a rural one-school division located in northeast Saskatchewan that encompasses the communities of Creighton and Denare Beach. Included in the Denare Beach community is a small reserve that includes members of the Peter Ballantyne Cree Nation (PBCN). The map on the right shows the geographic location of Creighton School Division. Division Mission Statement Our mission is to work together to create a student centered environment that fosters healthy living, lifelong learning and responsible citizenship. Division Vision Statement Our Vision is that each student who enters our doors shall leave with abundant respect for self and others and the capability to meet the challenges of tomorrow. Division Core Values and Beliefs Every organization s actions and decisions are guided by those things that its members value and believe. The Board of Education of the Creighton School Division #111 believes that: Each individual is unique and has significant intrinsic value and has significant value for our community and society. It is vital that society provides education that addresses the personal, physical, spiritual, emotional and intellectual needs of each person. Students current and future needs must be foremost in all decisions. Creative, proactive, visionary and accountable leadership provides the foundation for success. Collaboration and teamwork are effective, productive and desirable. Positive relationships that empower students, parents, staff, administration, community members, partner organizations and other stakeholders are essential to meaningful education. Program Overview The students in Creighton School Division are diverse. They vary in age, personal circumstances, learning styles, interests, and individual strengths and needs. In order to provide the best education possible for all our students, Creighton School Division offers a wide range of programs in Creighton Community School. Central to the program is the provincially-mandated core curricula, broad areas of learning and cross-curricular competencies. Classroom instruction is designed to incorporate differentiated instruction, First Nations and Métis (FNM) content, FNM perspectives and ways of knowing, and differentiated instruction. Creighton School Division Board of Education Annual Report Page 4

8 In addition, Creighton Community School offers specialized programming that responds to the needs of its students. The following list identifies programs in operation at the school: Alternative programming for vulnerable students Community School programming Core French instruction Music/band programming Practical Arts Programming Technology-enhanced learning Given the size of the Division a limited number of specialized services and supports are offered to students and teachers: Learning Coach (.5) Educational Psychologist (one of the learning support teachers is the educational psychologist) Contracted Occupational Therapist (20 days) Contracted Speech& Language Pathologist (50 days) Student Counsellors (2.0 FTE) First Nations and Métis Education The Ministry of Education requires that each school division create a First Nations and Métis Education Plan that aligns with the Continuous Improvement and Accountability Framework. The highlights of Creighton School Division s First Nations and Métis Education Plan appear below. The full plan is available at The full plan provides detailed information about performance measures, target outcomes, and instructional strategies. Goal #1 Equitable Outcomes By June 2016 our FNM students in Grades 4-12 will demonstrate student engagement levels similar to all students in our school. By June 2016 the literacy levels of our FNM students in Grades 1-3 will be at or above grade level. Goal #2 Knowledge of First Nations and Métis Contributions By June 2016 Creighton School Division students will score at or above the provincial mean on the TULA Survey. Goal #3 Data Collection and Reporting By June 2016, the attendance of FNM students in Creighton School Division will at the 88% level in K-6, and at the 75% level in 7-12, as reported to Saskatchewan Education on the student data system. By June % of all FNM students will complete high school within three years of starting Grade 10. By June 2016 the average number of credits earned per grade level for FNM students will be at the same level as our non-fnm students. Goal #4 Shared Management To partner collaboratively with PBCN to enhance student success. To create a HUB style support program as a result of the interagency meetings. Creighton School Division Board of Education Annual Report Page 5

9 School Division Planning Creighton School Division #111 has a well-coordinated planning process which enables the alignment of School Division priorities with the Continuous Improvement and Accountability Framework (CIAF) priorities and alignment of all School Division planning activities. Since there is only one school in the division, Creighton Community School, it has been decided that the division CIAF will also serve as the Learning Improvement Plan for Creighton Community School. Strategic Plan Creighton School Division has never engaged in the development of a Strategic Plan. With only having one school in the division, the strategies outlined in the Continuous Improvement and Accountability Framework serves as the strategic plan for the division. A copy of the CIAF is available at Continuous Improvement and Accountability Framework The Continuous Improvement and Accountability Framework (CIAF) aligns School Division and CIAF priorities. The priority areas of the CIAF are: 1. Improve literacy and numeracy achievement for all students so that students in Creighton Community School achieve at provincial and national norms. 2. Enhance character education programming to improve students self-worth, citizenship skills and social development. 3. Establish structures and processes that foster meaningful, active and effective relationships with First Nations and Métis organizations and that promote positive First Nations relationships among students, staff and parents. 4. Encourage parent/guardian involvement in the school system through engaging and encouraging the School Community Council. 5. Enhance programming that promotes student career development and life-long learning. Creighton School Division Board of Education Annual Report Page 6

10 The School Division in the Community Creighton School Division is an integral part of community life in north east Saskatchewan. Creighton Community School is linked to the broader community in a multitude of ways. The Board of Education places strong emphasis on community and parent involvement, and on community partnerships. Community and Parent Involvement Research has shown that students achieve at higher levels in school when their parents/guardians and other community members are involved in education. Creighton Community School has programs and initiatives to encourage community and parent involvement. For example, Creighton Community School is establishing a parents room where the coffee is always on and families are always welcome. Creighton School Division believes in the importance of School Community Councils (SCCs) as a mechanism for connecting community and school. SCCs play a role in governance (described more fully in the next section) and most have established formal processes to foster community and parent involvement. Community Partnerships Interagency Meetings Creighton School Division has a number of informal partnerships with community agencies that provide support and resources for programs at Creighton Community School. The school division coordinates a bi-monthly interagency meeting that includes representation from Kids First North, Flin Flon Friendship Center, Peter Ballantyne Cree Nation, Northern Sport Recreation and Culture, Royal Canadian Mounted Police, Village of Denare Beach, Town of Creighton, Indian Child and Family Services, Child and Family Services, Mamawetan Churchill River Health Region, Ministry of Justice, and Creighton Alcohol and Drug Abuse Center. To facilitate the provision of wrap-around services by these multiple agencies, an interagency coordinator has been hired for the 2013/2014 school year. The funding for this position was obtained through the Community Initiatives Fund, but long term funding for the program will eventually need to be absorbed as a partnership between all the agencies. A review of the effectiveness of this position will be undertaken towards the end of the 2014/2014 school year. One of the goals for the school division is strengthen some of the informal partnerships by engaging in discussions with a number of community agencies that will lead to formal written partnership agreements. Governance The Board of Education provides governance for Creighton School Division as a whole and the School Community Council provides advice to Creighton Community School. The Board of Education Creighton School Division is governed by a six person elected Board of Education. The Education Act, 1995 gives the Board of Education the authority to administer and manage the educational affairs of the school division and to exercise general supervision and control over the schools in the school division. Creighton School Division Board of Education Annual Report Page 7

11 Trustees are elected at large throughout the boundaries of the division except for the Denare Beach reserve. Once elected, the members of the Board of Education represent all students in the Division and are committed to providing the very best education possible for each and every student. The current Board of Education was elected on October 24, 2012 and will serve a four-year term. The Board of Education members are: Board Chair Janet Clark Board Vice-chair Ray Biberdorf PBCN Hermeline Fagnan Trustee Tracy Andrusiak Trustee Rhonda Werbicki Trustee Heather Jacobsen (resigned from the Board on March 21, 2013) When Heather Jacobsen resigned from the Board on March 21, 2013, a decision was made by the Board to reduce the number of trustees from six to five members. A list of the remuneration paid to board members is provided in Appendix D. School Community Councils Left to Right: Tracy Andrusiak, Janet Clark, Hermalene Fagnan, Rhonda Werbicki, Ray Biberdorf The Creighton School Community School is active in organizing a variety of activities for the school. The School Community Council includes representation from both parents and employees in the school. While there is a designated Peter Ballantyne Cree Nation representative on the Board, the School Community Council has not been successful in securing PBCN representation on the School Community Council. This past year the Creighton Community School has provided classroom space to the School Community Council to create a family room that will allow a variety of family programming options for parents to take place. Creighton School Division Board of Education Annual Report Page 8

12 Our Students and Staff The section that follows provides information about the Creighton School Division s students and staff. Students Figure 2: Enrolment by Grade September 30 Grade School Year Kindergarten Total Subpopulation Enrolments Self-Identified FNMI English as an Additional Language Note: The table above identifies the actual number of students enrolled in grade-level groupings as of September 30 of each year. Source: Ministry of Education, 2013 Grades School Year K to to to to Total to 3 4 to 6 7 to 9 10 to 12 Total 19 PreK Note: The table above identifies the actual number of students enrolled in each grade as of September 30 of each year. Creighton School Division Board of Education Annual Report Page 9

