D r a f t f o r d i s c u s s i o n o n l y 7 CANADIAN SCHOOL BOARDS ASSOCIATIONS L'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2019 2019 2018 $ $ Operating activities Excess (deficiency) of revenues over expenses 102,980 (36,360) Items not requiring cash Amortization of capital assets 1,114 1,142 Loss on disposal of capital assets 1,621 - 105,715 (35,218) Net change in non-cash working capital items (154,772) 108,189 (49,057) 72,971 Investing activities Proceeds from redemption of term deposit 20,000 180,000 Acquisition of term deposit (202,473) (20,000) Acquisition of capital assets (257) (3,500) (182,730) 156,500 Increase (decrease) in cash and cash equivalents (231,787) 229,471 Cash and cash equivalents, beginning of year 332,674 103,203 Cash and cash equivalents, end of year 100,887 332,674 Cash and cash equivalents consist of cash.