School District of Volusia County. Monthly Financial Statement. April 30, 2016

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

2 MEMORANDUM DATE: May 17, 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 April 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 $19.8 million (5%). State revenue increased approximately $11.3 million (5%) due to an increase in FEFP and School Recognition funds. Property Tax revenue increased approximately $8.3 million due primarily to an increase in property taxes collected. Expenditures in the Instruction function increased approximately $2.2 million due partly to the expansion of Ivy Hawn Charter School and 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. Expenditures in the Maintenance function decreased due to a decrease in materials purchased and contracted services. Other Loss Recovery includes $1.2 million from the BP Oil Spill settlement. Federal through State revenue in the Food Service Fund increased due to the timing of Federal reimbursements. Local revenue decreased $0.4 million (-10%) due to a decrease in student lunches purchased. Total expenditures in the Food Service Fund decreased approximately $2.8 million (-12%) due primarily to a decrease in capital outlay and a decrease in food and commodity expenditures. Expenditures in the Federal Programs Fund decreased approximately $2.6 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 $0.4 million due to a decrease in the PECO allocation. Property Tax revenue increased approximately $3.1 million due primarily to an increase in collections. Local Sales Tax revenue increased approximately $2.1 million due to an increase in sales tax collections. Local Source Other revenue increased $1.5 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

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

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 $ 25,908,666 $ 25,908, % N/A U.S Government Securities Market Value Cost % of Portfolio by Policy Money Market Funds 684, , % 50% U.S. Treasuries $ 54,073,292 $ 53,962, % 100% SBA (Florida Prime) 51,876,978 51,876, % 25% Totals $ 54,073,292 $ 53,962, % Florida Education Investment Trust Fund 48,540,500 48,540, % 25% Commercial Paper 30,756,196 30,702, % 35% Federal Instrumentalities Market Value Cost % of Portfolio Corporate Notes 4,142,042 4,112, % 25% FHLB $ 2,930,708 $ 2,962, % 40% U.S. Government Securities 54,073,292 53,962, % 100% FHLMC 1,710,405 1,709, % 40% Federal Instrumentalities 15,072,681 15,103, % 75% FNMA 9,997,600 9,983, % 40% Municipal Bonds 537, , % 25% Tennessee Valley Authority 433, , % 40% Totals $ 231,592,152 $ 231,422, % Totals $ 15,072,681 $ 15,103, % Money Market Funds Market Value Cost % of Portfolio Fidelity Institutional Government $ 684,584 $ 684, % 25% Totals $ 684,584 $ 684, % Page 1 Bank of America Checking 11.18% Municipal Bonds 0.23% Money Market Funds 0.30% Federal Instumentalities 6.53% U.S. Government Securities 23.32% Investment Allocation - Operating & Core Funds SBA 22.42% Corporate Notes 1.77% Commercial Paper 13.28% FEITF 20.97% Municipal Bonds Market Value Cost % of Portfolio FL SBA Fin Corp Txbl Rev Bd $ 537,213 $ 530, % 5% $ 537,213 $ 530, % Commercial Paper Market Value Cost % of Portfolio Bank of Tokyo $ 5,546,629 $ 5,543, % 5% BNP Paribas Finance 3,642,396 3,634, % 5% Canadian Imperial 4,999,850 4,990, % 5% JP Morgan Securities 5,545,379 5,523, % 5% Toyota Motor Credit 5,536,707 5,527, % 5% Cooperative Rabobank 5,485,235 5,483, % 5% Totals $ 30,756,196 $ 30,702, % Corporate Notes Market Value Cost % of Portfolio American Express Credit $ 503,490 $ 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 502, , % 5% Pepsico Inc 151, , % 5% Toyota Motor Credit Corp 656, , % 5% Walt Disney Corp 81,320 79, % 5% Berkshire Hathaway 60,843 59, % 5% Goldman Sachs 351, , % 5% Wells Fargo & Co 508, , % 5% Totals $ 4,142,042 $ 4,112, %

