School District of Volusia County. Monthly Financial Statement. March 31, 2016

Transcription

1 School District of Volusia County Monthly Financial Statement VISION STATEMENT Ensuring all students receive a superior 21 st century education.

2 MEMORANDUM DATE: April 14, 2016 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 March 2016 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, total revenues in the General Fund increased $13.0 million (4%). State revenue increased approximately $5.9 million (3%) due to an increase in FEFP. Property Tax revenue increased approximately $7.5 million due primarily to an increase in property taxes collected. Expenditures in the Instruction function increased approximately $1.6 million due partly to the expansion of Ivy Hawn Charter School and an increase in salary expenditures, offset by a decrease in textbook and capital outlay expenditures. Expenditures in the General Administration, School Administration and Fiscal Services functions increased due to terminal leave. Expenditures in the Facilities Acquisition and Construction decreased due to the completion of a remodeling project. Expenditures decreased in the Transportation and Operation of Plant functions due primarily to energy savings. Other Loss Recovery includes $1.2 million from the BP Oil Spill settlement. Local revenue in the Food Service Fund decreased $0.4 million (-10%) due to a decrease in student lunches purchased. Total expenditures in the Food Service Fund decreased approximately $2.7 million (-13%) due primarily to a decrease in capital outlay and a decrease in food and commodity expenditures. Expenditures in the Federal Programs Fund decreased approximately $2.5 million (-8%) due primarily to a decrease in capital outlay expenditures for Title I offset by an increase in site licensing expenditures. Expenditures in the Race to the Top Fund decreased due to the conclusion of the grant. The Debt Service Funds include the issuance of Refunding COPS in the current year. State revenue in the Capital Projects Funds decreased $0.2 million due to a decrease in the PECO allocation. Property Tax revenue increased approximately $2.9 million due primarily to an increase in collections. Local Sales Tax revenue increased approximately $1.7 million due to an increase in sales tax collections. Local Source Other revenue increased $1.4 million due primarily to an increase in impact fees collected. Construction projects in progress are the chiller plant expansion at DeLand High School, re-roofing projects at Sweetwater Elementary and Volusia Pines Elementary, classroom renovations at Spruce Creek Elementary, HVAC upgrades at Pine Trail Elementary and Friendship Elementary, and renovations for the manufacturing academy at Pine Ridge High School.

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

4 School Board of Volusia County, Florida Cash and Investments for the Period Ending Operating & Core Funds Permitted Individual Issuer Breakdown: Investment Type Market Value Cost % of Portfolio by Policy Permitted Bank of America Checking $ 21,155,409 $ 21,155, % N/A U.S Government Securities Market Value Cost % of Portfolio by Policy Money Market Funds 515, , % 50% U.S. Treasuries $ 126,303,223 $ 126,506, % 100% SBA (Florida Prime) 11,354,310 11,354, % 25% Totals $ 126,303,223 $ 126,506, % Florida Education Investment Trust Fund 8,018,007 8,018, % 25% Commercial Paper 25,260,494 25,227, % 35% Federal Instrumentalities Market Value Cost % of Portfolio Corporate Notes 3,280,055 3,253, % 25% FHLB $ 18,929,116 $ 18,938, % 40% U.S. Government Securities 126,303, ,506, % 100% FHLMC 911, , % 40% Federal Instrumentalities 30,270,861 30,280, % 75% FNMA 9,994,700 9,983, % 40% Municipal Bonds 533, , % 25% Tennessee Valley Authority 435, , % 40% Totals $ 226,691,472 $ 226,842, % Totals $ 30,270,861 $ 30,280, % Investment Allocation - Operating & Core Funds Money Market Funds Market Value Cost % of Portfolio Fidelity Institutional Government $ 515,758 $ 515, % 25% Totals $ 515,758 $ 515, % Page 1 Money Market Funds 0.23% SBA 5.02% FEITF 3.54% Commercial Paper 11.11% Corporate Notes 1.44% Municipal Bonds Market Value Cost % of Portfolio FL SBA Fin Corp Txbl Rev Bd $ 533,355 $ 530, % 5% $ 533,355 $ 530, % Commercial Paper Market Value Cost % of Portfolio Bank of Tokyo $ 5,548,003 $ 5,538, % 5% Bank of America Checking 9.31% [CATEGORY NAME] 0.23% BNP Paribas Finance 3,639,157 3,634, % 5% Canadian Imperial 4,998,220 4,990, % 5% JP Morgan Securities 5,542,801 5,523, % 5% Toyota Motor Credit 5,532,313 5,540, % 5% Totals $ 25,260,494 $ 25,227, % Federal Instumentalities 13.35% U.S. Government Securities 55.77% Corporate Notes Market Value Cost % of Portfolio American Express Credit $ 502,165 $ 502, % 5% American Honda Fin Corp 141, , % 5% Apple Inc 182, , % 5% Chevron 546, , % 5% Cisco Sytems Inc 171, , % 5% John Deere Capital 284, , % 5% JP Morgan Chase 501, , % 5% Pepsico Inc 151, , % 5% Toyota Motor Credit Corp 656, , % 5% Walt Disney Corp 81,388 79, % 5% Berkshire Hathaway 60,833 59, % 5% Totals $ 3,280,055 $ 3,253, %

