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(in thousands of dollars) Year ended March 31, 2007, with comparative figures for 2006  | | | 2007 | 2006 | | | Cash provided by (used in): | | | | | | | | Operations: | | | | Excess of revenue over expenditures | $ 1,843 | $ 8,324 | | Items not involving cash: | | | | Amortization | 188 | 201 | | Provision for credit losses and payments of guarantees | 1,917 | 1,285 | | Capitalized interest on loans receivable | (481) | (4,016) | | Loss (gain) on sale of land/property | 1,072 | (5,793) | | Change in noncash operating working capital: | | | | Increase in accrued interest receivable | (239) | (309) | | Decrease in due from the Province of Nova Scotia | 590 | 3,220 | | Decrease (increase) in other receivables | (187) | 126 | | Increase (decrease) in accounts payable and accrued liabilities | (948) | 994 | | | | 3,755 | 4,032 | | | | | | Financing: | | | | Dividend | (198) | - | | New borrowings from the Province of Nova Scotia | 10,646 | 11,466 | | Principal repayments to the Province of Nova Scotia | (21,289) | (8,443) | | | | (10,841) | 3,023 | | | | | | Investments: | | | | Contract disbursements | (1,735) | - | | Loan advances | (11,623) | (8,400) | | Principal received on loans | 13,248 | 15,216 | | Redemption of shares | 69 | 111 | | Equity investments | (3,000) | (4,275) | | Convertible debenture repayment | - | 2,000 | | Proceeds from disposal of Industrial Parks | 2,211 | 6,245 | | Capital additions | (1,259) | (131) | | Other | 105 | 10 | | | | (1,984) | 10,776 | | | | | | | Increase (decrease) in cash position | (9,070) | 17,831 | | | | | | Cash, beginning of year | 32,949 | 15,118 | | | | | | | Cash, end of year | $ 23,879 | $ 32,949 |
See accompanying notes to financial statements |