13 Staff Figure 3 below provides an overview of all Division staff. An organizational chart showing the reporting structure is provided in Appendix B. Figure 3: School Division Staff Job Category FTEs Classroom teachers 30.4 Principals, vice-principals 2.0 Other educational staff e.g., educational psychologists, educational assistants, 17 school community coordinators, speech language pathologists Administrative and financial staff e.g., clerks, accountants, IT people, 5 administrative assistants Plant operations and maintenance e.g., caretakers, handypersons, carpenters, 4.5 plumbers, electricians, gardeners, supervisors Transportation (contracted service) 0 Senior management team e.g. chief financial officer, director of education, 2 superintendents Total Full-Time Equivalent (FTE) Staff 60.9 Notes: The number of employees listed above represents full-time equivalents (FTEs). The actual number of employees is greater because some people work part-time or seasonally. Some individuals are counted in more than one category. For example, a teaching principal might be counted 0.4 as a classroom teacher and 0.6 as a principal. Information for all staff is at September 1, Staff Profile Creighton School Division is the fifth largest employer in the Creighton/Flin Flon/Denare Beach area and makes a significant contribution to the regional economy. The Division employs the full-time equivalent of 61.0 people. About 53% of these employees are teachers, the other 47% represent a wide range of occupations. The School Division needs educational assistants, clerical staff, information technology (IT) people, caretakers, bus drivers, accountants and other staff in order to provide a quality education for students of the Division. Senior Management Team The Director of Education, Bob Smith, and the Secretary-Treasurer, Sheola Jansen report directly to the Board of Education. Creighton School Division Board of Education Annual Report Page 10

14 Higher Literacy and Achievement Increased student literacy and achievement is a priority for Creighton School Division. The indicators below illustrate student performance as informed by Division and provincial data. Grade 12 Graduation Three-Year Graduation Rates In June 2012, 88% of all Creighton School Division students graduated within three years of entering Grade 10. A comparison with the June 2009 year shows that Creighton s overall graduation rate has been increasing during that time. However, in June 2013 the percentage of students graduating within three years has dropped to 77%. However, there is a significant difference between the graduation rate for FNM students and non-fnm students. Reducing this difference is one of the Division s most important goals. See Figure 4. Figure 4: Grade 12 Graduation Students Completing Grade 12 Within Three Years: Baseline Year with Two Most Recent Years 100% On-time Graduation Rates, Province and Creighton SD (Students Completing Grade 12 Within 3 Years of 'starting' Grade 10) 90% 80% 70% 60% 50% 40% 74.6% 78.1% 83.3% 78.6% 73.7% 88.2% 82.9% 89.7% 74.8% 76.5% 83.9% 88.5% 30% 20% 10% 31.8% 35.9% 37.4% 0% All Non-FNMI FNMI All Non-FNMI FNMI All Non-FNMI FNMI Province Graduating by Graduating by Graduating by ( cohort) ( cohort) ( cohort) CrSD Note: On-time graduation rates are calculated as the percentage of students who complete Grade 12 within 3 years of starting Grade 10. Results for populations of 10 or fewer have not been reported to avoid identifying individuals or very small groups of students. FNMI students are those who choose to self-identify as First Nations (Registered/Treaty/Status Indian, Non-Status Indian), Métis, or Inuit/Inuk. Non-FNMI students are those who do not identify themselves to be FNMI, and may include FNMI students who choose not to selfidentify. Source: Ministry of Education, 2013 Note: Significant fluctuations in data for Creighton School Division can occur when a single student does not graduate because of the small population size. Creighton School Division Board of Education Annual Report Page 11

15 Five-Year Graduation Rates Some students need more time to complete all the courses necessary to graduate, and so they continue in school longer than three years after beginning Grade 10. The graduation rate increases when these extra years of schooling are considered. In June 2009, 94% of all Creighton School Division students who had entered Grade 10 five years previously had graduated. While still above the provincial average, our five year graduation rate declines to 82% by June Because our FNM population is low, the data for the FNM graduation rate is not reported. Figure 5: Grade 12 Graduation Students Completing Grade 12 Within Five Years: Baseline Year with Two Most Recent Years 120% Extended-time Graduation Rates, Province and Creighton SD (Students Completing Grade 12 Within 5 Years of 'starting' Grade 10) 100% 80% 60% 40% 81.4% 93.8% 86.8% 93.3% 81.2% 84.4% 88.0% 96.2% 80.1% 81.5% 87.0% 90.9% 20% 47.1% 49.7% 50.0% 0% All Non-FNMI FNMI All Non-FNMI FNMI All Non-FNMI FNMI Graduating by... Province CrSD Note: Extended-time graduation rates are calculated as the percentage of students who complete Grade 12 within 5 years of starting Grade 10 (and include those who graduate on-time). Results for populations of 10 or fewer have not been reported to avoid identifying individuals or very small groups of students. FNMI students are those who choose to self-identify as First Nations (Registered/Treaty/Status Indian, Non-Status Indian), Métis, or Inuit/Inuk. Non-FNMI students are those who do not identify themselves to be FNMI, and may include FNMI students who choose not to self-identify. Source: Ministry of Education, Graduating by Graduating by ( cohort) ( cohort) ( cohort) Note: Significant fluctuations in data for Creighton School Division can occur when a single student does not graduate because of the small population size. Creighton School Division Board of Education Annual Report Page 12

16 Average Final Marks When registering for secondary level courses, students have many opportunities for choice. In , the average final marks for all Creighton School Division students were equal to or exceeded the provincial results in English Language Arts 10, English Language Arts 20 and Math Workplace and Apprenticeship 20. The average final marks for Creighton School Division students were below the provincial results in Science 10, Math Workplace and Apprenticeship 10, Math Foundations and Pre-calculus 10 and Math Foundations 20. The results for the FNMI students cannot be published because fewer than 10 students were in each of these classes. See Figure 6. Figure 6: Average Final Marks in Selected Secondary-Level Courses Average Final Marks in Selected Secondary-Level Courses Subject All Students Non-FNMI FNMI Province Creighton SD Province Creighton SD Province Creighton SD English Language Arts A nr English Language Arts B nr Science nr Math: Workplace and Apprenticeship nr Math: Foundations and Pre-calculus nr English Language Arts nr Math: Workplace and Apprenticeship nr Math: Foundations nr Note: Results for populations of 10 or fewer have not been reported to avoid identifying individuals or very small groups of students (nr). FNMI students are those who choose to self-identify as First Nations (Registered/Treaty/Status Indian, Non-Status Indian), Métis, or Inuit/Inuk. Non-FNMI students are those who do not identify themselves to be FNMI, and may include FNMI students who choose not to self-identify. Source: Ministry of Education, 2013 Creighton School Division Board of Education Annual Report Page 13

17 Equitable Opportunities Strategies to Meet the Needs of Diverse Students Creighton School Division strives to provide the best education possible for all its students. Creighton Community School offers programming that responds to the needs of its students such as: Prekindergarten and alternative programming for vulnerable students; distance education; services and supports of educational psychologists and speech and language pathologists. In addition Creighton School Division provides outreach programming for Peter Ballantyne Cree Nation students at the band office two nights a week. These programs and supports are intended to provide equitable opportunities for equitable outcomes for all students. Smooth Transitions Grade 7 to 10 Transitions There are several critical transition points as students move through the Prekindergarten to Grade 12 education system. The transition from middle to secondary grades is particularly important. Figure 8 below shows that all of Creighton School Division students, including our FNM students, who began Grade 7 in 2008/2009 are still in school three years later. See Figure 7. Figure 7: Student Transitions Between Grades 7 and 10, Creighton School Division Grade 7 Cohort Progressing from Grade 7 to 10 On- Time Still In School Baseline Cohort Cohort Cohort Cohort All students % 100.0% 96.4% 96.4% Non-FNMI students na na 21 na na nr nr FNMI students nr nr 7 nr nr nr nr Note: Students who have not progressed to Grade 10 on-time may have remained in a previous grade or were not re-enrolled in subsequent years. Still in School is the proportion of students either in Grade 10 or continuing a previous grade. Results for populations of 10 or fewer have not been reported to avoid identifying individuals or very small groups of students (nr). Categories where results are not available at this time are recorded as (na). FNMI students are those who choose to self-identify as First Nations (Registered/Treaty/Status Indian, Non-Status Indian), Métis, or Inuit/Inuk. Non-FNMI students are those who do not identify themselves to be FNMI, and may include FNMI students who choose not to self-identify. Source: Ministry of Education, 2013 Creighton School Division Board of Education Annual Report Page 14

18 Credit Attainment Saskatchewan secondary students must accumulate at least 24 secondary-level credits in order to graduate. This means that to graduate within a three-year period after beginning Grade 10, students must accumulate at least eight credits per year. In recent years, the provincial results have been relatively stable at just under 68% of all students attaining 8 or more credits per year. In a greater percent of Creighton students earned more than eight credits than the provincial average. In the percentage of Creighton students earning more than eight credits was less than the provincial average. However, the percentage of FNMI students earning more than eight credits was slightly greater than the provincial average in both years. See Figure 8. The school division will be reviewing and monitoring its programming practices to ensure that all students are earning enough credits to graduate in a three year period. Figure 8: Proportion of Secondary Students Attaining 8 or More Credits Yearly 90% Proportion of Secondary Students Attaining 8 or More Credits Yearly 80% 70% 60% 50% 40% 30% 67.6% 65.2% 75.4% 74.3% 68.4% 75.9% 76.3% 82.4% 68.2% 60.5% 75.7% 62.9% 20% 32.9% 36.6% 38.5% 37.5% 45.5% 10% 20.0% 0% All Non-FNMI FNMI All Non-FNMI FNMI All Non-FNMI FNMI Baseline Province Creighton SD Note: Results for populations of 10 or fewer have not been reported to avoid identifying individuals or very small groups of students. FNMI students are those who choose to self-identify as First Nations (Registered/Treaty/Status Indian, Non-Status Indian), Métis, or Inuit/Inuk. Non-FNMI students are those who do not identify themselves to be FNMI, and may include FNMI students who choose not to self-identify. Source: Ministry of Education, 2013 Note: Significant fluctuations in data for Creighton School Division can occur when a one or two students do not earn eight credits due to the small population size. Creighton School Division Board of Education Annual Report Page 15