5 School Board of Volusia County, Florida Cash and Investments for the Period Ending Total - All Cash & Investments March 2016 YTD Current Maturity Distribution Market Value % of Portfolio Portfolio Performance & Earnings Net Earnings Net Earnings Yield Overnight (Money Market Funds) $ 41,043, % Bank of America Checking (a) (a) 0.35% (a) Under 6 Months 162,199, % Dreyfus Government MMF % 6-12 Months 1,510, % Fidelity Institutional Government MMF % 1-2 Years 10,779, % PFM Funds Prime MMF - 2, % 2-3 Years 10,625, % SBA (Florida Prime) 5,523 24, % 3-4 Years 533, % Intergovernmental Investment Pool - FEITF 3,908 17, % Totals $ 226,691, % Securities - Operating 70, , % Securities - Core 25, , % Totals 105, ,372 (a) Earnings Credit Rate Page 2 Percentage of Total Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% Portfolio Maturity Distribution Operating Portfolio Core Portfolio 1.05% 1.00% 0.95% 0.90% 0.85% 0.80% 0.75% 0.70% 0.65% 0.60% 0.55% 0.50% 0.45% 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% Benchmark Comparison 10% Bank of America Checking Fidelity MMF Dreyfus MMF Florida Prime 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years Securities - Operating PFM Prime Funds MMF Securities - Core FEITF 90 day U.S. T-Bill Index ML 1-3 yr Govt Index S&P Rated GIP Index Gov't 30-day (current index) BAML 1-3 US Treas Note Index (current index)

6 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances and Actual G E N E R A L F U N D Annual Actual Actual Balance REVENUES: Federal Direct $ 320,000 $ 341,573 $ 331,322 $ (11,322) Federal Through State 2,996,203 3,215,915 2,921,876 74,327 State Sources 261,742, ,157, ,019,119 65,723,855 Local Sources - Property Tax 166,882, ,593, ,065,567 11,817,160 Local Sources - Sales Tax Local Sources - Other 7,708,347 8,863,611 8,815,978 (1,107,631) TOTAL REVENUES 439,650, ,172, ,153,862 76,496,389 EXPENDITURES: Current: Instruction 299,285, ,972, ,555, ,730,171 Student Support Services 17,124,251 11,620,675 11,381,102 5,743,149 Instructional Media Services 6,347,569 3,901,069 3,854,156 2,493,413 Instruction and Curriculum Development Services 10,438,209 6,626,446 6,151,794 4,286,415 Instructional Staff Training 1,472, , , ,994 Instruction Related Technology 5,140,715 2,983,898 3,217,780 1,922,935 Board 714, , , ,533 General Administration 2,053,357 1,188,238 1,296, ,674 School Administration 35,573,518 23,735,014 23,953,370 11,620,148 Facilities, Acquisition and Construction 616, , , ,264 Fiscal Services 2,691,903 1,764,322 1,964, ,844 Food Service Central Services 7,513,894 4,924,962 4,407,703 3,106,191 Student Transportation Services 17,269,812 11,462,703 10,955,288 6,314,524 Operation of Plant 36,683,013 27,955,312 27,297,752 9,385,261 Maintenance of Plant 14,345,952 9,690,801 9,304,363 5,041,589 Administrative Technology Services 6,524,728 4,477,848 4,522,311 2,002,417 Community Services 3,788,152 3,328,396 3,505, ,522 Debt Service TOTAL EXPENDITURES 467,584, ,473, ,103, ,481,044 Excess (Deficiency) of Revenues Over (Under) Expenditures (27,933,841) 49,698,692 63,050,814 (90,984,655) OTHER FINANCING SOURCES (USES): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings Sale of Equipment 250, , ,030 3,970 Insurance Loss Recovery Other Loss Recovery 1,203,733 14,660 1,204,548 (815) Transfers In 9,286,369 6,507,879 4,781,922 4,504,447 Transfers Out TOTAL OTHER FINANCING SOURCES (USES) 10,740,102 6,800,947 6,232,500 4,507,602 Net change in fund balances (17,193,739) 56,499,639 69,283,314 (86,477,053) Beginning Fund Balances 32,691,750 43,941,500 32,691,750 - ENDING FUND BALANCES $ 15,498,011 $ 100,441,139 $ 101,975,064 $ (86,477,053) See accompanying notes 3

