School District of Volusia County. Monthly Financial Statement. February 28, 2015

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1 School District of Volusia County Monthly Financial Statement February 28, 2015 VISION STATEMENT Through the individual commitment of all, our students will graduate with the knowledge, skills, and values necessary to be successful contributors to our democratic society.

2 MEMORANDUM DATE: March 18, 2015 TO: FROM: SUBJECT: Chairman, Members of the Board, and Superintendent Bertie Trawick, Finance Director Explanation of Fluctuations between Fiscal Years in the Financial Statements The School District of Volusia County s Monthly Financial Statement for February 2015 is presented herewith. This report consists of four sections: 1) Cash and Investments, 2) Combined Statement of Revenues, Expenditures & Changes in Fund Balances and Actual, 3) Facilities Acquisition and Construction Projects, and 4) Notes to the Financial Statements. Below is an explanation of fluctuations between fiscal years by fund. Overall, year-to-date total revenue in the General Fund increased approximately $12.7 million (4%). State revenue increased approximately $4.5 million (3%) due to an increase in FEFP. Year-to-date property tax revenue increased approximately $6.9 million (5%) due to an increase in property values. Overall, year-todate total expenditures in the General Fund increased approximately $8.8 million (3%). Expenditures in the Instruction function increased approximately $7.5 million (5%), an increase in the number of teaching positions, textbook purchases and an increase in estimated claims liability for the self-insurance funds. Federal through state revenue in the Food Service Fund shows a decrease due to the timing of Federal reimbursements. Total expenditures increased approximately $1.1 million (6%) due primarily to an increase in capital outlay expenditures and food purchases. Expenditures in the Federal Programs Fund increased approximately $5.0 million (24%) due primarily to an increase in Title I technology expenditures. Expenditures in the Race to the Top Fund decreased approximately $0.7 million due to the final year of the grant. Expenditures in the Debt Service Funds remained consistent with the prior year. State revenue in the Capital Projects Funds increased $1.3 million due to receipt of PECO funding in the current year. Year-to-date property tax revenue increased approximately $1.9 million (6%) due to an increase in property values. Sales Tax revenue increased approximately 6%. Local Source Other increased approximately $1.5 million due to an increase in Impact Fees collected. Construction projects in progress are the re-roofing projects at Friendship Elementary, Sweetwater Elementary and Volusia Pines Elementary, replacement of the chiller at Edgewater Public, and replacement of HVAC at Horizon Elementary.

3 Table of Contents Page Cash & Investments Combined Statement of Revenues, Expenditures & Changes in Fund Balances - and Actual General Fund... 3 Special Revenue Food Service... 4 Federal Programs... 5 Race to the Top... 6 Debt Service... 7 Capital Projects... 8 Totals... 9 Facilities Acquisition and Construction Projects Notes to the Financial Statements... 11

School Board of Volusia County, Florida Cash and Investments for the Period Ending February 28, 2015 Operating & Core Funds Permitted Individual Issuer Breakdown: Investment Type Market Value Cost %

S Government Securities Market Value Cost % of Portfolio by Policy Money Market Funds 50,473,626 50,473,626 22.61% 75% U.S. Treasuries $ 47,253,622 $ 47,374,930 21.

4 School Board of Volusia County, Florida Cash and Investments for the Period Ending February 28, 2015 Operating & Core Funds Permitted Individual Issuer Breakdown: Investment Type Market Value Cost % of Portfolio by Policy Permitted Bank of America Checking $ 15,413,064 $ 15,413, % N/A U.S Government Securities Market Value Cost % of Portfolio by Policy Money Market Funds 50,473,626 50,473, % 75% U.S. Treasuries $ 47,253,622 $ 47,374, % 100% SBA (Florida Prime and Fund B) 57,437 57, % 25% Totals $ 47,253,622 $ 47,374, % Florida Education Investment Trust Fund 7,995,997 7,995, % 25% Commercial Paper 45,182,205 45,156, % 35% Federal Instrumentalities Market Value Cost % of Portfolio U.S. Government Securities 47,253,622 47,374, % 100% FHLB $ 16,426,259 $ 16,421, % 25% Federal Instrumentalities 56,860,374 56,841, % 75% FHLMC 20,441,315 20,434, % 25% Totals $ 223,236,325 $ 223,313, % FNMA 19,992,800 19,985, % 25% Totals $ 56,860,374 $ 56,841, % Page 1 Bank of America Checking 6.90% Federal Instrumentalities 25.45% Investment Allocation - Operating & Core Funds Money Market Funds 22.61% SBA 0.03% FEITF 3.58% Commercial Paper 20.22% U.S. Government Securities 21.21% Money Market Funds Market Value Cost % of Portfolio PFM Funds-Prime $ 50,459,383 $ 50,459, % 25% Fidelity Institutional Government 14,243 14, % 25% Totals $ 50,473,626 $ 50,473, % Commercial Paper Market Value Cost % of Portfolio Bank of Tokyo $ 10,545,379 $ 10,539, % 10% JP Morgan Chase 14,991,300 14,981, % 10% UBS Finance 2,999,952 2,996, % 10% Toyota Motor Credit 10,549,176 10,545, % 10% General Electric 5,547,235 5,544, % 10% Canadian Imper. HLDS 549, , % 10% Totals $ 45,182,205 $ 45,156, % Certificates of Participation - Proceeds Investment Type Market Value Cost % of Portfolio Dreyfus Government Cash Management $ 31,229 $ 31, % Totals $ 31,229 $ 31, % Investment Allocation - Bond Proceeds Dreyfus Government %