19 System Accountability and Governance Creighton School Division is committed to operational effectiveness, transparency and fiscal responsibility and to the long-term stability of the education system in order to provide a high quality education for all students. School Community Councils and Learning Improvement Plans School Community Councils (SCCs) are required by legislation to cooperate with school staff to develop a school Learning Improvement Plan that is in accordance with the school division s Continuous Improvement and Accountability Plan. However, since there is only one school in the division it was decided that the Division CIAF would be the School Learning Improvement Plan. The involvement of the School Community Council in the development of the Division Continuous Improvement and Accountability Framework has been relatively limited. Creighton School Division Board of Education Annual Report Page 16

20 Facilities and Transportation Facilities Creighton Community School Creighton School Division pays careful attention to the maintenance of Creighton Community School. The division only has one full time maintenance employee; however the day custodian assists with minor maintenance projects. Major repairs of any kind often require outside contracted services. The school is cleaned every day and major cleaning such the waxing of floors, the washing of walls, and the cleaning of shelving takes place during the summer break. A four-year preventative maintenance and renewal plan has been developed and approved by the Board. Student Transportation Much of Creighton School Division is rural, so a significant number of students are transported to school from Denare Beach. A few Creighton town students are transported as well, when the distance between school and home is too great to walk. The School Division has contracted with First Student Canada to provide transportation for students. Transportation Statistics Figure 10: Student Transportation Students transported 201 In-town students transported (included in above) 4 Transportation routes 6 Number of buses 5 Kilometres travelled daily 258.4km Capacity utilized on buses 87% Average one-way ride time Longest one-way ride time (French Immersion) 37 min. 60 min. Creighton School Division contracts out the daily transportation of students to school each day. Denare Beach is a nearby community that is 18 km from Creighton and some division students attend French Immersion in nearby Flin Flon, Manitoba. Creighton owns a mini-bus and a van that in total travels about 45,000 km a year transporting students to a variety of sporting and school events. Special needs transportation is also a contracted service and some costs are shared with the Flin Flon School Division. Creighton School Division Board of Education Annual Report Page 17

21 Financial Overview In , as in previous years, Creighton School Division s single largest expense was instruction. Instruction includes salaries and benefits for teachers and other staff who work with students, resource materials and classroom supplies. The second largest expense was Plant Operations and Maintenance The largest single source of revenue was ministry grants, followed by property taxes. Revenue and Expenses Figure 10 below summarizes Creighton School Division s main categories of revenues and expenditures in Figure 10: Summary of Revenue and Expenses Revenue Property Taxation Ministry Grants Tuition and Related Fees School Generated Funds Other Revenue Expenditures Governance Administration Instruction Plant Operation & Maintenance Pupil Transportation School Generated Funds Payments to Other School Systems Creighton School Division Board of Education Annual Report Page 18

22 Budget to Actual Expenditures Budget to Budget to Actual Actual % Actual Actual Budget Variance Over / (Under) Variance Note REVENUES Property Taxation 1,022, ,134 1,035,698 (42,564) -4% Grants 4,939,338 4,909,047 4,685, ,701 5% Tuition and Related Fees 506, , ,622 11,979 2% School Generated Funds 158,421 85,698 65,500 20,198 31% 1 Complementary Services* - 126, , External Services** Other 158, , ,500 58,564 49% 2 Total Revenues 6,785,006 6,786,152 6,514, ,878 4% EXPENSES Governance 129, , ,206 (9,184) -7% 3 Administration 191, , ,904 (36,307) -15% 4 Instruction 4,583,254 4,457,469 4,581,079 (123,610) -3% Plant 710, , ,174 39,572 5% Transportation 372, , ,902 (19,013) -4% Tuition and Related Fees 169, , ,238 10,129 7% 5 School Generated Funds 153, ,608 65,500 35,108 54% 6 Complementary Services* - 115, ,608 (10,668) -8% 7 External Services** Other Expenses 8,044 26,049 58,663 (32,614) -55% 8 Total Expenses 6,317,746 6,367,687 6,514,274 (146,587) -2% Surplus (Deficit) for the Year 467, , * Complementary services are services and programs where the primary purpose is other than K-12 learning/learning support, but which have the specific objective of enhancing the School Division s ability to successfully deliver its K-12 curriculum/learning programs. For example, Prekindergarten and nutrition programs. ** External services are services and programs that are outside of the School Division s learning/learning support and complementary programs. These services have no direct link to the delivery of the School Division s K-12 program nor do they directly enhance the School Division s ability to deliver its K-12 programs. For example, fees paid to the School Division to or on behalf of its associate schools. Explanation for Variances 1 More school generated funds were received than anticipated. The offset to this increase can be found in the School Generated Funds expense (Note 6). 2 More grant money was received than anticipated. The offset to this increase can be found in Other Expenses (Note 8). 3 One board member resigned and was not replaced. 4 Administration salaries were less than anticipated. 5 We had more students attend Flin Flon School Division for the French Immersion Program than anticipated. 6 See note 1. 7 Salaries were lower than anticipated. 8 See note 2 Creighton School Division Board of Education Annual Report Page 19

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28 CREIGHTON SCHOOL DIVISION NO. 111 Statement of Operations and Accumulated Surplus from Operations for the year ended August 31, 2013 page Budget Actual Actual REVENUES (Note 14) Property Taxation 1,035, ,134 1,022,264 Grants 4,685,346 4,909,047 4,939,338 Tuition and Related Fees 480, , ,508 School Generated Funds 65,500 85, ,421 Complementary Services (Note 12) 126, ,608 - Other 120, , ,475 Total Revenues (Schedule A) 6,514,274 6,786,152 6,785,006 EXPENSES Governance 123, , ,133 Administration 248, , ,744 Instruction 4,581,079 4,457,469 4,583,254 Plant 723, , ,010 Transportation 433, , ,939 Tuition and Related Fees 153, , ,085 School Generated Funds 65, , ,537 Complementary Services (Note 12) 126, ,940 - Other Expenses 58,663 26,049 8,044 Total Expenses (Schedule B) 6,514,274 6,367,687 6,317,746 Operating Surplus for the Year - 418, ,260 Accumulated Surplus from Operations, Beginning of Year 5,168,524 5,168,524 4,701,264 Accumulated Surplus from Operations, End of Year 5,168,524 5,586,989 5,168,524 The accompanying notes and schedules are an integral part of these statements

29 CREIGHTON SCHOOL DIVISION NO. 111 Statement of Changes in Net Financial Assets for the year ended August 31, 2013 page Budget Actual Actual (Note 14) Net Financial Assets, Beginning of Year 1,062,043 1,062, ,973 Changes During the Year: Operating Surplus for the Year - 418, ,260 Acquisition of Tangible Capital Assets (Schedule C) (93,500) (276,871) (252,448) Amortization of Tangible Capital Assets (Schedule C) 195, , ,972 Net Acquisition of Inventory of Supplies - 1, Net Change in Other Non-Financial Assets - (569) (1,587) Change in Net Financial Assets 102, , ,070 Net Financial Assets, End of Year 1,164,445 1,419,278 1,062,043 The accompanying notes and schedules are an integral part of these statements

30 CREIGHTON SCHOOL DIVISION NO. 111 Statement of Cash Flows for the year ended August 31, 2013 page OPERATING ACTIVITIES Operating Surplus for the Year 418, ,260 Add Non-Cash Items Included in Surplus (Schedule D) 214, ,972 Net Change in Non-Cash Operating Activities (Schedule E) 200,254 (88,342) Cash Provided by Operating Activities 833, ,890 CAPITAL ACTIVITIES Cash Used to Acquire Tangible Capital Assets (276,871) (252,448) Cash (Used) by Capital Activities (276,871) (252,448) INVESTING ACTIVITIES Cash Used to Acquire Portfolio Investments (578) (92,869) Cash (Used) by Investing Activities (578) (92,869) FINANCING ACTIVITIES Proceeds from Issuance of Long Term Debt ,869 Repayment of Long Term Debt (52,699) (50,685) Cash Provided (Used) by Financing Activities (52,121) 38,184 INCREASE IN CASH AND CASH EQUIVALENTS 504, ,758 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,322,634 1,044,876 CASH AND CASH EQUIVALENTS, END OF YEAR 1,826,684 1,322,634 REPRESENTED ON THE FINANCIAL STATEMENTS BY: Cash and Cash Equivalents 1,826,684 1,322,634 CASH AND CASH EQUIVALENTS, END OF YEAR 1,826,684 1,322,634 The accompanying notes and schedules are an integral part of these statements

