Annapolis Valley Regional School Board Consolidated Financial …novascotia.ca/.../Annapolis_Valley_Regional_School_Board.pdf · 2013-07-31 · Annapolis Valley Regional School Board

Annapolis Valley RegionalSchool Board

Consolidated Financial StatementsMarch 31, 2013

Contents

Page

Independent Auditors' Report 1

Consolidated Statement of Financial Position 2

Consolidated Statement of Operations and Accumulated Surplus 3

Consolidated Statement of Change in Net (Debt)/Surplus 4

Consolidated Statement of Cash Flow 5

Schedule A - Supplementary Details of Revenue 6 - 7

Schedule B - Supplementary Details of Expenses 8 - 9

Schedule D - Supplementary Details of Trusts & School Based Funds 10 - 12

Schedule E - Supplementary Details of Tangible Capital Assets 13

Notes to the Consolidated Financial Statements 14 - 16

P.O. Box 718 158 Commercial Street Berwick, NS B0P 1E0

Morse Brewster Lake Tel: (902) 538-8531Chartered Accountants Fax: (902) 538-7610

Email: [email protected]

Independent Auditor's Report

To the Chairman and Members of the

Annapolis Valley Regional School Board

We have audited the accompanying consolidated financial statements of Annapolis Valley Regional School Board, which comprise the consolidated statement of financial position as at March 31, 2013, and the consolidated statement of operations and accumulated surplus, change in net debt and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordancewith Canadian public sector accounting standards and for such internal control as management determines is necessary toenable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted ouraudit in accordance with Canadian auditing standards. Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation ofthe consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Board as at March 31, 2013 and the results of operations, changes in net debt and cash flows for the year then ended, in accordance with Canadian public sector accounting standards.

Berwick, Nova Scotia June 26, 2013 Chartered Accountants

1

Annapolis Valley Regional School BoardConsolidated Statement of Operations and Accumulated Surplus

As at March 31, 2013

2013 Budget 2013 Actual 2012 Actual

Revenue (Schedule A)Province of Nova Scotia 101,586,182$ 102,765,521$ 104,111,324$ Government of Canada 937,576 972,611 1,382,458 Municipal Contributions 19,200,200 19,200,216 18,255,803 School Generated Funds (Note 3) 4,000,000 3,992,076 3,907,182 Other Revenues 2,978,931 3,333,019 3,205,848

Total Revenues 128,702,889$ 130,263,443$ 130,862,614$

Expenses (Schedule B)Total Board Governance 341,088$ 330,617$ 264,111$ Total Regional Management 3,165,075 3,464,107 3,432,794 Total School Management 18,042,924 18,007,110 17,902,453 Total Instruction 58,715,415 58,929,040 59,517,651 Total Student Support 17,816,485 17,862,681 18,219,000 Total Adult Education 652,238 651,470 1,081,089 Total Property Services 12,827,832 13,487,164 12,742,526 Total Student Transportation 9,269,770 9,195,532 9,372,417 Other Programs 3,352,396 3,382,847 3,402,423 School Generated Funds (Note 3) 4,000,000 3,683,756 4,050,603 Interest Expense 385,300 924,918 897,100 Amortization Expense 134,366 123,452 132,698

Total Expenses 128,702,889$ 130,042,693$ 131,014,865$

Annual Surplus/(deficit) before unusual items 220,750$ (152,251)$

School Board surplus/(deficit)on an expense basis 220,750$ (152,251)$

Accumulated surplus/(deficit) beginning of year:Previously Reported 5,171,023$ 5,323,274$

Accumulated surplus/(deficit) end of year 5,391,773$ 5,171,023$

Committed SurplusSchool Budget Carry-over 186,587 99,165 Cafeteria Carry-over 14,385 28,967 School Based Funds 2,304,630 1,996,309 Non-Financial Assets 1,676,831 1,297,106

Uncommitted Surplus 1,209,341$ 1,749,476$

The accompanying notes are an integral part of these financial statements.