5 School Board of Volusia County, Florida Cash and Investments for the Period Ending February 28, 2015 Total - All Cash & Investments February 2015 YTD Current Maturity Distribution Market Value % of Portfolio Portfolio Performance & Earnings Net Earnings Net Earnings Yield Overnight (Money Market Funds) $ 73,971, % Bank of America Checking (a) (a) 0.35% (a) Under 6 Months 96,998, % Dreyfus Government MMF % 6-12 Months 35,015, % Fidelity Institutional Government MMF % 1-2 Years 8,235, % PFM Funds Prime MMF 3,163 18, % 2-3 Years 7,047, % SBA (Florida Prime) % 3-4 Years 1,999, % Intergovernmental Investment Pool - FEITF 992 5, % Totals $ 223,267, % Securities - Operating 14, , % Portfolio Maturity Distribution Securities - Core 25,032 48, % Totals 43, ,245 (a) Earnings Credit Rate Operating Portfolio Core Portfolio 0.70% Benchmark Comparison COPS 2005C Portfolio Page 2 100% 90% 0.60% Percentage of Total Portfolio 80% 70% 60% 50% 40% 0.50% 0.40% 0.30% 0.20% 30% 0.10% 20% 0.00% 10% Bank of America Checking Dreyfus MMF 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years Fidelity MMF Securities - Operating PFM Prime Funds MMF Florida Prime FEITF 91 day U.S. T-Bill Index Securities - Core ML 1-3 yr Govt Index

6 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances G E N E R A L F U N D Annual Actual Actual Balance REVENUES: Federal Direct $ 320,000 $ 302,176 $ 301,757 $ 18,243 Federal Through State 1,963,912 1,658,994 2,144,273 (180,361) State Sources 252,655, ,429, ,883,167 84,772,545 Local Sources - Property Tax 161,879, ,495, ,419,669 19,459,386 Local Sources - Sales Tax Local Sources - Other 5,256,255 6,836,077 7,706,665 (2,450,410) TOTAL REVENUES 422,074, ,721, ,455, ,619,403 EXPENDITURES: Current: Instruction 288,746, ,307, ,855, ,891,418 Student Personnel Services 17,847,521 10,039,321 10,088,157 7,759,364 Instructional Media Services 6,264,212 3,375,347 3,367,055 2,897,157 Instruction and Curriculum Development Services 10,590,280 5,547,348 5,829,220 4,761,060 Instructional Staff Training 2,473, , ,332 1,712,375 Instructional Related Technology 4,713,766 2,546,916 2,708,782 2,004,984 Board 846, , , ,706 General Administration 1,931, ,318 1,092, ,235 School Administration 34,893,108 20,406,025 20,767,082 14,126,026 Facilities, Acquisition and Construction 731, , ,356 71,615 Fiscal Services 2,650,342 1,601,291 1,573,985 1,076,357 Food Service Central Services 7,067,758 3,637,771 4,284,647 2,783,111 Student Transportation Services 18,152,661 10,591,174 10,037,702 8,114,959 Operation of Plant 37,822,087 24,294,578 25,015,505 12,806,582 Maintenance of Plant 14,694,265 9,188,175 8,606,066 6,088,199 Administrative Technology Services 7,028,231 4,337,132 4,062,645 2,965,586 Community Services 3,661,970 2,807,074 2,913, ,671 Debt Service TOTAL EXPENDITURES 460,116, ,295, ,091, ,025,405 Excess (Deficiency) of Revenues Over (Under) Expenditures (38,041,833) 54,426,604 58,364,169 (96,406,002) OTHER FINANCING SOURCES (USES): Sale of Equipment - 20, ,773 (133,773) Insurance Loss Recovery Other Loss Recovery 6,426-6,426 - Transfers In 11,365,292 6,618,196 6,507,879 4,857,413 Transfers Out TOTAL OTHER FINANCING SOURCES (USES) 11,371,718 6,638,257 6,648,078 4,723,640 Net change in fund balances (26,670,115) 61,064,861 65,012,247 (91,682,362) Beginning Fund Balances 43,941,500 49,401,111 43,941,500 - ENDING FUND BALANCES $ 17,271,385 $ 110,465,972 $ 108,953,747 $ (91,682,362) See accompanying notes 3

