Total revenues 2,735,920 2,675,087 2,675,087 -

Transcription

1 Revenues: Local sources: THE SCHOOL BOARD OF MIAMI-DADE COUNTY, FLORIDA GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED Variance Budget as Final Actual With Final Originally Amended GAAP Amended Adopted Budget Basis Budget Ad valorem taxes $ 1,472,611 $ 1,441,335 $ 1,441,335 $ - Interest income 1,093 1,995 1,995 - Net increase (decrease) in fair value of investments - (4) (4) - Local grants and other 54,874 69,747 69,747 - Total local sources 1,528,578 1,513,073 1,513,073 - State sources: Florida education finance program 677, , ,034 - State grants and other 510, , ,178 - Total state sources 1,188,598 1,144,212 1,144,212 - Federal sources: Federal direct 2,015 1,795 1,795 - Federal through state and local 16,729 16,007 16,007 - Total federal sources 18,744 17,802 17,802 - Total revenues 2,735,920 2,675,087 2,675,087 - Expenditures: Current: Instructional services 1,982,833 1,880,737 1,875,186 5,551 Instructional support services: Pupil personnel services 96, , , Instructional media services 28,706 17,862 17, Instruction and curriculum development service 24,590 25,169 24, Instructional staff training services 1,680 3,610 3, Instruction related technology 33,102 32,200 32, Total instructional support services 184, , ,800 1,064 Pupil transportation services 68,365 73,057 72, Operation and maintenance of plant: Operation of plant 269, , ,936 7,110 Maintenance of plant 91,294 92,409 89,917 2,492 Total operation and maintenance of plant 360, , ,853 9,602 School administration 179, , ,

2 Expenditures, continued Variance Budget as Final Actual With Final Originally Amended GAAP Amended Adopted Budget Basis Budget General administration: Central services $ 58,221 $ 52,667 $ 51,470 $ 1,197 Board of education 7,598 7,862 7, General administration 4,837 5,654 5,645 9 Administrative technology services 2,301 3,196 3, Fiscal services 12,401 10,372 9, Total general administration 85,358 79,751 77,808 1,943 Community services 28,950 28,862 28, Capital outlay 1,751 11,693 7,498 4,195 Debt services: Principal retirement Interest and fiscal charges Total debt service Total expenditures 2,892,056 2,787,118 2,763,724 23,394 Excess (deficiency) of revenues over (under) expenditures (156,136) (112,031) (88,637) 23,394 Other financing sources (uses): Transfers in 154, , ,330 - Transfers out (15,180) (15,177) (15,177) - Proceeds from sale of capital assets Proceeds from loans/leases Total other financing sources (uses) 139, , ,383 - Net change in fund balance $ (16,516) $ 27,352 50,746 $ 23,394 Fund balance - beginning of year 124,554 Fund balance - end of year $ 175,300 91

3 SCHEDULE OF THE DISTRICT S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN District's proportion of the FRS net pension liability 4.633% 4.400% District's proportionate share of the FRS net pension liability $ 282,715 $ 568,422 District's covered-employee payroll $ 1,717,736 $ 1,719,598 District's proportionate share of the FRS net pension liability as a percentage of its covered-employee payroll 16.46% 33.06% FRS Plan fiduciary net position as a percentage of the total pension liability 96.09% 92.00% Note: The amounts presented for each fiscal year were determined as of June 30 th. GASB Statement No. 68 requires the schedule to show information for 10 years. Additional years will be displayed as they become available. 92

4 SCHEDULE OF DISTRICT CONTRIBUTIONS FLORIDA RETIREMENT SYSTEM PENSION PLAN (amounts express in thousands) Contractually required FRS contribution $ 101,495 $ 107,295 $ 100,527 FRS contributions in relation to the contractually required contribution $ (101,495) $ (107,295) $ (100,527) FRS contribution deficiency (excess) $ - $ - $ - District's covered-employee payroll $ 1,765,382 $ 1,717,736 $ 1,719,598 FRS contributions as a percentage of covered-employee payroll 5.75% 6.25% 5.85% Note: The amounts presented for each fiscal year were determined as of June 30 th. GASB Statement No. 68 requires the schedule to show information for 10 years. Additional years will be displayed as they become available. 93

5 SCHEDULE OF THE DISTRICT S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY HEALTH INSURANCE SUBSIDY PENSION PLAN District's proportion of the HIS net pension liability 5.830% 5.576% District's proportionate share of the HIS net pension liability $ 545,094 $ 568,680 District's covered-employee payroll $ 1,717,736 $ 1,719,598 District's proportionate share of the HIS net pension liability as a percentage of its covered-employee payroll 31.73% 33.07% HIS Plan fiduciary net position as a percentage of the total pension liability 0.99% 0.50% Note: The amounts presented for each fiscal year were determined as of June 30 th. GASB Statement No. 68 requires the schedule to show information for 10 years. Additional years will be displayed as they become available. 94