7 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 $ - $ - 21,630,400 13,562,731 13,943,163 7,687, , , , ,478 4,983,647 3,690,288 3,315,662 1,667,985 26,944,047 17,419,293 17,421,347 9,522,700 29,902,852 20,178,253 17,513,143 12,389,709 29,902,852 20,178,253 17,513,143 12,389,709 (2,958,805) (2,758,960) (91,796) (2,867,009) (2,958,305) (2,758,960) (91,296) (2,867,009) 10,444,123 11,611,202 10,444,123 - $ 7,485,818 $ 8,852,242 $ 10,352,827 $ (2,867,009) See accompanying notes 4

8 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 $ - $ - $ 17,059 $ (17,059) 47,879,629 29,871,099 27,403,109 20,476,520 47,879,629 29,871,099 27,420,168 20,459,461 23,110,101 14,606,469 11,718,259 11,391,842 5,147,685 3,108,307 3,129,972 2,017,713-4, ,405,558 8,279,551 5,170,636 3,234,922 6,941, ,404 4,648,654 2,293,139 75,607 7,816 6,757 68,850 1,712,111 1,555,775 1,231, ,331 2,029,292 1,312,986 1,341, , ,848 64,974 89, , ,104 62,632 66, ,029 40,469 17,958 17,051 23,418 30,061 16,838-30,061 47,879,629 29,871,099 27,420,168 20,459,461 $ - $ - $ - $ - See accompanying notes 5

9 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 $ - $ - $ - $ - 554, , , , , ,883-65,357 17,939 65, , , , , ,115-5,411 34,280 5,411-47, ,491 47, , , ,883 - $ - $ - $ - $ - See accompanying notes 6

10 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 $ - $ - $ - $ - 1,733, ,733,214 49,765 9,356 76,081 (26,316) 1,782,979 9,356 76,081 1,706,898 51,585,185 33,281,181 33,618,849 17,966,336 51,585,185 33,281,181 33,618,849 17,966,336 (49,802,206) (33,271,825) (33,542,768) (16,259,438) 73,150,000-73,150,000-13,707,447-13,707,447 - (86,106,484) - (86,106,484) - 49,719,017 26,973,977 26,617,016 23,102,001 50,469,980 26,973,977 27,367,979 23,102, ,774 (6,297,848) (6,174,789) 6,842,563 22,539,775 22,016,767 22,539,775 - $ 23,207,549 $ 15,718,919 $ 16,364,986 $ 6,842,563 See accompanying notes 7

11 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 $ - $ - $ - $ - 1,723,582 1,651,854 1,424, ,111 44,043,208 37,945,777 40,824,591 3,218,617 36,433,854 19,702,595 21,437,820 14,996,034 3,346,138 1,819,321 3,200, ,885 85,546,782 61,119,547 66,887,135 18,659,647 48,422,868 14,816,389 15,941,839 32,481,029 48,422,868 14,816,389 15,941,839 32,481,029 37,123,914 46,303,158 50,945,296 (13,821,382) ,000 (100,000) ,248 (109,248) 9, ,473 9,820 - (59,005,386) (33,481,856) (31,398,938) (27,606,448) (58,995,566) (33,102,383) (31,179,870) (27,815,696) (21,871,652) 13,200,775 19,765,426 (41,637,078) 48,721,640 48,852,049 48,721,640 - $ 26,849,988 $ 62,052,824 $ 68,487,066 $ (41,637,078) See accompanying notes 8

