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