District School Board - Seminole County Schools

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eported as soon as the underlying event giving rise to the change occurs, regardless ofthe timing of related cash flows. Thus, revenues and expenses are reported in thisstatement for some items that will result in cash flows in the future fiscal periods (e.g.,uncollected taxes and earned but unused vacation and sick leave).Both of the government-wide financial statements distinguish activities of the District thatare principally supported by taxes and intergovernmental revenues (governmentalactivities) from other functions that are intended to recover all or a significant portion oftheir costs through user fees and charges (business-type activities). The governmentalactivities of the District include such functions as instruction, pupil personnel services,administration, pupil transportation, maintenance, and other items. The District’s onlybusiness-type activity is the Extended Day Program.The government-wide financial statements include not only the District (known as theprimary government), but also a charter school and The Foundation for Seminole CountyPublic Schools, Inc., for which the District is financially accountable. Financialinformation for these component units is reported separately from the financialinformation presented for the primary government. The Seminole School Board LeasingCorporation, Inc., (Leasing Corporation), although also legally separate, was formed tofacilitate financing for the acquisition of facilities and equipment. Due to a substantiveeconomic relationship between the District and Leasing Corporation, the LeasingCorporation has been included as an integral part of the primary government.The government-wide financial statements can be found on pages 35 - 37 of this report.Fund Financial Statements. A fund is a grouping of related accounts that is used tomaintain control over resources that have been segregated for specific activities orobjectives. The District, like other state and local governments, uses fund accounting toensure and demonstrate compliance with finance-related legal requirements. All of thefunds of the District can be put into three categories: governmental funds, proprietaryfunds, and fiduciary funds.Governmental Funds. Governmental funds are used to account for essentially thesame functions reported as governmental activities in the government-wide financialstatements. However, unlike the government-wide financial statements, governmentalfunds financial statements focus on near-term inflows and outflows of spendableresources, as well as on balances of spendable resources available at the end of thefiscal year. Such information may be useful in evaluating a government’s near-termfinancing requirements.Because the focus of governmental funds is narrower than that of the government-widefinancial statements, it is useful to compare the information presented for governmentalfunds with similar information presented for governmental activities in the governmentwidefinancial statements. By doing so, readers may better understand the long-termimpact of the government’s near-term financing decisions. Both the governmental fundbalance sheet and the governmental fund statement of revenues, expenditures, andchanges in fund balances provide a reconciliation to facilitate this comparison betweengovernmental funds and governmental activities.Page 22
The District maintains 13 individual governmental funds. Information is presentedseparately in the governmental fund balance sheet and in the governmental fundstatement of revenues, expenditures, and changes in fund balances for the GeneralFund and each major fund. One debt service fund and two capital projects funds areconsidered to be major funds. Data from the other 9 governmental funds are combinedinto a single, aggregated presentation. Individual fund data for each of these non-majorgovernmental funds is provided in the form of combining statements on pages 90 – 95 ofthis report.The District adopts an annual budget for its General Fund. A budgetary comparisonstatement has been provided for the General Fund on pages 46 - 47 to demonstratecompliance with this budget.The basic governmental fund financial statements can be found on pages 38 - 47 of thisreport.Proprietary Funds. The District maintains two different types of proprietary funds. Theenterprise fund is used to report the same functions as business-type activities in thegovernment-wide financial statements. The District uses the enterprise fund to accountfor its Extended Day (before and after school child care) Program. Internal service fundsare an accounting device used to accumulate and allocate cost internally among theDistrict’s various functions. The District uses internal service funds to account for itsself-insurance programs, print shop, and computer store. Because these servicespredominantly benefit governmental rather than business-type functions, they have beenincluded within the governmental activities in the government-wide financial statements.Proprietary funds provide the same type of information as the government-wide financialstatements, only in more detail. The proprietary fund financial statements provideseparate information for the Extended Day Program. Comparative statements are onpages 136 – 138. Since, the Extended Day Program is the only enterprise fund, it isconsidered to be a major fund of the District. Conversely, the four internal service fundsare combined in a single, aggregated presentation in the proprietary fund financialstatements. Individual fund data for the internal service funds is provided in the form ofcombining statements on pages 140 – 142 of this report. The basic proprietary fundfinancial statements can be found on pages 48 - 50 of this report.Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefitof parties outside the government. The District only has agency funds that are classifiedas fiduciary funds. Fiduciary funds are not reflected in the government-wide financialstatements, because the resources of those funds are not available to support theDistrict’s own programs.The Statement of Fiduciary Assets and Liabilities can be found on page 51.Notes to the Basic Financial Statements. The notes provide additional informationthat is essential to fully understand the data provided in the government-wide and fundfinancial statements. The notes to the basic financial statements can be found on pages53 – 81 of this report.Page 23
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STATISTICAL SECTIONPage 149
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STATISTICAL SECTIONThis part of the
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SINGLE AUDITPage 197
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OTHER REPORTSPage 209
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District School Board - Seminole County Schools

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