12 Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances 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 Support Services Instructional Media Services Instruction and Curriculum Development Services Instructional Staff Training Instruction 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): Refunding Lease-Purchase Agreements Premium on Refunding Lease-Purchase Agreements Payments to Lease-Purchase Agreements Escrow Agent Sale of Land Sale of Buildings 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 Change $ 320,000 $ 342,573 $ 348,381 $ (28,381) 73,061,115 47,448,967 44,823,031 28,238, ,529, ,974, ,606,112 67,923, ,925, ,539, ,890,158 15,035,777 36,433,854 19,702,595 21,437,820 14,996,034 16,087,897 14,382,576 15,407, , ,358, ,390, ,513, ,845, ,460, ,596, ,338, ,122,013 22,271,936 14,728,982 14,511,074 7,760,862 6,347,569 3,905,458 3,854,156 2,493,413 18,843,767 14,937,618 11,322,430 7,521,337 8,414,077 1,829,253 5,563,944 2,850,133 5,653,437 3,205,717 3,661,652 1,991, , , , ,533 3,770,879 2,778,293 2,533,874 1,237,005 37,602,810 25,048,000 25,295,004 12,307,806 49,039,659 15,263,545 16,297,366 32,742,293 2,691,903 1,764,322 1,964, ,844 29,902,852 20,178,253 17,513,143 12,389,709 7,766,742 5,358,427 4,544,053 3,222,689 17,450,916 11,525,335 11,021,363 6,429,553 36,723,482 27,973,270 27,314,803 9,408,679 14,345,952 9,690,801 9,304,363 5,041,589 6,554,789 4,494,686 4,522,311 2,032,478 3,788,152 3,328,396 3,505, ,522 51,585,185 33,281,181 33,618,849 17,966, ,929, ,419, ,151, ,777,579 (43,570,938) 59,971,065 80,361,546 (123,932,484) 73,150,000-73,150,000-13,707,447-13,707,447 - (86,106,484) - (86,106,484) ,000 (100,000) ,248 (109,248) 250, , ,530 3,970 9, ,473 9,820-1,203,733 14,660 1,204,548 (815) 59,005,386 33,481,856 31,398,938 27,606,448 (59,005,386) (33,481,856) (31,398,938) (27,606,448) 2,215, ,541 2,421,109 (206,093) (41,355,922) 60,643,606 82,782,655 (124,138,577) 114,397, ,421, ,397,288 - $ 73,041,366 $ 187,065,124 $ 197,179,943 $ (124,138,577) See accompanying notes 9

13 Facilities Acquisition & Construction Projects July 1, Proj # Name Description Project Estimate Prior Years Expenditures Current Current Encumbrances Current Expenditure Projects over $500, Atlantic HS New Chiller Replaces 2 Old Chillers 525, ,805 69,666 9, Brewster Center Major Renovations, Exterior 2,050, ,121 1,999, ,241 7, Creekside Mid Bldg 7 HVAC Upgrades 573,000 14, ,655 15,845 33, DeLand HS Chiller Plant Expansion 1,100,000 88, ,925 91, , Friendship Elm Bld 4 HVAC Upgrade, Ceiling & Lighting 941, , ,036 26,015 18, Galaxy Mid Renovate HVAC Bldg 3 990, ,000 62,293 26, Pierson Elm Replacement 1,000, ,218,109 1,213,309 4, Pine Ridge HS Replace Intercom 737, , ,800 17,826 11, Pine Ridge HS Renovating for Manufacturing Academy 1,200, , ,235 1, , Pine Trail Elm HVAC, Ceiling & Lighting 6,900, ,500, ,836 95, Port Orange Elm Upgrade Chiller Plant 650, ,000 13,295 35, Spruce Creek Elm Classroom Renovations 1,000, , ,160 10, , Sweetwater Elm Reroof Campus 1,100, , ,699 80, , Volusia Pines Elm Reroof Campus 1,200, , ,598 96, , Westside Elm Renovate HVAC Bldg 11, Media 550, ,000 16,855 37,855 SUBTOTAL OF CURRENT BUDGET AND EXPENDITURES 17,548,987 3,606,841 Other Capital Projects 30,873,880 5,514,989 12,334,998 TOTAL OF CURRENT BUDGET AND EXPENDITURES $48,422,868 $15,941,839 "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