School Board of Brevard County

Transcription

1 School Board of Brevard County Annual Financial Report For the Year End June 30, 2014

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5 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND Exhibit K-1 CHANGES IN FUND BALANCE - GENERAL FUND DOE Page 1 For the Fiscal Year Ended June 30, 2014 Fund 100 REVENUES Account Number Federal Direct: Federal Impact, Current Operations , Reserve Officers Training Corps (ROTC) 3191 Pell Grants 3192 Miscellaneous Federal Direct 3199 Total Federal Direct , Federal Through State and Local: Medicaid ,419, National Forest Funds 3255 Federal Through Local 3280 Miscellaneous Federal Through State 3299 Total Federal Through State and Local ,419, State: Florida Education Finance Program (FEFP) ,339, Workforce Development ,255, Workforce Development Capitalization Incentive Grant 3316 Workforce Education Performance Incentive 3317 Adults with Disabilities , CO&DS Withheld for Administrative Expenditure , Categoricals: District Discretionary Lottery Funds , Class Size Reduction Operating Funds ,903, Florida School Recognition Funds ,830, Excellent Teaching Program 3363 Voluntary Prekindergarten Program ,218, Preschool Projects , Reading Programs 3373 Full-Service Schools Program 3378 Other State: Diagnostic and Learning Resources Centers 3335 Racing Commission Funds , State Forest Funds 3342 State License Tax , Other Miscellaneous State Revenues ,224, Total State ,406, Local: District School Taxes ,647, Tax Redemptions 3421 Payment in Lieu of Taxes 3422 Excess Fees 3423 Tuition , Rent , Interest on Investments , Gain on Sale of Investments 3432 Net Increase (Decrease) in Fair Value of Investments 3433 Gifts, Grants and Bequests 3440 Adult General Education Course Fees , Postsecondary Vocational Course Fees 3462 Continuing Workforce Education Course Fees 3463 Capital Improvement Fees 3464 Postsecondary Lab Fees 3465 Lifelong Learning Fees , General Education Development (GED) Testing Fees , Financial Aid Fees 3468 Other Student Fees , Preschool Program Fees 3471 Prekindergarten Early Intervention Fees 3472 School-Age Child Care Fees 3473 Other Schools, Courses and Classes Fees , Miscellaneous Local: Bus Fees , Transportation Services Rendered for School Activities , Sale of Junk 3493 Receipt of Federal Indirect Cost Rate ,832, Other Miscellaneous Local Sources ,919, Impact Fees 3496 Refunds of Prior Year's Expenditures 3497 Collections for Lost, Damaged and Sold Textbooks , Receipt of Food Service Indirect Costs , Total Local ,735, Total Revenues ,129, ESE 348

6 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GENERAL FUND (Continued) DOE Page 2 For the Fiscal Year Ended June 30, 2014 Fund Employee Benefits Purchased Services Salaries Other Current: Instruction ,870, ,036, ,367, ,672, , ,020, ,871, Student Personnel Services ,959, ,747, ,245, , , ,155, Instructional Media Services ,161, ,391, , , , , ,000, Instruction and Curriculum Development Services ,103, ,169, , , , , ,602, Instructional Staff Training Services , , , , , , ,579, Instructional-Related Technology ,093, ,278, ,130, , ,526, Board , , , ,306, General Administration ,245, , , , , , ,025, School Administration ,746, ,542, , , , , ,864, Facilities Acquisition and Construction , , , , , , , Fiscal Services ,699, , , , , , ,368, Food Services , , , Central Services ,943, ,150, , , , , ,872, Student Transportation Services ,487, ,907, , ,424, , , , ,853, Operation of Plant ,434, ,962, ,539, ,936, ,196, , , ,164, Maintenance of Plant ,568, ,753, ,313, , ,526, , , ,130, Administrative Technology Services ,314, , , , , , ,095, Community Services , , , , , , Capital Outlay: Facilities Acquisition and Construction , , Other Capital Outlay ,600, ,600, Debt Service: (Function 9200) Redemption of Principal Interest Total Expenditures 310,579, ,198, ,877, ,130, ,099, ,532, ,813, ,231, Excess (Deficiency) of Revenues Over Expenditures 4,897, ESE 348 EXPENDITURES Account Number Energy Services Materials and Supplies Capital Outlay Totals

7 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND Exhibit K-1 CHANGES IN FUND BALANCE - GENERAL FUND (Continued) DOE Page 3 For the Fiscal Year Ended June 30, 2014 Fund 100 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Account Number Loans 3720 Sale of Capital Assets 3730 Loss Recoveries , Transfers In: From Debt Service Funds 3620 From Capital Projects Funds 3630 From Special Revenue Funds 3640 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds ,299, Total Transfers In ,299, Transfers Out: (Function 9700) To Debt Service Funds 920 To Capital Projects Funds 930 (5,000.00) To Special Revenue Funds 940 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out 9700 (5,000.00) Total Other Financing Sources (Uses) 1,323, Net Change In Fund Balance 6,220, Fund Balance, July 1, ,158, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance , Restricted Fund Balance ,119, Committed Fund Balance 2730 Assigned Fund Balance ,627, Unassigned Fund Balance ,689, Fund Balance, June 30, ,379, ESE 348

8 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-2 FUNDS - FOOD SERVICES DOE Page 4 For the Fiscal Year Ended June 30, 2014 Fund 410 REVENUES Account Number Federal Through State and Local: School Lunch Reimbursement ,043, School Breakfast Reimbursement ,465, Afterschool Snack Reimbursement , Child Care Food Program , USDA Donated Commodities ,614, Cash in Lieu of Donated Foods 3266 Summer Food Service Program , Fresh Fruit and Vegetable Program , Other Food Services 3269 Federal Through Local 3280 Miscellaneous Federal Through State 3299 Total Federal Through State and Local ,576, State: School Breakfast Supplement , School Lunch Supplement , Other Miscellaneous State Revenues 3399 Total State , Local: Interest on Investments 3431 Gain on Sale of Investments 3432 Net Increase (Decrease) in Fair Value of Investments 3433 Gifts, Grants and Bequests 3440 Student Lunches ,873, Student Breakfasts 3452 Adult Breakfasts/Lunches , Student and Adult a la Carte Fees ,536, Student Snacks , Other Food Sales , Other Miscellaneous Local Sources , Refunds of Prior Year's Expenditures 3497 Total Local ,424, Total Revenues ,365, ESE 348