7 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES F O O D S E R V I C E Annual Actual Actual Balance $ 1,000 $ - $ 1,000 $ - 20,408,110 10,969,954 8,839,100 11,569, , , , ,726 5,166,101 3,673,714 3,296,061 1,870,040 25,925,211 14,809,917 12,301,435 13,623,776 28,579,320 16,689,443 17,743,078 10,836,242 28,579,320 16,689,443 17,743,078 10,836,242 (2,654,109) (1,879,526) (5,441,643) 2,787,534 (2,654,109) (1,879,526) (5,441,643) 2,787,534 11,611,202 11,607,145 11,611,202 - $ 8,957,093 $ 9,727,619 $ 6,169,559 $ 2,787,534 See accompanying notes 4

8 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES F E D E R A L P R O G R A M S Annual Actual Actual Balance $ - $ - $ - $ - 50,987,900 21,077,743 26,093,305 24,894,595 50,987,900 21,077,743 26,093,305 24,894,595 24,350,614 8,671,401 12,697,258 11,653,356 5,430,585 2,644,366 2,716,865 2,713,720 4,389-4,389-16,132,660 6,768,379 7,235,653 8,897, , , ,409 28,436 75,835 88,081 6,931 68,904 1,744, ,277 1,384, ,614 1,874,906 1,173,215 1,156, , ,177-53,568 99, ,208 43,799 51, ,435 42,337 14,302 16,427 25,910 24,216 9,420 14,833 9,383 50,987,900 21,077,743 26,093,305 24,894,595 $ - $ - $ - $ - See accompanying notes 5

9 Governmental Fund Types Combined Statement of Revenues, and Actual REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES R A C E T O T H E T O P Annual Actual Actual Balance $ - $ - $ - $ - 1,998,504 1,451, ,982 1,222,522 1,998,504 1,451, ,982 1,222,522 24,542 38,869 18,738 5,804 43, ,817 30,722 13, , , ,567 82, , , , ,975 78,695 48,724 34,049 44, , , , ,338-1, , ,998,504 1,451, ,982 1,222,522 $ - $ - $ - $ - See accompanying notes 6

10 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES D E B T S E R V I C E Annual Actual Actual Balance $ - $ - $ - $ - 1,972, ,972,050 6,674 9,926 8,584 (1,910) 1,978,724 9,926 8,584 1,970,140 52,069,217 32,026,819 32,005,785 20,063,432 52,069,217 32,026,819 32,005,785 20,063,432 (50,090,493) (32,016,893) (31,997,201) (18,093,292) 50,660,365 25,288,036 24,682,679 25,977,686 50,660,365 25,288,036 24,682,679 25,977, ,872 (6,728,857) (7,314,522) 7,884,394 22,016,767 21,486,307 22,016,767 - $ 22,586,639 $ 14,757,450 $ 14,702,245 $ 7,884,394 See accompanying notes 7

11 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES C A P I T A L P R O J E C T S Annual Actual Actual Balance $ - $ - $ - $ - 1,932, ,785 1,651, ,105 41,708,609 34,693,741 36,615,950 5,092,659 33,347,170 16,107,637 17,113,511 16,233,659 2,030, ,258 1,611, ,457 79,019,705 51,249,421 56,992,825 22,026,880 36,093,680 11,089,771 11,850,194 24,243,486 36,093,680 11,089,771 11,850,194 24,243,486 42,926,025 40,159,650 45,142,631 (2,216,606) 379, ,473 - (62,025,657) (31,906,232) (31,190,558) (30,835,099) (61,646,184) (31,906,232) (30,811,085) (30,835,099) (18,720,159) 8,253,418 14,331,546 (33,051,705) 48,852,049 56,641,818 48,852,049 - $ 30,131,890 $ 64,895,236 $ 63,183,595 $ (33,051,705) See accompanying notes 8

