Distrito Escolar del - Osceola County School District

‣ Component units – The District presents six separate legal entities in this report, including The
Foundation for Osceola Education, Inc.; New Dimensions High School, Inc.; Four Corners Charter
School, Inc.; New Alternative Education High School of Osceola County, Inc.; Bellalago Educational
Facilities Benefit District; and Flora Ridge Educational Facilities Benefit District. 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 government-wide financial statements can be found on pages 2 – 3 of this report.
Fund Financial Statements
Fund financial statements are one of the components 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 statements. All of the District’s
funds may be classified within one of three broad categories as discussed below.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental funds financial statements focus on near-term inflows and outflows of
expendable resources, as well as on balances of expendable resources available at the end of the fiscal year. Such
information may be useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better understand
the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The District maintains 14 individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes
in fund balances for the major funds. The District’s major funds are the: (1) General Fund, (2) Special Revenue –
Other Federal Programs, (3) Special Revenue – ARRA Economic Stimulus Funds, (4) Debt Service – ARRA
Economic Stimulus Funds, (5) Capital Projects – Other Fund, and (6) Capital Projects – ARRA Economic
Stimulus Funds. Data from the other governmental funds are combined into a single, aggregated presentation.
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