Distrito Escolar del - Osceola County School District

DISTRICT SCHOOL BOARD OF OSCEOLA COUNTY
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2012
Net Change in Fund Balances - Governmental Funds $ (40,419,952.28)
Amounts reported for governmental activities in the statement of activities are different because:
Capital outlays are reported in the governmental funds as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation
expense. This is the amount of capital outlays in excess of depreciation expense in the current period.
Capital outlays net of amounts not capitalized $ 40,755,703.26
Depreciation Expense (35,200,078.97) 5,555,624.29
Capital assets donated to the District increase net assets in the government-wide statements,
but are not financial resources and, therefore, are not reported in the governmental funds. This is the value
of capital assets donated during the current year. 1,394,334.06
The cost of capital assets disposed of during the current year is expensed in the statement of
activities. In the governmental funds, the cost of these assets was recognized as an expenditure in the year
purchased. Thus, the change in net assets differs from the change in fund balances by the undepreciated
cost of the disposed assets. (195,789.00)
Proceeds of refunding debt are reported as other financing sources in the governmental funds,
while payments to the escrow agent for advance-refunding of outstanding debt are shown as other
financing uses. Government-wide statements are affected only to the extent these amounts differ. Other
long-term debt proceeds provide current financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net assets. Repayment of long-term debt is an
expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of
net assets. This is the net effect of these transactions. 15,734,866.86
Unearned revenues associated with impact fee credits are accrued in the government-wide statements,
but are not recognized in the governmental funds. 171,716.67
Premiums and discounts on bonds issued along with debt issuance costs are reported in the
governmental funds, in the year debt is issued, but are deferred and amortized over the life of the debt in
the statement of activities. (276,797.97)
Deferred charges associated with long-term debt issued in a prior period are reported in the
statement of activities, but are not a current financial resource and, therefore, are not reported in the
governmental funds. This is the net decrease in deferred charges during the current period. (167,788.55)
Interest on long-term debt is recognized as an expenditure in the governmental funds when due,
but is recognized as interest accrues in the statement of activities. 120,334.56
In the statement of activities, the cost of compensated absences is measured by the amounts
earned during the year, while in the governmental funds, expenditures are recognized based on the
amounts actually paid for compensated absences. This is the net amount of compensated absences paid in
excess of the amount earned in the current period. (2,672,238.00)
In the statement of activities, the cost of other post-employment benefits is measured by the
increase in the net OPEB obligation during the year, while in the governmental funds, expenditures are
recognized based on the amounts actually paid for the OPEB costs. This is the amount of the increase in
the OPEB obligation in excess of the amount paid in the current period. (5,303,289.00)
Internal service funds are used by management to charge the cost of certain activities, such as
insurance, to individual funds. The net revenue (expense) of internal service funds is reported with
governmental activities. 6,609,690.21
Change in Net Assets of Governmental Activities $ (19,449,288.15)
The accompanying notes to financial statements are an integral part of this statement.
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