(in thousands of dollars) Year ended March 31, 2009, with comparative figures for 2008
 | ||
| 2009 | 2008 | |
| ||
| Cash provided by (used in): | ||
| Operations: | ||
| Excess of revenue over expenditures | $ (2,088) | $ 1,556 |
| Items not involoving cash: | ||
| Amortization | 120 | 168 |
| Allowance for credit losses and provision for payment of guarantees | 5,899 | 2,909 |
| Capitalized interest on loans receivable | 37 | (150) |
| (Gain) loss on sale property | (35) | (790) |
| Loan valuation allowance-due from the Province of Nova Scotia | (1,600) | (1,600) |
| Change in non-cash operating working capital: | ||
| Increase in accrued interest receivable | (776) | (607) |
| Increase in due from the Province of Nova Scotia | (285) | (4,134) |
| Increase in other recievables | (78) | (55) |
| Increase (decrease) in accounts payable and accured liabilities | (1,536) | 2,449 |
| ||
| (342) | (254) | |
| Financing | ||
| Dividend paid to shareholder | (1,190) | - |
| New borrowings from the Province of Nova Scotia | 5,047 | 2,009 |
| Principal repayments to the Province of Nova Scotia | (10,000) | (7,631) |
| ||
| (6,143) | (5,622) | |
| Investments: | ||
| Loan advances | (5,112) | (2,564) |
| Principal received on loans | 7,085 | 7,353 |
| Redemption of shares | - | 75 |
| Equity investments | (5,742) | (2,500) |
| Proceeds from disposal of Industrial Parks | 37 | 1,437 |
| Capital additions | (147) | - | |
| (3,879) | 3,801 | |
| ||
| Decrease in cash | (10,364) | (2,075) |
| Cash, beginning of year | 21,804 | 23,879 |
| ||
| Cash, end of year | $ 11,440 | $ 21,804 |
See accompanying notes to financial statements