Tourism Saskatchewan - IndustryMatters.com

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YEAR ENDED SEPTEMBER 30, 2011 c) Education and Training Fund In 2005, the Authority’s Board of Directors set up a restricted fund for operational purposes for expenditures with the Saskatchewan Tourism Education Council (STEC). During the year, the Authority’s Board of Directors internally restricted $120,924 (2010 - $8,606) for education and training. Changes to the net assets restricted for the Education and Training fund are as follows: 2011 2010 Beginning balance $8,606 $400,000 Less expenditures incurred during year (8,606) (391,394) Add internally imposed restrictions during the year 120,924 - Ending balance $120,924 $8,606 11. COMMITMENTS Leases The Authority has entered into leases for office premises in Regina and Saskatoon and Visitor Reception Centres at various locations in the province. The future minimum lease payments are as follows: 2011 $806,080 2012 $805,514 2013 $805,670 2014 $649,604 2015 $664,676 2016 thereafter $5,755,621 12. CHANGES IN NON-CASH WORKING CAPITAL ITEMS d) Initiatives Fund The Authority’s Board of Directors has internally restricted funds to be used for certain initiatives. During the year, the Authority’s Board of Directors internally restricted $245,123 (2010 - $nil) for other initiatives. Changes to the net assets restricted for the initiatives fund are as follows: 2011 2010 Beginning balance - $44,469 Internally imposed restrictions during the year $245,123 - Less expenditures incurred during year - (44,469) Ending balance $245,123 - 2011 2010 Accounts receivable $228,390 $70,693 GST receivable 195,984 (135,180) Inventory 3,279 6,858 Prepaid expenses (33,875) 4,475 Accounts payable and accrued liabilities 187,001 (700,789) Deferred grant contribution (288,125) 1 Unearned revenue 21,146 (48,489) Change in working capital $313,800 ($802,431) 13. ECONOMIC DEPENDENCE The Authority receives approximately 79% of its revenue from the Ministry of Tourism, Parks, Culture and Sport. The Authority is dependent on the funding from the Ministry in order to maintain operations at the current level. 52
YEAR ENDED SEPTEMBER 30, 2011 14. CAPITAL MANAGEMENT The government funding provided to the Authority must be used to deliver the Authority’s business plan. At each fiscal year end, the maximum amount of restricted net assets as per the audited financial statements cannot exceed $900,000. Any amount in excess of this shall be paid to the Minister of Finance within 90 days. The Authority is also allowed to accumulate up to $250,000 in unrestricted net assets. Again, any amount in excess of this amount shall be paid to the Minister of Finance within 90 days. To stay within these restrictions, managers receive monthly spending reports compared to budget. Revised budgets are done twice a year to ensure responsible and accurate program spending with excess funds reallocated as required. 15. DEFINED CONTRIBUTION PENSION PLAN The Authority has a defined contribution plan for employees. The Authority’s obligations are limited to matching contributions made by the employees for current services. During the year, the Authority contributed $304,584 (2010 - $311,532). Berry Barn Eatery and Gift Shop, Saskatoon 16. COMPARATIVE FIGURES Certain comparative figures have been re-classified to conform to the current year’s presentation. 53
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illion in travel expenditures in 20
Page 4 and 5: Saskatchewan’s tourism sector exp
Page 6 and 7: The tourism sector in Saskatchewan
Page 8 and 9: Membership Over 1,700 Marketing Dir
Page 10 and 11: Tourism Saskatchewan is governed by
Page 12 and 13: This past year has been one of cont
Page 14 and 15: 12 The past year has been a tumultu
Page 16 and 17: Instilling a “Culture of Quality
Page 18 and 19: The 2010-2011 fiscal year was a per
Page 20 and 21: Tourism Saskatchewan underwent some
Page 22 and 23: One of Tourism Saskatchewan’s End
Page 24 and 25: events. Overall, close to 3 million
Page 26 and 27: The Ministry of Government Services
Page 30 and 31: announcement of major highway impro
Page 32 and 33: certification in tourism profession
Page 34 and 35: 32 One of Tourism Saskatchewan’s
Page 36 and 37: 34 Cultural Partnership In 2010, To
Page 40 and 41: Tourism Saskatchewan has introduced
Page 42 and 43: Several Task Team members were a pa
Page 44 and 45: To the Members of Tourism Saskatche
Page 46 and 47: AS AT SEPTEMBER 30, 2011 2011 2010
Page 48 and 49: YEAR ENDED SEPTEMBER 30, 2011 Inter
Page 50 and 51: YEAR ENDED SEPTEMBER 30, 2011 1. DE
Page 52 and 53: YEAR ENDED SEPTEMBER 30, 2011 50 3.
Page 56 and 57: YEAR ENDED SEPTEMBER 30, 2011 ADMIN
Page 58 and 59: YEAR ENDED SEPTEMBER 30, 2011 MEMBE
Page 60: Photography by Davin Andrie, Paul A
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Tourism Saskatchewan - IndustryMatters.com

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