Distrito Escolar del - Osceola County School District

The Bellalago Educational Facilities Benefit District (Bellalago Benefit District) is a separate
district organized pursuant to Chapter 125, Florida Statutes, and Section 1013.355, Florida
Statutes, to provide for the timely construction and maintenance of school facilities. The
Bellalago Benefit District is an alternate mechanism that allows for the sharing of educational
facilities costs that are necessary to accommodate new growth and development. The Benefit
District has imposed a specific financial burden on the Osceola County School District and is
considered fiscally dependent in accordance with the criteria described in Governmental
Accounting Standards Board Statement No. 14, The Financial Reporting Entity. An audit of the
Bellalago Benefit District’s annual financial statements is conducted by an independent certified
public accountant and is filed in the District’s administrative office.
The Flora Ridge Education Facilities Benefit District (Flora Ridge Benefit District), was also
organized pursuant to Chapter 125, Florida Statues and Section 1013.355, Florida Statues, to
provide for timely construction and maintenance of school facilities. The Flora Ridge Benefit
District is an alternate mechanism that allows for the sharing of educational facilities costs that
are necessary to accommodate new growth and development. The Benefit District has imposed
a specific financial burden on the Osceola County School District and is considered fiscally
dependant in accordance with the criteria described in Governmental Accounting Standards
Board Statement No. 14, The Financial Reporting Entity. An audit of the Flora Ridge Benefit
District’s annual financial statements is conducted by an independent certified public accountant
and is filed in the District’s administrative office.
A member of the Osceola County School District has been appointed to the board of each
Benefit District.
The New Dimensions High School, Inc., Four Corners Charter School, Inc., and New
Alternative Education High School of Osceola County, Inc., are separate not-for-profit
corporations organized pursuant to Chapter 617, Florida Statutes, the Florida Not for Profit
Corporation Act; and Section 1002.33, Florida Statutes, to enhance the education of those
Osceola County students attending these schools. The charter schools operate under a charter
approved by their sponsor, the Osceola County District School Board. The charter schools are
considered to be component units of the District since they are fiscally dependent on the District
to levy taxes for their support. Audits of the charter schools’ financial statements are conducted
by independent certified public accountants and are filed in the District’s administrative office.
‣ Basis of Presentation and Measurement Focus
Government-wide Financial Statements - Government-wide financial statements, i.e, the statement
of net assets and the statement of activities, present information about the School District as a whole.
These statements include the nonfiduciary financial activity of the primary government and its
component units.
Government-wide financial statements are prepared using the economic resources measurement
focus. The statement of activities presents a comparison between direct expenses and program
revenues for each function or program of the District’s governmental activities. Direct expenses are
those that are specifically associated with a service, program, or department and are thereby clearly
identifiable to a particular function. Depreciation expense associated with the District’s
transportation department is allocated to the transportation function, while remaining depreciation
expenses are not readily associated with a particular function and are reported as unallocated.
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