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

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1 School District of Volusia County Monthly Financial Statement February 29, 2016 VISION STATEMENT Ensuring all students receive a superior 21 st century education.

2 MEMORANDUM DATE: March 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 February 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 14.2 million (4%). Federal through State revenue increased 0.7 million due to an increase in the amount and timing of Medicaid reimbursements. State revenue increased approximately 5.9 million (4%) due to an increase in FEFP. Property Tax revenue increased approximately 7.8 million due primarily to an increase in property taxes collected. Expenditures in the Instruction function increased approximately 1.9 million due partly to the expansion of Ivy Hawn Charter School. Expenditures in the 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 in the amount of 1.2 million is a settlement from the BP Oil Spill. Federal through State revenue in the Food Service Fund shows an increase of 2.8 million due to the timing of federal reimbursements. Local revenue decreased 0.4 million (12%) due to a decrease in student lunches purchased. Total expenditures in the Food Service Fund decreased approximately 2.4 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 2.4 million (9%) 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 0.3 million due to a decrease in the PECO allocation. Property Tax revenue increased approximately 3.0 million due primarily to an increase in collections. Local Sales Tax revenue increased approximately 1.5 million due to an increase in sales tax collections. Local Source Other revenue increased 1.2 million due primarily to an increase in impact fees collected. Construction projects in progress are the chiller plant expansion at DeLand High School, reroofing 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

School Board of Volusia County, Florida Cash and Investments for the Period Ending February 29, 2016 Operating & Core Funds Permitted Individual Issuer Breakdown: Investment Type Market Value Cost %

4 School Board of Volusia County, Florida Cash and Investments for the Period Ending February 29, 2016 Operating & Core Funds Permitted Individual Issuer Breakdown: Investment Type Market Value Cost % of Portfolio by Policy Permitted Bank of America Checking 24,098,326 24,098, % N/A U.S Government Securities Market Value Cost % of Portfolio by Policy Money Market Funds 384, , % 50% U.S. Treasuries 125,728, ,033, % 100% SBA (Florida Prime) 11,348,787 11,348, % 25% Totals 125,728, ,033, % Florida Education Investment Trust Fund 8,014,099 8,014, % 25% Commercial Paper 25,827,258 25,781, % 35% Federal Instrumentalities Market Value Cost % of Portfolio Corporate Notes 3,192,301 3,193, % 25% FHLB 19,523,300 19,538, % 40% U.S. Government Securities 125,728, ,033, % 100% FHLMC 910, , % 40% Federal Instrumentalities 30,862,193 30,880, % 75% FNMA 9,990,400 9,983, % 40% Totals 229,455, ,734, % Tennessee Valley Authority 438, , % 40% Totals 30,862,193 30,880, % Investment Allocation Operating & Core Funds Money Market Funds Market Value Cost % of Portfolio PFM FundsPrime 75,269 75, % 25% Fidelity Institutional Government 308, , % 25% Totals 384, , % Page 1 Money Market Funds 0.16% SBA 4.93% FEITF 3.48% Commercial Paper 11.17% Corporate Notes 1.37% Commercial Paper Market Value Cost % of Portfolio Bank of Tokyo 5,545,612 5,538, % 5% BNP Paribas Finance 3,648,809 3,640, % 5% Canadian Imperial 4,996,195 4,990, % 5% Bank of America Checking 10.45% JP Morgan Securities 5,538,963 5,523, % 5% Toyota Motor Credit 5,547,875 5,540, % 5% UBS Securities 549, , % 5% Totals 25,827,258 25,781, % Corporate Notes Market Value Cost % of Portfolio Federal Instumentalities 13.38% American Express Credit 497, , % 5% American Honda Fin Corp 140, , % 5% Apple Inc 181, , % 5% Chevron 537, , % 5% U.S. Government Securities 55.06% Cisco Sytems Inc 170, , % 5% John Deere Capital 283, , % 5% JP Morgan Chase 498, , % 5% Pepsico Inc 150, , % 5% Toyota Motor Credit Corp 651, , % 5% Walt Disney Corp 81,101 79, % 5% Totals 3,192,301 3,193, %

