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8/17/2019 Sarasota 2011 CAFR
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School Board of Sarasota
County, Florida
Comprehensive Annual Financial Statement Report
For the Fiscal Year Ended June 30, 2011
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SCHOOL BOARD OF
SARASOTA COUNTY,
FLORIDA Sarasota, Florida
Comprehensive AnnualFinancial Report
For the
Fiscal YearEnded June 30, 2011
Prepared By:
Financial Services Department
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAComprehensive Annual Financial Report
For the Year Ended June 30, 2011
Introductory Section
Letter of Transmittal i
List of Principal Officials - Elected viii
List of Principal Officials - Appointed ix
Organizational Chart x
Association of School Business Officials International Certificateof Excellence in Financial Reporting xi
Government Finance Officers Association of the United Statesand Canada Certificate of Achievement for Excellence in Financial Reporting xii
Financial Section
Report of Independent Certified Public Accountants 1
Management’s Discussion and Analysis 3
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets 17
Statement of Activities 18
Fund Financial Statements:
Balance Sheet – Governmental Funds 20
Reconciliation of the Balance Sheet of Governmental Funds to theStatement of Net Assets 23
Statement of Revenues, Expenditures and Changes in Fund Balances –Governmental Funds 24
Reconciliation of the Statement of Revenues, Expenditures and Changes inFund Balances of Governmental Funds to the Statement of Activities 26
Statement of Revenues, Expenditures and Changes in Fund Balances –Budget and Actual – General Fund 27
Statement of Revenues, Expenditures and Changes in Fund Balance –Budget and Actual – Special Revenue – ARRA Economic Stimulus Fund 28
Statement of Fund Net Assets – Proprietary Funds 29
Statement of Revenues, Expenses and Changes in Fund Net Assets –Proprietary Funds 30
Statement of Cash Flows – Proprietary Funds 31
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAComprehensive Annual Financial Report
For the Year Ended June 30, 2011
Statement of Fiduciary Assets and Liabilities – Fiduciary Funds 32
Notes to the Basic Financial Statements 33(An integral part of the basic financial statements)
Required Supplementary Information:
Schedule of Funding Progress – Other Postemployment Benefits Plan 71
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet – Nonmajor Governmental Funds 76
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -Nonmajor Governmental Funds 77
Combining Balance Sheet – Nonmajor Special Revenue Funds 78
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -Nonmajor Special Revenue Funds 79
Combining Balance Sheet – Nonmajor Debt Service Funds 80
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -Nonmajor Debt Service Funds 81
Combining Balance Sheet – Nonmajor Capital Projects Funds 82
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances -Nonmajor Capital Projects Funds 83
Schedules of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual:
Food Service – Nonmajor Special Revenue Fund 84
Contracted Programs – Nonmajor Special Revenue Fund 85
Other Debt Service – Major Debt Service Fund 86
ARRA Economic Stimulus – Major Debt Service Fund 87
State Board of Education Bonds – Nonmajor Debt Service Fund 88
Special Act Bonds – Nonmajor Debt Service Fund 89
Local Capital Improvement Tax – Major Capital Projects Fund 90
Other Capital Projects – Major Capital Projects Fund 91
ARRA Economic Stimulus – Major Capital Projects Fund 92
Capital Outlay Bond Issues – Nonmajor Capital Projects Fund 93
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAComprehensive Annual Financial Report
For the Year Ended June 30, 2011
Public Education Capital Outlay – Nonmajor Capital Projects Fund 94
Capital Outlay and Debt Service – Nonmajor Capital Projects Fund 95
Combining Schedule of Fund Net Assets – Internal Service Funds 98
Combining Schedule of Revenues, Expenses and Changes in Fund Net Assets –Internal Service Funds 100
Combining Schedule of Cash Flows – Internal Service Funds 102
Combining Schedule of Changes in Fiduciary Assets and Liabilities – Fiduciary Funds 105
Combining Statement of Net Assets – Component Units – Charter Schools 108
Combining Statement of Activities – Component Units – Charter Schools 110
Statist ical SectionFinancial Trend Information:
Table 1 – Net Assets by Component 116Table 2 – Expenses, Program Revenues and Net (Expense)/Revenue 118Table 3 – General Revenues and Total Changes in Net Assets 120Table 4 – Fund Balances, Governmental Funds 122Table 5 – Governmental Funds Revenues 124Table 6 – Governmental Funds Expenditures and Debt Service Ratios 126Table 7 – Other Financing Sources and Uses and Net Changes in Fund Balance,
Governmental Funds 128Revenue Capacity Information:
Table 8 – Assessed Value and Estimated Actual Value of Taxable Property 130Table 9 – Direct and Overlapping Property Tax Rates 131Table 10 – Principal Property Taxpayers 132Table 11 – Property Tax Levies and Collections 133
Debt Capacity Information:
Table 12 – Outstanding Debt by Type 134Table 13 – Direct and Overlapping Governmental Activities Debt 135Table 14 – Legal Debt Margin Information 136Table 15 – Pledged-Revenue Coverage 138
Demographic and Economic Information:Table 16 – Demographic and Economic Statistics 139Table 17 – Principal Employers 140
Operating Information:Table 18 – Full-Time-Equivalent District Employees by Type 142Table 19 – Operating Statistics 144Table 20 – Teacher Salaries 146Table 21 – School Building Information 148
Single Audit
Report of Independent Certified Public Accountants on Internal Control Over Financial Reportingand on Compliance and Other Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards 152
Report of Independent Certified Public Accountants on Compliance with Requirements thatcould have a Direct and Material Effect on Each Major Program and on Internal Control OverCompliance in Accordance with OMB Circular A-133 154
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAComprehensive Annual Financial Report
For the Year Ended June 30, 2011
Schedule of Expenditures of Federal Awards 156
Notes to Schedule of Expenditures of Federal Awards 158
Schedule of Findings and Questioned Costs 160
Independent Certified Public Accountants’ Management Letter 162
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School Board of
Sarasota County, Florida
Comprehensive Annual Financial Statement Report
For the Fiscal Year Ended June 30, 2011
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THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAOFFICE OF THE SUPERINTENDENT
1960 LANDINGS BOULEVARD SARASOTA, FLORIDA 34231-3331
TELEPHONE (941) 927-9000 FAX (941) 927-2539
January 30, 2012
Dear Chairman, School Board Members, and Citizens of Sarasota County:
We are pleased to submit the Comprehensive Annual Financial Report (CAFR)of the School Board of Sarasota County, Florida (District) for the fiscal yearended June 30, 2011. State law requires that all school districts publish withintwelve months of the close of each fiscal year a complete set of financialstatements presented in conformity with accounting principles generally acceptedin the United States (GAAP) and audited in accordance with generally acceptedauditing standards by an independent certified public accountant. Pursuant tothat requirement, we hereby issue the comprehensive annual financial report of
the District for the fiscal year ended June 30, 2011.
We believe the information, as presented, is accurate in all material aspects; thatit is presented in a manner designed to set forth fairly, in all material respects, thefinancial position and results of operations of the District as measured andreported by the financial activity of its various funds; and that all disclosuresnecessary to enable the reader to gain an adequate understanding of theDistrict’s financial affairs have been included. The responsibility for thepreparation of the accompanying financial statements and other informationcontained in this CAFR, based on the above standards, rests with the District’smanagement. To provide a reasonable basis for making these representations,
management of the District has established a comprehensive internal controlframework that is designed to compile sufficient reliable information for theDistrict’s financial statements in conformance with GAAP. Because the cost ofinternal controls should not outweigh the benefits, the District’s comprehensiveframework has been designed to provide reasonable rather than absoluteassurance that the financial statements will be free from material misstatement.
As management, we assert that, to the best of our knowledge and belief, thisfinancial report is complete and reliable in all material respects.
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The District’s financial statements have been audited by Cherry, Bekaert &Holland, L.L.P. The goal of the independent audit is to provide reasonableassurance that the basic financial statements of the District for the fiscal yearended June 30, 2011, are free of material misstatement. The independent auditinvolved examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements; assessing the accounting principles usedand significant estimates made by management; and evaluating the overallfinancial statement presentation. The independent auditor concluded that therewas a reasonable basis for rendering unqualified opinions that the District’sfinancial statements for the fiscal year ended June 30, 2011, are fairly presentedin conformity with GAAP. The independent auditor’s report is presented as thefirst component of the financial section of this report.
