School Board of Brevard County

Transcription

1 School Board of Brevard County Annual Financial Report For the Year End June 30, 2017

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3 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND Exhibit K-1 CHANGES IN FUND BALANCE - GENERAL FUND FDOE Page 1 For the Fiscal Year Ended June 30, 2017 Fund 100 REVENUES Federal Direct: Federal Impact, Current Operations , Reserve Officers Training Corps (ROTC) 3191 Miscellaneous Federal Direct 3199 Total Federal Direct , Federal Through State and Local: Medicaid ,065, National Forest Funds 3255 Federal Through Local 3280 Miscellaneous Federal Through State 3299 Total Federal Through State and Local ,065, State: Florida Education Finance Program (FEFP) ,604, Workforce Development ,809, Workforce Development Capitalization Incentive Grant 3316 Workforce Education Performance Incentive 3317 Adults with Disabilities 3318 CO&DS Withheld for Administrative Expenditure , Diagnostic and Learning Resources Centers 3335 Sales Tax Distribution (s (6)(d)6.a., F.S.) , State Forest Funds 3342 State License Tax , District Discretionary Lottery Funds ,237, Categorical Programs: Class Size Reduction Operating Funds ,980, Florida School Recognition Funds ,518, Voluntary Prekindergarten Program ,259, Preschool Projects , Other State: Reading Programs 3373 Full-Service Schools Program 3378 State Through Local 3380 Other Miscellaneous State Revenues ,061, Total State ,199, Local: District School Taxes ,636, 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 Student Fees: Adult General Education Course Fees , Postsec Career Cert-Appl Tech Diploma Course Fees 3462 Continuing Workforce Education Course Fees 3463 Capital Improvement Fees 3464 Postsecondary Lab Fees 3465 Lifelong Learning Fees 3466 GED Testing Fees , Financial Aid Fees 3468 Other Student Fees , Other 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 ,122, Other Miscellaneous Local Sources ,373, Impact Fees 3496 Refunds of Prior Year's Expenditures , Collections for Lost, Damaged and Sold Textbooks , Receipt of Food Service Indirect Costs , Total Local ,765, Total Revenues ,434, ESE 348

4 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-1 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GENERAL FUND (Continued) FDOE Page 2 For the Fiscal Year Ended June 30, 2017 Fund 100 EXPENDITURES Employee Purchased Energy Materials Capital Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction ,780, ,614, ,256, ,982, ,009, ,238, ,883, Student Support Services ,507, ,324, ,078, , , , ,121, Instructional Media Services ,229, ,587, , , , , ,218, Instruction and Curriculum Development Services ,933, ,840, , , , , ,153, Instructional Staff Training Services ,297, , , , , , ,276, Instruction-Related Technology ,856, ,581, ,357, ,796, Board , , , , , ,140, General Administration , , , , , , ,161, School Administration ,037, ,778, , , , , ,124, Facilities Acquisition and Construction , , , , , , , Fiscal Services ,886, , , , , ,661, Food Services , , , Central Services ,979, ,162, , , , , ,512, Student Transportation Services ,216, ,945, , ,277, ,034, , , ,525, Operation of Plant ,514, ,333, ,771, ,167, ,019, , , ,924, Maintenance of Plant ,865, ,936, , , , , , ,984, Administrative Technology Services ,285, , , , , , ,561, Community Services , , , , , , Capital Outlay: Facilities Acquisition and Construction , , Other Capital Outlay ,540, ,540, Debt Service: (Function 9200) Redemption of Principal Interest Total Expenditures 333,021, ,004, ,833, ,729, ,712, ,897, ,898, ,097, Excess (Deficiency) of Revenues Over Expenditures 6,337, ESE 348

5 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND Exhibit K-1 CHANGES IN FUND BALANCE - GENERAL FUND (Continued) FDOE Page 3 For the Fiscal Year Ended June 30, 2017 Fund 100 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCES Loans 3720 Sale of Capital Assets 3730 Loss Recoveries , Transfers In: From Debt Service Funds 3620 From Capital Projects Funds ,678, From Special Revenue Funds 3640 From Permanent Funds 3660 From Internal Service Funds 3670 From Enterprise Funds ,299, Total Transfers In ,977, Transfers Out: (Function 9700) To Debt Service Funds 920 To Capital Projects Funds 930 (2,013,185.00) To Special Revenue Funds 940 To Permanent Funds 960 To Internal Service Funds 970 (2,000,000.00) To Enterprise Funds 990 Total Transfers Out 9700 (4,013,185.00) Total Other Financing Sources (Uses) 3,065, Net Change In Fund Balance 9,402, Fund Balance, July 1, ,235, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance , Restricted Fund Balance ,519, Committed Fund Balance 2730 Assigned Fund Balance ,591, Unassigned Fund Balance ,642, Total Fund Balances, June 30, ,638, ESE 348

6 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-2 FUNDS - FOOD SERVICES FDOE Page 4 For the Fiscal Year Ended June 30, 2017 Fund 410 REVENUES Federal Through State and Local: School Lunch Reimbursement ,747, School Breakfast Reimbursement ,464, Afterschool Snack Reimbursement , Child Care Food Program , USDA-Donated Commodities ,117, Cash in Lieu of Donated Foods , 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 ,197, State: School Breakfast Supplement , School Lunch Supplement , State Through Local 3380 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 ,776, Student Breakfasts 3452 Adult Breakfasts/Lunches , Student and Adult á la Carte Fees ,466, Student Snacks 3455 Other Food Sales , Other Miscellaneous Local Sources , Refunds of Prior Year's Expenditures 3497 Total Local ,070, Total Revenues ,612, ESE 348