31 CREIGHTON SCHOOL DIVISION NO. 111 Schedule A: Supplementary Details of Revenue for the year ended August 31, 2013 A-1 Property Taxation Revenue Budget Actual Actual Tax Levy Revenue: Property Tax Levy Revenue 1,035, ,378 1,064,322 Total Property Tax Revenue 1,035, ,378 1,064,322 Grants in Lieu of Taxes: Federal Government - 7,077 8,503 Provincial Government - 13,535 8,248 Total Grants in Lieu of Taxes - 20,612 16,751 Other Tax Revenues: House Trailer Fees - 6,899 8,239 Total Other Tax Revenues - 6,899 8,239 Additions to Levy: Penalties - 18,126 21,525 Total Additions to Levy - 18,126 21,525 Deletions from Levy: Discounts - (8,016) (54,221) Cancellations - (7,865) (34,352) Total Deletions from Levy - (15,881) (88,573) Total Property Taxation Revenue 1,035, ,134 1,022,264 Grants: Operating Grants Ministry of Education Grants: K-12 Operating Grant 4,685,346 4,725,282 4,672,976 Other Ministry Grants - 44, ,408 Total Ministry Grants 4,685,346 4,769,963 4,854,384 Other Provincial Grants - 25,145 23,501 Total Operating Grants 4,685,346 4,795,108 4,877,885 Capital Grants Ministry of Education Capital Grants - 113,939 61,453 Total Capital Grants - 113,939 61,453 Total Grants 4,685,346 4,909,047 4,939,338

32 CREIGHTON SCHOOL DIVISION NO. 111 Schedule A: Supplementary Details of Revenue for the year ended August 31, 2013 A-2 Tuition and Related Fees Revenue Budget Actual Actual Operating Fees: Tuition Fees: Federal Government and First Nations 441, , ,647 Total Tuition Fees 441, , ,647 Transportation Fees 33,000 43,006 45,561 Other Related Fees 6,300 6,300 6,300 Total Operating Tuition and Related Fees 480, , ,508 Total Tuition and Related Fees Revenue 480, , ,508 School Generated Funds Revenue Curricular Fees: Student Fees - 7,502 18,935 Total Curricular Fees - 7,502 18,935 Non-Curricular Fees: Fundraising 65,500 78, ,486 Total Non-Curricular Fees 65,500 78, ,486 Total School Generated Funds Revenue 65,500 85, ,421 Complementary Services Operating Grants: Ministry of Education Operating Grants: Ministry of Education-Foundation Operating Grant 126, ,608 - Total Operating Grants 126, ,608 - Total Complementary Services Revenue 126, ,608 - Other Revenue Miscellaneous Revenue 116, , ,364 Sales & Rentals Investments 4,500 12,909 7,061 Total Other Revenue 120, , ,475 TOTAL REVENUE FOR THE YEAR 6,514,274 6,786,152 6,785,006

33 CREIGHTON SCHOOL DIVISION NO. 111 Schedule B: Supplementary Details of Expenses for the year ended August 31, 2013 B Budget Actual Actual Governance Expense Board Members Expense 60,980 54,693 63,111 Professional Development- Board Members 16,000 9,614 15,284 Advisory Committees 3,000 3,000 6,000 Elections 1, Other Governance Expenses 41,300 45,807 44,738 Total Governance Expense 123, , ,133 Administration Expense Salaries 169, , ,548 Benefits 44,394 50,221 39,378 Supplies & Services 16,300 28,223 20,719 Non-Capital Furniture & Equipment 1,500 1, Communications 7,600 7,731 8,123 Travel 8,315 8,585 8,832 Professional Development 1, Amortization of Tangible Capital Assets - 1,078 1,078 Total Administration Expense 248, , ,744 Instruction Expense Instructional (Teacher & LEADS Contract) Salaries 2,816,771 2,681,865 2,858,285 Instructional (Teacher & LEADS Contract) Benefits 131, , ,689 Program Support (Non-Teacher Contract) Salaries 920, , ,822 Program Support (Non-Teacher Contract) Benefits 201, , ,876 Instructional Aids 160, , ,413 Supplies & Services 72,582 94, ,441 Non-Capital Furniture & Equipment 56,553 31,663 35,299 Communications 14,600 14,630 15,699 Travel 22,730 4,355 4,355 Professional Development 51,500 50,182 41,791 Student Related Expense 67,100 69,797 71,251 Amortization of Tangible Capital Assets 64,767 68,934 65,333 Total Instruction Expense 4,581,079 4,457,469 4,583,254

34 CREIGHTON SCHOOL DIVISION NO. 111 Schedule B: Supplementary Details of Expenses for the year ended August 31, 2013 B Budget Actual Actual Plant Operation & Maintenance Expense Salaries 237, , ,757 Benefits 53,745 51,684 50,548 Non-Capital Furniture & Equipment 2,500 1,147 1,838 Building Operating Expenses 302, , ,559 Communications 1, Travel Amortization of Tangible Capital Assets 124, , ,926 Total Plant Operation & Maintenance Expense 723, , ,010 Student Transportation Expense Supplies & Services 64,417 73,010 74,004 Non-Capital Furniture & Equipment 4,500 6,374 - Travel 11, Contracted Transportation 346, , ,300 Amortization of Tangible Capital Assets 6,635 6,635 6,635 Total Student Transportation Expense 433, , ,939 Tuition and Related Fees Expense Tuition Fees 153, , ,085 Total Tuition and Related Fees Expense 153, , ,085 School Generated Funds Expense Supplies & Services 14,000 10,090 17,589 Special Programs 51,500 90, ,948 Total School Generated Funds Expense 65, , ,537

35 CREIGHTON SCHOOL DIVISION NO. 111 Schedule B: Supplementary Details of Expenses for the year ended August 31, 2013 B-3 Complementary Services Expense Budget Actual Actual Instructional (Teacher & LEADS Contract) Salaries & Benefits 90,158 81,012 - Program Support (Non-Teacher Contract) Salaries & Benefits 30,500 28,978 - Plant Operation & Maintenance Salaries & Benefits 4,950 4,950 - Instructional Aids 1,000 1,000 - Total Complementary Services Expense 126, ,940 - Other Expense Interest and Bank Charges: Current Interest and Bank Charges 805 5,951 8,044 Interest on Other Capital Loans and Long Term Debt School Facilities 52, Other 5, Total Interest and Bank Charges 58,663 5,951 8,044 Provision for Uncollectable Taxes - 20,098 - Total Other Expense 58,663 26,049 8,044 TOTAL EXPENSES FOR THE YEAR 6,514,274 6,367,687 6,317,746

36 CREIGHTON SCHOOL DIVISION NO. 111 Schedule C - Supplementary Details of Tangible Capital Assets for the year ended August 31, 2013 Tangible Capital Assets - at Cost: Furniture Computer Land Buildings School Other and Hardware and Computer Land Improvements Buildings Short term Buses Vehicles Equipment Audio Equipment Software Opening Balance as of September 1 101, ,705 6,638, ,093 79,621 33,818 1,510, ,987 31,987 9,228,823 8,976,375 Additions/Purchases , ,957 53, , ,448 Closing Balance as of August , ,705 6,802, ,093 79,621 33,818 1,570, ,027 31,987 9,505,694 9,228,823 Tangible Capital Assets - Amortization: Opening Balance as of September 1-453,485 3,197,897 29,040 26,540 33,818 1,298, ,575 2,637 5,174,786 4,968,814 Amortization of the Period - 3, ,473 5,555 6,635-46,867 23, , ,972 Closing Balance as of August 31 N/A 456,711 3,327,370 34,595 33,175 33,818 1,345, ,721 2,637 5,389,688 5,174,786 Net Book Value: Opening Balance as of September 1 101,084 48,220 3,440,755 82,053 53, ,082 87,412 29,350 4,054,036 4,007,561 Closing Balance as of August ,084 44,994 3,475,156 76,498 46, , ,306 29,350 4,116,006 4,054,036 Change in Net Book Value - (3,226) 34,401 (5,555) (6,635) - 13,090 29,894-61,969 46,475 Sch C

37 CREIGHTON SCHOOL DIVISION NO. 111 Schedule D: Non-Cash Items Included in Surplus for the year ended August 31, Non-Cash Items Included in Surplus: Amortization of Tangible Capital Assets (Schedule C) 214, ,972 Total Non-Cash Items Included in Surplus 214, ,972 Creighton SD 111 Schedule E: Net Change in Non-Cash Operating Activities for the year ended August 31, Net Change in Non-Cash Operating Activities: Decrease in Accounts Receivable 135, ,127 Increase (Decrease) in Provincial Grant Overpayment (59,887) 59,887 Increase (Decrease) In Accounts Payable and Accrued Liabilities 99,074 (322,411) Increase (Decrease) in Liability for Employee Future Benefits (6,200) 16,200 Increase in Deferred Revenue 30,667 20,570 Decrease in Inventory of Supplies for Consumption 1, (Increase) in Prepaid Expenses (569) (1,587) Total Net Change in Non-Cash Operating Activities 200,254 (88,342)

38 CREIGHTON SCHOOL DIVISION NO. 111 NOTES TO THE FINANCIAL STATEMENTS As at August 31, AUTHORITY AND PURPOSE The school division operates under the authority of The Education Act, 1995 of Saskatchewan as a corporation under the name of The Board of Education of the Creighton School Division No. 111 and operates as the Creighton School Division No The school division provides education services to residents within its geographic region and is governed by an elected board of trustees. The school division is funded mainly by grants from the Government of Saskatchewan and a levy on the property assessment included in the school division s boundaries at mill rates determined by the provincial government. The school division is exempt from income tax and is a registered charity under the Income Tax Act. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian public sector accounting standards for other government organizations as established by the Public Sector Accounting Board (PSAB) and as published by the Canadian Institute of Chartered Accountants (CICA). Significant aspects of the accounting policies adopted by the school division are as follows: a) Adoption of New Public Sector Accounting (PSA) Standards In 2013, the school division adopted the new PSA standards PS1201 Financial Statement Presentation, PS2601 Foreign Currency Translation, PS3041 Portfolio Investments, PS3410 Government Transfers and PS3450 Financial Instruments. Detailed information on the impact of the adoption of these new PSA standards is provided in Note 18 Accounting Changes. b) Reporting Entity The financial statements include all of the assets, liabilities, revenues and expenses of the school division reporting entity. c) Trust Funds Trust funds are properties assigned to the school division (trustee) under a trust agreement or statute to be administered for the benefit of the trust beneficiaries.