3

Annapolis Valley Regional School BoardConsolidated Statement of Change in Net (Debt)/Surplus

For the Year Ended March 31, 2013

2013 2012

Net (debt)/surplus beginning of year 3,873,917$ 3,967,891$

Changes in the Year

Surplus/(Deficit), on an Expense Basis 220,750 (152,251) Acquisition of tangible capital assets (50,126) (510,395) Amortization of tangible capital asset 123,452 132,698 (Increase) Decrease in prepaid expenses (453,051) 435,974

Net (debt)/surplus end of year 3,714,942$ 3,873,917$


4

Annapolis Valley Regional School BoardConsolidated Statement of Cash FlowFor the Year Ended March 31, 2013

2013 2012

Operating Transactions

Annual surplus 5,391,773$ 5,171,023$ Change in prepaid expenses (453,051) 435,974 Change in deferred revenue 111,976 196,224 Change in accounts receivable (341,863) 3,297,980 Change in accounts payable (1,287) (1,188,925) Change in long-term debt 385,591 672,418

Cash Provided by Operating Transactions 5,093,140 8,584,695

Acquistion of Tangible Capital Assets 73,326 (377,697)

Increase in cash and cash equivalents 5,166,466 8,206,999

Previous Year's Surplus (5,171,023) (5,323,274)

Cash and cash equivalents at beginning of year 8,056,679 5,172,954 Cash and cash equivalents at end of year 8,052,122$ 8,056,679$


5

Annapolis Valley Regional School BoardSchedule A - Supplementary Details of Revenues



Revenue

Province of Nova Scotia:

Operating 80,435,768$ 79,901,330$ 80,374,577$ Restricted 17,237,770 18,034,953 18,579,923 Capital 113,400 768,402 113,400 Other 1,799,244 2,430,688 3,060,680 Recoveries 50,000 42,948 32,744 Teachers Salary Accrual 1,950,000 1,587,200 1,950,000

Total Province of Nova Scotia 101,586,182$ 102,765,521$ 104,111,324$

Government of Canada:

IA Northern Development 522,300$ 545,150$ 571,335$ HRDC 137,000 146,991 532,570 Secretary of State 278,276 280,470 278,553

Total Government of Canada 937,576$ 972,611$ 1,382,458$

Municipal contributions:

Mandatory 19,200,200$ 19,200,216$ 18,255,803$

Total Municipal Contributions 19,200,200$ 19,200,216$ 18,255,803$

School Generated Funds:

School Generated (Note 3) 4,000,000$ 3,992,076$ 3,907,182$

Total School Generated 4,000,000$ 3,992,076$ 3,907,182$


6

Annapolis Valley Regional School BoardSchedule A - Supplementary Details of Revenues



Other Revenues:

Board Generated - Other 575,728$ 641,836$ 1,037,035$ Other Revenue - Schools 1,159,854 1,102,091 1,149,348 Tuition - Students 424,199 568,113 533,550 Registration 658,750 785,623 281,583 Rentals 5,400 5,626 5,435 Interest/Investments 90,000 84,297 67,267 Recoveries - Non-governmental 65,000 130,599 122,697 Non-Government Grants - 13,764 - Donations - 1,000 - Sale of Assets - 70 8,934

Total Other Revenues 2,978,931$ 3,333,019$ 3,205,848$

Total Revenues 128,702,889$ 130,263,443$ 130,862,614$


7

Annapolis Valley Regional School BoardSchedule B - Supplementary Details of Expenses



Expenses:

Board Governance:

Board Members 220,819$ 210,664$ 130,622$ Board Secretary 53,794 54,246 55,989 NSSBA & Other 66,475 65,707 77,500

Total Board Governance 341,088$ 330,617$ 264,111$

Regional Management:

Management Services 1,195,744$ 1,267,955$ 1,465,584$ Financial Services 685,643 671,983 679,815 Human Resources Services 999,196 961,152 1,043,611 Communication Services 70,529 51,687 65,510 ITS - Regional 213,963 511,330 178,274

Total Regional Management 3,165,075$ 3,464,107$ 3,432,794$

School Management & Support:

School Management 9,923,511$ 10,092,519$ 10,039,567$ Program & Curriculum Support 6,047,743 5,734,115 5,489,289 ITS - Site Specific 2,071,670 2,180,477 2,373,598