7 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-2 FUNDS - FOOD SERVICES (Continued) FDOE Page 5 For the Fiscal Year Ended June 30, 2017 Fund 410 EXPENDITURES (Function 7600/9300) Salaries 100 9,104, Employee Benefits 200 2,948, Purchased Services 300 1,068, Energy Services , Materials and Supplies ,784, Capital Outlay , Other , Other Capital Outlay (Function 9300) , Total Expenditures 30,296, Excess (Deficiency) of Revenues Over Expenditures 2,316, 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 (1,720,420.00) Interfund 950 To Permanent Funds 960 To Internal Service Funds 970 To Enterprise Funds 990 Total Transfers Out 9700 (1,720,420.00) Total Other Financing Sources (Uses) (1,720,420.00) Net Change in Fund Balance 595, Fund Balance, July 1, ,761, Adjustments to Fund Balance 2891 Ending Fund Balance: Nonspendable Fund Balance ,809, Restricted Fund Balance ,547, Committed Fund Balance 2730 Assigned Fund Balance 2740 Unassigned Fund Balance 2750 Total Fund Balances, June 30, ,357, ESE 348

8 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE Exhibit K-3 FUNDS - OTHER FEDERAL PROGRAMS FDOE Page 6 For the Fiscal Year Ended June 30, 2017 Fund 420 REVENUES Federal Direct: Head Start ,768, Workforce Innovation and Opportunity Act 3170 Community Action Programs 3180 Reserve Officers Training Corps (ROTC) , Pell Grants 3192 Miscellaneous Federal Direct ,259, Total Federal Direct ,002, Federal Through State and Local: Career and Technical Education , Medicaid 3202 Individuals with Disabilities Education Act (IDEA) ,488, Workforce Innovation and Opportunity Act: Adult General Education , English Literacy and Civics Education 3222 Adult Migrant Education 3223 Other WIOA Programs 3224 ESSA - Elementary and Secondary Education Act: Elementary and Secondary Education Act - Title I ,013, Teacher and Principal Training and Recruiting - Title II, Part A ,425, Math and Science Partnerships - Title II, Part B 3226 Language Instruction - Title III , Twenty-First Century Schools - Title IV ,955, Federal Through Local 3280 Emergency Immigrant Education Program 3293 Miscellaneous Federal Through State , Total Federal Through State and Local ,767, State: State Through Local 3380 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 , 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 ,246, ESE 348

9 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) FDOE Page 7 For the Fiscal Year Ended June 30, 2017 Fund 420 EXPENDITURES Employee Purchased Energy Materials Capital Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction ,407, ,351, ,487, ,293, , , ,568, Student Support Services ,599, , ,061, , , ,920, Instructional Media Services , , Instruction and Curriculum Development Services ,034, ,291, , , , , ,093, Instructional Staff Training Services ,861, , , , , , ,777, Instruction-Related Technology , , , , ,560, Board General Administration , ,122, ,125, 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 , , , ,197, Capital Outlay: Facilities Acquisition and Construction , , Other Capital Outlay , , Total Expenditures 30,195, ,348, ,705, , ,107, ,196, ,573, ,246, 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 Total Fund Balances, June 30, ESE 348

10 DISTRICT SCHOOL BOARD OF BREVARD COUNTY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS Exhibit K-4 ARRA RACE TO THE TOP FDOE Page 8 For the Fiscal Year Ended June 30, 2017 Fund 434 REVENUES ARRA Race to the Top 434 Federal Through State and Local: Race to the Top 3214 Individuals with Disabilities Education Act (IDEA) 3230 Elementary and Secondary Education Act - Title I 3240 Federal Through Local 3280 Miscellaneous Federal Through State 3299 Total Federal Through State and Local State: State Through Local 3380 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 Other Miscellaneous Local Sources 3495 Refunds of Prior Year's Expenditures 3497 Total Local Total Revenues ESE 348

11 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-4 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS-ARRA RACE TO THE TOP (Continued) FDOE Page 9 For the Fiscal Year Ended June 30, 2017 Fund 434 EXPENDITURES Employee Purchased Energy Materials Capital Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instruction-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 Total Fund Balances, June 30, ESE 348

12 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-5 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - SPECIAL REVENUE FUNDS - MISCELLANEOUS FDOE Page 10 For the Fiscal Year Ended June 30, 2017 Fund 490 REVENUES 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 Employee Purchased Energy Materials Capital Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instruction-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 Total Fund Balances, June 30, ESE 348