The independent audit of the financial statements of the District was part of abroader, federally mandated “Single Audit” designed to meet the special needs offederal grantor agencies. The District is required to undergo an annual single
audit in conformity with the provisions of the Single Audit Act of 1996 and theUnited States Office of Management and Budget (OMB) Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations. The standardsgoverning Single Audit engagements require the independent auditor to reportnot only on the fair presentation of the financial statements, but also on theaudited government’s internal controls and compliance with legal requirements,with special emphasis on internal controls and legal requirements involving theadministration of federal awards. Information related to this single audit,including the schedule of expenditures of federal awards, findings andquestioned costs, and the independent auditors’ report on the system of internalcontrol and on compliance with applicable requirements, are included in the
single audit section.
GAAP require that management provide a narrative introduction, overview, andanalysis to accompany the basic financial statements in the form ofManagement’s Discussion and Analysis (MD&A). This letter of transmittal isdesigned to complement the MD&A and should be read in conjunction with it.The District’s MD&A can be found immediately following the independentauditor’s report.
This accompanying report includes all funds of the District, The FinancingCorporation for the School Board of Sarasota County (Corporation), and charter
schools, which comprise the reporting entity. The Corporation was formed by theSchool Board to be the lessor in connection with financing the acquisition and/orconstruction of certain educational facilities. Charter schools are public schoolsoperating under a performance contract with the School Board. The Corporationwas identified as a component unit, requiring blended presentation of thefinancial statements. The District’s charter schools are included as discretelypresented component units.
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Profile of the Government
The District and its governing board were created pursuant to Section 4, Article IX of the Constitution of the State of Florida. The District is anindependent taxing and reporting entity managed, controlled, operated,administered and supervised by the District school officials in accordance withChapter 1001, Florida Statutes. The Board consists of five elected officialsresponsible for the adoption of policies, which govern the operation of Districtpublic schools. The appointed Superintendent of Schools (Superintendent) is thesecretary and executive officer of the Board and is responsible for theadministration and management of the schools within the applicable parametersof Florida Statutes, State Board of Education Rules, and School Board policies.The Superintendent is also specifically delegated the responsibility of maintaininga uniform system of records and accounts in the District by Section 1010.01,Florida Statutes, as prescribed by the State Board of Education.
Geographic boundaries of the District correspond with those of Sarasota County.
During the 2010-11 fiscal year, the District operated 52 schools, including 23elementary schools, 7 middle schools, 6 high schools, 8 charter schools, 1technical center and 7 other types of schools, such as schools for theDepartment of Juvenile Justice and an all gifted school for grades 2 through 12.
The District receives the majority of its operating funds through a State fundingformula that is intended to equalize funding received from the State and localproperty tax between districts within the State. Charter schools operate througha contract with the District and are provided with the proportionate share of thesefunds, based upon the number of full-time equivalent students enrolled at thecharter school. The District provided a full range of educational programs,
including kindergarten through 12th grade, basic and enriched programs, andexceptional student education to 40,879 unweighted full-time equivalentstudents. Student enrollment is expected to increase by 1.0, 2.0 and 1.0 percenteach in fiscal years ending June 30, 2012, 2013 and 2014, respectively. TheDistrict also provides career technical and adult programs.
Economic Condition and Outlook
Sarasota County is part of the Sarasota-Bradenton-Venice MetropolitanStatistical Area (MSA) along with Manatee County. According to the EconomicDevelopment Corporation of Sarasota County (the Corporation), the 2011
population of Sarasota County was 414,600 and projected to be 534,700 by2035. The Corporation promotes Sarasota County for its charming cities withworld-class arts and culture.
The population of Sarasota County has increased 16.4 percent from 2000 to2010 compared to the state of Florida which increased 17.6 percent. Thepopulation of the County differs significantly from the State. The largest agegroup, at 31.2 percent, are persons 65 years and older. The State average for
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this age group is 17.3 percent. The average household size is 2.19. Theaverage household income is $45,953. The American Community Survey doneby the U.S. Census Bureau shows 91.2 percent of the County residents werehigh school graduates and 29.9 percent had a bachelor’s degree or higher.
The District recognizes that the continued enhancement of the local economy isof mutual benefit to both the District and the County and that an excellent systemof public education is a significant factor in attracting new business and industryto the County. The District remains Sarasota County’s largest employer,employing 5,549 full and part-time employees, including 2,917 classroomteachers.
Financial Information
The District follows procedures established by Florida Statutes and the StateBoard of Education rules in establishing and adopting annual budgets for each of
the governmental fund types. Budgets are prepared using the same modifiedaccrual basis as is used to account for governmental funds. Appropriations arecontrolled at the object level (e.g. salaries, benefits, and purchased services)within each function activity (e.g. instruction, pupil personnel services, and schooladministration) and may be amended by resolution at any Board meeting prior tothe due date for the annual financial report.
The District has an investment policy in place for the investment of temporarilyidle funds. The purpose of the policy is to outline the responsibility, authority,and general guidelines for the investment management of the District’s cashreserves and to ensure compliance with Florida Statutes.
The District has a policy that the unassigned fund balance in the General Fundwill at a minimum be 7.5 percent of the total appropriations and transfers out.The District currently exceeds this policy with an unassigned fund balance at10.1%.
The District has a debt policy that establishes guidance for incurring andmanaging the debt of the District. The purpose of this policy is to set forth astructure to facilitate the management of debt in accordance with statedobjectives.
The District’s capital asset policy specifies the categories of capital assets andthe dollar thresholds for capitalizing purchases. It also specifies the length ofdepreciation for each asset category.
The District is self-insured for workers’ compensation, general and automobileliability and certain dental benefits with outside contractors providing variousadministrative services. All funds make payments to the District’s applicableinternal service fund based on the personnel staffing levels, number of vehicles,
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or square feet. Resources have been accumulated in order to meet potentiallosses.
On March 16, 2010, voters in Sarasota County voted to continue the one-milllevy to preserve quality schools. This vote continued the tax levy that was
originally passed by the voters in 2002. This vote allows the District to maintainexisting programs and continues the District’s commitment to quality education.This revenue source will continue until the fiscal year ended June 30, 2014.
Major Initiatives
Class Size Reduction Amendment
In November 2002, the voters of Florida amended the State Constitution to limitclass size. By the beginning of the 2010-11 fiscal year, the amendmentestablished the maximum number of students in core-curricula courses assigned
to a teacher in each of the following three grade groupings: (1) pre-kindergartenthrough grade 3, 18 students; (2) grades 4 through 8, 22 students; and (3)grades 9 through 12, 25 students.
The Florida legislature enacted Senate Bill-30A implementing the reduction of theaverage number of students in each classroom by at least two students per year,beginning in the 2003-04 fiscal year until the maximum number of students perclassroom does not exceed the 2010-11 fiscal year maximums. If a district’sclass size does not meet the constitutional maximum, then the district mustreduce the average number of students in each of the three grade groupings bytwo students until the constitutional maximums are reached. The following ishow the constitutional maximums will be calculated:
• For the 2003-04, 2004-05, and 2005-06 fiscal years, class size will becalculated at the district level.
• For the 2006-07 and 2007-08 fiscal years, class size will be calculated atthe school level.
• For the 2008-09 and 2009-10 fiscal years, class size will be calculated atthe classroom level. This requirement was amended for each fiscal yearto stay at the school level due to funding shortfalls. Full implementation at
the classroom level was not required until the Constitutional deadline of2010-11.
For the 2010-11 fiscal year, the District continued its efforts to meet theconstitutional maximums for the three grade groupings at classroom-level.Based on the annual review by the Florida Department of Education, the Districtdid not fully comply with the constitutional maximums in all classrooms. TheFlorida Department of Education assessed a penalty as mandated by Fl. Statute
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1003.03(4) in the final amount of $144,974 for not meeting the requirement for allcore-curricula classrooms. The District has allocated more instructors to theclassrooms for the 2011-12 fiscal year and feels the District will be in compliancein future years.
Capital Outlay Program
During the 2010-11 fiscal year, the District Capital Outlay program focusedprimarily on large scale heating, ventilation and air conditioning system upgradesat two schools and three complete school rebuild projects: Booker High School,Venice High School and the Sarasota County Technical Institute.
Accomplishments
One of the ways to judge a school district is to compare the results of its students
on national and statewide tests and the accomplishments of its staff. The Districtbelieves that its students and staff have performed remarkably well based onvarious tests and accomplishments as noted below.
Schools throughout Florida are held accountable and receive school gradesbased on the results of the Florida Comprehensive Assessment Test (FCAT).The 2010-11 fiscal year marks the 12th year of this accountability program andSarasota County School District continued its tradition of excellence. This year33 schools received a grade of ‘A’, 12 received a grade of ‘B’, and 1 received agrade of ‘C’. The District received an overall grade of ‘A’.