Total School Management 18,042,924$ 18,007,110$ 17,902,453$

Instructional & School Services:

Instruction 56,759,478$ 56,792,698$ 57,234,348$ Guidance Services 1,155,475 1,322,618 1,190,060 Library Services 800,462 813,724 1,093,244

Total Instruction 58,715,415$ 58,929,040$ 59,517,651$

Student Support:

Program Management 112,172$ 113,771$ 110,990$ Instruction 15,322,786 15,345,584 15,585,920 Program & Curriculum Support 2,381,527 2,403,326 2,522,090

Total Student Support 17,816,485$ 17,862,681$ 18,219,000$


8

Annapolis Valley Regional School BoardSchedule B - Supplementary Details of Expenses



Adult & Community Education:

Program Management 58,132$ 61,399$ 168,081$ Instruction 594,106 590,071 913,008

Total Adult Education 652,238$ 651,470$ 1,081,089$

Property Services:

Management Services 932,021$ 901,721$ 906,636$ Custodial Services 4,281,797 4,501,417 4,452,830 Maintenance Services 7,193,720 7,676,490 7,000,483 Grounds Services 420,294 407,535 382,578

Total Property Services 12,827,832$ 13,487,164$ 12,742,526$

Student Transportation:

Management Services 395,358$ 416,471$ 454,071$ Transportation (Board) 3,279,669 3,335,190 2,637,519 Maintenance (Board) 1,040,906 1,021,545 1,021,101 Transportation (Contract) 4,553,837 4,422,325 5,259,727

Total Student Transportation 9,269,770$ 9,195,532$ 9,372,417$

Other Programs 3,352,396$ 3,382,847$ 3,402,423$ School Based Funds (Note 3) 4,000,000 3,683,756 4,050,603 Interest Expense 385,300 924,918 897,100 Amortization Expense 134,366 123,452 132,698

Total Expenses 7,872,062$ 8,114,973$ 8,482,824$

Total 128,702,889$ 130,042,693$ 131,014,865$


9

Annapolis Valley Regional School BoardSchedule D - Supplementary Details of Trusts and School Based Funds


Trusts

March 2012 Additions Interest Disbursements March 2013

ARRA Library Trust 3,741$ 97$ 3,838$ Atkinson Trust 10 - 10 AVRSB BD Mem Sch Fd 9,355 247 900 8,702 Raymond Banks Memorial 10,707 279 10,986 Barteaux Trust 124 6 140 10- Bateman Trust 4,558 118 4,676 Beals Trust 413,942 10,777 11,200 413,519 Beattie Trust 11,193 291 11,484 Blackburn Trust 41 1 42 Borden Trust 3,775 98 3,873 Brannon Trust 650 17 50 617 Brazil, Duane Mem 9,002 236 500 8,738 Carter Trust 3,331 89 500 2,920 Charles Eaves Award 15,772 411 405 15,778 Clarke 6,828 178 195 6,811 Coldwell Trust 5,106 133 145 5,094 Cummings Trust 14,388 215 374 500 14,477 Dakin Trust 7,161 186 600 6,747 Dalton Trust 16,646 433 17,079 DeEll Trust 54,411 1,417 775 55,053 Dorothy Russell 1,547 1,110 42 500 2,199 Evans Trust 112 3 100 15 Fairn - 52,500 1,101 2,000 51,601 Harvey 4,232 110 100 4,242 Haskell Trust 26,288 229 692 1,000 26,209 Hibbard Trust 11,310 294 270 11,334 Horton Alumni 955 26 250 731 Hudgins Trust 454 12 12 454 Inglis Trust 20,839 543 590 20,792 IOOF Wolfville 16,300 424 16,724 Jones - BRES 6,803 176 6,979 Jones - BRHS 15,241 395 15,636 Johnston Trust 11,491 20,202 724 500 31,917 Lightfoot Trust 136 4 140 Lockhart Trust 23 1 24 Lyons Trust 4,662 121 4,783 MacFarlane 9,026 235 2,310 6,951 MacNutt Trust 49,514 5,500 1,278 1,000 55,292 Mitchell Trust 1,707 44 1,751 MRHS 40th Ann. Trust 25,581 618 500 25,699 Neily Trust 458 12 13 457 Nixon Trust 6,520 170 250 6,440 Candice Parker Trust 5,524 320 134 500 5,478 Harry E. Parker Trust 6,745 300 182 500 6,727 Rena B. Parker Trust 37,539 975 1,050 37,464 Frank Pecora Mem Bursary 816 23 500 339 Quartermain Trust 922 24 946 Rainforth Trust 543 14 557 Sasa Kovac Trust 893 26 500 419 Sinnott Trust 10,893 284 310 10,867 Terri Spinney Mem 531 250 17 798 Earle Spicer Trust 27,928 727 795 27,860


