INTERIM FINANCIAL STATEMENTS FOR THE ELEVEN MONTHS ENDED MAY 31, 2013

Transcription

1 INTERIM FINANCIAL STATEMENTS FOR THE ELEVEN MONTHS ENDED MAY 31, 2013 Prepared by: Financial Reporting Accounting Department Division of Financial Management

2 INTERIM FINANCIAL STATEMENTS FOR THE ELEVEN MONTHS ENDED MAY 31, 2013 TABLE OF CONTENTS COMBINED BALANCE SHEET - ALL FUND TYPES 1 PAGE COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE / NET POSITION - ALL GOVERNMENTAL FUND TYPES, PROPRIETARY FUNDS AND PRIVATE PURPOSE TRUST FUND 2 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND 3 NOTES TO THE FINANCIAL STATEMENTS 4

3 COMBINED BALANCE SHEET - (MODIFIED ACCRUAL BASIS) ALL FUND TYPES MAY 31, 2013 (With prior year comparative totals) Governmental Fund Types PROPRIETARY FUND TYPE PRIVATE PURPOSE TRUST TOTALS (MEMORANDUM ONLY) ASSETS GENERAL SPECIAL REVENUE DEBT SERVICE CAPITAL PROJECTS INTERNAL SERVICE FLORIDA FUTURE EDUCATORS MAY 2013 MAY 2012 JUNE 2012 ASSETS: Cash and investments $ 318,408,557 $ 18,731,447 $ 7,117,457 $ 330,739,087 $ 50,057,148 $ 414,087 $ 725,467,782 $ 826,652,671 $ 739,060,828 Taxes receivable (net of uncollectible taxes) ,976,390 Accounts and interest receivable 1,843, ,843,361 1,610,279 1,167,505 Due from other governments or agencies 3,161,854 18,194,000-4,100, ,455,854 20,452,551 25,469,381 Inventories 2,947,859 3,370, ,318,779 7,616,480 8,524,868 Other assets - 135, ,483 50,717 88,044 TOTAL ASSETS $ 326,361,631 $ 40,431,850 $ 7,117,457 $ 334,839,087 $ 50,057,148 $ 414,087 $ 759,221,259 $ 856,382,697 $ 802,287,015 LIABILITIES AND FUND BALANCE / NET POSITION LIABILITIES: Accounts and contracts payable and accrued items $ 5,969,806 $ 5,149,367 $ - $ 3,867,438 $ 40,150 $ - $ 15,026,761 $ 8,109,445 $ 29,724,958 Accrued payroll 23,819,928 2,277,537-69,418 16,303-26,183,186-78,789,500 Fringe benefits & taxes payable 25,585,214 2,769,047-79,188 17,818-28,451,267 6,327,529 27,317,832 Due to other governments or agencies , , , ,073 Retainage payable on contracts - 16,593-2,536, ,553,126 4,197,305 4,228,848 Deposits payable 220, , , ,467 Deferred revenue 3,216,159 1,551,371-4,100, ,867,530 3,246,829 7,871,170 Estimated unpaid claims ,400,000-13,400,000 13,400,000 13,400,000 Compensated absences and OPEB , ,302 6,787, ,302 TOTAL LIABILITIES 58,812,008 11,763,915 23,515 10,652,577 13,642,573-94,894,586 42,425, ,807,149 FUND BALANCE / NET POSITION: Nonspendable 2,947,859 3,370, ,318,779 7,616,480 8,524,868 Restricted 18,699,397 24,153,910 7,093, ,761, , ,122, ,260, ,778,182 Committed - 1,143, ,143,105 1,301,503 1,290,041 Assigned 194,789, ,425, ,214, ,523, ,316,217 Unassigned 51,112, ,414,575-87,527,525 63,256,031 86,570,557 TOTAL FUND BALANCE / NET POSITION 267,549,624 28,667,935 7,093, ,186,510 36,414, , ,326, ,957, ,479,865 TOTAL LIABILITIES & FUND BALANCE / NET POSITION $ 326,361,631 $ 40,431,850 $ 7,117,457 $ 334,839,087 $ 50,057,148 $ 414,087 $ 759,221,259 $ 856,382,697 $ 802,287,015 The notes to the financial statements are an integral part of this statement. 1