5 School Board of Volusia County, Florida Cash and Investments for the Period Ending Total - All Cash & Investments April 2016 YTD Current Maturity Distribution Market Value % of Portfolio Portfolio Performance & Earnings Net Earnings Net Earnings Yield Overnight (Money Market Funds) $ 127,010, % Bank of America Checking (a) (a) 0.35% (a) Under 6 Months 81,083, % Dreyfus Government MMF Months 2,265, % Fidelity Institutional Government MMF % 1-2 Years 12,281, % PFM Funds Prime MMF - 2, Years 8,412, % SBA (Florida Prime) 22,668 46, % 3-4 Years 537, % Intergovernmental Investment Pool - FEITF 22,493 40, % Totals $ 231,592, % Securities - Operating 56, , % Securities - Core 27, , % Totals 129, ,614 (a) Earnings Credit Rate (b) (b) Page 2 Percentage of Total Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% Portfolio Maturity Distribution Operating Portfolio Core Portfolio 1.10% 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% (b) Closed Benchmark Comparison 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 Securities - Core Florida Prime 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 $ 379,840 $ 381,389 $ 371,634 $ 8,206 Federal Through State 3,004,057 3,265,555 3,450,793 (446,736) State Sources 262,175, ,442, ,741,140 40,434,488 Local Sources - Property Tax 166,882, ,661, ,939,041 3,943,686 Local Sources - Sales Tax Local Sources - Other 9,548,382 9,930,469 9,936,987 (388,605) TOTAL REVENUES 441,990, ,681, ,439,595 43,551,039 EXPENDITURES: Current: Instruction 299,983, ,245, ,456,232 89,527,529 Student Support Services 17,490,132 13,165,724 12,862,897 4,627,235 Instructional Media Services 6,348,677 4,412,567 4,362,864 1,985,813 Instruction and Curriculum Development Services 10,461,015 7,428,910 6,896,971 3,564,044 Instructional Staff Training 1,475, ,270 1,006, ,871 Instruction Related Technology 5,140,715 3,267,843 3,504,326 1,636,389 Board 714, , , ,889 General Administration 2,053,357 1,281,770 1,410, ,268 School Administration 35,564,383 26,587,382 26,739,774 8,824,609 Facilities, Acquisition and Construction 644, , , ,189 Fiscal Services 2,691,903 1,954,438 2,148, ,135 Food Service Central Services 7,537,526 5,416,860 4,826,358 2,711,168 Student Transportation Services 17,271,383 13,325,970 12,556,940 4,714,443 Operation of Plant 36,701,264 30,649,953 29,903,501 6,797,763 Maintenance of Plant 14,349,840 10,959,271 10,309,645 4,040,195 Administrative Technology Services 6,524,728 4,867,823 4,955,059 1,569,669 Community Services 5,003,094 3,550,310 3,678,690 1,324,404 Debt Service TOTAL EXPENDITURES 469,955, ,210, ,484, ,471,613 Excess (Deficiency) of Revenues Over (Under) Expenditures (27,964,981) 41,471,187 61,955,593 (89,920,574) 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, , ,955 (955) Insurance Loss Recovery Other Loss Recovery 1,203,733 15,128 1,204,548 (815) Transfers In 9,317,507 6,604,090 4,813,882 4,503,625 Transfers Out TOTAL OTHER FINANCING SOURCES (USES) 10,771,240 6,899,041 6,269,385 4,501,855 Net change in fund balances (17,193,741) 48,370,228 68,224,978 (85,418,719) Beginning Fund Balances 32,691,750 43,941,500 32,691,750 - ENDING FUND BALANCES $ 15,498,009 $ 92,311,728 $ 100,916,728 $ (85,418,719) 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 13,592,420 15,962,387 5,668, , , ,046 4,954 4,983,647 4,247,658 3,817,182 1,166,465 26,944,047 18,006,352 20,104,615 6,839,432 29,902,852 22,760,846 19,921,870 9,980,982 29,902,852 22,760,846 19,921,870 9,980,982 (2,958,805) (4,754,494) 182,745 (3,141,550) (2,958,305) (4,754,494) 183,245 (3,141,550) 10,444,123 11,611,202 10,444,123 - $ 7,485,818 $ 6,856,708 $ 10,627,368 $ (3,141,550) 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 $ - $ - $ 27,087 $ (27,087) 48,128,412 33,348,042 30,741,228 17,387,184 48,128,412 33,348,042 30,768,315 17,360,097 23,345,465 16,155,449 13,205,969 10,139,496 5,163,817 3,525,694 3,540,889 1,622,928-4, ,441,157 9,325,182 5,718,376 2,722,781 6,906, ,968 5,226,828 1,679,558 75,607 8,723 7,530 