The Florida Department of Education recently released their first annual rankingof school districts in the state. Sarasota County ranks fourth in the state out ofsixty seven school districts in terms of student achievement for the 2010-2011fiscal year.
Over 63 percent of Sarasota District teachers have earned Master’s degrees orhigher.
The School Board of Sarasota County has 159 teachers that have successfullycompleted the rigorous and time-intensive program of the National Board ofProfessional Teaching Standards. To achieve the highly esteemed NationalCertification, teachers are required to provide a portfolio of information regardingteaching styles, examples of work performed by students, and successfully passan examination. Teachers who gain this certification are provided incentivesincluding salary and mentoring bonuses.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada(GFOA) awarded to the District a Certificate of Achievement for Excellence in
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LIST OF PRINCIPAL OFFICIALS –
ELECTED
Dr. Carol Todd
Term expires November 2014
Mrs. Caroline Zucker, Vice Chair
Term expires November 2012
Mrs. Shirley Brown
Term expires November 2014
Ms. Jane Goodwin
Term expires November 2014
Mr. Frank Kovach, Chair
Term expires November 2012
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
LIST OF PRINCIPAL OFFICIALS – APPOINTED
Mrs. Lori White Superintendent
Mr. Scott Lempe Chief Operations Officer
Mrs. Mitsi Corcoran Chief Financial Officer
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School Board of
Sarasota County, Florida
Comprehensive Annual Financial Statement Report
For the Fiscal Year Ended June 30, 2011
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FINANCIAL SECTION
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Report of Independent Certified Public Accountants
The Honorable Members of the School BoardSchool Board of Sarasota County, FloridaSarasota, Florida
We have audited the accompanying financial statements of the governmental activities, the aggregatediscretely presented component units, each major fund, and the aggregate remaining fund informationof the School Board of Sarasota County, Florida (the “District”), as of and for the year ended June 30,2011, which collectively comprise the District’s basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the District’s management. Ourresponsibility is to express opinions on these financial statements based on our audit. We did notaudit the financial statements of the charter schools listed in Note 1, which represent 100 percent ofthe transactions and account balances of the aggregate discretely presented component units. Thosefinancial statements were audited by other auditors whose reports have been provided to us, and ouropinion, insofar as they relate to the amounts included for the District’s aggregate discretely presentedcomponent units, is based on the reports of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in Government AuditingStandards, issued by the Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accountingprinciples used and the significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit and the reports of other auditors provide areasonable basis for our opinions.
In our opinion, based on our audit and the reports of other auditors, the financial statements referredto above present fairly, in all material respects, the respective financial position of the governmentalactivities, the aggregate discretely presented component units, each major fund, and the aggregateremaining fund information of the School Board of Sarasota County, Florida, as of June 30, 2011, andthe respective changes in financial position and cash flows, where applicable, thereof and therespective budgeted comparison for the General Fund and the ARRA Economic Stimulus Special
Revenue Fund thereof for the year then ended in conformity with accounting principles generallyaccepted in the United States of America.
As discussed in Note 1 to the financial statements, the District restated their inventory balance as ofJune 30, 2010. In addition, as discussed in Notes 1 and 12 to the financial statements, the Districtadopted the provisions of GASB No. 54 Fund Balance Reporting and Fund Type Definitions.
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In accordance with Government Auditing Standards, we have also issued our report dated, January30, 2012, on our consideration of the District’s internal control over financial reporting and on our testsof its compliance with certain provisions of laws, regulations, contracts and grant agreements andother matters. The purpose of that report is to describe the scope of our testing of internal control overfinancial reporting and compliance and the results of that testing, and not to provide an opinion on theinternal control over financial reporting or on compliance. That report is an integral part of an auditperformed in accordance with Government Auditing Standards and should be considered in assessingthe results of our audit.
Accounting principles generally accepted in the United States of America require that management’sdiscussion and analysis on pages 3 through 15 and the Schedule of Funding Progress – OtherPostemployment Benefits on page 71 be presented to supplement the basic financials statements.Such information although not a part of the basic financial statements, is required by theGovernmental Accounting Standards Board, who considers it to be an essential part of financialreporting for placing the basic financial statements in an appropriate operational, economic, orhistorical context. We have applied certain limited procedures to the required supplementaryinformation in accordance with auditing standards generally accepted in the United States of America,which consisted of inquiries of management about the methods of preparing the information andcomparing the information for consistency with management’s responses to our inquiries, the basicfinancial statements, and other knowledge we obtained during our audit of the basic financialstatements. We do not express an opinion or provide any assurance on the information because thelimited procedures do not provide us with sufficient evidence to express an opinion or provide anyassurance.
Our audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise the District’s financial statements as a whole. The introductory section,combining and individual fund financial statements and schedules and statistical section arepresented for purposes of additional analysis and are not a required part of the basic financial
statements. The accompanying schedule of expenditures of federal awards is presented for purposesof additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, and is also not a required part of the basicfinancial statements. The combining and individual fund financial statements and schedules and theschedule of expenditures of federal awards are the responsibility of management and were derivedfrom and relate directly to the underlying accounting and other records used to prepare the basicfinancial statements. The information has been subjected to the auditing procedures applied in theaudit of the basic financial statements and certain additional procedures, including comparing andreconciling such information directly to the underlying accounting and other records used to preparethe basic financial statements or to the basic financial statements themselves, and other additionalprocedures in accordance with auditing standards generally accepted in the United States of America.In our opinion, the information is fairly stated in all material respects in relation to the basic financial
statements as a whole. The introductory and statistical sections have not been subjected to theauditing procedures applied in the audit of the basic financial statements and, accordingly, we do notexpress an opinion or provide any assurance on them.
Tampa, FloridaJanuary 30, 2012
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
The management of the School Board of Sarasota County, Florida (the District) has prepared thefollowing discussion and analysis to (a) assist the reader in focusing on significant financial issues; (b)provide an overview and analysis of the District’s financial activities; (c) identify changes in theDistrict’s financial position; (d) identify material deviations from the approved budget; and (e) highlight
significant issues in individual funds.
Because the information contained in the Management’s Discussion and Analysis (MD&A) is intendedto highlight significant transactions, events and conditions, it should be considered in conjunction withthe District’s financial statements and notes to the basic financial statements.
FINANCIAL HIGHLIGHTS
Key financial highlights for the 2010-11 fiscal year are as follows:
The District’s financial position improved during the fiscal year ended June 30, 2011. In totalnet assets increased by $13,949,699, or 1.6 percent over the course of the year.
General revenues totaled $475,672,359, or 95 percent of all revenues. Program specificrevenues in the form of charges for services, operating grants and contributions, and capitagrants and contributions totaled $26,641,351, or 5 percent. Total revenues decreased from$514,753,977 in fiscal year 2009-10 to $502,313,710 in fiscal year 2010-11. The change isprimarily attributed to a decrease in per student funding and a decrease in property taxrevenues.
Expenses totaled $488,364,011; only $26,641,351 of these expenses were offset by programspecific charges, with the remainder paid from general revenues. Total revenues exceededtotal expenses by $13,949,699. Total expenses increased $6,493,688 or 1.3 percent, from$481,870,323 in fiscal year 2009-10. This change is attributed primarily to an increase in
interest paid on long-term debt and for direct instruction due to the full implementation of theconstitutional class size reduction amendment.
The unassigned fund balance of the General Fund, representing the net current financiaresources available for general appropriation by the Board, totaled $37,449,121 at June 30,2011 or 10.1 percent of total General Fund expenditures.
OVERVIEW OF THE FINANCIAL STATEMENTS
The basic financial statements consist of three components:
Government-wide financial statements
Fund financial statements Notes to the basic financial statements
In addition, this report presents certain required supplementary information, which includesmanagement’s discussion and analysis.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Government-wide Financial Statements
The Government-wide financial statements provide both short-term and long-term information about
the District’s overall financial condition in a manner similar to those of a private-sector business. Thestatements include a statement of net assets and a statement of activities that are designed toprovide consolidated financial information about the governmental activities of the PrimaryGovernment presented on the accrual basis of accounting. The statement of net assets providesinformation about the government’s financial position, its assets and liabilities, using an economicresources measurement focus. The difference between the assets and liabilities, the net assets, is ameasure of the financial health of the District. The statement of activities presents information abouthe change in the District’s net assets, the results of operations, during the fiscal year.
The Government-wide statements present the District’s activities in two categories:
Governmental activities – This represents most of the District’s services including itseducational programs: basic, vocational, adult and exceptional education. Support functions
such as transportation and administration are also included. Local property taxes and theState’s education finance program provide most of the resources that support these activities.