39 As trustee, the school division merely administers the terms and conditions embodied in the agreement and has no unilateral authority to change the conditions set out in the trust indenture. Trust funds are not included in the financial statements as they are not controlled by the school division. d) Basis of Accounting The financial statements are prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they are earned and measurable; expenses are recognized as they are incurred and measurable as a result of the receipt of goods or services and the creation of a legal obligation to pay. Expenses also include the amortization of tangible capital assets. e) Measurement Uncertainty and the Use of Estimates The preparation of financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amount 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 year. Measurement uncertainty that may be material to these financial statements exists for: the liability for employee future benefits of $ 276,200 ( $282,400 ) because actual experience may differ significantly from actuarial estimations. property taxation revenue of $ 993,135 ( $ 1,022,264) because final tax assessments may differ from initial estimates, uncollectible taxes of $ 109,236 ( $89,138 ) because actual collectability may differ from initial estimates. useful lives of capital assets and related amortization for all assets (referred to in note 2h) are based on best estimates and are subject to measurement uncertainty. prior years tangible capital asset historical costs and related amortization for all assets (referred to in note 2h) are based on best estimates and are subject to measurement uncertainty. These estimates and assumptions are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. While best estimates are used for reporting items subject to measurement uncertainty, it is reasonably possible that changes in future conditions, occurring within one fiscal year, could require a material changes in the amounts recognized or disclosed.

40 f) Financial Instruments Financial instruments are any contracts that give rise to financial assets of one entity and financial liabilities or equity instruments of another entity. A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The school division recognizes a financial instrument when it becomes a party to a financial instrument. The financial assets and financial liabilities portray these rights and obligations in financial statements. Financial instruments of the school division include cash and cash equivalents, accounts receivable, portfolio investments, accrued salaries and benefits, accounts payable and accrued liabilities and long term debt. Financial instruments are assigned to one of two measurement categories: fair value, or cost or amortized cost. i) Fair Value Fair value measurement applies to portfolio investments in equity instruments that are quoted in an active market. Any associated transaction costs are expensed upon initial recognition. Unrealized changes in fair value are recognized in the statement of remeasurement gains and losses until they are realized, at which time they are transferred to the statement of operations. Fair value is determined by: Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities When a decline in fair value is determined to be other than temporary, the amount of the loss is removed from any accumulated remeasurement gains and reported in the statement of operations. ii) Cost or Amortized Cost All other financial assets and financial liabilities are measured at cost or amortized cost. Transaction costs are a component of cost for financial instruments measured using cost or amortized cost. For financial instruments measured using amortized cost, the effective interest rate method is used to determine interest revenue or expense. Impairment losses such as write-downs or write-offs are reported in the statement of operations. Gains and losses on financial instruments measured at cost or amortized cost are recognized in the statement of operations in the period the gain or loss occurs. g) Financial Assets Financial assets are assets that could be used to discharge existing liabilities or finance future operations and are not for consumption in the normal course of

41 operations. Valuation allowances are used where considered necessary to reduce the amounts reported for financial assets to their net realizable value. Cash and Cash Equivalents consist of cash, bank deposits and highly liquid investments with initial maturity terms of three months or less and held for the purpose of meeting short-term operating cash commitments rather than for investing purposes. Accounts Receivable include taxes receivable, provincial grants receivable and other receivables. Taxes receivable represent education property taxes assessed or estimated owing to the end of the fiscal period but not yet received. The allowance for uncollected taxes is a valuation allowance used to reduce the amount reported for taxes receivable to the estimated net recoverable amount. The allowance represents management s estimate of the amount of taxes that will not be collected taking into consideration prior years tax collections and information provided by municipalities regarding collectability of outstanding balances. Provincial grants receivable represent operating, capital and other grants earned but not received at the end of the fiscal year, provided reasonable estimates of the amounts can be made. Grants are earned when the events giving rise to the grant have occurred, the grant is authorized and any eligibility criteria have been met. Other receivables are recorded at cost less valuation allowances. These allowances are recorded where collectability is considered doubtful. Portfolio Investments consist of mutual funds. The school division values its portfolio investments in accordance with its policy for financial instruments, as described in Note 2 (f). h) Non-Financial Assets Non-financial assets are assets held for consumption in the provision of services. These assets do not normally provide resources to discharge the liabilities of the school division unless they are sold. Tangible Capital Assets have useful lives extending beyond the accounting period, are used by the school division to provide services to the public and are not intended for sale in the ordinary course of operations. Tangible capital assets include land, buildings, school buses, other vehicles, furniture and equipment, computer hardware and software, and audio visual equipment. Tangible capital assets are recorded at cost (or estimated cost when the actual cost is unknown) and include all costs directly attributable to the acquisition, design, construction, development, installation and betterment of the tangible capital asset. The school division does not capitalize interest incurred while a tangible capital asset is under construction.

42 The cost of depreciable tangible capital assets, net of any residual value, is amortized on a straight line basis over their estimated useful lives as follows: Land improvements (pavement, fencing, lighting, etc.) Buildings Buildings short-term (portables, storage sheds, outbuildings, garages) School buses Other vehicles passenger Other vehicles heavy (graders, 1 ton truck, etc.) Furniture and equipment Computer hardware and audio visual equipment Computer software Leased capital assets 20 years 50 years 20 years 12 years 5 years 10 years 10 years 5 years 5 years Lease term Assets that have a historical or cultural significance, such as works of art, monuments and other cultural artifacts, are not recognized as tangible capital assets because a reasonable estimate of future benefits associated with these properties cannot be made. Inventory of Supplies for Consumption consists of supplies held for consumption by the school division in the course of normal operations and are recorded at the lower of cost and replacement cost. Prepaid Expenses are prepaid amounts for goods or services (insurance and WCB fees) which will provide economic benefits in one or more future periods. i) Liabilities Liabilities are present obligations arising from transactions and events occurring prior to year-end, which will be satisfied in the future through the use of assets or another form of economic settlement. Provincial Grant Overpayment represents grants advanced to the school division in excess of the determined entitlement and which are repayable to the provincial government. Accounts Payable and Accrued Liabilities include accounts payable and accrued liabilities owing to third parties and employees for work performed, goods supplied and services rendered, but not yet paid, at the end of the fiscal period. Amounts are payable within one year. Long-Term Debt is comprised of capital loans and other long-term debt with initial maturities of more than one year and are incurred for the purpose of financing capital expenses in accordance with the provisions of The Education Act, Liability for Employee Future Benefits represent post-employment and compensated absence benefits that accrue to the school division's employees. The cost of these benefits is recorded as the benefits are earned by employees.

43 The liability relating to these benefits is actuarially determined using the projected benefit method pro-rated on service and management s best estimate of expected discount rate, inflation, salary escalation, termination and retirement rates and mortality. 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. Recognition of employee future benefits obligations commenced on September 1, The school division recorded the full value of the obligation related to these benefits for employees' past service at this time. Deferred revenue from non-government sources represents fees or payments for services received in advance of the fee being earned or the services being performed, and other contributions for which the contributor has placed restrictions on the use of the resources. Revenue from tuition and related fees is recognized as the course is delivered, revenue from contractual services is recognized as the services are delivered, and revenue from other contributions is recognized in the fiscal year in which the resources are used for the purpose specified by the contributor. j) Employee Pension Plans Employees of the school division participate in the following pension plans: Multi-Employer Defined Benefit Plans The school division s employees participate in one of the following multiemployer defined benefit plans: i) Teachers participate in the retirement plan of the Saskatchewan Teachers Retirement Plan (STRP) or Saskatchewan Teachers Superannuation Plan (STSP). The school division s obligation for these plans is limited to collecting and remitting contributions of the employees at rates determined by the plans. ii) Other employees participate in the Municipal Employees Pension Plan (MEPP). In accordance with PSAB, the plan is accounted for as a defined contribution plan whereby the school division s contributions are expensed when due. k) Revenue Recognition Revenues are recorded on the accrual basis. Revenues are recognized in the period in which the transactions or events occurred that gave rise to the revenues, provided the amount to be received can be reasonably estimated and collection is reasonably assured.