6 SCHEDULE OF DISTRICT CONTRIBUTIONS HEALTH INSURANCE SUBSIDY PENSION PLAN Contractually required HIS contribution $ 19,971 $ 21,316 $ 28,170 HIS contributions in relation to the contractually required HIS contribution $ (19,971) $ (21,316) $ (28,170) HIS contribution deficiency (excess) $ - $ - $ - District's covered-employee payroll $ 1,765,382 $ 1,717,736 $ 1,719,598 HIS contributions as a percentage of covered-employee payroll 1.13% 1.24% 1.64% Note: The amounts presented for each fiscal year were determined as of June 30 th. GASB Statement No. 68 requires the schedule to show information for 10 years. Additional years will be displayed as they become available. 95

7 SUPPLEMENTAL EARLY RETIREMENT PENSION TRUST FUND SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS Total Pension Liability Interest Cost $ 2,662 $ 2,467 Differences Between Expected and Actual Experiences (1,432) (969) Changes of Assumptions - 2,651 Benefit Payments, Including Refunds of Member Contributions (4,147) (4,098) Net Change in Total Pension Liability (2,917) 51 Total Pension Liability - Beginning 41,510 38,593 Total Pension Liability - Ending $ 38,593 $ 38,644 Plan Fiduciary Net Position Contributions - Employer 2,276 2,276 Net Investment Income 4, Benefit Payments, Including Refunds of Member Contributions (4,147) (4,098) Administrative expense (42) (87) Net Change in Plan Fiduciary Net Position 2,563 (1,045) Plan Fiduciary Net Position - Beginning 24,632 27,195 Plan Fiduciary Net Position - Ending $ 27,195 $ 26,150 Net Pension Liability - Ending $ 11,398 $ 12,494 Net Position as a % of the Total Pension Liability 70.47% 67.67% Covered-employee payroll N/A N/A Net Pension Liability as a % of coveredemployee payroll N/A N/A Notes to Schedule: The amounts presented for each fiscal year were determined as of June 30th. GASB Statement No. 68 requires the schedule to show information for 10 years. Additional years will be displayed as they become available. 96

8 SUPPLEMENTAL EARLY RETIREMENT PENSION TRUST FUND SCHEDULE OF INVESTEMENT RETURNS Annual Money-Weighted Rate of Return, 7.53% 14.85% (6.16%) (15.06%) 8.60% 14.10% 2.39% 13.37% 18.53% 3.29% Net of investment expense 97

9 SUPPLEMENTAL EARLY RETIREMENT PENSION TRUST FUND SCHEDULE OF CONTRIBUTIONS Actuarially Determined Contribution $ 2,276 $ 2,276 Contribution made in Relation to the Actuarially Determined Contribution 2,276 2,276 Contribution Deficiency (excess) $ - $ - Covered-Employee Payroll Not Applicable* Not Applicable* Contributions as a % of covered employee payroll Not Applicable* Not Applicable* Notes to Schedule: Valuation Date: July 1, 2015 Methods and assumptions used to determine contributions rates: Actuarial Cost Method Entry Age Normal Asset Valuation Method Fair Value Cost of Living Increase 3.00% Investment Rate of Return 6.75% net pension plan investment expense, including inflation. Retirement Age None Mortality rates were based on RP-2000 Healthy Annuitant/Non Annuitant Mortality Table for Males or Females, as appropriate, with adjustment for mortality improvements based on Scale AA. * The School Board closed the Supplemental Early Retirement Plan to new employees on July 1, 2000, with no additional employees vesting after July 1,

10 OTHER POST EMPLOYMENT BENEFITS SCHEDULE OF FUNDING PROGRESS Actuarial Valuation Date Actuarial Accrued Liability (AAL) Actuarial Value of Plan Assets Unfunded AAL (UAAL) Percentage Funded Annual Covered Payroll UAAL as Percentage of Payroll 10/1/2006 $ 322,766 $ 0 $ 322, % $ 1,619, % 6/30/ , , % 1,734, % 6/30/ , , % 1,822, % 6/30/ , , % 1,823, % 6/30/ , , % 1,715, % 6/30/ , , % 1,709, % 6/30/ , , % 1,521, % 6/30/ , , % 1,717, % 6/30/ , , % 1,719, % 99

11 OTHER POST EMPLOYMENT BENEFITS SCHEDULE OF EMPLOYER CONTRIBUTIONS Fiscal Year Annual Required Contribution (ARC) Amount Contributed Percentage of Contribution Net OPEB Obligation 2011 $ 5,934 $ 10, % $ 19, ,127 11, % 17, ,270 14, % 14, ,289 9, % 19, ,815 9, % 26, ,997 8, % 34,