13 p11 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-6 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - DEBT SERVICE FUNDS FDOE Page 11 For the Fiscal Year Ended June 30, 2017 Funds 200 SBE/COBI Special Act Sections and Motor Vehicle District Other Debt ARRA Economic Stimulus Debt REVENUES Bonds Bonds , F.S., Loans Revenue Bonds Bonds Service Service Totals Federal: Miscellaneous Federal Direct Miscellaneous Federal Through State State: CO&DS Withheld for SBE/COBI Bonds , , SBE/COBI Bond Interest Sales Tax Distribution (s (6)(d)6.a., F.S.) Other Miscellaneous State Revenues Total State Sources , , 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 , , , EXPENDITURES Debt Service (Function 9200) Redemption of Principal , ,175, ,794, Interest , ,096, ,242, Dues and Fees 730 2, , , Miscellaneous Total Expenditures 766, ,871, ,638, Excess (Deficiency) of Revenues Over Expenditures (17,076.00) 0.00 (35,730,136.00) 0.00 (35,747,212.00) OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCE SBE/COBI Bonds 210 Special Act Bonds 220 Sections and , F.S., Loans 230 Motor Vehicle Revenue Bonds 240 District Bonds 250 Other Debt Service 290 ARRA Economic Stimulus Debt Service 299 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 (421,030.00) (421,030.00) Refunding Lease-Purchase Agreements ,385, ,385, Premium on Refunding Lease-Purchase Agreements ,982, ,982, Discount on Refunding Lease-Purchase Agmnts (Function 9299) Payments to Refunded Lease-Purchase Escrow Agent (Function 9299) 762 (89,587,515.00) (89,587,515.00) Transfers In: From General Fund From Capital Projects Funds ,092, ,092, From Special Revenue Funds Interfund From Permanent Funds From Internal Service Funds From Enterprise Funds Total Transfers In ,092, ,092, 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 9700 Total Other Financing Sources (Uses) (4,202.00) ,872, ,868, Net Change in Fund Balances (21,278.00) , , Fund Balance, July 1, , ,856, ,929, Adjustments to Fund Balances Ending Fund Balance: Nonspendable Fund Balance Restricted Fund Balance , ,999, ,050, Committed Fund Balance Assigned Fund Balance Unassigned Fund Balance Total Fund Balances, June 30, , ,999, ,050, ESE 348

14 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-7 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS FDOE Page 12 For the Fiscal Year Ended June 30, 2017 Funds 300 REVENUES Capital Outlay Bond Issues (COBI) Special Act Bonds Sections and , F.S., Loans Public Education Capital Outlay (PECO) District Bonds Capital Outlay and Debt Service Program (CO&DS) Nonvoted Capital Improvement Section (2), F.S. Voted Capital Improvement Fund Other Capital Projects ARRA Economic Stimulus Capital Projects Totals Federal: Miscellaneous Federal Direct Miscellaneous Federal Through State State: CO&DS Distributed ,908, ,908, Interest on Undistributed CO&DS , , Sales Tax Distribution (s (6)(d)6.a., F.S.) State Through Local Public Education Capital Outlay (PECO) ,616, ,616, Classrooms First Program SMART Schools Small County Assistance Program Class Size Reduction Capital Outlay Charter School Capital Outlay Funding Other Miscellaneous State Revenues , , Total State Sources ,616, ,953, , ,723, Local: District Local Capital Improvement Tax ,960, ,960, County Local Sales Tax School District Local Sales Tax ,464, ,464, 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 ,186, ,186, Refunds of Prior Year's Expenditures , , Total Local Sources ,327, ,228, ,556, Total Revenues ,616, ,953, ,327, ,382, ,279, EXPENDITURES Capital Outlay: (Function 7400) Library Books Audiovisual Materials Buildings and Fixed Equipment Furniture, Fixtures and Equipment , , ,345, ,908, ,457, Motor Vehicles (Including Buses) 650 2,084, ,084, Land Improvements Other Than Buildings , ,367, , ,373, Remodeling and Renovations , ,671, ,568, ,362, ,612, ,241, Computer Software , , Debt Service: (Function 9200) Redemption of Principal Interest Dues and Fees 730 2, , Miscellaneous Total Expenditures , ,097, ,570, ,160, ,308, ,177, Excess (Deficiency) of Revenues Over Expenditures (40,131.00) 519, , ,167, ,073, ,102, ESE 348

15 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-7 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - CAPITAL PROJECTS FUNDS (Continued) FDOE Page 13 For the Fiscal Year Ended June 30, 2017 Funds 300 OTHER FINANCING SOURCES (USES) and CHANGES IN FUND BALANCE Capital Outlay Bond Issues (COBI) Special Act Bonds Sections and , F.S., Loans Public Education Capital Outlay (PECO) District Bonds Capital Outlay and Debt Service Program (CO&DS) Nonvoted Capital Improvement Section (2), F.S. Voted Capital Improvement Fund Other Capital Projects ARRA Economic Stimulus 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 Transfers In: From General Fund ,013, ,013, From Debt Service Funds From Special Revenue Funds ,720, ,720, Interfund From Permanent Funds From Internal Service Funds From Enterprise Funds Total Transfers In ,733, ,733, Transfers Out: (Function 9700) To General Fund 910 (4,678,721.00) (4,678,721.00) To Debt Service Funds 920 (36,092,542.00) (36,092,542.00) To Special Revenue Funds Interfund To Permanent Funds To Internal Service Funds To Enterprise Funds Total Transfers Out (40,771,263.00) (40,771,263.00) Total Other Financing Sources (Uses) 0.00 (40,771,263.00) ,733, (37,037,658.00) Net Change in Fund Balances (40,131.00) 519, , (1,604,036.00) ,807, ,064, Fund Balance, July 1, , , ,096, ,625, ,310, ,893, Adjustments to Fund Balances , , Ending Fund Balance: Nonspendable Fund Balance Restricted Fund Balance ,339, ,478, ,021, ,205, ,045, Committed Fund Balance Assigned Fund Balance ,282, ,282, Unassigned Fund Balance Total Fund Balances, June 30, ,339, ,478, ,021, ,487, ,327, ESE 348

