LAKELAND COLLEGE

37
2007
Deferred Deferred Capital Grant
Contributions Contributions Revenue Total
Alberta Advanced Education
Regular operating $ - $ - $ 24,303,046 $ 24,303,046
Performance funding - - 148,818 148,818
Access funding 2,414,180 37,882 1,826,961 4,279,023
Conditional 96,740 970,376 153,808 1, 220,924
Alberta Infrastructure
Infrastructure maintenance 1,035,735 3,616,463 458,106 5,110,304
Total $ 3,546,655 $ 4,624,721 $ 26,890,739 $ 35,062,115
The College provided courses to other provincial colleges and participated in the development, sale and offering of certain courses with other
public colleges. The revenues and expenses incurred for these have been included in the Statement of Operations but have not been separately
quantified. These transactions were entered into on the same business terms as with non-related parties and are recorded at fair market value.
Note 23
Pension Liability and Expense
In the year ending June 30, 2008, the College participated in the Local Authorities Pension Plan (LAPP) in the amount of $1,611,372
(2007-$1,414,616). As at December 31, 2007, the LAPP reported a deficiency of $1,183,334,000 (2006 - $746,651,000). The January 1,
2008 employers’ contribution rate was not increased. Pension expenses are recorded in the Salaries and Benefits section of the Statement of
Operations.
Note 24
Contingent Liabilities
There is one unresolved claim against the College. While the outcome of this claim cannot be predicted at this time, it is the opinion
of management that the resolution of this claim will not have a material effect on the financial statements of the College and it has not
been reflected in these statements. Additional costs of settling this claim, if any, will be charged to operations upon settlement, which in
management’s opinion will not have a material effect on the financial position of the College.
Note 25
Comparative Figures
The 2007 figures have been reclassified where necessary to conform to 2008 presentation.
Note 26
Approval of Financial Statements
These financial statements were approved by the Board of Governors.
LAKELAND COLLEGE
ANNUAL REPORT 2007-08