10




Bill Wade Memorial 7,114 4,500 241 6,000 5,855 Whitman Memoiral - 10,200 216 200 10,216 Worthylake Trust 9,539 150 257 1,500 8,446 Champlain Refresh 2,250 33,900 - 33,094 3,056 Horton Refresh 85,074 300,000 - 282,171 102,903 Northeast Kings Refresh 29,614 105,114 - 106,424 28,304 Pine Ridge Refresh 3,793 68,106 - 60,032 11,867 Champlain Capital Fund 6,491 - - - 6,491 Northeast Kings Capital Fund 9,451 - - - 9,451 Pine Ridge Capital Fund 8,788 29,240 - 1,943 36,084 Horton Capital Fund 49,835 30,840 - 7,954 72,721 Total Trusts 1,108,223$ 662,676$ 25,533$ 528,778$ 1,267,653$

Foundation Total 293,493$ 121,708$ 4,839$ 111,704$ 308,336$

Total Trusts & Foundation 1,401,716$ 784,384$ 30,372$ 640,482$ 1,575,989$

School Generated Funds


Aldershot 16,378$ 46,432$ -$ 41,749$ 21,061$ Annapolis East 67,625 105,152 - 104,205 68,572$ ARRA Special 32,166 36,615 - 35,487 33,294$ AWEC Office 44,602 99,893 50 81,931 62,614$ Avon View 91,469 240,513 - 243,832 88,150$ Berwick 53,011 75,009 - 71,737 56,283$ BRES 28,979 21,244 - 19,272 30,951$ BRHS 110,456 101,585 221 92,087 120,175$ Brooklyn 43,626 55,063 - 52,882 45,807$ Cambridge 18,055 49,099 - 42,482 24,672$ Central Kings 133,959 343,163 - 307,954 169,168$ Champlain 18,658 25,694 - 32,334 12,018$ Clark Rutherford 10,230 13,855 - 13,966 10,119$ Coldbrook 52,503 69,134 - 62,577 59,060$ Dr Arthur Hines 18,789 39,557 91 38,396 20,041$ Dwight Ross 22,049 51,764 13 39,989 33,837$ EMS 44,277 81,397 - 70,201 55,473$ Falmouth 21,015 38,964 - 40,812 19,167$ Gaspereau 17,183 36,948 - 33,339 20,792$ Glooscap 25,511 38,498 - 33,809 30,200$ Hantsport 30,473 57,340 34 52,915 34,932$ Highbury Education 11,235 392- 1 4,437 6,407$ Horton 276,822 443,025 - 426,426 293,421$ KCA 43,523 147,424 85 134,028 57,004$ Kings Co Adult High - 11,052 - 2,920 8,132$ Kingston Dist 32,668 49,188 - 50,398 31,458$ LE Shaw 9,183 32,520 - 32,566 9,137$ Lawrencetown 35,575 21,936 - 21,413 36,098$ Lawrencetown Ed. Ctr. 3,737 12,739 - 9,375 7,101$ MRHS 151,223 268,052 25 267,131 152,169$


