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(in thousands of dollars) Year ended March 31, 2008, with comparative figures for 2007 | | 2008 | 2007 | | Cash provided by (used in): | | | | Operations: | | | | Excess of revenue over expenditures | $ 1,556 | $ 1,843 | | Items not involoving cash: | | | | Amortization | 168 | 188 | | Allowance for credit losses and provision for payment of guarantees | 2,909 | 1,917 | | Capitalized interest on loans receivable | (150) | (481) | | (Gain) loss on sale property | (790) | 1,072 | | Loan valuation allowance-due from the Province of Nova Scotia | (1,600) | (800) | | Change in non-cash operating working capital: | | | | Increase in accrued interest receivable | (607) | (239) | | (Increase) decrease in due from the Province of Nova Scotia | (4,134) | 1,390 | | Increase in other recievables | (55) | (187) | | Increase (decrease) in accounts payable and accured liabilities | 2,449 | (948) |  | | | (254) | 3,755 | | | | | | Financing | | | | Dividend | - | (198) | | New borrowings from the Province of Nova Scotia | 2,009 | 10,646 | | Principal repayments to the Province of Nova Scotia | (7,631) | (21,289) | | | | (5,622) | (10,841) | | | | | | Investments: | | | | Contract disbursements | - | (1,735) | | Loan advances | (2,564) | (11,623) | | Principal received on loans | 7,353 | 13,248 | | Redemption of shares | 75 | 69 | | Equity investments | (2,500) | (3,000) | | Proceeds from disposal of Industrial Parks | 1,437 | 2,211 | | Capital additions | - | (1,259) | | Other | - | 105 | | | | 3,801 | (1,984) | | | | | | | Decrease in cash | (2,075) | (9,070) | | Cash, beginning of year | 23,879 | 32,949 | | | | | | | Cash, end of year | $ 21,804 | $ 23,879 |
See accompanying notes to financial statements |