36 ANNUAL REPORT <strong>2008</strong>-<strong>2009</strong> The College has accounts payable to the Province of Alberta of $50,600 (<strong>2008</strong> - $0) and long-term debt obligations with Alberta Capital Finance Authority as disclosed in Note 12. 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, <strong>2009</strong>, the College participated the Local Authorities Pension Plan (LAPP) in the amount of $1,858,396 (<strong>2008</strong>-$1,611,372). As at December 31, <strong>2008</strong>, the LAPP reported a deficiency of $4,413,971,000 (2007 - $1,183,334,000). The January 1, <strong>2009</strong> employers’ contribution rate was increased by 1.57%. 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 <strong>2008</strong> figures have been reclassified where necessary to conform to <strong>2009</strong> presentation. Note 26 Prior Period Adjustment The <strong>2008</strong> figures have been adjusted for an understatement of the capital lease liability. The following adjustment was made to properly reflect the capital lease liability and amortization. <strong>2008</strong> <strong>2008</strong> Balance as Balance as previously stated Change restated Computers, software & telecommunications equipment 1,643,852 49,352 1,693,204 Accounts Payable - 76,330 76,330 Capital Lease Liability 1,669,201 47,511 1,716,712 Amortization Expense 279,802 65,978 345,780 Interest Expense 66,453 8,510 74,963 Note 27 Approval of Financial Statements These financial statements were approved by the Board of Governors.
O u r M I S S I O N to i n s p i r e o u r l e arners to realize their individual pot ential. O u r vISION to ac h i e v e e d u c at ional excellence in a people-centred environment. O u r va l u es a r e r e s p e c t, s a f e ty, trust, pride, ethics, Quality and accountability.
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