9 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-2 FUNDS - FOOD SERVICES (Continued) DOE Page 5 For the Fiscal Year Ended June 30, 2014 Fund 410 EXPENDITURES (Function 7600/9300) Account Number Salaries 100 8,480, Employee Benefits 200 2,829, Purchased Services 300 1,128, Energy Services , Materials and Supplies ,207, Capital Outlay , Other , Other Capital Outlay (Function 9300) 600 1,020, Total Expenditures 29,497, Excess (Deficiency) of Revenues Over Expenditures 868, OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 (942,576.11) Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out 9700 (942,576.11) Total Other Financing Sources (Uses) (942,576.11) Net Change in Fund Balance (74,346.57) Fund Balance, July 1, ,838, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance ,350, Restricted Fund Balance ,413, Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ,764, ESE 348

10 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-3 FUNDS - OTHER FEDERAL PROGRAMS DOE Page 6 For the Fiscal Year Ended June 30, 2014 Fund 420 REVENUES Account Number Federal Direct: Workforce Investment Act 3170 Community Action Programs 3180 Reserve Officers Training Corps (ROTC) ,086, Miscellaneous Federal Direct ,458, Total Federal Direct ,545, Federal Through State and Local: Vocational Education Acts , Medicaid 3202 Workforce Investment Act 3220 Teacher and Principal Training and Recruiting, Title II, Part A 3225 Math and Science Partnerships, Title II, Part B ,525, Drug-Free Schools 3227 Individuals with Disabilities Education Act (IDEA) ,761, Elementary and Secondary Education Act, Title I ,479, Adult General Education , Vocational Rehabilitation 3253 Federal Through Local 3280 Emergency Immigrant Education Program 3293 Miscellaneous Federal Through State ,873, Total Federal Through State and Local ,090, State: Other Miscellaneous State Revenues , Total State , Local: Interest on Investments 3431 Gain on Sale of Investments 3432 Net Increase (Decrease) in Fair Value of Investments 3433 Gifts, Grants and Bequests 3440 Adult General Education Course Fees 3461 Sale of Junk 3493 Other Miscellaneous Local Sources 3495 Refunds of Prior Year's Expenditures 3497 Total Local Total Revenues ,697, ESE 348

11 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-3 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - OTHER FEDERAL PROGRAMS (Continued) DOE Page 7 For the Fiscal Year Ended June 30, 2014 Fund 420 EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction ,375, ,757, , ,212, ,146, , ,204, Student Personnel Services ,019, ,043, , , , , ,172, Instructional Media Services , , , , , Instruction and Curriculum Development Services ,478, ,843, , , , , ,140, Instructional Staff Training Services ,480, , , , , , ,913, Instructional-Related Technology , , , , ,102, ,305, Board General Administration , ,833, ,837, School Administration , , , , , , Facilities Acquisition and Construction , , Fiscal Services , , , Food Services , , , Central Services , , Student Transportation Services , , , , Operation of Plant , , , , , , Maintenance of Plant , , , Administrative Technology Services , , , , Community Services ,008, , , ,334, Capital Outlay: Facilities Acquisition and Construction , , Other Capital Outlay , , Total Expenditures 27,661, ,286, ,539, , ,172, ,784, ,144, ,697, Excess (Deficiency) of Revenues over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To the General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

12 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS FEDERAL ECONOMIC STIMULUS PROGRAMS Exhibit K-4 For the Fiscal Year Ended June 30, 2014 DOE Page 8 REVENUES Account Targeted ARRA Stimulus Funds Other ARRA Stimulus Grants ARRA Race to the Top Totals Number Federal Direct: Workforce Investment Act Community Action Programs Reserve Officers Training Corps (ROTC) Miscellaneous Federal Direct , , Total Federal Direct: , , Federal Through State: Vocational Education Acts Race to the Top ,238, ,238, Individuals with Disabilities Education Act (IDEA) Elementary and Secondary Education Act, Title I Adult General Education Other Food Services Miscellaneous Federal Through State Total Federal Through State ,238, ,238, State: Other Miscellaneous State Revenues Total State Local: Interest on Investments Gain on Sale of Investments Net Increase (Decrease) in Fair Value of Investments Gifts, Grants and Bequests Other Miscellaneous Local Sources Refunds of Prior Year's Expenditures Total Local Total Revenues , ,238, ,301, ESE 348

13 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-4 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - TARGETED ARRA STIMULUS FUNDS (Continued) DOE Page 9 For the Fiscal Year Ended June 30, 2014 Fund 432 EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instructional-Related Technology Board General Administration School Administration Facilities Acquisition and Construction Fiscal Services Food Services Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To the General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

14 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-4 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - OTHER ARRA STIMULUS GRANTS (Continued) DOE Page 10 For the Fiscal Year Ended June 30, 2014 Fund 433 EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instructional-Related Technology Board General Administration School Administration Facilities Acquisition and Construction , , Fiscal Services Food Services Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay , , Total Expenditures 62, , Excess (Deficiency) of Revenues over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To the General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

15 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-4 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - ARRA RACE TO THE TOP (Continued) DOE Page 11 For the Fiscal Year Ended June 30, 2014 Fund 434 EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction ,114, , , , ,984, Student Personnel Services , , , Instructional Media Services , , , Instruction and Curriculum Development Services , , , , , Instructional Staff Training Services , , , , , , Instructional-Related Technology , , , , Board General Administration School Administration , , , Facilities Acquisition and Construction Fiscal Services Food Services Central Services , , , , Student Transportation Services Operation of Plant , , Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay , , Total Expenditures 1,674, , ,661, , , , ,238, Excess (Deficiency) of Revenues over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To the General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

16 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-5 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - MISCELLANEOUS DOE Page 12 For the Fiscal Year Ended June 30, 2014 Fund 490 REVENUES Account Number Federal Through State and Local: Federal Through Local 3280 Total Federal Through State and Local Local: Interest on Investments 3431 Gain on Sale of Investments 3432 Net Increase (Decrease) in Fair Value of Investments 3433 Gifts, Grants and Bequests 3440 Other Miscellaneous Local Sources 3495 Total Local Total Revenues EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instructional-Related Technology Board General Administration School Administration Facilities Acquisition and Construction Fiscal Services Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 Interfund 3650 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