44 Restricted revenues are amounts received pursuant to legislation, regulation or agreements with external parties that may only be used in the conduct of certain programs or in the delivery of specific services and transactions. Restricted revenues are initially recorded as deferred revenue and subsequently recognized as revenue in the fiscal year the related expenses are incurred or services are performed. The school division s sources of revenues include the following: i) Government Transfers (Grants): Grants from governments are considered to be government transfers. In accordance with the new PS3410 standard, government transfers are recognized as revenues when the transfer is authorized, all eligibility criteria have been met, the amount can be estimated and collection is reasonably assured except when, and to the extent, stipulations by the transferor give rise to an obligation that meets the definition of a liability. Eligibility criteria are criteria that the school division has to meet in order to receive the transfer. Stipulations describe how the school division must use the transfer or the actions it must perform in order to keep the transfer. Government transfers with eligibility criteria but without stipulations are recognized as revenue when the transfer is authorized and all eligibility criteria have been met. Government transfers with or without eligibility criteria but with stipulations are recognized as revenue in the period the transfer is authorized and all eligibility criteria have been met, except when and to the extent that the stipulations give rise to a liability. Restricted transfers are recognized as deferred revenue when transfer stipulations give rise to a liability. Stipulations by the transferor may require that the funds only be used for providing specific services or the acquisition of tangible capital assets. For transfers with stipulations, revenue is recognized in the statement of operations as the stipulation liabilities are settled. ii) Property taxation: Property tax is levied and collected on a calendar year basis. Uniform education property tax mill rates are set by the Government of Saskatchewan. Tax revenues are recognized on the basis of time with 1/12 th of estimated total tax revenue recorded in each month of the school division s fiscal year. The tax revenue for the September to December portion of the fiscal year is based on the actual amounts reported by the municipalities for the calendar taxation year. For the January to August portion of its fiscal year, the school division estimates tax revenue based on estimate information provided by municipalities who levy and collect the property tax on behalf of the school division. The final annual taxation amounts are reported to the division by each municipality following the conclusion of each calendar taxation year, and any difference between final amounts and the school division s estimates is recorded as an adjustment to revenue in the next fiscal year.

45 iii) Fees and Services Revenues from tuition fees and other fees and services are recognized in the year they are earned. Amounts that are restricted pursuant to legislation, regulation or agreements with external parties that may only be used in the conduct of certain programs or in the delivery of specific services and transactions are initially recorded as deferred revenue and subsequently recognized as revenue in the fiscal year the related expenses are incurred or services are performed. iv) Interest Income Interest is recognized on an accrual basis when it is earned. v) Other (Non-Government Transfer) Contributions Unrestricted contributions are recognized as revenue in the year received or in the year the funds are committed to the school division if the amount can be reasonably estimated and collection is reasonably assured. Externally restricted contributions are contributions for which the contributor has placed restrictions on the use of the resources. Externally restricted contributions that are to be held in perpetuity are recognized as revenue in the year in which they are received or committed if the amount can be reasonably estimated and collection is reasonably assured. Externally restricted contributions that are not held in perpetuity are deferred until the resources are used for the purpose specified, at which time the contributions are recognized as revenue. In-kind contributions are recorded at their fair value when they are received. l) Statement of Remeasurement Gain and Losses The school division has not presented a Statement of Remeasurement Gains or Losses because it does not have financial instruments that give rise to remeasurement gains or losses. 3. SHORT-TERM BORROWINGS Bank indebtedness consists of a demand operating line of credit with a maximum borrowing limit of $250,000 that bears interest at Bank prime. This line of credit is authorized by a borrowing resolution by the board of education and is secured by a general security agreement.. This line of credit was approved by the Minister of Education on January 12, The balance drawn on the line of credit at August 31, 2013 was $ 0.00 at an interest rate of na % (August 31, $ 0.00 at an interest rate of na %).

46 4. PORTFOLIO INVESTMENTS Portfolio investments are comprised of the following: Portfolio investments in the fair value category: Cost Fair Value Cost Fair Value RBC Money Market Funds, no maturit, interest.15 to.62% $ 93,447 $ 93,447 $ 92,869 $ 92,869 Total portfolio investments reported at fair value 93,447 93,447 92,869 92,869 Total portfolio investments $ 93,447 $ 92, EXPENSES BY FUNCTION AND ECONOMIC CLASSIFICATION Function Salaries & Benefits Goods & Services Debt Service Amortization of TCA 2013 Budget 2013 Actual 2012 Actual Governance $ 37,999 $ 76,023 $ - $ - $ 123,206 $ 114,022 $ 129,133 Administration 165,107 46,412-1, , , ,744 Instruction 3,954, ,214-68,934 4,581,079 4,457,469 4,583,254 Plant 277, , , , , ,010 Transportation - 408,254-6, , , ,939 Tuition and Related Fees - 163, , , ,085 School Generated Funds - 100, , , ,537 Complementary Services 109,990 5, , ,940 - Other - 20,098 5,951-58,663 26,049 8,044 TOTAL $ 4,545,111 $ 1,601,724 $ 5,951 $ 214,902 $ 6,514,274 $ 6,367,687 $ 6,317, EMPLOYEE FUTURE BENEFITS The school division provides certain post-employment, compensated absence and termination benefits to its employees. These benefits include accumulating nonvested sick leave, severance, vacation banks and retirement gratuity. Significant assumptions include demographic assumptions, build up and usage of certain benefits and discount rates. The liability associated with these benefits is calculated as the present value of expected future payments pro-rated for service and is recorded as Liability for Employee Future Benefits in the Statement of Financial Position. Details of the employee future benefits are as follows: Actuarial valuation date 31-Aug Aug-12 Long-term assumptions used: Salary escalation rate (percentage) 3.25% 3.25% Discount rate (percentage) 3.50% 2.70% Inflation rate (percentage) 3.25% 2.25% Expected average remaining service life (years) 15 15

47 Liability for Employee Future Benefits Accrued Benefit Obligation - beginning of year $ 266,100 $ 279,000 Current period benefit cost 52,400 28,800 Interest cost 7,700 10,100 Benefit payments (65,500) (23,800) Actuarial gains / losses (12,300) (31,100) Plan amendments - 3,100 Accrued Benefit Obligation - end of year 248, ,100 Unamortized Net Actuarial Gains / Losses 27,800 16,300 Liability for Employee Future Benefits $ 276,200 $ 282,400 Employee Future Benefits Expense Current period benefit cost $ 52,400 $ 28,800 Amortization of net actuarial gain / loss (800) 1,100 Benefit cost 51,600 29,900 Interest cost on unfunded employee future benefits obligation 7,700 10,100 Total Employee Future Benefits Expense $ 59,300 $ 40, PENSION PLANS Multi-Employer Defined Benefit Plans Information on the multi-employer pension plans to which the school division contributes is as follows: i) Saskatchewan Teachers Retirement Plan (STRP) or Saskatchewan Teachers Superannuation Plan (STSP): The STRP and STSP provide retirement benefits based on length of service and pensionable earnings. The STRP and STSP are funded by contributions by the participating employee members and the Government of Saskatchewan. The school division s obligation to the STRP and STSP is limited to collecting and remitting contributions of the employees at rates determined by the plans. Accordingly, these financial statements do not include any expense for employer contributions to these plans. Net pension assets or liabilities for these plans are not reflected in these financial statements as ultimate responsibility for retirement benefits rests with the Saskatchewan Teachers Federation for the STRP and with the Government of Saskatchewan for the STSP.

48 Details of the contributions to these plans for the school division s employees are as follows: STRP STSP TOTAL TOTAL Number of active School Division members Member contribution rate (percentage of salary) 7%-10% -% 7%-10% 6.05% / 10.0% Member contributions for the year $ 232,283 $ - $ 232,283 $ 232,979 ii) Municipal Employees Pension Plan (MEPP) The MEPP provides retirement benefits based on length of service and pensionable earnings. The MEPP is funded by employer and employee contributions at rates set by the Municipal Employees Pension Commission. Every three years, an actuarial valuation is performed to assess the financial position of the plan and the adequacy of plan funding. Any actuarially determined deficiency is the responsibility of the participating employers and employees which could affect future contribution rates and/or benefits. The contributions to the MEPP by the participating employers are not segregated in separate accounts or restricted to provide benefits to the employees of a particular employer. As a result, individual employers are not able to identify their share of the underlying assets and liabilities, and the net pension assets or liabilities for this plan are not recognized in these financial statements. In accordance with PSAB requirements, the plan is accounted for as a defined contribution plan whereby the school division s contributions are expensed when due. Details of the MEPP are as follows: Number of active School Division members Member contribution rate (percentage of salary) % 7.40% School Division contribution rate (percentage of salary) % 7.40% Member contributions for the year $ 83,812 $ 84,221 School Division contributions for the year $ 83,812 $ 84,221 Actuarial valuation date 31-Dec Dec-11 Plan Assets $ 1,578,536 $ 1,395,109 Plan Liabilities $ 1,420,319 $ 1,627,865 Plan Surplus (Deficit) $ 158,217 $ (232,756)

