District School Board - Seminole County Schools

The government-wide net assets increased by $2,321,881 during the current fiscal year.This increase is explained further under governmental and business activities below.Governmental Activities. Governmental activities increased the District’s net assets by$2,287,914, thereby accounting for 98.5 percent of the total growth in the net assets ofthe District. Key elements of the increase are as follows:‣ A decrease of $4,775,311 in unrestricted net assets was due partially:o to actions taken to mitigate the effects of $9,866,788 million in revenuereductions imposed by the State of Florida due to revenues shortfall atthe State level. A budget adjustment plan was implemented thatessentially covered the full deficit amount. Unanticipated savings over theamount needed to cover the deficit were primarily provided through: (1) ahiring freeze; (2) interest earnings over budget estimates; (3) property taxrevenue over estimates; (4) diesel fuel expenditures under budget; and(5) utility expenditures under budget.o and, to offset a net increase in long-term liabilities that affects unrestrictednet assets involving an increase of $916,485 in Compensated Absences,a decrease of $757,928 in Estimated Insurance Claims Payable, and anincrease in Other Postemployment Benefits Payable of $6,325,202.‣ The capital projects (construction) revenues received during the current fiscalyear are disbursed on construction projects and other capital assets that will becapitalized and expensed in future years through depreciation. If these funds arenot disbursed at year-end, they are reported as current assets and restricted netassets. Investments in Capital Assets, Net of Related Debt, increased by$26,274,912 and Restricted Net Assets for Capital Projects decreased by$21,612,729 from the previous year.‣ Restricted Net Assets for State Categorical Programs increased by $2,409,243.This increase was in anticipation of future State budget reductions in theseprograms.Business-Type Activities. Business-type activities increased the District’s net assetsby $33,967, thereby accounting for the remaining 1.5 percent of the growth in thegovernment’s total net assets. Key elements of this increase are as follows.‣ Charges for services for business-type activities and other income decreased by6.7 percent, while expenses and transfers out decreased by 9.2 percent.Page 27