17 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - DEBT SERVICE FUNDS Exhibit K-6 For the Fiscal Year Ended June 30, 2014 DOE Page 13 SBE/COBI Special Act Section / , Motor Vehicle District Other Debt ARRA Economic Stimulus Account Bonds Bonds F.S., Loans Revenue Bonds Bonds Service Debt Service Number Totals REVENUES Federal: Miscellaneous Federal Direct Miscellaneous Federal Through State State: CO & DS Withheld for SBE/COBI Bonds ,269, ,269, SBE/COBI Bond Interest Racing Commission Funds Other Miscellaneous State Revenues Total State Sources ,269, ,269, Local: District Debt Service Taxes County Local Sales Tax School District Local Sales Tax Tax Redemptions Payment in Lieu of Taxes Excess Fees Interest on Investments , , Gain on Sale of Investments Net Increase (Decrease) in Fair Value of Investments Gifts, Grants and Bequests Other Miscellaneous Local Sources Impact Fees Refunds of Prior Year's Expenditures Total Local Sources , , Total Revenues ,269, , ,395, EXPENDITURES Debt Service (Function 9200) Redemption of Principal 710 1,945, ,160, ,105, Interest , ,131, ,502, Dues and Fees , , , Miscellaneous Total Expenditures 2,339, ,344, ,684, Excess (Deficiency) of Revenues Over Expenditures (70,388.45) (35,218,543.14) 0.00 (35,288,931.59) SBE/COBI Special Act Section / Motor Vehicle District Other Debt ARRA Economic Stimulus OTHER FINANCING SOURCES (USES) Account Bonds Bonds F.S. Loans Revenue Bonds Bonds Service Debt Service and CHANGES IN FUND BALANCE Number Totals Issuance of Bonds Premium on Sale of Bonds Discount on Sale of Bonds (Function 9299) Proceeds of Lease-Purchase Agreements Premium on Lease-Purchase Agreements Discount on Lease-Purchase Agreements (Function 9299) Loans Proceeds of Forward Supply Contract Face Value of Refunding Bonds , , Premium on Refunding Bonds , , Discount on Refunding Bonds (Function 9299) Payments to Refunded Bonds Escrow Agent (Function 9299) 761 (334,742.42) (334,742.42) Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Discount on Refunding Lease-Purchase Agmnts (Function 9299) Payments to Refunded Lease-Purchase Escrow Agent (Function 9299) Transfers In: From General Fund From Capital Projects Funds ,309, ,309, From Special Revenue Funds Interfund From Permanent Funds From Internal Service Funds From Enterprise Funds Total Transfers In ,309, ,309, Transfers Out: (Function 9700) To General Fund To Capital Projects Funds To Special Revenue Funds Interfund To Permanent Funds To Internal Service Funds To Enterprise Funds Total Transfers Out Total Other Financing Sources (Uses) 610, ,309, ,919, Net Change in Fund Balances 539, , , Fund Balance, July 1, , ,499, ,711, Adjustments to Fund Balances Ending Fund Balance: Nonspendable Fund Balance Restricted Fund Balance , ,590, ,342, Committed Fund Balance Assigned Fund Balance Unassigned Fund Balance Fund Balance, June 30, , ,590, ,342, ESE 348

18 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS Exhibit K-7 For the Fiscal Year Ended June 30, 2014 DOE Page 14 REVENUES Account Number Capital Outlay Bond Issues (COBI) Special Act Bonds Section / , F.S., Loans Public Education Capital Outlay (PECO) District Bonds Capital Outlay and Debt Service Program Nonvoted Cap. Improvement Section (2), F.S. Voted Capital Improvement Other Capital Projects ARRA Economic Stimulus Capital Projects Federal: Miscellaneous Federal Direct Miscellaneous Federal Through State State: CO&DS Distributed , , Interest on Undistributed CO&DS , , Racing Commission Funds Public Education Capital Outlay (PECO) Classrooms First Program District Effort Recognition Program SMART Schools Small County Assistance Program Class Size Reduction Capital Outlay Charter School Capital Outlay Funding Other Miscellaneous State Revenues , , Total State Sources , , , Local: District Local Capital Improvement Tax ,683, ,683, County Local Sales Tax School District Local Sales Tax Tax Redemptions Payment in Lieu of Taxes Excess Fees Interest on Investments , , , , Gain on Sale of Investments Net Increase (Decrease) in Fair Value of Investments Gifts, Grants and Bequests Other Miscellaneous Local Sources , , , Impact Fees ,300, ,300, Total Local Sources , ,724, ,713, ,440, Total Revenues , ,724, ,920, ,050, EXPENDITURES Totals Capital Outlay (Function 7400) Library Books Audiovisual Materials Buildings and Fixed Equipment Furniture, Fixtures and Equipment , , , , Motor Vehicles (Including Buses) 650 1,085, ,085, Land Improvements Other Than Buildings , , , Remodeling and Renovations , ,119, ,582, ,556, ,411, ,311, Computer Software 690 2,250, , ,260, Debt Service (Function 9200) Redemption of Principal Interest Dues and Fees 730 1, , Miscellaneous Total Expenditures 641, ,153, ,583, ,321, ,445, ,146, Excess (Deficiency) of Revenues Over Expenditures (641,782.71) 0.00 (3,153,000.40) (1,178,353.93) 32,402, ,474, ,903, ESE 348