49 8. ACCOUNTS RECEIVABLE All accounts receivable presented on the Statement of Financial Position are net of any valuation allowances for doubtful accounts. Details of account receivable balances and allowances are as follows: Total Valuation Net of Total Valuation Net of Receivable Allowance Allowance Receivable Allowance Allowance Taxes Receivable $ 160,105 $ 109,236 $ 50,869 $ 162,211 $ 89,138 $ 73,073 Provincial Grants Receivable 113, , Other Receivables 191, , , ,695 Total Accounts Receivable $ 465,144 $ 109,236 $ 355,908 $ 580,906 $ 89,138 $ 491, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Details of account payable and accrued liabilities are as follows: Supplier Payments $ 117,500 $ 18,426 Total Accounts Payable and Accrued Liabilities $ 117,500 $ 18, LONG-TERM DEBT Details of long-term-term debt are as follows: Capital Loans:: Royal Bank Loan, Monthly installments of $ 104,889 $ 157,588 $4826 including interest at 3.92%, secured by a general security agreement. Due , ,588 Other Long-Term Debt: Other LT Debt Scholarship Liability-Schawa 89,447 88,869 89,447 88,869 Total Long Term Debt $ 194,336 $ 246,457 Principal repayments over the next 5 years are estimated as follows: Capital Loans Other LT Debt Total 2014 $ 54,798 $ 4,000 $ 58, ,091 4,000 54, ,000 4, ,000 4, ,000 4,000 Thereafter - 69,447 69,447 Total $ 104,889 $ 89,447 $ 194,336

50 Principal and interest payments on the long-term debt are as follows Capital Loans Principal $ 52,699 $ 52,699 $ 50,685 Interest 5,213 5,213 8,044 Total $ 57,912 $ 57,912 $ 58, DEFERRED REVENUE Details of deferred revenues are as follows: Balance Additions Revenue Balance as at during the recognized as at Aug. 31, 2012 Year in the Year Aug. 31, 2013 Capital projects: PBCN capital tuition - Department Portion $ 28,822 $ 8,796 $ - $ 37,618 PBCN capital tuition - School Division Portion $ 14,166 $ 4,347 $ - $ 18,513 Total capital projects deferred revenue 42,988 13,143-56,131 Other deferred revenue: Town of Creighton-Taxes Collected 134, ,553 (134,570) 167,553 Affinity Credit Union- Individual Achievement 59, (34,659) 25,041 CADAC - First Night Out 1,500 - (1,500) - Community Initive and referral grant - 20,000-20,000 Total other deferred revenue 195, ,253 (170,729) 212,594 Total Deferred Revenue $ 238,058 $ 201,396 $ (170,729) $ 268, COMPLEMENTARY SERVICES Complementary services represent those services and programs where the primary purpose is other than K-12 learning/learning support, but which have the specific objective of enhancing the school division s ability to successfully deliver its K-12 curriculum/learning programs. Following is a summary of the revenue and expenses of the Complementary Services programs operated by the school division in 2013: Summary of Complementary Services Revenues and Expenses, by Program Pre-K Programs 2013 Revenue: Operating Grants 126, ,608 Total Revenues 126, ,608 Expenses: Salaries & Benefits 109, ,990 Instructional Aids 1,000 1,000 Building Operating Expenses 4,950 4,950 Total Expenses 115, ,940 Excess of Revenue over Expenses $ 10,668 $ 10,668

51 The purpose and nature of each Complementary Services program is as follows: Pre-K Programs - to provide early learning opportunities for at risk 3 and 4 year old children. 13. ACCUMULATED SURPLUS Accumulated Surplus represents the financial assets and non-financial assets of the school division less liabilities. This represents the accumulated balance of net surplus arising from the operations of the school division including school generated funds. Accumulated surplus is comprised of the following two amounts: i) Accumulated surplus from operations, which represents the accumulated balance of net surplus arising from the operations of the school division and school generated funds as detailed in the table below. ii) Accumulated remeasurement gains and losses, which represents the unrealized gains and losses associated with foreign exchange and changes in value for financial instruments recorded at fair value. Certain amounts of the accumulated surplus from operations, as approved by the board of education, have been designated for specific future purposes school generated funds, capital reserves and unrestricted funds. These internally restricted amounts are included in the accumulated surplus from operations presented in the Statement of Financial Position. The school division does maintain separate bank accounts for the internally restricted amounts.

52 Details of accumulated surplus from operations are as follows: August 31 Additions during the Reductions during the August year year 2013 Invested in Tangible Capital Assets: Net Book Value of Tangible Capital Assets $ 4,054,036 $ 276,871 $ (214,902) $ 4,116,006 Less: Debt owing on Tangible Capital Assets 157,588 - (52,699) 104,889 3,896, ,871 (162,203) 4,011,117 PMR maintenance project allocations (1) - 7,421-7,421 Internally Resricted Surplus: Capital projects: Designated for TCA expenditures 164, , ,227 Other PBCN Capital Reserve - 56,131-56, , , ,358 Other: School generated funds 27,997 - (14,910) 13,087 27,997 - (14,910) 13,087 Unrestricted Surplus 1,079, ,811 (282,004) 1,108,006 Total Accumulated Surplus from Operations$ 5,168,524 $ 877,581 $ (459,117) $ 5,586,989 (1) PMR Maintenance Project Allocations represent transfers received from the Ministry of Education as funding support for maintenance projects on the school division s approved 3 year capital maintenance plans. Unspent funds at the end of a fiscal year are designated for future approved capital plan maintenance project expenditures. The purpose and nature of each Internally Restricted Surplus amount is as follows: facility upkeep and replacement of capital equipment. 14. BUDGET FIGURES Budget figures included in the financial statements were approved by the board of education on May 28, 2012 and the Minister of Education on August 10, RELATED PARTIES These financial statements include transactions with related parties. The school division is related to all Province of Saskatchewan ministries, agencies, boards, school divisions, health authorities, colleges, and crown corporations under the

53 common control of the Government of Saskatchewan. The school division is also related to non-crown enterprises that the Government jointly controls or significantly influences. In addition, the school division is related to other non- Government organizations by virtue of its economic interest in these organizations. (a) Related Party Transactions: Transactions with these related parties are in the normal course of operations. Amounts due to or from and the recorded amounts of transactions resulting from these transactions are included in the financial statements and the table below. They are recorded at exchange amounts which approximate prevailing market rates charged by those organizations and are settled on normal trade terms Revenues: Ministry of Education - Operating Grant $ 4,725,282 $ 4,672,976 Ministry of Education - Other Sask Learning Grants $ 44,681 $ 49,433 Ministry of Education-Capital Grant $ 113,939 $ 61,453 Ministry of Education - Complementary Services $ 126,608 $ - Northern Village of Denare Beach $ 196,046 $ 182,554 Northern Town of Creighton $ 758,162 $ 798,534 Northern Municipal Trust Account $ 38,387 $ 41,175 Northern Sport & Recreation District $ 3,250 $ 42,400 Northern Lights School Division-Learning Opportunities $ 25,145 $ 23,501 CBA $ - $ 101,975 $ 6,031,500 $ 5,974,001 Expenses: Grants to Local Boards $ 3,000 $ 6,000 Saskatchewan School Boards Assocation 21,000 21,000 $ 24,000 $ 27,000 Accounts Receivable: Ministry of Education-Capital Grant $ 113,290 $ 61,453 Northern Village of Denare Beach $ 116,393 $ 118,289 Northern Municipal Trust Account 43,712 43,923 Northern Lights School Division-Learning Opportunities 25,145 21,200 $ 298,540 $ 244,865 Provincial Grant Overpayment: Ministry of Education $ - $ 59,887 $ - $ 59,887 Deferred Revenue: Northern Town of Creighton $ 167,554 $ 134,570 Community Iniatives and Referrals 20,000 - $ 187,554 $ 134,570

54 In addition, the school division pays Provincial Sales Tax to the Saskatchewan Ministry of Finance on all its taxable purchases and customer sales on items that are deemed taxable. Taxes paid are recorded as part of the cost of those purchases. Other transactions with related parties and amounts due to/from them are described separately in the financial statements or notes thereto. A portion of the revenue from the Ministry of Education includes funding allocated to principal and interest repayments on some school board loans. 16. TRUSTS The school division, as the trustee, administers trust funds for Creighton School Division Student Scholarship Foundation Inc. The trust assets and transactions are not included in the financial statements. Information about these trusts is as follows: Total Total Cash and short-term investments $ 3,527 $ 123 Portfolio investments 107, ,625 Total Assets $ 110,903 $ 109,748 Revenues Contributions and donations $ - $ 1,190 Interest on investments 7,153 3,016 7,153 4,206 Expenses Materials and supplies 5,998 4,483 5,998 4,483 Excess of Revenue over Expenses 1,155 (277) Trust Fund Balance, Beginning of Year 109, ,025 Trust Fund Balance, End of Year $ 110,903 $ 109, ACCOUNTING CHANGES The school division adopted the following new/revised Public Sector Accounting (PSA) Standards in 2013: PS1201 Financial Statement Presentation The school division adopted the new PS1201 Financial Statement Presentation standard in PS1201 establishes general reporting principles and standards for the disclosure of information in financial statements, and introduces a new Statement of Remeasurement Gains and Losses which reports unrealized gains and