11




New Minas 11,518 64,341 - 48,435 27,424$ Newport Stn 26,182 20,066 - 24,641 21,607$ Northeast Kings 112,251 294,857 - 300,617 106,491$ Pine Ridge 92,659 113,536 - 119,710 86,485$ Port Williams 16,211 33,168 - 34,260 15,119$ Somerset 8,620 70,977 - 71,223 8,374$ St Mary's 43,602 33,107 - 29,642 47,067$ Three Mile Plns 33,786 23,415 - 19,922 37,279$ WHEC 12,908 10,566 - 15,342 8,132$ West Hants 21,307 161,403 869 148,004 35,575$ West Kings 62,194 398,730 337 274,946 186,315$ Windsor Adult High 3,802 6,423 - 2,476 7,749$ Windsor El 11,243 24,348 - 22,159 13,432$ Windsor Forks 31,002 44,088 - 43,652 31,438$ Wolfville School 44,044 78,862 - 68,076 54,830$

Total School Generated Funds 1,996,309$ 3,990,350$ 1,726$ 3,683,755$ 2,304,630$


12

Annapolis Valley Regional School BoardSchedule E - Supplementary Details of Tangible Capital Assets

As of March 31, 2013

Costs of Tangible Asset(s)

Buildings VehiclesBuilding

Betterments 2013 2012Opening Costs 427,951$ 597,877$ 849,485$ 1,875,313$ 1,364,918$ Additions - 50,126 - 50,126 510,396 Disposals - - - - - Closing Costs 427,951$ 648,003$ 849,485$ 1,925,439$ 1,875,314$

Accumlated Amortization(s)

Opening Balance 79,382$ 412,035$ 90,299$ 581,716$ 449,018$ Disposals - - - - - Amortization Expense 17,428 68,064 37,959 123,452 132,698 Closing Balance 96,810$ 480,099$ 128,258$ 705,168$ 581,716$

Note Book Value (NBV) 331,141$ 167,903$ 721,227$ 1,220,271$ 1,293,597$

Opening Balance, April 1, 2012 348,569 185,842 759,186 1,293,597 915,900 Closing Balance, March 31, 2013 331,141 167,903 721,227 1,220,271 1,293,597

Increase (decrease) In Net Book Value (17,428)$ (17,939)$ (37,959)$ (73,326)$ 377,697$


13

14

Annapolis Valley Regional School Board Notes to the Consolidated Financial Statements

March 31, 2013

1. Nature of OperationsThe Annapolis Valley Regional School Board is an independent legal entity with an elected boardas required under the Education Act. The Board provides educational services from grade primaryto grade 12 at public schools within the Annapolis Valley. The Board is a registered charity underthe Income Tax Act and is exempt from income tax and can issue official receipts to donors.

2. Summary of significant accounting policiesThese consolidated financial statements have been prepared to conform in all material respects toCanadian generally accepted accounting principles prescribed by the Public Sector Accountingand Auditing Handbook for Federal, Provincial and Territorial Governments, of the Public SectorAccounting Board. These consolidated financial statements have been prepared using thefollowing significant accounting policies:

Revenues Revenues are recorded on an accrual basis. The main components of revenue are funding from the Province of NS, Government of Canada and Municipal Contributions. The Board receives contributions by volunteer support in the delivery of certain programs within the schools. Due to the difficulty in determining or estimating the value of these contributions, contributed services are not quantified and recognized in these financial statements.

Expenses Expenses are recorded on the accrual basis. Provisions are made for probable losses on accounts receivable, and for contingent liabilities when it is likely that a liability exists and the amount can be reasonably determined.

Pension Liabilities The Board contributes to Registered Retirement Savings Plans and Registered Pension Plans on behalf of the non-teaching employees. The Board’s teachers are members of a pension plan established by the Province of Nova Scotia as required by the Teachers’ Pension Act. The Province of Nova Scotia is responsible for funding this plan.

Service Awards During the 2000-2001 and the 2012-2013 fiscal years the Province of Nova Scotia assumed full responsibility for accumulated liability associated with teaching and non-teaching employee retirement allowances. School boards are responsible only for the current service cost of this benefit. The projected liability is offset by a corresponding receivable from the Province. The amount of the projected liability has been determined by the Nova Scotia Department of Finance, based on an actuarial valuation.

Net Debt Net Debt represents the direct liabilities of the Board less financial assets.

Financial Instruments Cash and cash equivalents are recorded at cost which approximates market value. The Board’s financial instruments consist of cash and cash equivalents, receivables, payable and accruals and other liabilities. It is management’s opinion that the Board is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying values.