5 School Board of Volusia County, Florida Cash and Investments for the Period Ending February 29, 2016 Total All Cash & Investments February 2016 YTD Current Maturity Distribution Market Value % of Portfolio Portfolio Performance & Earnings Net Earnings Net Earnings Yield Overnight (Money Market Funds) 43,845, % Bank of America Checking (a) (a) 0.35% (a) Under 6 Months 132,078, % Dreyfus Government MMF % 6 12 Months 32,494, % Fidelity Institutional Government MMF % 1 2 Years 9,687, % PFM Funds Prime MMF 28 2, % 2 3 Years 11,349, % SBA (Florida Prime) 4,818 18, % 3 4 Years 0.00% Intergovernmental Investment Pool FEITF 3,331 14, % Totals 229,455, % Securities Operating 64, , % Securities Core 36, , % Totals 109, ,339 (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. TBill Index ML 13 yr Govt Index S&P Rated GIP Index Gov't 30day (current index) BAML 13 US Treas Note Index (current 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, , ,009 28,991 Federal Through State 2,996,203 2,144,273 2,889, ,297 State Sources 261,013, ,883, ,802,970 87,210,627 Local Sources Property Tax 166,882, ,419, ,195,064 16,687,663 Local Sources Sales Tax Local Sources Other 7,495,280 7,706,665 7,485,812 9,468 TOTAL REVENUES 438,707, ,455, ,664, ,043,046 EXPENDITURES: Current: Instruction 298,632, ,855, ,710, ,921,674 Student Support Services 17,130,768 10,088,157 9,905,279 7,225,489 Instructional Media Services 6,347,568 3,367,055 3,356,217 2,991,351 Instruction and Curriculum Development Services 10,325,209 5,829,220 5,401,612 4,923,597 Instructional Staff Training 1,463, , , ,028 Instruction Related Technology 5,140,715 2,708,782 2,971,976 2,168,739 Board 714, , , ,525 General Administration 2,062,726 1,092,583 1,185, ,061 School Administration 35,579,355 20,767,082 21,069,152 14,510,203 Facilities, Acquisition and Construction 552, , , ,398 Fiscal Services 2,691,903 1,573,985 1,778, ,768 Food Service Central Services 7,507,668 4,284,647 4,035,189 3,472,479 Student Transportation Services 17,264,109 10,037,702 9,618,142 7,645,967 Operation of Plant 36,683,013 25,015,505 24,584,047 12,098,966 Maintenance of Plant 14,345,952 8,606,066 8,243,878 6,102,074 Administrative Technology Services 6,524,728 4,062,645 4,065,863 2,458,865 Community Services 3,608,808 2,913,299 3,088, ,968 Debt Service TOTAL EXPENDITURES 466,575, ,091, ,522, ,053,152 Excess (Deficiency) of Revenues Over (Under) Expenditures (27,867,537) 58,364,169 72,142,569 (100,010,106) OTHER FINANCING SOURCES (USES): Refunding LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent Sale of Equipment 250, ,773 38, ,978 Insurance Loss Recovery Other Loss Recovery 1,201,994 6,426 1,203,733 (1,739) Transfers In 9,221,803 6,507,879 4,749,999 4,471,804 Transfers Out TOTAL OTHER FINANCING SOURCES (USES) 10,673,797 6,648,078 5,991,754 4,682,043 Net change in fund balances (17,193,740) 65,012,247 78,134,323 (95,328,063) Beginning Fund Balances 32,691,750 43,941,500 32,691,750 ENDING FUND BALANCES 15,498, ,953, ,826,073 (95,328,063) See accompanying notes 3