19 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS (Continued) Exhibit K-7 For the Fiscal Year Ended June 30, 2014 DOE Page 15 Nonvoted Cap. OTHER FINANCING SOURCES (USES) Account Capital Outlay Bond Issues Section / , Public Education District Capital Outlay and Improvement Section Voted Capital Other Capital ARRA Economic Stimulus and CHANGES IN FUND BALANCE Number (COBI) Special Act Bonds F.S., Loans Capital Outlay (PECO) Bonds Debt Service Program (2), F.S. Improvement Projects Capital Projects Totals Issuance of Bonds Premium on Sale of Bonds Discount on Sale of Bonds (Function 9299) Proceeds of Lease-Purchase Agreements Premium on Lease-Purchase Agreements Discount on Lease-Purchase Agreements (Function 9299) Loans Sale of Capital Assets Loss Recoveries Proceeds of Forward Supply Contract Proceeds from Special Facility Construction Account Transfers In: From General Fund , , From Debt Service Funds From Special Revenue Funds , , Interfund ,258, ,258, From Permanent Funds From Internal Service Funds From Enterprise Funds Total Transfers In , ,201, ,206, Transfers Out: (Function 9700) To General Fund To Debt Service Funds 920 (24,878,013.90) (10,431,526.74) (35,309,540.64) To Special Revenue Funds Interfund 950 (1,258,701.58) (1,258,701.58) To Permanent Funds To Internal Service Funds To Enterprise Funds Total Transfers Out (26,136,715.48) 0.00 (10,431,526.74) 0.00 (36,568,242.22) Total Other Financing Sources (Uses) 0.00 (26,131,715.48) 0.00 (8,230,249.05) 0.00 (34,361,964.53) Net Change in Fund Balances (641,782.71) 0.00 (3,153,000.40) (1,178,353.93) 6,270, (755,434.44) , Fund Balance, July 1, ,184, ,775, ,246, ,216, ,806, ,229, Adjustments to Fund Balances Ending Fund Balance: Nonspendable Fund Balance , , Restricted Fund Balance , ,622, ,068, ,452, ,088, ,775, Committed Fund Balance Assigned Fund Balance , , Unassigned Fund Balance Fund Balance, June 30, , ,622, ,068, ,486, ,051, ,771, ESE 348

20 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-8 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - PERMANENT FUND DOE Page 16 For the Fiscal Year Ended June 30, 2014 Fund 000 REVENUES Account Number Federal Direct 3100 Federal Through State and Local 3200 State Sources 3300 Local Sources 3400 Total Revenues EXPENDITURES Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instructional-Related Technology Board General Administration School Administration Facilities Acquisition and Construction Fiscal Services Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay Debt Service: (Function 9200) Redemption of Principal Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures 0.00 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Sale of Capital Assets 3730 Loss Recoveries 3740 Transfers In: From General Fund 3610 From Debt Service Funds 3620 From Capital Projects Funds 3630 From Special Revenue Funds 3640 From Internal Service Funds 3670 From Enterprise Funds 3690 Total Transfers In Transfers Out: (Function 9700) To General Fund 910 To Debt Service Funds 920 To Capital Projects Funds 930 To Special Revenue Funds 940 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out Total Other Financing Sources (Uses) 0.00 Net Change in Fund Balance 0.00 Fund Balance, July 1, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance 2710 Restricted Fund Balance 2720 Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Fund Balance, June 30, ESE 348

21 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION - ENTERPRISE FUNDS Exhibit K-9 For the Fiscal Year Ended June 30, 2014 DOE Page 17 OPERATING REVENUES Self-Insurance - Self-Insurance - Self-Insurance - Self-Insurance - Account ARRA - Consortium Other Enterprise Programs Other Enterprise Programs Consortium Consortium Consortium Consortium Number Totals Charges for Services ,718, ,718, Charges for Sales Premium Revenue Other Operating Revenues Total Operating Revenues 5,718, ,718, OPERATING EXPENSES (Function 9900) Salaries 100 3,091, ,091, Employee Benefits , , Purchased Services , , Energy Services 400 2, , Materials and Supplies , , Capital Outlay , , Other , , Depreciation and Amortization Expense , , Total Operating Expenses 4,599, ,599, Operating Income (Loss) 1,119, ,119, NONOPERATING REVENUES (EXPENSES) Interest on Investments Gain on Sale of Investments Net Increase (Decrease) in Fair Value of Investments Gifts, Grants and Bequests Other Miscellaneous Local Sources Loss Recoveries Gain on Disposition of Assets Interest (Function 9900) Miscellaneous (Function 9900) Loss on Disposition of Assets (Function 9900) Total Nonoperating Revenues (Expenses) Net Income (Loss) Before Operating Transfers 1,119, ,119, TRANSFERS and CHANGES IN NET POSITION Transfers In: From General Fund From Debt Service Funds From Capital Projects Funds From Special Revenue Funds Interfund From Permanent Funds From Internal Service Funds Total Transfers In Transfers Out: (Function 9700) To General Fund 910 (1,299,035.00) (1,299,035.00) To Debt Service Funds To Capital Projects Funds To Special Revenue Funds Interfund To Permanent Funds To Internal Service Funds Total Transfers Out 9700 (1,299,035.00) 0.00 (1,299,035.00) Change in Net Position (179,873.31) 0.00 (179,873.31) Net Position, July 1, ,497, ,497, Adjustments to Net Position Net Position, June 30, ,317, ,317, ESE 348

22 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION - INTERNAL SERVICE FUNDS Exhibit K-10 For the Fiscal Year Ended June 30, 2014 DOE Page 18 OPERATING REVENUES Consortium Other Internal Account Self-Insurance Self-Insurance Self-Insurance Self-Insurance Self-Insurance Programs Service Number Totals Charges for Services Charges for Sales Premium Revenue ,223, , ,761, ,896, Other Operating Revenues Total Operating Revenues ,223, , ,761, ,896, OPERATING EXPENSES (Function 9900) Salaries , , , , Employee Benefits , , , , Purchased Services , , , Energy Services Materials and Supplies 500 4, , Capital Outlay Other 700 3,876, , ,587, ,291, Depreciation and Amortization Expense Total Operating Expenses ,049, , ,431, ,434, Operating Income (Loss) (825,645.71) (42,611.39) (5,669,650.36) (6,537,907.46) NONOPERATING REVENUES (EXPENSES) Interest on Investments , , , , Gain on Sale of Investments Net Increase (Decrease) in Fair Value of Investments Gifts, Grants and Bequests Other Miscellaneous Local Sources Loss Recoveries Gain on Disposition of Assets Interest (Function 9900) Miscellaneous (Function 9900) Loss on Disposition of Assets (Function 9900) Total Nonoperating Revenues (Expenses) , , , , Income (Loss) Before Operating Transfers (746,349.61) (15,783.85) (5,578,870.34) (6,341,003.80) TRANSFERS and CHANGES IN NET POSITION Transfers In: From General Fund From Debt Service Funds From Capital Projects Funds From Special Revenue Funds Interfund From Permanent Funds From Enterprise Funds Total Transfers In Transfers Out: (Function 9700) To General Fund To Debt Service Funds To Capital Projects Funds To Special Revenue Funds Interfund To Permanent Funds To Enterprise Funds Total Transfers Out Change in Net Position (746,349.61) (15,783.85) (5,578,870.34) (6,341,003.80) Net Position, July 1, ,294, ,452, ,119, ,866, Adjustments to Net Position Net Position, June 30, ,547, ,437, ,540, ,525, ESE 348