15

Annapolis Valley Regional School Board Notes to the Consolidated Financial Statements Continued

March 31, 2013

2. Summary of significant accounting policies continued

Cash and cash equivalentsCash and cash equivalents included cash on hand, balances with banks, short term deposits andbank balances held by schools.

Non Financial AssetsAll capital acquisitions are now recorded using Tangible Capital Asset accounting. All nonfinancial assets previously recorded that do not meet these guidelines have been removed fromthese statements.

All tangible capital assets purchased by the Board are recorded as assets and amortized based onthe Province of Nova Scotia’s tangible capital asset accounting policy thresholds. The thresholdsand amortization rates are as follows:

Buildings $250,000 Amortization 5% Declining Balance Vehicles $ 15,000 Amortization 35% Declining Balance Building betterments $150,000 Amortization 5% Declining Balance

Prepaid Expenses are cash disbursements for goods or services, other than Tangible CapitalAssets and inventories of supplies, of which some or all will provide economic benefits in one ormore future periods. The prepaid amount is recognized as an expense in the year the goods orservice is used or consumed.

Accumulated Deficit/SurplusAccumulated Deficit/Surplus represents the liabilities of the School Board less financial assets,and non financial assets. This represents the accumulated balance of net deficit/surplus arisingfrom the operations of the Board.

Use of EstimatesIn preparing the Board’s financial statements, management is required to make estimates andassumptions that affect the reported amounts of assets and liabilities, the disclosure of contingentassets and liabilities at the date of the consolidated financial statements and reported amounts byfund of revenue and expenditure. Actual results could differ from these estimates.

Financial statement presentationThe financial statements of the Board have been prepared in accordance with the School BoardFinancial Handbook as issued by the Minister of Education March 31, 2005 pursuant to Article 62of the Ministerial Education Act Regulations of the Province of Nova Scotia.

3. School Based FundsThe Board is required to include in its financial statements the financial activities of its schoolsites. To meet this requirement, the Board has instituted a new school based funds policy topromote appropriate internal controls, provided each site with a standard computer basedaccounting system and established common reporting standards for school based funds. Thefollowing is a summary of these financial activities, a site by site listing is provided in Schedule D.

March 31, 2012

Additions Interest Disbursements March 31,

2013

$1,996,309 $3,990,350 $1,726 $3,683,755 $2,304,630

(Student Council Funds are included in the School Based Funds totals. Cafeteria funds are no longer school based and are administered in the regional Financial System)

16

Annapolis Valley Regional School Board Notes to the Consolidated Financial Statements Continued

March 31, 2013

4. Trust fundsThe Annapolis Valley Regional School Board manages a number of trust funds primarily for thegeneration of scholarships and awards. A summary of the trusts and their activity is found inSchedule D of these financial statements. Effective April 1, 1997, the Board incorporated theactivities of the former Kings County District School Board Foundation. These are now carried asa separate Trust Account.

5. Contractual Obligations

Contract Vendor 2013‐14 2014‐15 2015‐16 2016‐17

Contracted School Bus Transportation Services Perry Rand Transportation Group Ltd $3,710,444 $3,821,757 $3,936,410 $1,216,351

Regional Office Rent Western Kings Health Society $275,940 $284,218 $292,745

NSSBA Group Photocopier Xerox Canada $115,280

Consultant Services ‐ Hantsport School Harvey Architecture $124,000

Consultant Services ‐ AWEC Harvey Architecture $241,736

Totals $4,467,400 $4,105,976 $4,229,155 $1,216,351

6. ContingencyLosses due to theft were discovered during fiscal 2012-2013. The amount of the loss is not yetdeterminable.The recovery of the loss has also not been determined and will be recorded whenreceived.

7. Accumulated sick leave liabilityThe Board has recognized in these consolidated financial statements, the liability associated withaccumulated sick leave earned by teaching and non-teaching staff. The Board has recorded acorresponding receivable from the Province of Nova Scotia which has assumed responsibility forthe liability up to March 31, 2013.

Annapolis Valley Regional School Board Consolidated Financial …novascotia.ca/.../Annapolis_Valley_Regional_School_Board.pdf · 2013-07-31 · Annapolis Valley Regional School Board

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