7 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances F O O D S E R V I C E Annual Actual Actual Balance 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 LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent 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 21,630, ,000 4,983,647 26,944,047 29,902,852 29,902,852 (2,958,805) (2,958,305) 10,444,123 7,485,818 1,000 8,839, ,274 3,296,061 12,301,435 17,743,078 17,743,078 (5,441,643) (5,441,643) 11,611,202 6,169,559 11,648, ,522 2,897,081 14,707,821 15,371,745 15,371,745 (663,924) (663,424) 10,444,123 9,780,699 9,982, ,478 2,086,566 12,236,226 14,531,107 14,531,107 (2,294,881) (2,294,881) (2,294,881) See accompanying notes 4

8 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances F E D E R A L P R O G R A M S Annual Actual Actual Balance 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 LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent 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 47,879,629 47,879,629 23,957,054 5,163,668 14,027, ,782 75,607 1,711,509 2,029,214 76, ,454 39,373 30,061 47,879,629 26,093,305 26,093,305 12,697,258 2,716,865 4,389 7,235, ,409 6,931 1,384,514 1,156,685 53,568 51,773 16,427 14,833 26,093,305 9,574 23,682,953 23,692,527 9,865,981 2,717,178 4,659,311 4,026,751 5,941 1,076,574 1,182,936 77,620 64,517 15,718 23,692,527 (9,574) 24,196,676 24,187,102 14,091,073 2,446,490 9,367,856 (3,437,969) 69, , ,278 (880) 115,937 23,655 30,061 24,187,102 See accompanying notes 5

9 Governmental Fund Types Combined Statement of Revenues, and Actual R A C E T O T H E T O P Annual Actual Actual Balance REVENUES: Federal Direct Federal Through State 554, , ,883 State Sources Local Sources Property Tax Local Sources Sales Tax Local Sources Other TOTAL REVENUES 554, , ,883 EXPENDITURES: Current: Instruction 65,357 18,738 65,357 Student Support Services Instructional Media Services Instruction and Curriculum Development Services 30,722 Instructional Staff Training 130,567 Instruction Related Technology 437, , ,115 Board General Administration 5,411 34,049 5,411 School Administration Facilities, Acquisition and Construction Fiscal Services Food Service Central Services 47, ,739 47,000 Student Transportation Services Operation of Plant Maintenance of Plant Administrative Technology Services Community Services Debt Service TOTAL EXPENDITURES 554, , ,883 Excess (Deficiency) of Revenues Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Refunding LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent 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 See accompanying notes 6

10 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances D E B T S E R V I C E Annual Actual Actual Balance 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 1,733,214 49,765 1,782,979 51,585,185 51,585,185 8,584 8,584 32,005,785 32,005,785 49,803 49,803 32,964,342 32,964,342 1,733,214 (38) 1,733,176 18,620,843 18,620,843 Over (Under) Expenditures OTHER FINANCING SOURCES (USES): Refunding LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent 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 (49,802,206) 73,150,000 13,707,447 (86,106,484) 49,719,017 50,469, ,774 22,539,775 23,207,549 (31,997,201) 24,682,679 24,682,679 (7,314,522) 22,016,767 14,702,245 (32,914,539) 73,150,000 13,707,447 (86,106,484) 24,324,640 25,075,603 (7,838,936) 22,539,775 14,700,839 (16,887,667) 25,394,377 25,394,377 8,506,710 8,506,710 See accompanying notes 7

11 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances C A P I T A L P R O J E C T S Annual Actual Actual Balance 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 LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent Sale of Equipment Insurance Loss Recovery Other Loss Recovery Transfers In 1,659,016 44,043,208 36,433,854 3,346,138 85,482,216 48,479,597 48,479,597 37,002,619 9,820 1,651,854 36,615,950 17,113,511 1,611,510 56,992,825 11,850,195 11,850,195 45,142, ,473 1,361,659 39,542,551 18,653,015 2,823,018 62,380,243 15,276,516 15,276,516 47,103,727 9, ,357 4,500,657 17,780, ,120 23,101,973 33,203,081 33,203,081 (10,101,108) Transfers Out TOTAL OTHER FINANCING SOURCES (USES) Net change in fund balances Beginning Fund Balances ENDING FUND BALANCES (58,940,820) (58,931,000) (21,928,381) 48,721,640 26,793,259 (31,190,558) (30,811,085) 14,331,545 48,852,049 63,183,594 (29,074,639) (29,064,819) 18,038,908 48,721,640 66,760,548 (29,866,181) (29,866,181) (39,967,289) (39,967,289) See accompanying notes 8