23 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Exhibit K-11 SCHOOL INTERNAL FUNDS DOE Page 19 June 30, 2014 Fund 891 ASSETS Account Number Balance July 1, 2013 Additions Deductions Balance June 30, 2014 Cash ,986, ,582, ,223, ,345, Investments ,168, , , ,078, Accounts Receivable, Net Interest Receivable on Investments Due From Other Funds: Budgetary Funds Inventory Due From Other Agencies Total Assets 6,154, ,599, ,329, ,424, LIABILITIES Accrued Salaries and Benefits Payroll Deductions and Withholdings Accounts Payable Cash Overdraft Due to Budgetary Funds Internal Accounts Payable ,154, ,599, ,329, ,424, Total Liabilities 6,154, ,599, ,329, ,424, ESE 348

24 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-12 SCHEDULE OF LONG-TERM LIABILITIES DOE Page 20 June 30, 2014 Fund 601 Account Number Governmental Activities Total Balance June 30, 2014 [1] Business-Type Activities Total Balance June 30, 2014 [1] Total Governmental Activities - Debt Principal Payments Governmental Activities - Principal Due Within One Year Governmental Activities - Debt Interest Payments Governmental Activities - Interest Due Within One Year Notes Payable Obligations Under Capital Leases Bonds Payable SBE/COBI Bonds Payable ,088, ,088, ,945, ,910, District Bonds Payable Special Act Bonds Payable Motor Vehicle License Revenue Bonds Payable Sales Surtax Bonds Payable Total Bonds Payable ,088, ,088, ,945, ,910, Liability for Compensated Absences ,071, , ,218, Lease-Purchase Agreements Payable Certificates of Participation (COPS) Payable ,435, ,435, ,160, ,735, Qualified Zone Academy Bonds (QZAB) Payable ,408, ,408, Qualified School Construction Bonds (QSCB) Payable Build America Bonds (BAB) Payable Other Lease-Purchase Agreements Payable Total Lease-Purchase Agreements Payable ,843, ,843, ,160, ,735, Estimated Liability for Long-Term Claims ,204, ,204, Other Post-Employment Benefits Liability ,866, , ,321, Estimated PECO Advance Payable Other Long-Term Liabilities , , Derivative Instrument Total Long-Term Liabilities 619,106, , ,708, ,105, ,645, [1] Report carrying amount of total liability due within one year and due after one year on June 30, 2014, including discounts and premiums. ESE 348

25 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SCHEDULE OF CATEGORICAL PROGRAMS REPORT OF EXPENDITURES AND AVAILABLE FUNDS Exhibit K-13 For the Fiscal Year Ended June 30, 2014 DOE Page 21 CATEGORICAL PROGRAMS Grant Unexpended Returned Revenues [1] Expenditures Flexibility [2] Unexpended (Revenue Number) [Footnote] Number June 30, 2013 To DOE June 30, 2014 Class Size Reduction Operating Funds (3355) ,953, ,953, Class Size Reduction Capital Outlay (3396) Excellent Teaching Program (3363) , , Florida School Recognition Funds (3361) , ,830, ,830, , Instructional Materials (FEFP Earmark) [3] ,397, ,397, Library Media (FEFP Earmark) [3] , , , Preschool Projects (3372) , , , Public School Technology Research-Based Reading Instruction (FEFP Earmark) [4] , ,319, ,664, , , Safe Schools (FEFP Earmark) [5] ,700, ,700, Salary Bonus Outstanding Teachers in D and F Schools Student Transportation (FEFP Earmark) ,283, ,283, Supplemental Academic Instruction (FEFP Earmark) [4] ,677, ,677, Teacher Recruitment and Retention Teacher Training Teachers Classroom Supply Assistance (FEFP Earmark) , ,186, ,176, , Voluntary Prekindergarten - School Year Program (3371) , ,143, ,207, , Voluntary Prekindergarten - Summer Program (3371) , , , , [1] Include both state and local revenue sources. [2] Report the amount of funds transferred from each program to maintain board-specified academic classroom instruction. [3] Report the Library Media portion of the Instructional Materials allocation on the line "Library Media." [4] Expenditures for designated low-performing elementary schools, based on the state reading assessment, should be included in expenditures. [5] Combine all programs funded from the Safe Schools allocation on one line, "Safe Schools." ESE 348

26 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SCHEDULE OF SELECTED SUBOBJECT EXPENDITURES Exhibit K-14 For the Fiscal Year Ended June 30, 2014 DOE Page 22 Sub- General Fund Special Revenue Food Services Special Revenue Other Federal Programs Special Revenue Federal Economic Stimulus Programs Object Total ENERGY EXPENDITURES: Natural Gas , , , Bottled Gas , , , Electricity ,604, , , ,924, Heating Oil , , Total 10,921, , , ,516, ENERGY EXPENDITURES FOR STUDENT TRANSPORTATION: Compressed Natural Gas Liquefied Petroleum Gas Gasoline Diesel Fuel 460 2,424, , ,522, Oil and Grease , , Total 2,467, , ,565, Special Revenue Federal Sub- General Fund Special Revenue Other Federal Programs Economic Stimulus Programs Capital Projects Funds Object XX Total EXPENDITURES FOR SCHOOL BUSES AND SCHOOL BUS REPLACEMENTS: Buses 651 1,085, ,085, EXPENDITURES FOR CAPITALIZED AV MATERIALS: Audiovisual Materials Sub- General Fund Special Revenue Food Services Special Revenue Other Federal Programs Special Revenue Federal Economic Stimulus Programs Object Total SUBAWARDS FOR INDIRECT COST RATE: Subawards Under Subagreements - First $25, Subawards Under Subagreements - In Excess of $25, Subawards Under Subagreements - First $25, Subawards Under Subagreements - In Excess of $25, Special Revenue Sub- Food Services Object 410 FOOD SERVICE SUPPLIES SUBOBJECT Supplies , Food ,165, Commodities 580 ESE 348