Component units –The District presents nine separate legal entities in this report. Althoughlegally separate organizations, the component units are included in this report because theymeet the criteria for inclusion provided by generally accepted accounting principles. Eight othese organizations are charter schools. Financial information for these component units isreported separately from the financial information presented for the primary government. TheFinancing Corporation for the School Board of Sarasota County (Corporation), although also
legally separate, was formed to facilitate financing for the acquisition of facilities andequipment. Due to the substantive economic relationship between the School Board and theCorporation, the Corporation is included as an integral part of the primary government. Pleaserefer to Note 1 to the financial statements for more information on the District’s componentunits.
Over a period of time, changes in the District’s net assets are an indication of improving ordeteriorating financial condition. This information should be evaluated in conjunction with other non-financial factors, such as changes in the District’s property tax base, student enrollment, and thecondition of the District’s capital assets including its school buildings and administrative facilities.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Fund Financial Statements
Fund financial statements are one of the components of the basic financial statements. A fund is agrouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The District uses fund accounting to ensure anddemonstrate compliance with finance-related legal requirements and prudent fiscal managementState law establishes certain funds, while others are created by legal agreements, such as bondcovenants. Fund financial statements provide more detailed information about the District’s financiaactivities, focusing on its most significant or “major” funds rather than fund types. This is in contrasto the entity-wide perspective contained in the Government-wide statements.
All of the District’s funds may be classified within one of three broad categories:
Governmental Funds. Governmental funds are used to account for essentially the same functionsreported as governmental activities in the Government-wide financial statements. However, the
governmental funds utilize a spendable financial resources measurement focus rather than theeconomic resources measurement focus found in the Government-wide financial statements. Thisfinancial resources measurement focus allows the governmental fund statements to provideinformation on near-term inflows and outflows of spendable resources as well as balances ofspendable resources available at the end of the fiscal year. Consequently, the governmental fundstatements provide a detailed short-term view that may be used to evaluate the District’s near-termfinancing requirements. This short-term view is useful when compared to the long-term viewpresented as governmental activities in the Government-wide financial statements. To facilitate thiscomparison, both the governmental funds balance sheet and the governmental funds statement ofrevenues, expenditures, and changes in fund balances provide a reconciliation of governmental fundsto governmental activities.
Proprietary Funds.
Proprietary funds may be established to account for activities in which a fee ischarged for services. The District maintains one type of proprietary fund, the internal service fund toaccount for the District’s self-insurance programs. Since these services predominantly benefitgovernmental rather than business-type functions, the internal service funds have been includedwithin governmental activities in the government-wide financial statements.
Fiduciary Funds. Fiduciary funds are used to report assets held in a trustee or fiduciary capacity forthe benefit of external parties, such as student activity funds. Fiduciary funds are not reflected in theGovernment-wide statements because the resources are not available to support the District’s ownprograms. In its fiduciary capacity, the District is responsible for ensuring that the assets reported inthese funds are used only for their intended purposes. The District uses agency funds to account forresources held for student activities and groups.
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27/189
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
GOVERNMENT- WIDE FINANCIAL ANALYSIS
Net assets may serve over time as a useful indicator of a government’s financial position andprovides a perspective of the District as a whole. The following is a summary of the District’s ne
assets as of June 30, 2011, compared to net assets as of June 30, 2010:
6/30/2010 Increase Percentage6/30/2011 Restated (Decrease) Change
Current and other assets 357,037,452$ 268,997,345$ 88,040,107$Capital assets, net 825,119,730 789,495,502 35,624,228
Total assets 1,182,157,182 1,058,492,847 123,664,335 12%
Other liabilities 34,104,333 38,390,637 (4,286,304) Long-term liabilities, current 32,557,620 26,629,505 5,928,115 Long-term liabilities, noncurrent 255,352,866 147,280,041 108,072,825
Total liabilities 322,014,819 212,300,183 109,714,636 52%
Net assetsInvested in capital assets,
net of related debt 712,540,799 707,136,203 5,404,596 Restricted 112,329,674 100,112,114 12,217,560 Unrestricted 35,271,890 38,944,347 (3,672,457)
Total net assets 860,142,363$ 846,192,664$ 13,949,699$ 2%
Net Assets, End of Year
Governmental Activities
The largest portion of the District’s net assets (83 percent) reflects its investment in capital assets(e.g., land, buildings, furniture and equipment), less any related debt still outstanding. The Districuses these capital assets to provide services to students; consequently, these assets are notavailable for future spending.
The restricted portion of the District’s net assets (13 percent) represents resources that are subject toexternal restrictions on how they may be used. The unrestricted net assets (4 percent) may be usedto meet the government’s ongoing obligations to students, employees, and creditors.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
The key elements of the changes in the District’s net assets for the fiscal years ended June 30, 2011and June 30, 2010, are shown in the following table and graphs:
6/30/2010 Increase Percenta6/30/2011 Restated (Decrease) Change
Revenues:Program revenues
Charges for services 9,679,674$ 10,400,183$ (720,509)$ -Operating grants and contributions 10,412,253 9,967,097 445,156 Capital grants and contributions 6,549,424 6,078,399 471,025
General revenuesProperty taxes - general 276,860,927 282,106,749 (5,245,822) -Property taxes - capital projects 64,915,896 71,468,723 (6,552,827) -Local sales taxes 13,295,558 12,880,581 414,977 Grants and contributions not restricted to specific programs 109,899,786 112,699,479 (2,799,693) -Miscellaneous 8,938,210 6,498,942 2,439,268 3Unrestricted investment earnings 1,761,982 2,653,824 (891,842) -3
Total revenues 502,313,710 514,753,977 (12,440,267) -
Expenses: Instruction 296,690,439 292,676,391 4,014,048 Pupil personnel services 28,732,840 28,441,735 291,105 Instructional media services 5,386,832 5,294,666 92,166 Instruction and curriculum development service 3,844,308 3,677,673 166,635 Instructional staff training services 5,378,038 5,137,212 240,826 Instruction related technology 1,373,380 1,396,745 (23,365) -Board of education 1,126,670 2,021,403 (894,733) -4General administration 2,951,442 3,694,955 (743,513) -2School administration 17,484,966 17,856,861 (371,895) -Facility services - non-capitalized 13,136,595 13,279,770 (143,175) -
Fiscal services 2,051,350 2,085,840 (34,490) -Food services 16,391,007 16,448,547 (57,540) Central services 6,455,528 6,214,941 240,587 Pupil transportation services 19,524,334 19,525,725 (1,391) Operation of plant 35,436,543 36,822,811 (1,386,268) -Maintenance of plant 17,949,420 17,342,439 606,981 Administrative technology services 2,080,924 2,414,933 (334,009) -1Community services 2,457,531 1,771,570 685,961 3Interest on long-term debt 9,911,864 5,766,106 4,145,758 7
Total expenses 488,364,011 481,870,323 6,493,688
Increase in net assets 13,949,699 32,883,654 (18,933,955) -5
Beginning net assets 846,192,664 813,309,010 32,883,654 Ending net assets 860,142,363$ 846,192,664$ 13,949,699$
Governmental Activities
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Revenues by Source – Governmental Activities – in Millions of Dollars
Expenses – Governmental Activ ities – in Millions of Dollars `
Overall total revenues decreased by 2 percent from the fiscal year ended June 30, 2010. Revenuedecreases are primarily due to decreases in charges for services and in property taxes. Thedecrease in charges for services is due to less collection in the District’s workforce developmentprograms. Decreases in property taxes relates to the decline in property values.
Total expenses increased by $6,493,688, or 1 percent from the fiscal year ended June 30, 2010Increases in the amount spent on direct instruction and interest on long-term debt make up thisincrease.
10 10 7
342
133
10 10 6
354
135
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
Charges for Services Operating Grants Capital Grants Property Taxes Other
2011 2010
297
20 20 1329
16
5340
293
22 20 1328
16
54
0.00
50.00
100.00
150.00
200.00
250.00
300.00
Inst ructi on Adm in ist rati on Transpor tat ionServices
Facility Services Pupil PersonnelServices
Food Services Plant Othe
2011 2010
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
FINANCIAL ANALYSIS OF THE DISTRICT’S FUNDS
The District completed the year with a total governmental fund balance of $300,291,649, an increase
of $93,507,948 over last year’s ending fund balance of $206,783,701. The increase is primarily dueto the balance of unspent proceeds related to the issuance of the Certificates of Participation, Series2010A and 2010B.