55 losses associated with foreign exchange and changes in value for financial instruments recorded at fair value, and accounts for amounts reclassified to the statement of operations upon derecognition or settlement. This standard is applicable to the fiscal year in which the new PS2601 Foreign Currency Translation and PS3450 Financial Instruments standards are adopted. These standards are adopted on a prospective basis, without restatement of prior period comparative amounts and accordingly, no 2012 comparatives have been provided in the new Statement of Remeasurement Gains and Losses. Implementation of PS1201, PS2601 and PS3450 required the school division to remeasure its financial instruments at September 1, 2012 and to recognize the accumulated remeasurement gains and losses in the opening balance in the Statement of Remeasurment Gains and Losses. The adoption of the new PS1201 standard has not impacted the school division s financial statements as the school division had no remeasurement gains or losses to report in PS2601 Foreign Currency Translation The school division adopted the revised PS2601 Foreign Currency Translation standard in This revised standard establishes standards on how to account for and report transactions that are denominated in a foreign currency, and replaces the previous PS2600 Foreign Currency Translation. The revised PS2601 standard must be implemented in the same fiscal year as the new PS3450 Financial Instruments standard is adopted, and is adopted on a prospective basis, without restatement of prior period comparative amounts. Accordingly, the 2012 comparative amounts were not restated and have been presented in these financial statements in accordance with the accounting policies applied by the school division immediately preceding its adoption of the revised standard. The adoption of the revised PS2601 standard has not resulted in any changes to the measurement and recognition of foreign currency transactions or balances by the school division. PS3041 Portfolio Investments The school division adopted the new PS3041 Portfolio Investments standard in This new standard establishes how to account for and report portfolio investment, and replaces the previous PS3030 Temporary Investments and PS3040 Portfolio Investments standards and is applicable to the fiscal year in which the PS2601 Foreign Currency Translation and PS3450 Financial Instruments standards are adopted. The PS3041 standard refers to PS3450 for recognition and measurement of investments and is adopted on a prospective basis, without restatement of prior period comparative amounts. Accordingly, the 2012 comparative amounts were not restated and have been presented in these financial statements in accordance with the accounting policies applied by the school division immediately preceding its adoption of the revised standard. Previously, the school division classified investments as either Short-Term Investments or Long-Term Investments, depending on the purpose and maturity of the investment. Short-Term Investments were recorded at the lower of cost or

56 market; Long-Term Investments were carried at amortized cost, with write-downs to reflect any permanent impairment in value. The adoption of the new PS3041 standard has not resulted in any changes to the measurement and recognition of portfolio investments by the school division. PS3450 Financial Instruments The school division adopted the new PS3450 Financial Instruments standard in This new standard provides guidance for the recognition, measurement and disclosure of financial instruments. The new PS3450 Financial Instruments standard is adopted on a prospective basis, without restatement of prior period comparative amounts. In accordance with the transition provisions provided in PS3450: (a) the recognition, derecognition and measurement policies for financial instruments followed by the school division in financial statements for periods prior to the 2013 are not reversed and, therefore, the financial statements of prior periods, including 2012 comparative amounts, have not been restated. (b) at the beginning of the fiscal year, the school division: (i) recognized all financial assets and financial liabilities on its statement of financial position and classified items in accordance with PS3450 (ii) standards; applied the criteria in PS3450 in identifying those financial assets and financial liabilities to be measured at fair value; and (iii) remeasured assets and liabilities as appropriate, and recognized the adjustment to September 1, 2012 amounts as an adjustment to the accumulated remeasurement gains and losses at the beginning of the fiscal year. (c) no adjustments to carrying values were made to retroactively expense transaction costs applicable to items in the fair value category. (d) the school division established an accounting policy for the identification of embedded derivatives in contracts entered into by it. The school division s policy, and its application, recognizes as separate assets and liabilities those embedded derivatives required to be reported in accordance with provisions of PS3450 on either a retroactive or prospective basis. The adoption of this policy has not impacted the school division s 2013 financial statements as the school division did not have any derivative contracts. The adoption of the new PS3450 standard has not resulted in any changes to the measurement and recognition of the school division s financial instruments other than additional disclosures which include the school division s risk management practices. PS3410 Government Transfers The school division adopted the revised PS3410 Government Transfers standard in This revised standard establishes standards on how to account for and report government transfers (grants), with the most significant impact to the school division pertaining to the criteria for recognition of revenue for the government transfers it receives. The revised standard allows for either prospective or retroactive implementation. The school division has elected to apply the

57 requirements of the revised standard on a prospective basis. Accordingly, the adoption of this revised standard did not have an impact on the school division s comparative figures but did require additional disclosures in the notes. Previously, government transfers (grants) that restricted how those resources were to be used were deferred and recognized in revenue as the related expenses or expenditures were incurred. The adoption of the new PS3410 required that the school division assess government transfers (grants) received to determine if they meet the requirement for deferral as a liability, in accordance with the new standard. The impact to the school division resulting from the adoption of the new PS3410 standard is as follows: The adoption of the revised PS3410 standard has not resulted in any changes to the measurement and recognition of government transfers in the school division s 2013 financial statements. 18. RISK MANAGEMENT The school division is exposed to financial risks from its financial assets and liabilities. These risks include credit risk, liquidity risk and market risk (consisting of interest rate risk and foreign exchange risk). i) Credit Risk Credit risk is the risk to the school division from potential non-payment of accounts receivable. The credit risk related to the school division's receivables from the provincial government, federal government and their agencies are considered to be minimal. For other receivables, the school division has adopted credit policies which include close monitoring of overdue accounts. The school division does not have a significant exposure to any individual customer. Management reviews accounts receivable on a case by case basis to determine if a valuation allowance is necessary to reflect an impairment in collectability. The aging of accounts receivable at August 31, 2013 and August 31, 2012 was: August 31, 2013 August 31, 2012 Allowance of Doubtful Accounts Accounts Receivable Accounts Receivable Allowance of Doubtful Accounts Current $ - $ - $ - $ days 25, days 19,465-19, days Over 90 days 420, , ,382 89,138 Total $ 465,144 $ 109,236 $ 580,906 $ 89,138 Net $ 355,908 $ 491,768

58 ii) Liquidity Risk Liquidity risk is the risk that the school division will not be able to meet its financial obligations as they come due. The school division manages liquidity risk by maintaining adequate cash balances, budget practices, monitoring and forecasts. The following table sets out the contractual maturities of the school division s financial liabilities: Within 6 months August 31, months to 1 year 1 to 5 years > 5 years Accounts payable and accrued liabilities $ 117,504 $ - $ - $ - Long term debt 27,133 31,665 66,091 69,447 Total $ 144,637 $ 31,665 $ 66,091 $ 69,447 iii) Market Risk The school division is exposed to market risks with respect to interest rates and foreign currency exchange rates, as follows: Interest Rate Risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The school division s interest rate exposure relates to cash and cash equivalents and portfolio investments. The school division also has an authorized bank line of credit of $250,000 with interest payable monthly at a rate of prime. Changes in the bank's prime rate can cause fluctuation in interest payments and cash flows. There was no balance outstanding on this credit facility as of August 31, The school division minimizes these risks by: holding cash in an account at a Canadian bank, denominated in Canadian currency managing cash flows to minimize utilization of its bank line of credit managing its interest rate risk on long-term debt through the exclusive use of fixed rate terms for its long-term debt Foreign Currency Risk: Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The school division is exposed to currency risk on purchases denominated in U.S. dollars for which the related accounts payable balances are subject to exchange rate fluctuations; however, this risk is minimal as the school division does not make a significant amount of purchases denominated on a foreign currency. The school division did not have any financial instruments denominated in foreign currency outstanding at August 31, 2013 or August 31, 2012.

59 Appendix B: Organizational Chart Creighton School Division Board of Education Annual Report Page 21

60 Appendix C: School List Schools Grades Location Creighton Community School Pre-K to 12 Creighton Creighton School Division Board of Education Annual Report Page 22

61 Appendix D: Payee List Creighton School Division Payee Disclosure List for the Fiscal Year September 1, 2012 to August 31, 2013 As part of government`s commitment to accountability and transparency, the Ministry of Education and Saskatchewan school divisions disclose payments that total $50,000 or greater made to individuals, businesses and other organizations during the fiscal year. These payments include salaries, contracts, transfers, purchases of goods and services, and other expenditures. Board of Education Remuneration Name Remuneration Expenses Travel Professional Development Total Andrusiak, Tracy $6, $1, $7, Biberdorf, Ray $6, $ $3, $1, $12, Clark, Janet $8, $1, $7, $1, $19, Fagnan, Hermaline $6, $ $2, $1, $11, Werbicki, Rhonda $6, $1, $8, Jacobson, Heather $3, $1, $1, $6, Total $38, $2, $14, $8, $64, Personal Services Individual personal salaries of staff earning more than $50,000 a year are available upon request. Supplier Payments Listed are payees who received a total of $50,000 or more for the provision of goods and services. Sask Teachers Federation $ 297,132 Municipal Employee Pension Flin Flon School Division 187, ,140 Receiver General for Canada 1,208,890 Sask School Boards Assoc. 86,873 Jim s Custom Doors & Windows 80,399 Kennedy Energy 96,770 First Canada ULC SaskPower 334,533 65,222 Creighton School Division Board of Education Annual Report Page 23

62 Appendix E: Infrastructure Projects School Project Details Cost Creighton Community School Door Replacement Replacement of interior fire doors and some exterior doors $73,500 * Part of the cost of this project was paid during the budget year. ** This project will be completed in and part of the cost will be incurred during Creighton School Division Board of Education Annual Report Page 24