27 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SCHEDULE OF SELECTED SUBOBJECT EXPENDITURES Exhibit K-14 For the Fiscal Year Ended June 30, 2014 DOE Page 23 Special Revenue Federal Sub- General Fund Special Revenue Other Federal Programs Economic Stimulus Programs Object Total Teacher Salaries Basic Programs 101, 102 and 103 (Function 5100) ,539, ,441, , ,887, Basic Programs 101, 102 and 103 (Function 5100) 140 2,551, , ,584, Basic Programs 101, 102 and 103 (Function 5100) Total Basic Program Salaries 162,091, ,474, , ,471, Other Programs 130 (ESOL) (Function 5100) 120 1,088, , , ,096, Other Programs 130 (ESOL) (Function 5100) Other Programs 130 (ESOL) (Function 5100) Total Other Program Salaries 1,089, , , ,097, ESE Programs 111, 112, 113, 254 and 255 (Function 5200) ,834, , , ,746, ESE Programs 111, 112, 113, 254 and 255 (Function 5200) , , , ESE Programs 111, 112, 113, 254 and 255 (Function 5200) Total ESE Program Salaries 32,196, , , ,148, Career Program 300 (Function 5300) 120 5,147, , , ,192, Career Program 300 (Function 5300) , , , Career Program 300 (Function 5300) Total Career Program Salaries 5,230, , , ,277, TOTAL 200,607, ,286, ,101, ,995, Special Revenue Federal Sub- General Fund Special Revenue Other Federal Programs Economic Stimulus Programs Textbooks (used for classroom instruction) Object Total Textbooks (Function 5000) 520 6,622, , ,830, ESE 348

28 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SPECIFIC ACADEMIC CLASSROOM INSTRUCTION AND OTHER DATA COLLECTION Exhibit K-14 For the Fiscal Year Ended June 30, 2014 DOE Page 24 CATEGORICAL FLEXIBLE SPENDING - GENERAL FUND EXPENDITURES Account Number Safe Schools Student Transportation Supplemental Academic Instruction Research-Based Reading Instruction Instructional Materials Instructional Materials / Library Media Instruction: Basic , , Exceptional , , Career Education Adult General Prekindergarten Other Instruction Total Flexible Spending Instructional Expenditures , , Totals DISTRIBUTIONS TO CHARTER SCHOOLS (Charter school information is used in federal reporting) Object Number Amount Expenditures: General Fund ,548, Food Service Special Revenue Fund 390 Other Federal Programs Special Revenue Fund 390 1,083, Federal Economic Stimulus Special Revenue Funds 390 Total Charter School Distributions 26,632, LIFELONG LEARNING (Lifelong Learning expenditures are used in federal reporting) Account Number Expenditures: General Fund 5900 Other Federal Programs Special Revenue Fund 5900 Federal Economic Stimulus Special Revenue Funds 5900 Amount Total: MEDICAID EXPENDITURE REPORT Unexpended Earnings Expenditures Unexpended (Medicaid expenditures are used in federal reporting) July 1, June 30, 2014 Earnings, Expenditures and Carryforward Amounts: ,419, ,419, Expenditure Program or Activity: Exceptional Student Education 1,419, School Nurses and Health Care Services Occupational Therapy, Physical Therapy and Other Therapy Services ESE Professional and Technical Services Gifted Student Education Staff Training and Curriculum Development Medicaid Administration and Billing Services Student Services Consultants Other Total Expenditures 1,419, ESE 348

29 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-15 VOLUNTARY PREKINDERGARTEN (VPK) PROGRAM DOE Page 25 For the Fiscal Year Ended June 30, 2014 Supplemental Schedule - Fund Account Employee Purchased Energy Materials Capital Number Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Prekindergarten ,459, , , ,969, Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services , , , , Instructional Staff Training Services Instructional-Related Technology Board General Administration School Administration , , , Facilities Acquisition and Construction Fiscal Services Food Services Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Capital Outlay: Facilities Acquisition and Construction Other Capital Outlay Debt Service: (Function 9200) Redemption of Principal Interest Total Expenditures 1,669, , , , ,240, [1] Include expenditures for the summer program (section , F.S.) and the school-year program (section , F.S.). ESE 348 VOLUNTARY PREKINDERGARTEN PROGRAM [1] GENERAL FUND EXPENDITURES

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33 MANAGEMENT S DISCUSSION AND ANALYSIS The Management of the School Board of Brevard County, Florida (the District) has prepared the following discussion and analysis to provide an overview of the District s financial activities for the fiscal year ended June 30, The information contained in the Management s Discussion and Analysis (MD&A) is intended to highlight significant transactions, events, and conditions and should be considered in conjunction with the District s financial statements and the notes to the financial statements, found on pages 41 through 80. FINANCIAL HIGHLIGHTS Key financial highlights for the 2014 fiscal year are as follows: The assets of the District exceeded its liabilities for the governmental activities, at June 30, 2014, by $367.1 million. Of this amount, $344.6 million represents investments in capital assets (net of related debt) and $22.5 million represents restricted and unrestricted net position of $55.9 million and $(33.4) million, respectively. The District s total net position for governmental activities decreased by $20.2 million, or 5.2 percent. Program revenues for governmental activities accounted for $52.2 million, or 8.3 percent of total revenues. General revenues and transfers accounted for $577.9 million, or 91 percent. The governmental funds reported combined fund balances of $109.3 million, an increase of 7.3 million, or 7.1 percent, in comparison to the prior fiscal year. The fund balances are comprised of $2.3 million of non-spendable, $58.7 million of restricted, $3.6 million of assigned, and $44.7 million in unassigned funds. At the end of the fiscal year, the fund balance for the general fund was $49.4 million, or 10 percent, of the general fund revenues. This fund balance was comprised of $.9 million of non-spendable, $1.1 million of restricted, $2.6 million assigned, and $44.7 million of unassigned funds. OVERVIEW OF THE FINANCIAL STATEMENTS The basic financial statements consist of three components: Government-wide financial statements Fund financial statements Notes to financial statements 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. The statements include a statement of net position and a statement of activities that are designed to provide consolidated financial information about the governmental and business-type activities of the primary government presented on the accrual basis of accounting. The statement of net position provides information about the government s financial position, its assets, deferred 1