4 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES / NET POSITION ALL GOVERNMENTAL FUND TYPES AND PRIVATE PURPOSE TRUST FUND FOR THE PERIOD ENDED MAY 31, 2013 (With prior year comparative totals) GOVERNMENTAL FUND TYPES SPECIAL REVENUE DEBT SERVICE CAPITAL PROJECTS PRIVATE PURPOSE TRUST TOTALS (MEMORANDUM ONLY) PROPRIETARY FUND TYPES FLORIDA FUTURE EDUCATORS MAY 2013 MAY 2012 MAY 2013 MAY 2012 REVENUES: GENERAL Local sources: Ad valorem taxes 777,850, ,908, ,758,921 1,010,632, Food service sales 217,762 14,578, ,796,562 16,464, Interest income 468,570 23, , , ,982 78,883 22,347 Premium income ,474, ,307,314 Other income 47,997,690 3,532,203 6,407 3,719,016 34,830 55,290,146 56,904,454 4,473,193 26,411,150 Total local sources 826,534,325 18,134,241 6, ,100,810 35,594 1,041,811,375 1,084,913, ,026, ,740,811 State sources: Florida education finance program 171,013, ,013,612 92,257, Class Size Reduction 187,903, ,903, ,488, Food service sales - 948, , , Other 31,071, ,767-2,674,640-34,111,079 30,366, Total state sources 389,988,703 1,312,985-2,674, ,976, ,064, Federal sources: Food service sales - 54,501, ,501,922 49,614, Other 4,889,724 98,899,979 3,511, ,301, ,660, Total federal sources 4,889, ,401,901 3,511, ,803, ,274, TOTAL REVENUES 1,221,412, ,849,127 3,518, ,775,450 35,594 1,597,591,142 1,558,252, ,026, ,740,811 EXPENDITURES: Current: Instructional services 749,499,536 49,236, ,736, ,362, Instructional support services 84,664,114 47,151, ,815, ,310, Instructional related technology 4,622,440 67, ,690,409 4,608, Pupil transportation services 43,262,183 1,859, ,121,633 43,649, Operation and maintenance services 170,043,929 44, ,088, ,771,248-21,666,242 School administration 95,567, , ,208,715 88,208, ,069, ,426,274 General administration 21,720,890 3,614, ,335,227 23,511, ,701 Food service 35,994 65,851, ,887,763 61,746, Community services and other 30,949, , ,504 31,329,318 27,523, Capital outlay: Facilities acquisition and construction 445, ,767,949-41,213,805 23,960, Other capital outlay ,380,638-27,380,638 26,836, Debt service: Retirement of principal ,535, ,535,000 57,330, Payment of interest 53,411-83,305, ,359,160 81,104, Dues, fees and other , ,116 1,890, TOTAL EXPENDITURES 1,200,865, ,778, ,498,865 68,148,587 69,504 1,578,360,485 1,455,814, ,069, ,534,217 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 20,547,637 4,070,712 (136,980,645) 131,626,863 (33,910) 19,230, ,437, ,968 (1,793,406) OTHER FINANCING SOURCES (USES): Operating transfers in 76,842,465-36,375, ,218, ,875, Operating transfers out (113,218,211) - (113,218,211) (193,875,568) - - Proceeds from issuance of refunded debt ,145, ,145, ,930, Premium (discount) from issuance of long-term and refunded debt ,990, ,990,044 9,793, Payment of refunded bonds - - (77,968,550) - - (77,968,550) (182,170,085) - - Proceeds from loss recoveries 3,492, ,492,689 3,051, Proceeds from sale of fixed assets and other , TOTAL OTHER FINANCING SOURCES (USES) 80,335,154-36,542,240 (113,218,211) - 3,659,183 3,607, EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES & OTHER FINANCING USES 100,882,791 4,070,712 (100,438,406) 18,408,653 (33,910) 22,889, ,045, ,968 (1,793,406) BEGINNING FUND BALANCES / NET POSITION 166,666,832 24,597, ,532, ,777, , ,022, ,420,474 35,457,607 9,285,535 ENDING FUND BALANCES / NET POSITION $ 267,549,624 $ 28,667,935 $ 7,093,942 $ 324,186,510 $ 414,087 $ 627,912,098 $ 806,465,524 $ 36,414,575 $ 7,492,130 The notes to the financial statements are an integral part of this statement. 2