Major Governmental Funds
General FundThe General Fund is the primary operating fund for the District. Presented below is an overallanalysis of the General Fund as compared to the prior year:
Increase Percentage
6/30/2011 6/30/2010 (Decrease) Change
Revenue 347,550,711$ 356,583,099$ (9,032,388)$ -3%Other financing sources 21,543,723 22,299,659 (755,936) -3%Beginning fund balance 66,843,311 59,030,875 7,812,436 13%Increase (decrease) in inventory reserve (5,161) 3,050 (8,211) -269%
Total 435,932,584$ 437,916,683$ (1,984,099)$ 0%
Expenditures 370,413,987 370,408,191 5,796 0%Other financing uses 698,812 665,181 33,631 5%Ending fund balance 64,819,785 66,843,311 (2,023,526) -3%
Total 435,932,584$ 437,916,683$ (1,984,099)$ 0%
The District’s ending fund balance decreased by $2,023,526 or 3 percent. This decrease is attributedto a decrease in revenue, as expenditures changed by less than 1 percent.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Revenues – Overall revenues decreased by $9,032,388 or 3 percent as follows:
Increase Percentage
6/30/2011 6/30/2010 (Decrease) Change
Federal 2,049,249$ 2,307,032$ (257,783)$ -11%
State 61,919,491 64,246,715 (2,327,224) -4%
Local 283,581,971 290,029,352 (6,447,381) -2%
Total 347,550,711$ 356,583,099$ (9,032,388)$ -3%
Revenues By Source - General Fund
Federal sources decreased by $257,783, or 11 percent, mainly attributed to a reduction in Medicaidfunding.
State sources decreased by $2,327,224, or 4 percent, mainly attributed to the reduction in per studentfunding from the Florida Department of Education.
Local sources decreased by $6,447,381, or 2 percent, mainly as a result of a decrease in property tax
general revenues of $5,245,822.
Expenditures - Total General Fund expenditures increased by $5,796 from $370,408,191 to$370,413,987 for the fiscal year ended June 30, 2011. This increase is less than 1 percent. No cosof living increases in salaries and various cuts in positions are the primary reason expendituresremained consistent with the prior year.
50
80
FederalState
Local
Federal State Local
237
171
2
34
79
Composition of General Fund Expenditures InMillions of Dollars - 2011
InstructionTransportationInstruction Related TechnologyTrainingOperation of PlantOther
Composition of RevenuesIn Millions o f Dollars -
2011
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
ARRA Economic Stimulus FundsThe ARRA Economic Stimulus Funds are used to account for Federal program revenues andexpenditures related to the American Recovery and Reinvestment Act. Since Federal revenue isrecognized to the extent that eligible expenditures have been incurred, these funds do notaccumulate a fund balance. An overall analysis of the District’s Special Revenue ARRA EconomicStimulus Funds expenditures is presented below:
6/30/2011 6/30/2010
Increase
(Decrease)
Percentage
Change
Current: Instruction 16,737,252$ 16,327,052$ 410,200$ 3% Pupil personnel services 4,283,756 4,117,790 165,966 4% Instructional media services 157,373 157,395 (22) 0%
Instruction and curriculum development 213,204 420,566 (207,362) -49% Instructional staff training services 353,879 998,550 (644,671) -65% Instructional related technology 2,000 - 2,000 100% General administration 65,033 116,420 (51,387) -44% Facility services - non-capitalized - 79,007 (79,007) -100%
Fiscal services 18,552 - 18,552 100% Central services 51,310 - 51,310 100% Pupil transportation services 4,725 2,061 2,664 129%
Operation of plant 799,035 822,168 (23,133) -3%Capital Outlay: Facilities acquisition and construction 46,824 - 46,824 100%
Total 22,732,943$ 23,041,009$ (308,066)$ -1%
Exp endi tures By Functio n - Special Revenue ARRA Econom ic Stimu lus Funds
Increase Percentage
6/30/2011 6/30/2010 (Decrease) Change
Instruction 236,828,230$ 235,158,823$ 1,669,407$ 1%Instructional staff trainingservices 1,499,776 1,345,412 154,364 11%
Pupil transportation services 16,953,964 16,880,591 73,373 0%
Operation of plant 34,390,694 35,903,603 (1,512,909) -4%
Instruction related technology 1,359,233 1,374,051 (14,818) -1%
Other 79,382,090 79,745,711 (363,621) 0%
Total 370,413,987$ 370,408,191$ 5,796$ 0%
Expenditures By Function - General Fund
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Debt Service – Other Debt Service Fund An overall analysis of the District’s Other Debt Service Fund is presented below:
Increase Percentage
6/30/2011 6/30/2010 (Decrease) ChangeRevenue 42,155$ 23,388$ 18,767$ 80%Other financing sources 21,864,022 25,158,157 (3,294,135) -13%Beginning fund balance 862,099 842,409 19,690 2%Total 22,768,276$ 26,023,954$ (3,255,678)$ -13%
Expenditures 21,864,977$ 25,147,928$ (3,282,951)$ -13%Other financing uses - 13,927 (13,927) 100%Ending fund balance 903,299 862,099 41,200 5%Total 22,768,276$ 26,023,954$ (3,255,678)$ -13%
Debt Service – ARRA Economic Stimulus Debt Service FundThis fund is used to account for the accumulation of resources for and the payment of, sinking fund,interest and related costs on the Certificates of Participation, Series 2010A Qualified SchooConstruction Bonds. This is the first year for this fund. Revenues in this fund are an interest rebatereceived from the Internal Revenue Service. The fund balance represents amounts placed into thesinking fund to pay the debt when due. Interest payments are made twice a year.
Capital Projects – Local Capital Improvement Tax Fund An overall analysis of the District’s Capital Projects – Local Capital Improvement Tax Fund ispresented below:
Increase Percentage
6/30/2011 6/30/2010 (Decrease) ChangeRevenue 65,421,134$ 72,583,943$ (7,162,809)$ -10%Other financing sources 2,781,361 948,464 1,832,897 193%Beginning fund balance 56,386,128 57,900,303 (1,514,175) -3%Total 124,588,623$ 131,432,710$ (6,844,087)$ -5%
Expenditures 16,413,252$ 30,049,164$ (13,635,912)$ -45%Other financing uses 42,066,106 44,997,418 (2,931,312) -7%Ending fund balance 66,109,265 56,386,128 9,723,137 17%Total 124,588,623$ 131,432,710$ (6,844,087)$ -5%
During the fiscal year 2011, revenue in the Capital Projects – Local Capital Improvement Tax Funddecreased by $7,162,809, or 10 percent. This was due to the decrease in property tax revenue. Theincrease in other financing sources was due to the inception of a capital lease in the current year.Expenditures decreased by $13,635,912, or 45 percent. Use of the new Certificates of Participationmoney instead of Local Capital Improvement Tax Fund to rebuild two high schools is the primaryreason for the decrease.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Capital Projects - Other Capital Projects FundThe District’s other capital projects fund is primarily used to report revenues and expenditures fromsales tax collections and expenditures from the District’s Series 2009 and Series 2010B Certificatesof Participation issuance. An overall analysis of this fund is presented below:
Increase Percentage
6/30/2011 6/30/2010 (Decrease) Change
Revenue 20,353,120$ 17,034,284$ 3,318,836$ 19%Other financing sources 86,702,298 1,776,491 84,925,807 4781%
Beginning fund balance 80,348,349 96,526,947 (16,178,598) -17%Total 187,403,767$ 115,337,722$ 72,066,045$ 62%
Expenditures 55,776,436$ 32,452,181$ 23,324,255$ 72%Other financing uses 5,254,670 2,537,192 2,717,478 107%Ending fund balance 126,372,661 80,348,349 46,024,312 57%Total 187,403,767$ 115,337,722$ 72,066,045$ 62%
Other financing sources increased by $84,925,807 primarily due to the issuance of the Series 2010BCertificates of Participation in September 2010. Expenditures increased by $23,324,255 due toproject construction for the rebuilds of Venice and Booker High Schools.
ARRA Economic Stimulus Capital ProjectsThe District’s ARRA Economic Stimulus Capital Project fund is used to report the revenues andexpenditures from the District’s Series 2010A Certificates of Participation Qualified SchooConstruction Bonds. Bond proceeds in the current year were $43,026,000 with expenditures foBooker High School construction of $5,992,093.