12 Governmental Fund Types Combined Statement of Revenues, and Actual Expenditures & Changes in Fund Balances T O T A L S Annual Actual Actual Balance Change REVENUES: Federal Direct Federal Through State 320,000 73,061, ,757 37,852, ,583 38,775,960 19,417 34,285,155 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 LeasePurchase Agreements Premium on Refunding LeasePurchase Agreements Payments to LeasePurchase Agreements Escrow Agent 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 264,735, ,925,935 36,433,854 15,874, ,351, ,654,917 22,294,436 6,347,568 24,352,376 2,052,172 5,653, ,701 3,779,646 37,608,569 49,031,822 2,691,903 29,902,852 7,631,408 17,444,563 36,722,386 14,345,952 6,554,789 3,608,808 51,585, ,977,490 (43,625,929) 73,150,000 13,707,447 (86,106,484) 250,500 9,820 1,201,994 58,940,820 (58,940,820) 2,213,277 (41,412,652) 114,397,288 72,984, ,700, ,035,619 17,113,511 12,622, ,627, ,571,334 12,805,022 3,371,444 13,095,595 1,646,308 2,924, ,608 2,511,146 21,923,767 12,510,551 1,573,985 17,743,078 4,690,954 10,089,475 25,031,932 8,606,066 4,077,478 2,913,299 32,005, ,559,707 66,067, , ,473 6,426 31,190,558 (31,190,558) 519,672 66,587, ,421, ,009, ,327, ,737,615 18,653,015 13,255, ,050, ,642,170 12,622,457 3,356,217 10,060,923 4,840,113 3,415, ,176 2,267,650 22,252,088 15,566,343 1,778,135 15,371,745 4,159,809 9,682,659 24,599,765 8,243,878 4,065,863 3,088,840 32,964, ,382,205 85,667,833 73,150,000 13,707,447 (86,106,484) 38,522 9,820 1,203,733 29,074,639 (29,074,639) 2,003,038 87,670, ,397, ,068,159 89,408,676 21,188,320 17,780,839 2,619, ,301, ,012,747 9,671,979 2,991,351 14,291,453 (2,787,941) 2,238, ,525 1,511,996 15,356,481 33,465, ,768 14,531,107 3,471,599 7,761,904 12,122,621 6,102,074 2,488, ,968 18,620, ,595,285 (129,293,762) 211,978 (1,739) 29,866,181 (29,866,181) 210,239 (129,083,523) (129,083,523) See accompanying notes 9

13 Facilities Acquisition & Construction Projects July 1, 2015 February 29, 2016 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 36,595 11, DeLand HS Chiller Plant Expansion 1,100,000 88, , , , Friendship Elm Bld 4 HVAC Upgrade, Ceiling & Lighting 941, , ,036 31,115 13, Galaxy Mid Renovate HVAC Bldg 3 990, ,000 62,293 26, Pierson Elm Replacement 1,000, ,218,102 1,216,643 1, Pine Ridge HS Replace Intercom 530, , ,800 17,826 11, Pine Ridge HS Renovating for Manufacturing Academy 1,200, , ,235 1, , Pine Trail Elm HVAC, Ceiling & Lighting 5,500, ,500, ,836 95, Port Orange Elm Upgrade Chiller Plant 650, ,000 14,030 34, Spruce Creek Elm Classroom Renovations 1,000, , ,160 10, , Sweetwater Elm Reroof Campus 1,100, , ,924 92, , 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 17,560,205 3,542,839 Other Capital Projects 30,919,391 5,067,228 11,733,676 TOTAL OF CURRENT BUDGET AND EXPENDITURES 48,479,597 15,276,516 "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. March 31, 2016

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