5 THE SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA 6/25/13 7:47 AM GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET TO ACTUAL FOR THE PERIOD ENDED MAY 31, 2013 VARIANCE REVENUES BUDGET MAY 2013 FAVORABLE (UNFAVORABLE) % OF BUDGET MAY 2012 Local sources: Ad valorem taxes $ 795,917,815 $ 777,850,302 $ (18,067,513) -2.3% $ 817,072,019 Child care fees 24,000,000 22,373,120 (1,626,880) -6.8% 21,039,240 Course fees 2,360,000 2,243,101 (116,899) -5.0% 2,076,483 Receipt of federal indirect cost rate 4,000,000 5,107,262 1,107, % 3,602,553 Interest income 640, ,570 (171,430) -26.8% 499,856 Miscellaneous 21,614,630 18,491,970 (3,122,660) -14.4% 21,953,532 Total local sources 848,532, ,534,325 (21,998,120) -2.6% 866,243,683 State sources: Florida education finance program 187,319, ,013,612 (16,306,030) -8.7% 92,257,715 Workforce development performance 18,795,768 17,229,443 (1,566,325) -8.3% 16,342,634 Discretionary lottery ,296 Class size reduction 205,974, ,903,419 (18,071,536) -8.8% 184,488,609 School recognition 10,436,226 10,436, % 7,320,126 Miscellaneous 4,385,372 3,406,003 (979,369) -22.3% 3,420,419 Total state sources 426,911, ,988,703 (36,923,260) -8.6% 304,129,799 Federal sources: Federal impact 6,000 8,228 2, % 4,937 ROTC 660, ,389 63, % 656,630 Medicaid reimbursement 5,700,000 4,147,521 (1,552,479) -27.2% 5,636,675 Miscellaneous - 10,586 10,586 (39) Total federal sources 6,366,000 4,889,724 (1,476,276) -23.2% 6,298,203 TOTAL REVENUES 1,281,810,408 1,221,412,752 (60,397,656) -4.7% 1,176,671,685 EXPENDITURES: Current: Instructional services 955,105, ,499, ,606, % 678,785,643 Pupil personnel services 41,877,510 32,648,183 9,229, % 29,938,193 Instructional media services 18,616,058 15,042,363 3,573, % 14,521,596 Instr & curriculum development services 31,438,402 26,839,595 4,598, % 22,749,799 Instructional staff training 13,119,264 10,133,973 2,985, % 9,489,224 Instruction related technology 5,826,003 4,622,440 1,203, % 4,438,144 Total instructional support services 110,877,236 89,286,554 21,590, % 81,136,955 Pupil transportation services 45,276,378 43,262,183 2,014, % 41,050,893 Operation of plant 128,076, ,073,743 16,002, % 106,988,866 Maintenance of plant 68,737,293 57,970,186 10,767, % 52,139,445 Total operation & maint of plant 196,813, ,043,929 26,770, % 159,128,311 School administration 92,694,003 83,727,650 8,966, % 76,886,665 Central services 14,427,576 11,839,992 2,587, % 10,609,539 Total school administration 107,121,579 95,567,643 11,553, % 87,496,204 General administration 5,773,597 4,856, , % 4,870,870 Fiscal services 5,800,743 5,144, , % 4,651,316 Board of education 6,893,910 4,846,504 2,047, % 4,199,315 Administrative technology services 8,245,800 6,873,824 1,371, % 7,349,774 Total general administration 26,714,050 21,720,890 4,993, % 21,071,275 Community services and other 37,968,318 30,985,112 6,983, % 27,280,018 Facilities acquisition and construction 839, , , % 1,005,075 Debt Service: Payment of interest 141,971 53,411 88, % 48,875 TOTAL EXPENDITURES 1,480,859,278 1,200,865, ,994, % 1,097,003,250 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (199,048,870) 20,547, ,596, % 79,668,435 OTHER FINANCING SOURCES (USES): Operating transfers in 84,102,703 76,842,465 (7,260,238) -8.6% 65,912,661 Operating transfers out (607,716) - 607, % - Proceeds from loss recoveries - 3,492,689 3,492,689 3,051,752 TOTAL OTHER FIN SOURCES (USES) 83,494,987 80,335,154 (3,159,833) -3.8% 68,964,413 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES & OTHER FIN USES (115,553,883) 100,882, ,436, % 148,632,848 BEGINNING FUND BALANCE 166,666, ,666,832 97,031,967 ENDING FUND BALANCE $ 51,112,949 $ 267,549,624 $ 245,664,815 The notes to the financial statements are an integral part of this statement. 3

6 NOTES TO THE FINANCIAL STATEMENTS FOR THE ELEVEN MONTHS ENDED MAY 31, 2013 (1) The School District budgets 96% of the property taxes levied, as allowed by state statute, as revenue in all applicable funds. The District has not accrued 96% of the taxes levied, the Florida Education Finance Program revenues or other state categorical program revenues in the interim financial statements. (2) The modified accrual basis of accounting is utilized by all funds except for the proprietary funds and the interim financial statements are presented utilizing this basis of accounting. (a) Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become available and measurable. "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period and available to liquidate current liabilities. (b) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, except for un-matured interest on general long-term debt, which is recognized when the interest is due. 4