GENERAL FUND BUDGETARY HIGHLIGHTS
During the fiscal year, the District revised its budget and brought two amendments to the BoardThese amendments were needed to adjust to actual revenues and direct resources where needed.The original budget was prepared on a conservative basis as the State was predicting additionabudget cuts and State revenue dollars were under projections for fiscal year 2011. The Boardapproves the final amendment to the budget after year-end. Budgeted expenditures decreased$3,487,018 from the original budget to the final amended budget. The decreases were due in part toa hiring freeze and an aggressive energy savings program. Actual expenditures were $3,711,398below the final amended expenditure budget.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
CAPITAL ASSETS AND LONG-TERM DEBT
At June 30, 2011, the District had $825,119,730 invested in a broad range of capital assets, includingland, buildings and improvements, and equipment. This amount represents a net increase (including
additions, deductions and depreciation) of $35,624,228 or 5 percent, from last fiscal year due, in partto the completion of part of the rebuild of the Sarasota County Technical Center.
Percentage
6/30/2011 6/30/2010 Change Change
Capital assets not being depreciated:
Land 30,983,697$ 29,855,634$ 1,128,063$ 4%Land improvements 67,968,886 66,726,800 1,242,086 2%Construction in progress 41,865,008 39,394,046 2,470,962 6%
Capital assets being depreciated:Improvements other than buildings 50,177,678 49,108,527 1,069,151 2%Buildings and fixed equipment 818,241,205 773,839,758 44,401,447 6%Furniture, fixtures and equipment and
Audio visual materials 63,975,470 66,339,232 (2,363,762) -4%Motor vehicles 29,345,792 28,113,826 1,231,966 4%Equipment under capital leases 20,726,256 10,555,591 10,170,665 96%Computer software 2,583,108 2,409,232 173,876 7%
Total Capital Assets 1,125,867,100 1,066,342,646 59,524,454 6% Less accumulated depreciation (300,747,370) (276,847,144) (23,900,226) 9%
Total Capital Assets, net 825,119,730$ 789,495,502$ 35,624,228$ 5%
Governmental Activities
Detailed information regarding the District’s capital asset balances and activity for the fiscal yearended June 30, 2011, is provided in Note 5 to the basic financial statements.
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SCHOOL BOARD OF SARASOTA COUNTY, FLORIDAManagement’s Discussion and Analysis
June 30, 2011
Long-Term Debt
At June 30, 2011, the District had $237,169,479 in bonds payable, obligations under capital leasesand certificates of participation versus $123,118,414 last fiscal year, an increase of 93 percent. A
summary of the long-term debt obligations are listed in the following table:
The District’s increase in debt is due to two new lease agreements with Hewlett Packard for newdesktop and laptop computers for several schools and the issuance of the Series 2010A and 2010BCertificates of Participation.
The District has been given the following ratings for the 2010 Certificates of Participation:
Standard & Poor's AA-
Moody's Aa2Fitch IBCA AA
Certifi cates of Participation
For more details concerning long-term debt, refer to Notes 7 to 11 in the basic financial statements.
REQUESTS FOR INFORMATION
This financial report is designed to provide our citizens, taxpayers, and investors and creditors with ageneral overview of the District’s finances and to demonstrate compliance and accountability for its
resources. Questions concerning any of the information provided in this report or requests foradditional information should be addressed to Mitsi Corcoran, Chief Financial Officer, 1960 LandingsBoulevard, Sarasota, Florida 34231.
Increase Percentage
6/30/2011 6/30/2010 (Decrease) Change
Obligations under capital leases 15,459,885$ 8,179,843$ 7,280,042$ 89%State school bonds 13,758,438 12,959,873 798,565 6%Race track revenue bonds 710,005 1,114,430 (404,425) -36%Qualified academy zone bonds 1,299,696 1,299,696 - 0%Certificates of participation 205,941,455 99,564,572 106,376,883 107%
Total 237,169,479$ 123,118,414$ 114,051,065$ 93%
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BASIC FINANCIAL
STATEMENTS
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38/189
Primary ComponentGovernment Units
Governmental Charter Act ivi ties Schools
Assets
Cash and cash equivalents 344,126,030$ 7,277,140$
Investments 4,984,217 354,823
Accounts receivable 433,544 433,926
Deposits receivable 75,000 -
Due from other governmental agencies 2,657,546 278,175
Due from related parties - 312,491
Inventories 1,411,958 - Prepaid items 2,082,600 433,533
Deferred charges 1,266,557 764,096
Other - 260,483
Capital assets:
Nondepreciable 140,817,591 4,931,489
Depreciable, net 684,302,139 16,145,920 Total assets 1,182,157,182 31,192,076
Liabilities
Accounts payable and other current liabilities 11,253,209 2,053,186
Due to other governmental agencies 4,573,121 581
Matured debt payable 11,799,000 -
Matured interest payable 4,764,025 -
Accrued interest payable 545,242 -
Unearned revenue 1,169,736 - Portion due within one year:
Notes payable - 373,165
Bonds payable 1,520,000 160,000 Obligations under capital leases 4,029,383 189,476
Certificates of participation payable 12,935,000 -
Liability for compensated absences 10,830,717 1,500 Estimated insurance claims payable 2,748,772 -
Early retirement incentive payable 493,748 -
Portion due in more than one year:
Notes payable - 3,132,574 Bonds payable 14,248,139 16,439,293
Interest rate swap - 550,952
Obligations under capital leases 11,430,502 8,325
Certificates of participation payable 193,006,455 -
Liability for compensated absences 23,635,268 13,198
Estimated insurance claims payable 4,840,869 -
Early retirement incentive payable 1,027,858 -
Postemployment healthcare benefits payable 7,163,775 -
Total liabilities 322,014,819 22,922,250
Net assets
Invested in capital assets, net of related debt 712,540,799 3,816,897 Restricted for:
Capital projects 105,956,576 107,310
Debt service 3,901,245 -
Food service 1,744,810 -
State categorical programs 727,043 3,786
Unrestricted 35,271,890 4,341,833
Total net assets 860,142,363$ 8,269,826$
The accompanying notes are an integral part of the basic financial statements.
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Statement of Net Assets
June 30, 2011
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Operating CapitalCharges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions
Primary government:
Governmental activities:
Instruction 296,690,439$ 2,994,646$ -$ -$
Pupil personnel services 28,732,840 - - -
Instructional media services 5,386,832 - - -
Instruction and curriculum development services 3,844,308 - - -
Instructional staff training services 5,378,038 - - -
Instruction related technology 1,373,380 - - - Board of education 1,126,670 - - -
General administration 2,951,442 - - -
School administration 17,484,966 - - -
Facility services - non-capitalized 13,136,595 - - 4,591,029
Fiscal services 2,051,350 - - -
Food services 16,391,007 6,195,344 10,412,253 - Central services 6,455,528 - - - Pupil transportation services 19,524,334 489,684 - -
Operation of plant 35,436,543 - - -
Maintenance of plant 17,949,420 - - -
Administrative technology services 2,080,924 - - -
Community services 2,457,531 - - -
Interest on long-term debt 9,911,864 - - 1,958,395
Total primary government 488,364,011$ 9,679,674$ 10,412,253$ 6,549,424$
Component units:
Charter schools 35,921,221$ 122,831$ 6,230,901$ 1,565,677$
Total component units 35,921,221$ 122,831$ 6,230,901$ 1,565,677$
General revenues:
Property taxes, levied for general purposesProperty taxes, levied for capital projects
Local sales taxes
Grants and contributions not restricted to specific programs
Miscellaneous
Unrestricted investment earnings
Total general revenues
Change in net assets
Total net assets, beginning of year, restated
Total net assets, end of year
The accompanying notes are an integral part of the basic financial statements.
