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Livingstone Range reports surplus on 2012 operations

Livingstone Range School Division salaries

Livingstone Range School Division has recorded a surplus in 2012 according to its audited financial statements.
The audit was presented Nov. 27 by Darren Adamson of Young Parkyn and McNab, the division’s auditor.
“In our opinion the financial statements at present fairly in all material respects, the financial position of the Livingstone Range School Division,” Adamson said. “It’s a clean audit.”
Overall, the division reported a surplus of revenues over expenses in the amount of $528,400, compared to a deficit of $10,156 in 2011.
In 2012, the division had cash and temporary investments totalling $7,753,237, which was down from $8,670,897 in 2011.
The accumulated operating surplus for the division was $4,884,568, up from the $4,249,816 reported the year before.
The total revenues for the year were $50,139,481 and total expenses were $49,611,081, yielding the surplus.
The operating reserves are $3,902,797, with no capital reserves.
An approximate $6.1-million increase in capital assets represents the modernization occurring at Willow Creek Composite high school in Claresholm.
The total net school generated funds through fund-raising, student fees, donations and other sources totalled $1,624,020, down slightly from the $1,636,063 the year before.
The board received just over $42-million from the provincial government, and trustee Kelly Hall asked if that could be broken down into more detail.
Hall said she does refer taxpayers to the division’s audited financial statements.
“They do ask and they do look,” Hall added.
Associate superintendent of business services Jeff Perry said it had been a difficult year to budget.
The division went through a significant cost-cutting exercise then additional funding was supplied later in the year.
Adamson made some minor recommendations at the school level, regarding breaking out GST properly, signing off on time sheets, and providing additional time on cash software training.
“There’s not really a lot of recommendations which speaks to strong control systems in place,” Adamson said.
Adamson also took some time to explain to the board how the financial statements will look differently next year.

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