16 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-8 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - PERMANENT FUNDS FDOE Page 14 For the Fiscal Year Ended June 30, 2017 Fund 000 REVENUES Federal Direct 3100 Federal Through State and Local 3200 State Sources 3300 Local Sources 3400 Total Revenues EXPENDITURES Employee Purchased Energy Materials Capital Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Instruction Student Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Services Instruction-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 Total Fund Balances, June 30, ESE 348

17 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-9 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION - ENTERPRISE FUNDS FDOE Page 15 For the Fiscal Year Ended June 30, 2017 Funds 900 INCOME OR (LOSS) Self-Insurance - Consortium Self-Insurance - Consortium Self-Insurance - Consortium Self-Insurance - Consortium ARRA - Consortium Other Enterprise Programs Other Enterprise Programs Totals OPERATING REVENUES Charges for Services ,286, ,286, Charges for Sales Premium Revenue Other Operating Revenues , , Total Operating Revenues 7,292, ,292, OPERATING EXPENSES (Function 9900) Salaries 100 3,720, ,720, Employee Benefits 200 1,057, ,057, Purchased Services , , Energy Services 400 1, , Materials and Supplies , , Capital Outlay , , Other , , Depreciation and Amortization Expense , , Total Operating Expenses 5,657, ,657, Operating Income (Loss) 1,635, ,635, 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 1,635, ,635, 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 3600 Transfers Out: (Function 9700) To General Fund 910 (2,299,035.00) (2,299,035.00) To Debt Service Funds To Capital Projects Funds To Special Revenue Funds Interfund To Permanent Funds To Internal Service Funds Total Transfers Out 9700 (2,299,035.00) 0.00 (2,299,035.00) Change in Net Position (663,920.00) 0.00 (663,920.00) Net Position, July 1, (1,075,113.00) (1,075,113.00) Adjustments to Net Position Net Position, June 30, (1,739,033.00) (1,739,033.00) ESE 348

18 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-10 COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION - INTERNAL SERVICE FUNDS FDOE Page 16 For the Fiscal Year Ended June 30, 2017 Funds 700 INCOME OR (LOSS) Consortium Other Internal Self-Insurance Self-Insurance Self-Insurance Self-Insurance Self-Insurance Programs Service OPERATING REVENUES Charges for Services Charges for Sales Premium Revenue ,506, ,134, ,365, ,005, Other Operating Revenues Total Operating Revenues ,506, ,134, ,365, ,005, OPERATING EXPENSES (Function 9900) Salaries , , , , Employee Benefits , , , , Purchased Services , , ,030, ,093, Energy Services 400 2, , Materials and Supplies 500 1, , , Capital Outlay 600 1, , , , Other 700 6,196, , ,282, ,356, Depreciation and Amortization Expense 780 8, , Total Operating Expenses ,353, , ,084, ,430, Operating Income (Loss) (2,847,453.00) 142, (719,232.00) (3,424,457.00) 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 (2,820,548.00) 143, (691,679.00) (3,368,775.00) TRANSFERS and CHANGES IN NET POSITION Transfers In: From General Fund ,000, ,000, From Debt Service Funds From Capital Projects Funds From Special Revenue Funds Interfund From Permanent Funds From Enterprise Funds Total Transfers In ,000,00 2,000, 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 9700 Change in Net Position (820,548.00) 143, (691,679.00) (1,368,775.00) Net Position, July 1, ,598, , ,710, ,427, Adjustments to Net Position Net Position, June 30, ,778, , ,018, ,058, ESE 348 Totals

19 DISTRICT SCHOOL BOARD OF BREVARD COUNTY COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Exhibit K-11 SCHOOL INTERNAL FUNDS FDOE Page 17 June 30, 2017 ASSETS Fund 891 Beginning Balance Ending Balance Additions Deductions July 1, 2016 June 30, 2017 Cash ,694, ,278, ,071, ,902, Investments ,014, , , s Receivable, Net Interest Receivable on Investments Due From Budgetary Funds Due From Other Agencies Inventory Total Assets 6,709, ,279, ,172, ,816, LIABILITIES Cash Overdraft Accrued Salaries and Benefits Payroll Deductions and Withholdings s Payable Internal s Payable ,709, ,279, ,172, ,816, Due to Budgetary Funds Total Liabilities 6,709, ,279, ,172, ,816, ESE 348

20 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-12 SCHEDULE OF LONG-TERM LIABILITIES FDOE Page 18 June 30, 2017 Fund 601 Governmental Activities Total Business-Type Activities Total Governmental Activities - Debt Governmental Activities - Governmental Activities - Debt Governmental Activities - Interest Balance [1] Balance [1] Total Principal Payments Principal Due Within One Year Interest Payments Due Within One Year June 30, 2017 June 30, Notes Payable Obligations Under Capital Leases Bonds Payable SBE/COBI Bonds Payable ,904, ,904, , , , , District Bonds Payable Special Act Bonds Payable Motor Vehicle License Revenue Bonds Payable Sales Surtax Bonds Payable Total Bonds Payable ,904, ,904, , , , , Liability for Compensated Absences ,776, , ,012, Lease-Purchase Agreements Payable Certificates of Participation (COPS) Payable ,820, ,820, ,175, ,435, ,096, ,872, 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 ,228, ,228, ,175, ,435, ,096, ,872, Estimated Liability for Long-Term Claims ,355, ,355, Net Other Postemployment Benefits Obligation ,183, , ,572, Net Pension Liability ,556, ,220, ,777, Estimated PECO Advance Payable Other Long-Term Liabilities Derivative Instrument Total Long-term Liabilities 912,005, ,847, ,852, ,794, ,094, ,242, ,981, [1] Report carrying amount of total liability due within one year and due after one year on June 30, 2017, including discounts and premiums. ESE 348