Program Revenues
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Statement of Activities
For the Fiscal Year Ended June 30, 2011
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Net (Expense) Revenue andChanges in Net Assets
Pri mar y Governmen t Componen t Un it sGovernmental Charter
Act iv iti es Schools
(293,695,793)$ -$
(28,732,840) -
(5,386,832) -
(3,844,308) -
(5,378,038) -
(1,373,380) - (1,126,670) -
(2,951,442) -
(17,484,966) -
(8,545,566) -
(2,051,350) -
216,590 - (6,455,528) - (19,034,650) -
(35,436,543) -
(17,949,420) -
(2,080,924) -
(2,457,531) -
(7,953,469) -
(461,722,660) -
(28,001,812)
(28,001,812)
276,860,927 - 64,915,896 - 13,295,558 -
109,899,786 28,033,929
8,938,210 566,281
1,761,982 -
475,672,359 28,600,210
13,949,699 598,398
846,192,664 7,671,428
860,142,363$ 8,269,826$
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Special Revenue -
ARRA ARRA
General Economic Other EconomicFund Stimulus Debt Service Stimulus
Assets
Cash and cash equivalents 66,235,773$ -$ 15,445,353$ 1,057,876$Investments 1,103,990 3,328 903,299 - Accounts receivable 247,453 - - -
Due from other funds 1,622,449 37 20,422 2,535,807
Due from internal funds 124,469 - - - Due from other governmental agencies 542,706 210,085 - - Prepaid items 1,981,821 - - - Inventories 1,040,552 - - -
Total assets 72,899,213$ 213,450$ 16,369,074$ 3,593,683$
Liabilities and fund balances
Liabilities:Salaries and wages payable 1,044,946$ 763$ -$ -$Payroll deductions and withholdings payable 1,125,885 - - -
Accounts payable 1,279,151 91,562 14,365 - Construction contracts payable - - - -
Deposits payable 16,000 - - - Due to other funds 66,890 121,125 - -
Due to other governmental agencies 4,545,356 - - - Matured debt payable - - 11,780,000 - Matured interest payable - - 3,671,410 1,062,742
Deferred revenue 1,200 - - - Total liabilities 8,079,428 213,450 15,465,775 1,062,742
Fund balances:Nonspendable 3,022,373 - - -
Restricted 4,463,012 - 903,299 2,530,941 Assigned 19,885,279 - - - Unassigned 37,449,121 - - -
Total fund balances 64,819,785 - 903,299 2,530,941
Total liabilities and fund balances 72,899,213$ 213,450$ 16,369,074$ 3,593,683$
The accompanying notes are an integral part of the basic financial statements.
Debt Service Funds
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Balance Sheet
Governmental Funds
June 30, 2011
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Local Capital Other ARRA Nonmajor Total
Improvement Capital Economic Governmental GovernmentalTax Projects Stimulus Funds Funds
69,694,385$ 129,075,629$ 38,239,266$ 2,905,718$ 322,654,000$1,290,391 898,733 - 397,845 4,597,586
- 12,685 - - 260,138
- - 993 182,413 4,362,121
- - - - 124,469 30,494 61,563 - 1,812,698 2,657,546
- 88,898 - - 2,070,719 - - - 371,406 1,411,958
71,015,270$ 130,137,508$ 38,240,259$ 5,670,080$ 338,138,537$
-$ -$ -$ 241,270$ 1,286,979$- - - - 1,125,885
971,584 575,525 138,588 429,174 3,499,949 808,252 3,170,291 1,298,164 - 5,276,707
- - - - 16,000 3,126,169 19,031 4,866 1,025,170 4,363,251
- - - - 4,545,356
- - - 19,000 11,799,000 - - - 29,873 4,764,025
- - - 1,168,536 1,169,736 4,906,005 3,764,847 1,441,618 2,913,023 37,846,888
- 88,898 - 371,406 3,482,677
66,109,265 119,954,398 36,798,641 2,385,651 233,145,207 - 6,329,365 - - 26,214,644 - - - - 37,449,121
66,109,265 126,372,661 36,798,641 2,757,057 300,291,649
71,015,270$ 130,137,508$ 38,240,259$ 5,670,080$ 338,138,537$
Capital Projects Funds
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Total fund balances - governmental funds 300,291,649$
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets, net of accumulated depreciation, used in governmental activities are notfinancial resources, and therefore, are not reported as assets in governmental funds. 825,119,730
Debt issuance costs and underwriter's discounts are not expensed in the government-widestatements, but are reported as deferred charges, and amortized over the life of the debt inthe statement of activities. 1,266,557
Interest on long-term debt is accrued as a liability in the government-wide statements, but isnot recognized in the governmental funds until due. (545,242)
Long-term liabilities, including bonds payable, are not due and payable in the current period,and therefore, are not reported in the funds. Long-term liabilities at year-end consist of:
Bonds payable (15,768,139)Obligations under capital leases (15,459,885)Certificates of participation payable (205,941,455)Liability for compensated absences (net of $150,726 related to the internal service funds) (34,315,259)Early retirement incentive payable (1,521,606)Postemployment healthcare benefits payable (7,163,775)
Internal service funds are used by the District to charge the costs of certain activities suchas insurance to individual funds. The assets and liabilit ies of internal service funds areincluded in governmental activities in the statement of net assets. 14,179,788
Total net assets of governmental activities 860,142,363$
The accompanying notes are an integral part of the basic financial statements.
June 30, 2011
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Reconci liation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets
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Special Revenue -
ARRA ARRA
General Economic Other EconomicFund Stimulus Debt Service Stimulus
Revenues
Federal direct 344,110$ -$ -$ 1,738,967$
Federal through state 1,705,139 22,732,943 - -
State sources 61,919,491 - - -
Local sources:
Property taxes levied for operational purposes 276,860,927 - - -
Property taxes levied for capital projects - - - -
Sales tax collections - - - -
Charges for services 2,994,646 - - -
Impact fee collections - - - -
Other local revenue 3,726,398 - 42,155 63
Total revenues 347,550,711 22,732,943 42,155 1,739,030
Expenditures
Current:
Instruction 236,828,230 16,737,252 - -
Pupil personnel services 21,574,289 4,283,756 - -
Instructional media services 5,166,613 157,373 - -
Instruction and curriculum development services 2,691,469 213,204 - - Instructional staff training services 1,499,776 353,879 - -
Instruction related technology 1,359,233 2,000 - -
Board of education 1,111,754 - - -
General administration 1,683,763 65,033 - -
School administration 17,362,885 - - -
Facility services - non-capitalized 250 - - -
Fiscal services 2,007,119 18,552 - -
Food services 39,850 - - -
Central services 5,861,230 51,310 - -
Pupil transportation services 16,953,964 4,725 - -
Operation of plant 34,390,694 799,035 - -
Maintenance of plant 17,444,372 - - -
Administrative technology services 2,069,903 - - -
Community services 1,699,760 - - -
Capital outlay:
Facilities acquisition and construction 668,833 46,824 - -
Other capital outlay - - -
Debt service:
Principal - - 14,754,613 - Interest - - 7,105,264 1,771,237
Dues and fees - - 5,100 -
Total expenditures 370,413,987 22,732,943 21,864,977 1,771,237
Excess (deficiency) of revenues
over (under) expenditures (22,863,276) - (21,822,822) (32,207)
Other financing sources (uses)
Issuance of certificates of participation - - - -
Premium on sale of certificates of participation - - - -
Inception of capital leases - - - -
Issuance of bonds - - - -
Premium on bonds - - - -
Sale of capital assets - - - -
Insurance loss recoveries 12,861 - - -
Transfers in 21,530,862 - 21,864,022 2,563,148
Transfers out (698,812) - -
Total other financing sources (uses) 20,844,911 - 21,864,022 2,563,148
Net change in fund balances (2,018,365) - 41,200 2,530,941
Fund balance - beginning, restated 66,843,311 - 862,099 -
Increase (decrease) in inventory reserve (5,161) - - -
Fund balance - ending 64,819,785$ -$ 903,299$ 2,530,941$
The accompanying notes are an integral part of the basic financial statements.
Statement of Revenues, Expenditures and Changes in Fund Balances
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Governmental Funds
Debt Service Funds
For th e Fiscal Year Ended J une 30, 2011
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Local Capital ARRA Nonmajor Total
Improvement Other Capital Economic Governmental GovernmentalTax Projects Stimulus Funds Funds
-$ -$ -$ 1,542,216$ 3,625,293$
- - - 30,226,439 54,664,521
- 1,896,572 - 4,692,364 68,508,427
- - - - 276,860,927
64,915,896 - - - 64,915,896
- 13,295,558 - - 13,295,558
- - - 6,148,206 9,142,852
- 698,860 - - 698,860
505,238 4,462,130 34,409 1,115,046 9,885,439
65,421,134 20,353,120 34,409 43,724,271 501,597,773
- - - 13,015,638 266,581,120
- - - 2,635,164 28,493,209
- - - 35,767 5,359,753
- - - 884,250 3,788,923 - - - 3,486,677 5,340,332
- - - 2,014 1,363,247
- - - - 1,111,754
- - - 904,824 2,653,620
- - - 18,463 17,381,348
7,363,494 4,934,298 - 192,380 12,490,422
- - - - 2,025,671
- - - 16,165,935 16,205,785
- - - 82,694 5,995,234
- - - 300,040 17,258,729
- - - - 35,189,729
- - - - 17,444,372
- - - - 2,069,903
- - - 743,149 2,442,909
9,047,143 50,198,975 5,992,093 2,217,009 68,170,877
- - 244,600 244,600
- - - 1,455,000 16,209,613 - - - 650,700 9,527,201
2,615 643,163 161,508 17,375 829,761
16,413,252 55,776,436 6,153,601 43,051,679 538,178,112
49,007,882 (35,423,316) (6,119,192) 672,592 (36,580,339)
- 70,070,000 43,026,000 - 113,096,000
- 5,528,547 - - 5,528,547
- 10,254,654 - - 10,254,654
- - - 1,745,000 1,745,000
- - - 145,198 145,198
- 10,000 - - 10,000
- - - - 12,861
2,781,361 839,097 - - 49,578,490
(42,066,106) (5,254,670) (108,167) (2,149,547) (50,277,302)
(39,284,745) 81,447,628 42,917,833 (259,349) 130,093,448
9,723,137 46,024,312 36,798,641 413,243 93,513,109
56,386,128 80,348,349 - 2,343,814 206,783,701
- - - - (5,161)
66,109,265$ 126,372,661$ 36,798,641$ 2,757,057$ 300,291,649$
Capital Projects Funds
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Net change in fund balances - total governmental fu nds 93,513,109$
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of act iv it ies, the cost of those assets is a llocated over their est imated usefu l l ives asdepreciation expense. This is the amount by which capital outlays exceed depreciationexpense in the current period.
