District School Board - Seminole County Schools

$20,675,000 in Certificates of Participation, Series 2009A.Proprietary Funds. The District’s business-type activities provide the same type ofinformation found in the government-wide financial statements. The Extended DayProgram’s unrestricted net assets were $529,538 at the end of the current fiscal year.General Fund Budgetary HighlightsThe primary difference between the initial and final budgeted revenues involves thereductions of State revenues totaling $7,381,724. The State formula revenues (FloridaEducation Finance Program [FEFP], Categorical Programs, District Discretionary Lotteryfunds) initially budgeted by District were reduced by $9,278,669. This decrease wasmainly due to a shortfall in State revenue, which was passed on to the school districts bythe Florida Legislature. The shortfall in State funding was fully offset by the following: (1)a non-recurring transfer of $7,104,543 from the capital projects funds; (2) the use of$2,036,932 set aside in the initial budget for declining enrollment; and (7) othermiscellaneous reductions totaling to $137,194. The remaining change in initial and finalbudgeted State revenues involves Other State Revenues which increased by$1,896,945. This increase was the result of the District receiving grants/awards from theState after the initial budget was prepared.The final budgeted expenditures exceeded the initial budget by $398,564. The primaryfunctional changes (Operation of Plant, Transportation, etc.) involve movement ofbudgeted energy costs from Operation of Plant and Transportation to cover personneland other costs in other functions. The final budget exceeded the final expenditures by$22,233,017. The unexpended appropriations were composed of the following: (1)$2,991,091 in encumbrances; (2) $7,004,049 in State categorical funds; (3) $4,710,342in other earmarked funds; (4) $3,336,420 in unexpended school budgets; and (5)$4,800,575 in other unexpended budget items.Page 29