By Cole Parkinson
As part of the end of the year celebrations, the Horizon school board of trustees got a look at their audited financial statements ending on Aug. 31, 2019.
Like usual, Avail’s Darren Adamson provided the report to the board during their Nov. 25 meeting.
Financial assets for the year end saw cash and cash equivalents at $2,581,262 (last year was at $2,419,388), accounts receivable at $413,409 ($1,035,824), their operating (portfolio investments) at $4,222,228 ($4,482,676) which totals at $7,216,899 compared to last year’s total of $7,937,888.
Adamson explained to the board why their financial assets saw a dip of around $700,000.
“This is basically because you’ve spent some money on some capital assets.”
Total liabilities were at $58,377,039 ($52,935,982) while their net debt was $51,160,140 ($44,998,094).
As far as non-financial assets, tangible capital assets were $61,884,542 ($55,754,990), prepaid expenses were $350,242 ($181,783) and the total was $62,234,784 ($55,936,773).
Their accumulated surplus came in at $11,074,644 compared to the prior year of $10,938,679.
“The $11 million would represent our total excess of revenue over expenses from the very beginning of Horizon School Division,” added Adamson.
Moving to revenues, the primary source continues to be the Government of Alberta who provided $43,373,944 compared to 43,537,963 the last year.
Other revenues were from fees $596,586 ($663,549), other sales and services $730,171 ($594,366), investment income $158,905 ($145,046), gifts and donations $334,519 ($299,666), rental of facilities $20,763 ($23,666), fundraising $321,891 ($407,771) and other revenue $43,956 ($22,542) which totalled out to $45,580,735 ($45,694,168).
“For the most part, revenues are right where we expect them to be,” stated Adamson.
Expenses for the 2019 year were largely attributed to staffing as Instruction ECS was $1,440,714 ($1,583,678), and instruction Gr. 1-12 was $32,414,245 ($33,833,530).
Other expenses listed were plant operations and maintenance $6,294,333 ($6,458,673), transportation $2,887,044 ($2,879,211), board and system administration $1,937,483 ($1,957,826), external services $470,951 ($438,325) which totalled $45,444,770 ($47,151,243).
Horizon’s operating surplus for the 2019 year was $135,965 ($1,457,075).
“Everyone is aware of the province’s financial position and everyone is aware of the board’s financial position. People have been taking breaks on a few things and they’ve been saying ‘let’s be careful here,’” added Phil Johansen, associate superintendent of finance and operations.
Total cash flows from operating transactions were $1,134,236 (-$1,145,124) while cash and cash equivalents at the end of the year totalled $2,581,262.
“That’s good, you want positive cash flows from operations. Last year was negative $1.1 million,” said Adamson.
The board of trustees were also provided with their key performance indicator report for the year-end.
“The calculated adjusted average is derived from the 60 school divisions in Alberta excluding the four divisions in Calgary and Edmonton. This was done in order to focus on small to medium size school divisions” reads the report.
With Horizon’s total expenses at $45,444,770, the comparable averages were at $62,586,30 while total revenues were $45,580,735 at Horizon, the comparable average was at $62,414,115.
Total students for 2019 at Horizon were at 3,539 while comparable averages had 4,946.
As far as expense by allocation, Horizon sees 74.5 per cent going towards instruction, 13.9 per cent to operation and maintenance, 6.4 per cent to transportation, 4.3 per cent to board and system admin and one per cent to external services.
The Horizon School board of trustees unanimously approved the audit financial statements for the year ending on Aug. 31, 2019.