Capital Outlay 68,415,477$Less, Depreciation Expense (32,553,955)
35,861,522
The loss on disposal of capital assets during the current period is reported in thestatement of activities. In the government funds, the costs of these assets was
recognized as an expenditure in the year purchased. Thus the change in net assetsdiffers from the change in fund balances by the undepreciated cost of the disposedassets. (237,294)
Debt proceeds provide current financial resources to governmental funds, but issuingdebtincreases long-term liabilities in the statement of net assets.
Certificates of Participation, Series 2010A (43,026,000)$Certificates of Participation, Series 2010B (70,070,000) State Board of Education Bonds, Series 2010 (1,745,000) Capital Leases (10,254,654)
(125,095,654)
Repayment of debt princ ipal is an expendi ture in the governmenta l funds, but therepayment reduces long-term liabilit ies in the statement of net assets. This is the amount
of repayments.
Certificates of Participation 11,780,000$State School Bonds 1,055,000 Racetrack Bonds 400,000 Capital Leases 2,974,613
16,209,613
Issuance costs and premiums on new debt issues are reported when issued asexpenditures and other financing sources in the governmental funds, but are deferred andamortized as expenses over the life of the debt in the statement of activities.
Deferred Charges:
Current Year 1,266,557$Less, Prior Year 682,039
Net Increase in Expenses from Deferred Charges 584,518 Unamortized Difference Between Old and New Debt:
Current Year 314,329$Less, Prior Year 336,410
Net Increase in Revenue from Difference Between Old and New Debt (22,081) Unamortized Premiums:
Prior Year 1,365,284$Less, Current Year 6,508,229
Net Reduction in Expenses from Unamortized Premiums (5,142,945)
The net change in the liability for early retirement benefits is reported in the government-wide statements but not in the governmental funds until due. 508,734
Interest on long-termdebt is recognizedas an expenditure in thegovernmentalfunds whendue, but is recognized as interest accrues in the statement of activities.
Prior Year 425,341$Less, Current Year 545,242
Net Increase in Expenses from Accrued Interest Payable (119,901)
In the statement of activities, the cost of compensated absences is measured by theamounts earned during the year, while in the governmental funds expenditures are
recognized based on the amounts actually paid for leave used. This is the net amount ofvacation and sick leave earned in excess of the amount used in the current period, net ofthe amount recorded in the internal service funds. 976,082
Internal service funds are used by management to charge the cost of insurance toindividual funds. The net revenue of internal service funds is reported with governmentalactivities. (1,743,316)
Certain expenses are recognized in the government-wide statements that are notrecognized in the governmental funds until due. (5,209)
The net change in the liability for postemployment healthcare benefits is reported in thegovernment-wide statements, but not in the governmental fund statements (1,337,479)
Change in net assets of governmental activities 13,949,699$
The accompanying notes are an integral part of the basic financial statements.
Statement of Ac tivities
For the Fis cal Year Ended Jun e 30, 2011
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds t o the
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Variance with
Final Budget - Actual Posit ive
Original Final Amounts (Negative)
Revenues
Federal direct 323,374$ 345,374$ 344,110$ (1,264)$
Federal through state 1,163,250 1,733,499 1,705,139 (28,360) State sources 63,514,592 62,032,051 61,919,491 (112,560) Local sources:
Property taxes levied for operational purposes 274,235,658 275,559,044 276,860,927 1,301,883 Charges for services 3,454,517 3,454,517 2,994,646 (459,871) Other local revenue 4,690,940 4,690,940 3,726,398 (964,542)
Total revenues 347,382,331 347,815,425 347,550,711 (264,714)
Expenditures
Current:
Instruction 242,296,497 237,394,411 236,828,230 566,181 Pupil personnel services 22,007,231 22,236,975 21,574,289 662,686 Instructional media services 5,137,578 5,375,624 5,166,613 209,011 Instruction and curriculum development services 2,194,346 2,691,488 2,691,469 19 Instructional staff training services 1,442,521 1,574,774 1,499,776 74,998
Instruction related technology 1,445,470 1,395,372 1,359,233 36,139 Board of education 1,472,811 1,472,812 1,111,754 361,058 General administration 2,125,277 1,890,238 1,683,763 206,475
School administration 17,983,166 17,592,991 17,362,885 230,106 Facility services - non-capitalized - 250 250 - Fiscal services 2,022,865 2,022,865 2,007,119 15,746 Food services 73,669 73,669 39,850 33,819
Central services 5,550,847 5,873,137 5,861,230 11,907 Pupil transportation services 16,988,911 16,988,911 16,953,964 34,947
Operation of plant 36,403,034 34,391,473 34,390,694 779
Maintenance of plant 17,021,891 17,644,439 17,444,372 200,067 Administrative technology services 2,367,767 3,116,928 2,069,903 1,047,025 Community services 1,078,522 1,720,195 1,699,760 20,435
Capital outlay: Facilities acquisition and construction - 668,833 668,833 -
Total expenditures 377,612,403 374,125,385 370,413,987 3,711,398
Deficiency of revenues under expenditures (30,230,072) (26,309,960) (22,863,276) 3,446,684
Other financing sources (uses)
Insurance loss recoveries - - 12,861 12,861 Transfers in 21,106,466 21,630,862 21,530,862 (100,000) Transfers out (698,812) (698,812) (698,812) -
Total other financing sources (uses) 20,407,654 20,932,050 20,844,911 (87,139)
Net change in fund balance (9,822,418)$ (5,377,910)$ (2,018,365) 3,359,545$
Fund balance - beginning 66,843,311
Increase in inventory reserve (5,161)
Fund balance - ending 64,819,785$
The accompanying notes are an integral part of the basic financial statements.
For the Fiscal Year Ended June 30, 2011
Budgeted Amounts
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General Fund
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49/189
Variance with
Final Budget - Actual Posit ive
Original Final Amounts (Negative)
Revenues
Federal through state 22,121,362$ 22,732,943$ 22,732,943$ -$Total revenues 22,121,362 22,732,943 22,732,943 -
Expenditures
Current:Instruction 15,049,914 16,737,252 16,737,252 - Pupil personnel services 3,810,519 4,283,756 4,283,756 - Instructional media services 157,373 157,373 157,373 - Instruction and curriculum development services 633,156 213,204 213,204 - Instructional staff training services 1,577,020 353,879 353,879 -
Instruction related technology - 2,000 2,000 - General administration 74,472 65,033 65,033 - Fiscal services - 18,552 18,552 - Central services - 51,310 51,310 - Pupil transportation services - 4,725 4,725 - Operation of plant 818,908 799,035 799,035 -
Capital outlay:Facilities acquistion and construction - 46,824 46,824 -
Total expenditures 22,121,362 22,732,943 22,732,943 -
Excess of revenues over expenditures -$ -$ - -$
Fund balance - beginning -
Fund balance - ending -$
The accompanying notes are an integral part of the basic financial statements.
Budgeted Amounts
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Ac tual
Special Revenue - ARRA Economic Stimulus Fund
For the Fiscal Year Ended June 30, 2011
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Governmental
Activi ties -
Internal ServiceFunds
Assets
Current assetsCash and cash equivalents 21,472,030$
Accounts receivable 48,937 Investments 386,631
Deposits receivable 75,000
Due from other funds 1,535
Prepaid items 11,881 Total current assets 21,996,014
Total assets 21,996,014$
Liabilit ies and net assets
Current liabilities Accounts payable 47,689$Due to other funds 405 Due to other governmental agencies 27,