21 p19 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, 2017 FDOE Page 19 CATEGORICAL PROGRAMS Grant Unexpended Returned Revenues [1] Expenditures Flexibility [2] Unexpended (Revenue ) [Footnote] June 30, 2016 To FDOE June 30, 2017 Class Size Reduction Operating Funds (3355) ,980, ,980, Excellent Teaching Program (3363) , , Florida Digital Classrooms (FEFP Earmark) , ,637, ,547, , Florida School Recognition Funds (3361) , ,518, ,631, , Instructional Materials (FEFP Earmark) [3] ,565, ,906, ,306, ,165, Library Media (FEFP Earmark) [3] , , , , Preschool Projects (3372) , , , , Research-Based Reading Instruction (FEFP Earmark) [4] ,269, ,269, Safe Schools (FEFP Earmark) [5] ,607, ,607, Salary Bonus Outstanding Teachers in D and F Schools Student Transportation (FEFP Earmark) ,203, ,203, Supplemental Academic Instruction (FEFP Earmark) [4] ,437, ,437, Teachers Classroom Supply Assistance (FEFP Earmark) , ,180, ,195, , Voluntary Prekindergarten - School Year Program (3371) , ,235, ,336, 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 should be included in expenditures. [5] Combine all programs funded from the Safe Schools allocation on one line, "Safe Schools." ESE 348

22 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SCHEDULE OF SELECTED SUBOBJECT EXPENDITURES Exhibit K-14 For the Fiscal Year Ended June 30, 2017 FDOE Page 20 General Fund Special Revenue Food Services Special Revenue Other Federal Programs Special Revenue ARRA Race to the Top Subobject Total UTILITIES AND ENERGY SERVICES EXPENDITURES: Public Utility Services Other than Energy - All Functions 380 2,833, , ,836, Public Utility Services Other than Energy - Functions 7900 & ,833, , ,836, Natural Gas - All Functions , , , Natural Gas - Functions 7900 & , , Bottled Gas - All Functions , , , Bottled Gas - Functions 7900 & , , Electricity - All Functions ,949, , , ,281, Electricity - Functions 7900 & ,949, , ,954, Heating Oil - All Functions Heating Oil - Functions 7900 & Gasoline - All Functions , , Gasoline - Functions 7900 & , , Other Energy Services - All Functions Other Energy Services - Functions 7900 & Subtotal - Functions 7900 & ,977, , ,985, Total - All Functions 14,248, , , ,779, ENERGY EXPENDITURES FOR STUDENT TRANSPORTATION: (Function 7800 only) Compressed Natural Gas Liquefied Petroleum Gas Gasoline Diesel Fuel 460 1,277, , ,392, Oil and Grease , , Total 1,312, , ,427, General Fund Special Revenue Other Federal Programs Special Revenue ARRA Race to the Top Capital Projects Funds Subobject XX Total EXPENDITURES FOR SCHOOL BUSES AND SCHOOL BUS REPLACEMENTS: Buses 651 2,084, ,084, ESE 348

23 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SCHEDULE OF SELECTED SUBOBJECT EXPENDITURES Exhibit K-14 For the Fiscal Year Ended June 30, 2017 FDOE Page 21 General Fund Special Revenue Food Services Special Revenue Other Federal Programs Special Revenue ARRA Race to the Top Subobject Total SUBAWARDS FOR INDIRECT COST RATE: Professional and Technical Services: Subawards Under Subagreements - First $25, Subawards Under Subagreements - In Excess of $25, Other Purchased Services: Subawards Under Subagreements - First $25, Subawards Under Subagreements - In Excess of $25, Special Revenue Food Services Subobject 410 FOOD SERVICE SUPPLIES SUBOBJECT Supplies , Food ,715, Donated Foods 580 General Fund Special Revenue Other Federal Programs Special Revenue ARRA Race to the Top Subobject Total Teacher Salaries Basic Programs 101, 102 and 103 (Function 5100) ,651, ,955, ,606, Basic Programs 101, 102 and 103 (Function 5100) 140 2,646, , ,678, Basic Programs 101, 102 and 103 (Function 5100) Total Basic Program Salaries 168,298, ,986, ,285, Other Programs 130 (ESOL) (Function 5100) 120 1,101, , ,130, Other Programs 130 (ESOL) (Function 5100) 140 3, , Other Programs 130 (ESOL) (Function 5100) Total Other Program Salaries 1,105, , ,134, ESE Programs 111, 112, 113, 254 and 255 (Function 5200) ,252, , ,802, ESE Programs 111, 112, 113, 254 and 255 (Function 5200) , , , ESE Programs 111, 112, 113, 254 and 255 (Function 5200) Total ESE Program Salaries 37,634, , ,209, Career Program 300 (Function 5300) 120 5,558, , ,620, Career Program 300 (Function 5300) , , , Career Program 300 (Function 5300) Total Career Program Salaries 5,654, , ,719, TOTAL 212,692, ,656, ,349, General Fund Special Revenue Other Federal Programs Special Revenue ARRA Race to the Top Textbooks (used for classroom instruction) Subobject Total Textbooks (Function 5000) 520 3,037, , ,100, ESE 348

