District School Board - Seminole County Schools

The following is a summary of the District’s net assets as of June 30, 2008, compared tonet assets as of June 30, 2009:District School Board of Seminole County, Florida's Net AssetsAs of June 30, 2008 and June 30, 2009(amounts expressed in thousands)Governmental Business-Type TotalActivitiesActivities2008 2009 2008 2009 2008 2009Current Assets $ 207,024 $ 193,486 $ 518 $ 541 $ 207,542 $ 194,027Capital Assets 763,927 790,767 - - 763,927 790,767Total Assets 970,951 984,253 518 541 971,469 984,794Long-Term Liabilities 304,988 322,718 - - 304,988 322,718Other Liabilities 61,911 55,195 22 11 61,933 55,206Total Liabilities 366,899 377,913 22 11 366,921 377,924Net Assets:Invested in Capital Assets,Net of Related Debt 525,881 552,156 - - 525,881 552,156Restricted 73,520 54,308 - - 73,520 54,308Unrestricted 4,651 (124) 496 530 5,147 406Total Net Assets $ 604,052 $ 606,340 $ 496 $ 530 $ 604,548 $ 606,870An additional portion of the District’s net assets, $54,308,534 (8.9 percent), representsresources that are subject to external restrictions on how they may be used. At the endof the current fiscal year, the District is able to report positive balances in all categoriesof net assets, both for the government as a whole, as well as for its separategovernmental and business-type activities. The remaining net assets, $405,464 (.1percent), are unrestricted assets. Unrestricted net assets may be used to meet thegovernment’s ongoing obligations to citizens and creditors.There was a decrease of $19,211,687 in restricted net assets reported in connectionwith the District’s government-wide financial activities. This decrease was primarily theresult of spending down of construction funds, totaling $21,612,729, received by theDistrict in prior years for use in the construction program and partially offset by anincrease, totaling $2,409,243 in funds restricted for State Categorical programs. Thedecrease of $4,741,344 in government-wide unrestricted net assets was due primarilydue to expenses outpacing the revenues for the year. Further explanations are providedunder governmental activities on page 27.The key elements of the changes in the District’s net assets for the fiscal years endedJune 30, 2008, and June 30, 2009, are as follows:Page 25