LAKELAND COLLEGE Annual Repor t 2008 - 2009

ANNUAL REPORT 2008-2009
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Note 20 Budget
The operating and capital budgets were approved by the Board of Governors on March 26, 2008. The operating budget does not
include revenues and expenses for ad hoc programs negotiated subsequent to budget approval. The approved capital budget
provided $2,653,842 (actual $2,482,428) for internally funded acquisitions of capital assets.
Note 21 Commitments
The College has the following commitments requiring future minimum annual payments for years ending June 30 as follows:
2009-10 240,546
2010-11 132,152
2011-12 83,825
2012-13 83,825
2013-14 53,945
$ 594,294
Note 22 Related Party Transactions
Province of Alberta
The College is a Provincial Corporation as all the members of the Board of Governors are appointed by a combination of orders
by the Lieutenant Governor in Council and the Minister of Advanced Education. Grant revenue transactions between the College
and the Province are disclosed in the College financial statements as follows:
2009
Deferred
Deferred Capital Grant
Contributions Contributions Revenue Total
Alberta Advanced Education
Regular operating $ - $ - $ 28,066,300 $ 28,066,300
Enrollment planning 3,483,931 133,126 3,290,985 6,908,042
Conditional 676,886 933,013 406,544 2,016,443
Alberta Infrastructure
Infrastructure maintenance 16,656,000 - 3,743,223 20,399,223
Total $ 20,816,817 $ 1,066,139 $ 35,507,052 $ 57,390,008
2008
Deferred
Deferred Capital Grant
Contributions Contributions Revenue Total
Alberta Advanced Education
Regular operating $ - $ - $ 25,939,714 $ 25,939,714
Enrollment planning 383,698 23,126 3,530,576 3,937,400
Conditional 271,022 1,801,615 237,363 2,310,000
Alberta Infrastructure
Infrastructure maintenance 19,345 5,355,105 1,558,200 6,932,649
Total $ 674,065 $ 7,179,846 $ 31,265,853 $ 39,119,764