24 DISTRICT SCHOOL BOARD OF BREVARD COUNTY SPECIFIC ACADEMIC CLASSROOM INSTRUCTION AND OTHER DATA COLLECTION Exhibit K-14 For the Fiscal Year Ended June 30, 2017 FDOE Page 22 CATEGORICAL FLEXIBLE SPENDING - GENERAL FUND EXPENDITURES Safe Schools Student Transportation Supplemental Academic Instruction Research-Based Reading Instruction Instruction: Basic Exceptional Career Education Adult General Prekindergarten Other Instruction Total Flexible Spending Instructional Expenditures DISTRIBUTIONS TO CHARTER SCHOOLS Fund Direct Payment Amount Withheld for Payments and Services on Behalf (Charter school information is used in federal reporting) (Object 393) Administration of Charter Schools Total Amount Expenditures: General Fund ,684, , ,382, Special Revenue Funds - Food Service Special Revenue Funds - Other Federal Programs 420 1,939, ,939, Special Revenue Funds - ARRA Race to the Top Capital Projects Funds 3XX 0.00 Total Charter School Distributions 39,623, , ,321, LIFELONG LEARNING (Lifelong Learning expenditures are used in federal reporting) Amount Expenditures: General Fund 5900 Special Revenue Funds - Other Federal Programs 5900 Special Revenue Funds - ARRA Race to the Top 5900 Total MEDICAID EXPENDITURE REPORT Unexpended Earnings Expenditures Unexpended (Medicaid expenditures are used in federal reporting) June 30, June 30, 2017 Earnings, Expenditures and Carryforward Amounts: 2,065, ,065, Expenditure Program or Activity: Exceptional Student Education 2,065, 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 General Fund Balance Sheet Information Fund (This information is used in state reporting) Amount Balance Sheet Amount, June 30, 2017: Total Assets and Deferred Outflows of Resources ,868, Total Liabilities and Deferred Inflows of Resources ,229, ESE 348 2,065, Instructional Materials Instructional Materials / Library Media Totals

25 DISTRICT SCHOOL BOARD OF BREVARD COUNTY Exhibit K-15 VOLUNTARY PREKINDERGARTEN (VPK) PROGRAM FDOE Page 23 For the Fiscal Year Ended June 30, 2017 Supplemental Schedule - Fund VOLUNTARY PREKINDERGARTEN PROGRAM [1] Employee Purchased Energy Materials Capital GENERAL FUND EXPENDITURES Salaries Benefits Services Services and Supplies Outlay Other Totals Current: Prekindergarten ,572, , ,088, Student Support Services Instructional Media Services Instruction and Curriculum Development Services , , , Instructional Staff Training Services , , , Instruction-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 1,779, , , ,356, [1] Include expenditures for the summer program (section , F.S.) and the school-year program (section , F.S.). ESE 348

26 Exhibit K-16 Page 24 Schedule 3, School Program Cost Report, General Fund/Special Revenue Funds Currently, the data is unavailable for review at this time. This report is currently being completed and a draft will be provided to the Board prior to the Board meeting.

27 Exhibit K-17 Page 25 Schedule 4, District Aggregate Program Cost Report, General Fund/Special Revenue Funds Currently, the data is unavailable for review at this time. This report is currently being completed and a draft will be provided to the Board prior to the Board meeting.

28 BREVARD COUNTY DISTRICT SCHOOL BOARD SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS For the Fiscal Year Ended June 30, 2017 Exhibit K-18 Page 26 Federal Grantor/Pass-Through Grantor/Program Title Catalog of Pass - Amount of Amount Federal Through Expenditures Provided Domestic Grantor (1) to Assistance Subrecipients United States Department of Agriculture: Indirect: Child Nutrition Cluster: Florida Department of Agriculture and Consumer Services: School Breakfast Program $ 5,464,426 National School Lunch Program (2)(A) 300, ,159,821 Summer Food Service Program for Children ,999 Fresh Fruit and Vegetable Program ,550 Total Child Nutrition Cluster 22,935,796 - Florida Department of Health Child and Adult Care Food Program ,070 Total United States Department of Agriculture 23,197,866 - United States Department of Justice Direct: Office of Community Oriented Policing Services: Public Safety Partnership and Community Policing Grants N/A 500,421 United States Department of Education: Direct: Impact Aid N/A 403,202 Magnet Schools Assistance N/A 1,732,517 Fund for the Improvement of Education N/A 26,153 Total Direct 2,161,872 - Indirect: Special Education Cluster: Florida Department of Education: Special Education - Grants to States , ,773,545 Special Education - Preschool Grants , ,614 Total Special Education Cluster 18,488,159 - Florida Department of Education: Adult Education - Basic Grants to States , 192, 193, 194, 195, ,589 Title I Grants to Local Educational Agencies , 220, 221, 226, ,013,219 Career and Technical Education - Basic Grants to States ,278 Education for Homeless Children and Youth ,771 Charter Schools , ,352 Twenty-First Century Community Learning Centers ,965,749 English Language Acquisition Grants ,176 Improving Teacher Quality State Grants ,425,371 Total Indirect 24,279, ,352 Total United States Department of Education 44,929, ,352