68,077 1,709,206 1,731,446 1,375, ,631 2,029,292 1,468,922 1,500, , ,848 76,249 95, , ,104 73,780 78, ,277 40,469 21,398 18,365 22,104 30,061 18,842-30,061 48,128,412 33,348,042 30,768,315 17,360,097 $ - $ - $ - $ - 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 36,112 5,411-47, ,729 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 67,042 10,425 80,558 (13,516) 1,800,256 10,425 80,558 1,719,698 51,586,746 33,282,067 33,619,735 17,967,011 51,586,746 33,282,067 33,619,735 17,967,011 (49,786,490) (33,271,642) (33,539,177) (16,247,313) 73,150,000-73,150,000-13,707,447-13,707,447 - (86,106,484) - (86,106,484) - 49,719,078 29,263,411 28,906,203 20,812,875 50,470,041 29,263,411 29,657,166 20,812, ,551 (4,008,231) (3,882,011) 4,565,562 22,539,775 22,016,767 22,539,775 - $ 23,223,326 $ 18,008,536 $ 18,657,764 $ 4,565,562 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 $ - $ - $ - $ - 1,785,609 1,852,457 1,456, ,178 44,049,057 39,762,357 42,896,623 1,152,434 36,433,854 22,601,382 24,687,924 11,745,930 3,521,020 2,189,884 3,695,938 (174,918) 85,789,540 66,406,080 72,736,916 13,052,624 47,012,452 15,942,635 16,941,586 30,070,866 47,012,452 15,942,635 16,941,586 30,070,866 38,777,088 50,463,445 55,795,330 (17,018,242) 100, , , ,248-9, ,473 9,820 - (59,036,585) (35,867,501) (33,720,085) (25,316,500) (58,817,517) (35,488,028) (33,501,017) (25,316,500) (20,040,429) 14,975,417 22,294,313 (42,334,742) 48,721,640 48,852,049 48,721,640 - $ 28,681,211 $ 63,827,466 $ 71,015,953 $ (42,334,742) 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 $ 379,840 $ 382,389 $ 398,721 $ (18,881) 73,317,752 51,049,216 50,709,291 22,608, ,024, ,460, ,522,617 42,501, ,931, ,423, ,835,664 5,096,120 36,433,854 22,601,382 24,687,924 11,745,930 18,120,091 16,378,436 17,530, , ,207, ,296, ,684,882 82,522, ,394, ,418, ,727,558 99,667,025 22,653,949 16,691,418 16,403,786 6,250,163 6,348,677 4,416,956 4,362,864 1,985,813 18,902,172 16,787,215 12,615,347 6,286,825 8,381,480 2,049,781 6,233,051 2,148,429 5,653,437 3,500,319 3,948,971 1,704, , , , ,889 3,767,974 3,049,328 2,791, ,899 37,593,675 28,056,304 28,240,632 9,353,043 47,656,494 16,488,665 17,298,439 30,358,055 2,691,903 1,954,438 2,148, ,135 29,902,852 22,760,846 19,921,870 9,980,982 7,790,374 5,884,838 4,968,456 2,821,918 17,452,487 13,399,750 12,635,767 4,816,720 36,741,733 30,671,351 29,921,866 6,819,867 14,349,840 10,959,271 10,309,645 4,040,195 6,554,789 4,886,665 4,955,059 1,599,730 5,003,094 3,550,310 3,678,690 1,324,404 51,586,746 33,282,067 33,619,735 17,967, ,140, ,387, ,290, ,850,569 (41,933,188) 53,908,496 84,394,491 (126,327,679) 73,150,000-73,150,000-13,707,447-13,707,447 - (86,106,484) - (86,106,484) 0 100, , , , , , ,455 (955) 9, ,473 9,820-1,203,733 15,128 1,204,548 (815) 59,036,585 35,867,501 33,720,085 25,316,500 (59,036,585) (35,867,501) (33,720,085) (25,316,500) 2,424, ,424 2,426,034 (1,770) (39,508,924) 54,582,920 86,820,525 (126,329,449) 114,397, ,421, ,397,288 - $ 74,888,364 $ 181,004,438 $ 201,217,813 $ (126,329,449) 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 29,861 9, Brewster Center Major Renovations, Exterior 2,050, ,121 1,140, , , Creekside Mid Bldg 7 HVAC Upgrades 573,000 14, ,655 15,110 34, Debary Elm Campus Reroof 1,100, ,077,400 48,453 51, DeLand HS Chiller Plant Expansion 1,100,000 88, ,925 53, , Friendship Elm Bld 4 HVAC Upgrade, Ceiling & Lighting 941, , , ,703 18, Pierson Elm Replacement 1,000, ,218,109 1,170,059 57, Pine Ridge HS Replace Intercom 737, , ,899 18,726 11, Pine Ridge HS Renovating for Manufacturing Academy 1,200, , ,235 1, , Pine Trail Elm HVAC, Ceiling & Lighting 6,900, ,899, , , Spruce Creek Elm Classroom Renovations 1,000, , ,160 10, , Sweetwater Elm Reroof Campus 1,100, , ,699 79, ,012 SUBTOTAL OF CURRENT BUDGET AND EXPENDITURES 16,747,354 3,550,498 Other Capital Projects 30,265,098 9,618,060 13,391,088 TOTAL OF CURRENT BUDGET AND EXPENDITURES $47,012,452 $16,941,586 "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,