34 outflows, liabilities, and deferred inflows, using an economic resources measurement focus. Net position is a measurement of the financial health of the District. The statement of activities presents information about the change in the District s financial position or the results of operations, during the fiscal year. An increase or decrease in net position is an indication of whether the District s financial health is improving or deteriorating. The government-wide statements present the District s activities in three categories: Governmental activities These activities represent most of the District s services, including educational programs such as basic, vocational, adult, and exceptional education. Support functions such as transportation and administration are also included. Local property taxes and the State s education finance program (FEFP) provide most of the resources that support these activities. Business-type activities The District charges fees to cover the cost of the services it provides for its Extended Day Care program. Component units The District has identified eleven separate legal entities which meet the criteria to be included as a component unit, including ten charter schools and the Brevard Schools Foundation. Although legally separate organizations, the component units are included in this report because they meet the criteria for inclusion provided by generally accepted accounting principles. Financial information for these component units is reported separately from the financial information presented for the primary government. The Brevard County School Board Leasing Corporation, although a legally separate entity, was formed to facilitate financing for the acquisition of facilities and equipment for the District. Due to the substantive economic relationship between the District and the Leasing Corporation, the Leasing Corporation has been included as an integral part of the primary government. Fund Financial Statements Fund financial statements are included as a component of the basic financial statements. A fund is a grouping 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 and demonstrate compliance with finance-related legal requirements and prudent fiscal management. Certain funds are established by law while others are created by legal agreements, such as bond covenants. Fund financial statements provide more detailed information about the District s financial activities, focusing on its most significant or major funds rather than fund types. This is in contrast to the entity-wide perspective contained in the government-wide financial statements. Governmental Funds Most of the District s activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in future periods. These funds are reported using the modified accrual accounting method, which measures cash and other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the District s general governmental operations and the basic services it provides. Governmental fund information helps the reader determine whether there are more or less financial resources available to spend in the near future to finance the District s programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the basic financial statements. 2

35 The District has the following governmental funds: general, debt service, special revenue (including the school food services) and capital projects. Within fund types, the District currently maintains eleven (11) major and non-major funds. Of those funds, the general fund, the American Recovery and Reinvestment Act (ARRA) economic stimulus funds, debt service-other fund, and capital projects local capital improvement fund are considered to be major funds. Data from the other governmental funds are combined into a single, aggregate presentation. The District adopts an annual appropriated budget for its governmental funds. Budgetary comparison statements have been presented for the general and major special revenue funds to demonstrate compliance with the budget. Proprietary Funds Proprietary funds have been established to account for activities in which a fee is charged for services. Two types of proprietary funds are maintained: Enterprise funds are used to report the same functions as business-type activities in the government-wide financial statements. The District uses the enterprise funds to account for its Extended Day Care program through enterprise fund reporting. Internal service funds are used to report activities that provide goods and services to support the District s other programs and functions through user charges. The District uses the internal service funds to account for its self-insurance programs. Since these services predominantly benefit governmental rather than business-type functions, the internal service funds have been included within governmental activities in the government-wide financial statements. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Conversely, the internal service funds are combined into a single, aggregated column in the proprietary fund statements. Fiduciary Funds Fiduciary funds are used to report assets held with a trustee, or in a fiduciary capacity for the benefit of external parties, such as student activity funds. Fiduciary funds are not reflected in the government-wide statements because the resources are not available to support the District s own programs. The District uses agency funds to account for resources held for student activities. Notes to the Financial Statements The notes to the financial statements contain additional information, which is intended to supplement and further explain the government-wide and fund financial statements. 3

36 GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government s financial position. The following is a summary of the District s net position as of June 30, 2014, compared to net position as of June 30, June 30, 2014 and 2013 (amounts expressed in thousands) Governmental Business-type Total Current and other assets $ 199,190 $ 217,683 $ 2,930 $ 3,047 $ 202,120 $ 220,730 Capital assets, net 832, , , ,323 Total assets 1,031,419 1,078,898 3,023 3,155 1,034,442 1,082,053 Deferred Outflows of Resources Net Carrying Amount of Debt Refunding 11, ,023 - Current and other liabilities 87,506 60, ,608 60,965 Long-term liabilities 587, , , ,974 Total liabilities 675, , , ,939 Net Position Net investment in Capital Assets 344, ,339 2, , ,447 Restricted 55,893 58, ,893 58,058 Unrestricted (33,411) (8,781) - 2,390 (33,411) (6,391) Total net position 367, ,616 2,318 2, , ,114 Adjustment to Net position (Note 3) - (6,280) (6,280) Total net position as restated $ 367,127 $ 387,336 $ 2,318 $ 2,498 $ 369,445 $ 389,834 During the fiscal year the District implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, which changed the accounting treatment for certain costs of issuance for long-term debt that had previously been reported as deferred charges and amortized over time. As a result of this accounting change, the District has reported an adjustment to net position of $(6.3) million. Fund balances in the governmental funds were unaffected by this change. See Note 3. Within the District s governmental activities, the assets and deferred outflows exceeded liabilities and deferred inflows by $367.1 million at the end of the fiscal year. The largest portion of the District s net position, $344.6 million, or 93.8 percent, reflects its investment in capital assets less any related debt used to acquire those assets. The District uses capital assets to provide services; consequently, these assets are not available for future spending. Although the District s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The remainder of net position is comprised of a restricted balance of $55.9 million, which is externally restricted for specific uses, and an unrestricted net position of $(33.4) million. 4