29 BREVARD COUNTY DISTRICT SCHOOL BOARD SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS For the Fiscal Year Ended June 30, 2017 Exhibit K-18 Page 27 Federal Grantor/Pass-Through Grantor/Program Title Catalog of Pass - Amount of Amount Federal Through Expenditures Provided Domestic Grantor (1) to Assistance Subrecipients United States Department of Health and Human Services: Direct: Head Start (3) N/A 4,768,587 - United States Department of Defense: Direct: Army Junior Reserve Officers Training Corps None N/A 497,793 Air Force Junior Reserve Officers Training Corps None N/A 265,135 Navy Junior Reserve Officers Training Corps None N/A 144,944 Marines Junior Reserve Officers Training Corps None N/A 67,269 Total United States Department of Defense: 975,141 - Total Expenditures of Federal Awards $ 74,371,551 $ 148,352 Notes: (1) (2) Basis of Presentation. The Schedule of Expenditures of Federal Awards represents amounts expended from Federal programs during the fiscal year as determined based on the modified accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the District's accounting records from which the basic financial statements have been Noncash Assistance. (A) National School Lunch Program. This includes $17,159,821 of donated food received during the year. Donated foods are valued at fair value as determined at the time of donation. This also includes the After School Snack Program in the amount of $ 294,901. (3) Head Start - Expenditures are for grant number 0CH4640/05

30

31

32 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 86. FINANCIAL HIGHLIGHTS Key financial highlights for the 2017 fiscal year are as follows: The assets and deferred outflows of resources of the District exceeded its liabilities and deferred inflows or resources for the governmental activities, at June 30, 2017, by $251.2 million. Of this amount, $336.9 million represents a net investment in capital assets and $(85.7) million represents restricted and unrestricted net position of $123.0 million and $(208.7) million, respectively. The District s total net position for governmental activities increased by $27.0 million, or 12.0 percent. Program revenues for governmental activities accounted for $48.4 million, or 6.6 percent of total revenues. General revenues and transfers accounted for $ million, or 93.4 percent of the combined amount. The governmental funds reported combined fund balances of $183.4 million, an increase of $26.2 million, or 16.7 percent, in comparison to the prior fiscal year. The fund balances are comprised of $2.7 million of non-spendable, $125.2 million of restricted, $7.9 million of assigned, and $47.6 million in unassigned funds. At the end of the fiscal year, the fund balance for the general fund was $57.6 million, or 10.7 percent, of the general fund revenues. This fund balance was comprised of $.9 million of non-spendable, $6.5 million of restricted, $2.6 million assigned, and $47.6 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 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. 5

33 An increase or decrease in net position is potential 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 twelve separate legal entities which meet the criteria to be included as a component unit, including eleven 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. 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, Special Revenue Fund Other Federal Programs fund, Debt Service Other fund, Capital Projects Local Capital Improvement fund and Capital Projects Other Capital Projects fund are considered to be major funds. Data from the nonmajor governmental funds are combined into a single, aggregate presentation. 6

34 The District adopts an annual appropriated budget for its governmental funds. A budgetary comparison statement has been presented for the general fund and major special revenue fund 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 predominately 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. 7

35 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, 2017, compared to net position as of June 30, Condensed Statement of Net Position June 30, 2017 and 2016 (amounts expressed in thousands) Governmental Business-type Total Current and other assets $ 294,307 $ 268,876 $ 905 $ 1,398 $ 295,212 $ 270,274 Capital assets, net 797, , , ,197 Total assets 1,091,359 1,066, ,467 1,092,324 1,067,471 Deferred Outflows of Resources 152,923 73,708 1, ,272 74,259 Current and other liabilities 71,852 70, ,966 70,902 Long-term liabilities 912, ,348 3,847 2, , ,980 Total liabilities 983, ,138 3,961 2, , ,882 Deferred Inflows of Resources 9,179 34, ,271 34,689 Net Position: Net investment in capital assets 336, , , ,141 Restricted 123,013 50, ,013 50,560 Unrestricted (208,670) (191,398) (1,799) (1,144) (210,469) (192,542) Total net position $ 251,246 $ 224,234 $ (1,739) $ (1,075) $ 249,507 $ 223,159 Within the District s governmental activities, the assets exceeded liabilities by $251.2 million at the end of the fiscal year. The largest portion of the District s net position, $336.9 million, 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 $123.0 million, which is externally restricted for specific uses and an unrestricted net position of $(208.7) million. 8

