SASKENERGY 2018-19 ANNUAL REPORT
Long-term debt is unsecured. As at March 31, 2019 principal repayments due in each of the next five fiscal years are as follows:
(millions)
2020
2021
2022
2023
2024
Principal repayments
$
33 $
34 $
- $
- $
-
14. UNEARNED CUSTOMER CAPITAL CONTRIBUTIONS AND GOVERNMENT GRANTS Deferred revenue On March 26, 2019, the Corporation entered into an agreement with the Province to borrow an additional $50 million of long-term debt with an interest rate of 3.1 per cent maturing in 2050. The debt was authorized before year end but not received until after March 31, 2019. On May 16, 2019, the Corporation entered into an agreement with the Province to borrow an additional $50 million of long-term debt with an interest rate of 3.1 per cent, maturing in 2050.
(millions)
2019
2018
$
35 - - - (35)
Balance, beginning of year Additions Refunds Revenue Transitional provision
$
32 29
(5) (21)
$
- $
Balance, end of year
35
Contract liabilities Contract liabilities are performance obligations the Corporation has not yet performed but has already received consideration from customers.
(millions)
2019
2018
$
- 35 31
Balance, beginning of year Transitional provision Additions Refunds Revenue Transfer to refund liability
$
- - - - - -
(1) (41) (8)
$
16 $
Balance, end of year
-
Refund liabilities Refund liabilities relate to performance obligations the Corporation has not yet performed, has already received considering from customers and expects to refund the consideration to the customer based on actual flows of natural gas exceeding the estimated flows determined at contract inception. The balance at March 31, 2019 is $8 million. Government grants Unearned government grants represent amounts received to compensate the Corporation for the cost of certain items of property, plant and equipment. There are no unfulfilled conditions or other contingencies attached to these government grants. The balance at March 31, 2019 is $5 million (2018 - $5 million).
73
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