District School Board - Seminole County Schools

DISTRICT SCHOOL BOARD OF SEMINOLE COUNTY, FLORIDARECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEETTO THE GOVERNMENT-WIDE STATEMENT OF NET ASSETSJune 30, 2009Total Fund Balances - Governmental Funds $ 118,438,937Amounts reported for governmental activities in the statement of net assets are different because:Capital assets, net of accumulated depreciation, used in governmental activities are notfinancial resources and, therefore, are not reported as assets in the governmental funds.Non-Depreciable Assets $ 114,636,352Depreciable Assets 676,130,798790,767,150Interest on long-term debt is accrued as a liability in the government-wide statementsbut is not recognized in the governmental funds until due. (869,013)Debt issuance costs are not expensed in the government-wide statements but are reportedas deferred charges and amortized over the life of the debt. 2,898,632Internal service funds are used by management to charge the costs of its self-insuranceprograms, printshop, and computer store to the individual funds. The assets and liabilitiesof the internal service funds are included in governmental activities in the statement of netassets, less furniture and equipment and computer software, net of accumulated depreciation.Total Assets - Internal Service Funds $ 18,111,607Less, Total Liabilities - Internal Service Funds (13,016,903)Long-term liabilities are not due and payable in the current period and, therefore, are notreported as liabilities in the governmental funds. Long-term liabilities at year-end consist of:Bonds Payable $ (19,275,000)Certificates of Participation Payable (242,835,999)Compensated Absences Payable (38,984,551)Other Postemployment Benefits Payable (8,894,684)5,094,704(309,990,234)Total Net Assets - Governmental Activities $ 606,340,176The accompanying notes to the basic financial statements are an integral part of the financial statements.Page 41