Distrito Escolar del - Osceola County School District

The fund balance for the Capital Projects – ARRA Economic Stimulus Capital Projects Fund decreased by
$13,893,698 to $4,337,866. The decrease in this fund is mainly due to the timing differences between collecting
funds for and expending these funds on construction projects. This fund was created to account for proceeds
from the issuance of qualified school construction bonds and expenditures incurred on the related construction
renovation projects.
The fund balance for non-major funds – reported as Other Governmental Funds – decreased by $755,831 to
$32,748,052. This is primarily due to the decrease in property tax revenues.
Proprietary Funds
The District’s proprietary funds provide the same type of information found in the government-wide financial
statements. The District’s proprietary fund includes two internal service funds that are used to account for its
self-insurance programs. Net assets increased by $6,609,690 due to casualty insurance premiums paid into the
funds exceeding claims and other expenses.
GENERAL FUND BUDGETARY HIGHLIGHTS
Significant differences between the General Fund original budget and the final amended budget included:
‣ Estimated revenues were increased by $1,843,565 to account for: (1) additional ROTC funding, (2)
revised projections for local revenue including tax redemptions, rent, adult education fees, charter school
transportation fees, Medicaid reimbursements and management/fiscal agent fees, (3) adjustments to
transfers from the Capital Fund for property casualty insurance and charter school capital outlay, and (4)
insurance loss reimbursements.
‣ Appropriations were reduced by $1,571,925 due to adjustments for reductions in FEFP and Class Size
Reduction funds.
‣ Other differences between the original and final budgets are the result of reclassifications between
accounts.
‣ Ending fund balance increased by approximately $266,612 due to the changes in estimated revenue and
appropriations.
During the current fiscal year, the District’s variance with final budget was $29,251,493. The reason for this
variance was primarily due to the reduction of District spending during the year to conserve fund balance, given
anticipated State funding reductions.
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