(in thousands of dollars) March 31, 2009, with comparative figures for 2008
 | ||
| 2009 | 2008 | |
| ||
| Revenue: | ||
| Provincial grants: | ||
| Operating grant | $ 11,405 | $ 9,881 |
| Strategic investment grant | 10,557 | 14,491 |
| Loan valuation allowance | 1,600 | 1,600 |
| Gateway initiative grant | 172 | - |
| Interest on loans receivable | 7,008 | 8,488 |
| Other investment income | 205 | 434 |
| Gain (loss) on sale of property | 35 | 790 |
| Miscellaneous | 1,910 | 2,047 |
| ||
| 32,892 | 37,731 | |
| ||
| Expenses: | ||
| Operating expenses (Schedule) | 12,195 | 10,927 |
| Strategic Investments | 10,557 | 14,491 |
| Allowance for credit losses and provision for payment of guarantees | 5,899 | 2,909 |
| Nova Scotia Business Fund expenses (Schedule) | 6,157 | 7,848 |
| Gateway initiative expenses | 172 | - |
| ||
| 34,980 | 36,175 | |
| ||
| Excess of revenue over expenditures | (2,088) | 1,556 |
| Retained earnings, beginning of year | 26,766 | 26,400 |
| Less: Dividend to shareholder | - | (1,190) |
| ||
| Retained earnings, end of year | 24,678 | 26,766 |
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See accompanying notes to financial statements