36 The key elements of the changes in the District s net position for the fiscal years ended June 30, 2017, and June 30, 2016, are as follows: The School Board of Brevard County, Florida - Changes in Net Position June 30, 2017 and 2016 (amounts expressed in thousands) Governmental Business-type Activities Activities Total Revenues: Program revenues: Charges for services $ 9,006 $ 9,332 $ 7,287 $ 7,086 16,293 $ 16,418 Operating grants and contributions 34,084 34,239 34,084 34,239 Capital grants and contributions 5,342 4,512 5,342 4,512 General revenues: Property taxes, levied for general purposes 187, , , ,146 Property taxes, levied for capital projects 51,961 48,092 51,961 48,092 Local sales taxes 44,465 41,642 44,465 41,642 Grants and contributions, non-restricted 389, , , ,034 Miscellaneous 8,643 6, ,649 6,665 Unrestricted investment earnings 1,527 1,494 1,527 1,494 Total revenues 732, ,150 7,293 7, , ,242 Expenses: Instruction 384, , , ,326 Pupil personnel services 25,679 24,344 25,679 24,344 Instructional media services 7,529 7,361 7,529 7,361 Instruction and curriculum 27,234 24,362 27,234 24,362 Instructional staff training services 6,202 6,327 6,202 6,327 Instruction related technology 10,657 10,577 10,657 10,577 Board of education 1,159 1,006 1,159 1,006 General administration 3,322 3,811 3,322 3,811 School administration 39,807 36,628 39,807 36,628 Non-capital facilities acquisitions & construction 26,526 18,254 26,526 18,254 Fiscal services 2,808 2,618 2,808 2,618 Food services 30,440 29,315 30,440 29,315 Central services 6,755 6,308 6,755 6,308 Pupil transportation 19,951 19,498 19,951 19,498 Operation of plant 45,826 44,198 45,826 44,198 Maintenance of plant 10,278 10,816 10,278 10,816 Administrative technology services 3,733 3,678 3,733 3,678 Community services 1,634 1,397 1,634 1,397 Interest on long-term debt 18,264 19,186 18,264 19,186 Unallocated depreciation 35,758 35,952 35,758 35,952 Extended day program - - 5,658 5,499 5,658 5,499 Total expenses 707, ,962 5,658 5, , ,461 Excess (deficiency) of revenues over (under) expenses before transfers 24,713 50,188 1,635 1,593 26,348 51,781 Transfers 2,299 2,299 (2,299) (2,299) - - Change in net position 27,012 52,487 (664) (706) 26,348 51,781 Net position, beginning 224, ,747 (1,075) (369) 223, ,378 Net position, ending $ 251,246 $ 224,234 $ (1,739) $ (1,075) 249,507 $ 223,159 9

37 Governmental Activities The District s governmental activities net position increased by $27.0 million from fiscal year Key components of this increase are as follows: Property taxes for all governmental activities increased by $6.4 million, or 2.7 percent over the previous year. This overall change is due to an increase in tax collections resulting from increases in property values and home ownership. In November 2014, the citizens of Brevard County authorized a half-cent sales tax surtax to fund capital needs of the District. The surtax was effective January 2015 and will continue through December Reported revenues were $44.5 million in fiscal 2017, an increase of $2.8 million from the prior year. Impact fee revenue was $9.2 million, a decrease of $3.2 million from the prior year. The District s State FEFP allocations increased by $4.8 million, or 1.5% over the previous year. Business-Type Activities The Business-type activity net position decreased by $.7 million from fiscal year 2016, due to an increase in operating costs for the District s daycare operations, and a transfer of $2.3 million 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 $183.4 million, which is a $26.2 million increase from last year s combined governmental fund balances of $157.2 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, 2017 and Fund Balance Increase Percentage (in thousands) (Decrease) Change General Fund $ 57,638 $ 48,236 $ 9, Debt service fund - other 3,999 3, Capital projects funds: Local capital improvement 27,021 28,625 (1,604) (5.60) Other Capital Projects 76,488 40,955 35, Other governmental funds (non-major) 18,228 35,516 (17,288) (48.68) Total $ 183,374 $ 157,189 $ 26,

38 General Fund Fund balance for the general fund had a net increase of $9.4 million, compared to a net increase of $.1 million in the prior year. 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 $ 187,637 $ 185,146 $ 2, Interest earnings State revenues 336, ,326 5, Federal revenues 2,469 3,414 (945) (27.68) Other revenues 9,387 6,867 2, Total $ 536,434 $ 526,250 $ 10, General fund property tax revenues increased by $2.5 million, or 1.4 percent. Other combined revenues increased overall by $7.7 million. FEFP revenue was the largest contributor with a $4.8 million increase which included revenue adjustments for state allocations such as: Workforce Development, Base Student, Virtual Education, Supplemental Academic Instruction, and ESE Guaranteed Allocation. 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 $ 333,021 $ 334,333 $ (1,312) (0.39) Employee benefits 95,005 93,867 1, Purchased services 70,834 68,106 2, Energy services 12,730 12, Materials & supplies 9,712 11,343 (1,631) (14.38) Capital outlay 5,897 5, Other 2,898 3,342 (444) (13.29) Total $ 530,097 $ 529,174 $

39 General Fund Expenditures by Object Fiscal Year Materials & supplies Employee benefits 17.92% Purchased services 13.36% Energy services 2.40% 1.83% Capital outlay 1.11% Other 0.55% Salaries 62.83% The net decrease in labor and fringe benefits of $1.7 million is primarily due to increases in health insurance costs being offset by a reduction in salaries. Purchased services increased $2.7 million, primarily due to an increase in the number of charter schools and the funding amounts distributed to them. Materials and supplies decreased by $1.6 million due to a reduction in instruction costs. Increases in Energy services and capital outlay of $.4 million offset the reduction in other expenditures account of $.4 million. Debt Service Fund - Other The fund balance of the Debt Service Fund - Other was essentially unchanged, increasing only $.1 million from the prior year, as transfers in from other funds kept pace with small increases in scheduled principal and interest payments on long-term debt. Capital Projects - Local Capital Improvement Fund The fund balance of the capital projects - local capital improvement fund decreased by $1.6 million, or 5.6 percent. Revenues increased by $ 3.9 million over fiscal year 2016 as property values continue to increase in Brevard County, but were offset by operating transfers of $40.8 million, a decrease of $.2 million from the prior year. The transfers were made to the debt service funds to cover a portion of principal and interest payments on long-term debt. Capital Projects Other Capital Projects Fund Changes in this fund are due primarily to the Local Sales Surtax fund, established in fiscal year 2016 to account for revenues generated by the sales surtax approved by voters in November Surtax collections and impact fees during fiscal year 2017 were $ 52.0 million, an increase of $ 10.3 million from the prior year. 12