Liabilities Liabilities include all financial claims payable by the Department at fiscal year end. Net Liabilities Net liabilities represents the difference between the value of assets held by the Department and its liabilities. Valuation of Financial Assets and Liabilities Fair value is the amount of consideration agreed upon in an arm's length transaction between knowledgeable, willing parties who are under no compulsion to act. The fair values of accounts receivable, advances, accounts payable and accrued liabilities, and unearned revenues are estimated to approximate their book values. Note 3 Accounts Receivable Accounts receivable are unsecured and non-interest bearing.
Equipment includes heavy equipment, vehicles, and other equipment.
The Provincial Police Service Agreement with Canada is a contract for the Royal Canadian Mounted Police to provide policing services to small communities and rural areas in Alberta. Under the terms of the agreement, Alberta may terminate the agreement with a two year notice served on March 31, in any year. The Department leases equipment and vehicles under operating leases, which expire on various dates to 2006. The resulting loss, if any, from these claims cannot be determined. Within the provision of the Public Trustee Act , the Office of the Public Trustee remits unclaimed estate monies which is reported as general revenue of the Department.