37 The key elements of the changes in the District s net position for the fiscal years ended June 30, 2014, and June 30, 2013, are as follows: The School Board of Brevard County, Florida - Changes in Net Position June 30, 2014 and 2013 (amounts expressed in thousands) Governmental Business-type Activities Activities Total Revenues: Program revenues: Charges for services $ 11,033 $ 11,624 $ 5,718 $ 5,804 $ 16,751 $ 17,428 Operating grants and contributions 30,225 30, ,225 30,208 Capital grants and contributions 11,012 2, ,012 2,734 General revenues: Property taxes, levied - general purposes 169, , , ,202 Property taxes, levied- capital projects 41,683 39, ,683 39,862 Grants and contributions, non-restricted 356, , , ,991 Miscellaneous 8,614 11, ,614 11,027 Unrestricted investment earnings Total revenues 628, ,120 5,718 5, , ,924 Expenses: Instruction 346, , , ,346 Pupil personnel services 23,999 23, ,999 23,865 Instructional media services 7,253 7, ,253 7,360 Instruction and curriculum 23,604 20, ,604 20,514 Instructional staff training services 4,975 4, ,975 4,782 Instruction related technology 9,864 8, ,864 8,692 Board of education 1,317 1, ,317 1,322 General administration 3,914 3, ,914 3,434 School administration 36,191 34, ,191 34,879 Non-Capital Facilities Acquisitions and Construction 11,511 7, ,511 7,165 Fiscal services 2,482 2, ,482 2,301 Food services 29,114 27, ,114 27,504 Central services 6,180 5, ,180 5,569 Pupil transportation 20,720 22, ,720 22,638 Operation of plant 44,277 43, ,277 43,233 Maintenance of plant 11,352 11, ,352 11,926 Administrative Technology Services 4,270 3, ,270 3,613 Community services 1,606 1, ,606 1,626 Interest on long-term debt 23,562 25, ,562 25,502 Unallocated depreciation 37,519 37, ,519 37,240 Extended day program - - 4,599 4,610 4,599 4,610 Total Functions/Program Expenses 650, ,511 4,599 4, , ,121 Excess (deficiency) of revenues over (under) expenses (21,508) (33,391) 1,119 1,194 (20,389) (32,197) Other financial sources (uses) Transfers 1,299 1,299 (1,299) (1,299) - - Total other financial sources (uses) 1,299 1,299 (1,299) (1,299) - - Change in net position (20,209) (32,092) (180) (105) (20,389) (32,197) Net position, beginning 393, ,708 2,498 2, , ,311 Adjustment to Beginning Net Position (See Note 2) (6,280) (6,280) - Net position, beginning, as restated 387, ,708 2,498 2, , ,311 Net position, ending $ 367,127 $ 393,616 $ 2,318 $ 2,498 $ 369,445 $ 396,114 5

38 Governmental Activities The District s governmental activities net position decreased by $20.2 million from fiscal year Key components of this decrease are as follows: Property taxes for all governmental activities decreased by $3.7 million, or 1.7 percent over the previous year, due to decline in property tax values. This decrease is approximately the same as in fiscal year 2013, and significantly smaller than decreases in prior years, indicating a stabilization of property tax values. Non-restricted grants and contributions increased by $29.1 million. The majority of the increase is due to State FEFP allocations which increased by $21.7 million. The District s Federal grants increased by 7.3 million, largely due to increases in Title I, Individuals with Disabilities Educational Act (IDEA), Race to the Top (RTTT), and a new Magnet Schools Assistance grant. Expenditures increased by $18.9 million, or 3 percent, over fiscal year This is primarily due to an increase in the State-mandated employee retirement contribution, as well as increased capital expenditures to replace equipment, buses, and software. Business-Type Activities The Business-type activity net position totaled $2.3 million, representing a slight decline of $0.2 million, or 7.2 percent, as compared to last year s net position of $2.5 million. The District also transferred $1.3 million in funds to the general fund as a repayment of shortfalls previously incurred in the business activities and funded by the general fund during prior years. FINANCIAL ANALYSIS OF THE DISTRICT S FUNDS The District s governmental funds reported a combined fund balance of $109.3 million, which is a $7.3 million increase from last year s combined governmental fund balances of $101.9 million. The following schedule indicates the fund balances and the total change in fund balances by major fund and other governmental funds (non-major) as reported in the basic financial statements for the fiscal years ended June 30, 2014 and Fund Balance Increase Percentage (in thousands) (Decrease) Change General fund $ 49,379 $ 43,158 $ 6, Debt service fund - other 4,590 4, Capital projects funds: Section / loans 3,623 6,776 (3,153) (46.53) Local capital improvement 31,487 25,216 6, Other capital projects 5,051 5,807 (756) (13.02) Other governmental funds (non-major) 15,128 16,482 (1,354) (8.22) Total $ 109,258 $ 101,938 $ 7,

39 General Fund Fund balance for the general fund increased by $6.2 million compared to last year s net decrease of $16.7 million. The overall change in fund balance is attributed to a $16.8 million increase in revenues, $1.8 million increase in expenditures, and a $7.9 million decrease in transfers out and loss recoveries. The tables and data that follow illustrate the financial activities and changes in fund balance for the general fund. Revenues Increase Percentage (in thousands) (Decrease) Change Taxes $ 169,647 $ 175,202 $ (5,555) (3.17) Interest earnings (34) (17.89) State revenues 312, ,566 21, Federal revenues 1,988 2,914 (926) (31.78) Other revenues 7,932 6,440 1, Total $ 492,129 $ 475,312 $ 16, General fund property tax revenues decreased by $5.5 million, or 3.17 percent. Other combined revenues increased overall by $22.4 million. FEFP revenue was the largest contributor with a $21.7 million increase which included revenue adjustments for state allocations such as: Base Student, Reading, Virtual Education and Supplemental Academic Instruction. As the table below illustrates, the largest portions of general fund expenditures are for salaries and fringe benefits. The District is a service entity and as such is labor intensive. Expenditures by Object Increase Percentage (in thousands) (Decrease) Change Salaries $ 310,580 $ 322,291 $ (11,711) (3.63) Employee benefits 85,199 80,977 4, Purchased services 55,877 45,524 10, Energy services 14,130 14, Materials & supplies 14,100 15,163 (1,063) (7.01) Capital outlay 4,532 5,001 (469) (9.38) Other 2,814 2, Total $ 487,232 $ 485,383 $ 1,

40 Expenditures by Object Purchased services 11.47% Employee benefits 17.49% Materials & supplies 2.89% Energy services 2.90% Capital outlay 0..93% Other 0.58% Salaries 63.74% The net decrease in labor and fringe benefits of $7.5 million is primarily due to restructuring of staff schedules to better leverage productivity and reduction of staff through attrition, offset by an increase in the State-mandatedd retirement contributions. Purchased services increased $10.3 million, primarily due to payments of flow-through funding to new charter schools. Energy costs remained relatively flat, increasing by only $0.02 million as the District continued to focus on conserving energy costs. Materials and supplies, capital outlay and other expenditures account for the remaining decrease of $1.0 million. Transfers and other fund sources had a net decrease over fiscal year 2013 of $7.9 million, as the District was able to forego transfer to internal servicess funds for medical and self-insurance fund stability. American Recovery and Reinvestment Act (ARRA) Economic Stimulus Funds The ARRA funds increased by $3.0 million over fiscal year 2013 due primarily to an increase in the Race to the Top (RTTT) project by $3.2 million. Debt Service Fund - Other The fund balance of the debt service fund - other increased $0.09 million, or 2 percent. 8