12 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances REVENUES: Federal Direct Federal Through State State Sources Local Sources - Property Tax Local Sources - Sales Tax Local Sources - Other TOTAL REVENUES EXPENDITURES: Current: Instruction Student Personnel Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instructional Related Technology Board General Administration School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES T O T A L S Annual Actual Actual Balance $ 321,000 $ 302,176 $ 302,757 $ 18,243 75,358,426 35,157,945 37,852,660 37,505, ,910, ,918, ,700,295 87,210, ,587, ,188, ,035,619 24,552,045 33,347,170 16,107,637 17,113,511 16,233,659 12,459,997 10,644,975 12,622,820 (162,823) 581,984, ,319, ,627, ,357, ,121, ,017, ,571, ,550,578 23,278,106 12,683,687 12,805,022 10,473,084 6,268,601 3,375,347 3,371,444 2,897,157 26,766,777 12,539,544 13,095,595 13,671,182 3,469,763 1,626,761 1,646,308 1,823,455 5,608,743 3,053,273 2,924,880 2,683, , , , ,706 3,754,641 1,721,319 2,511,146 1,243,495 36,768,014 21,579,240 21,923,767 14,844,247 36,825,651 11,701,947 12,510,550 24,315,101 2,650,342 1,601,291 1,573,985 1,076,357 28,579,320 16,689,443 17,743,078 10,836,242 8,040,012 4,201,966 4,690,954 3,349,058 18,524,869 10,636,622 10,089,475 8,435,394 37,864,424 24,308,880 25,031,932 12,832,492 14,694,265 9,188,175 8,606,066 6,088,199 7,052,447 4,379,460 4,077,478 2,974,969 3,661,970 2,807,074 2,913, ,671 52,069,217 32,026,819 32,005,785 20,063, ,845, ,630, ,559, ,285,682 (47,860,410) 60,689,835 66,067,956 (113,928,366) - 20, ,773 (133,773) 379, ,473-6,426-6,426-62,025,657 31,906,232 31,190,558 30,835,099 (62,025,657) (31,906,232) (31,190,558) (30,835,099) 385,899 20, ,672 (133,773) (47,474,511) 60,709,896 66,587,628 (114,062,139) 126,421, ,136, ,421,518 - $ 78,947,007 $ 199,846,277 $ 193,009,146 $ (114,062,139) See accompanying notes 9

13 Facilities Acquisition & Construction Projects July 1, February 28, 2015 Proj # Name Description Project Estimate Prior Years Expenditures Current Current Encumbrances Current Expenditure Projects over $500, Brewster Center Major Renovations 2,050,000 3,289 2,050,000 57,666 3, Discovery Elm Paving Improvements 520, ,000 42,766 11, Edgewater Puplic Replace 225 Ton Chiller & Chiller #2 1,000, , , , , Friendship Elm Bld 4 HVAC Upgrade, Ceiling & Lighting 941, ,000 36,859 46, Friendship Elm Reroof Campus 1,300, , ,764 70, , Horizon Elm Replace HVAC Bldgs 2,3,5,6,7,9,10 150, ,780 3, , Pine Ridge HS Replace Intercom 530, , ,050 38,750 9, Pine Ridge HS Renovating for Manufacturing Academy 1,200, ,200,000 18,525 20, Spruce Creek Elm Classroom Renovations 1,000, ,000,000 91, Sweetwater Elm Reroof Campus 1,100, ,000,000 33,321 23, Volusia Pines Elm Reroof Campus 1,200,000 40,965 1,134, ,040 9,732 SUBTOTAL OF CURRENT BUDGET AND EXPENDITURES 10,457,715 1,528,224 Other Capital Projects 25,635,965 7,099,369 10,321,970 TOTAL OF CURRENT BUDGET AND EXPENDITURES $36,093,680 $11,850,194 "Project Estimate - Capital projects most frequently extend over several years. We thought it important to provide information on the total estimates of the costs of the projects in addition to their respective annual appropriations (current budget column). Please note that the Project Estimates are only estimates, not budgeted amounts, and are made very early in the planning process. Construction costs change rapidly as market conditions change and construction costs on remodeling projects are particularly difficult to project." 10

14 Notes to the Financial Statement Cash and Investments 1. "Float" monies not included in account balances reported. 2. Rate of returns vary based on bond type and rate structure. Governmental Fund Types - Combined Statement of Revenues, Expenditures & Changes in Fund Balances Notes1. The "" column reflects the annual budget. 2. The "Actual" column reflects revenues as received and expenditures as incurred. It does not include encumbrances. 11

School District of Volusia County. Monthly Financial Statement. February 29, 2016

School District of Volusia County Monthly Financial Statement February 29, 2016 VISION STATEMENT Ensuring all students receive a superior 21 st century education. MEMORANDUM DATE: March 14, 2016 TO: FROM: