Clay County School Board, FL

Transcription

1 Clay County School Board, FL Certificates of Participation (School Board of Clay County, Florida Master Lease Program) Evidencing an Undivided Proportionate Interest of the owners thereof in Basic Rent Payments to be 1 made under a Master Lease-Purchase Agreement by the School Board of Clay County, Florida, $24,930,000 Dated: June 29, School Board of Clay County, Florida Revenue Bonds, Series 2010, $3,000,000 Dated: February 26, 2010 Clay County, Florida, School Board of Master Lease Program Certificates of Participation Evidencing an Undivided Proportionate Interest of the owners thereof in Basic Rent Payments to be made under a 3 Master Lease-Purchase Agreement by the School Board of Clay County, Florida (consisting of) Series 2005A $16,430,000 and Series 2005B $18,545,000, Dated: September 28, 2005 Statistical Data, 2005A, 2005B Summary of Statistical Data Average Number of Expenditure from General and School Number of Classroom General Fund per Operating Year Schools Instructors F.T.E. Enrollment F.T.E. Student Expenditures 45 2,485 36, $ 258,739,238, 2005A, 2005B Profile of Enrollments Fiscal Year Ended June 30, Full-time Equivalent Students Grades Kindergarten 7, Grades 4-8 9, Grades , Exceptional Education 9, Vocational Education 1, At Risk Students Full time Equivalent Students 36, Student Increase from Prior Yr ( )

2 General Fund Operations, 2005A, 2005B Statement of Operations for the General Fund Fiscal Year Ended June 30 Revenues Intergovernmental: Federal $2,680,000 State 202,705,778 Local Property Taxes 52,990,466 Miscellaneous 3,923,829 Total Revenues 262,300,074 Expenditures Current Education: Instruction 172,320,182 Pupil Personnel Services 13,672,774 Instructional Media Services 4,034,977 Instruction & Curriculum Development 3,846,135 Instructional Staff Training 2,627,130 Instruction-related Technology 3,705,983 Board of Education 657,352 General Administration 891,313 School Administration 14,561,965 Facilities Acquisition & Construction 1,287,695 Fiscal Services 705,671 Food Services 93,036 Central Services 3,083,363 Pupil Transportation Services 10,028,772 Operation of Plant 18,955,770 Maintenance of Plant 5,196,658 Admin.Technology Services 1,152,762 Community Services 314,601 Fixed Capital Outlay: Facilities Acquisition & Construction 386,905 Other Capital Outlay 1,210,135 Debt Service: Principal 5,905 Interest & Fiscal Charges 1,511 Total Expenditures 258,740,598 Excess (Deficiency) of Revenues Over Expenditures 3,559,476 Other Financing Sources (Uses) Operating Transfers In 4,674,715 Inception of Capital Lease 0 Sale of Fixed Assets 129,436 Insurance Loss Recoveries 18,530 Operating Transfers Out (1,000,000) Total other Financing 3,822,681 Sources (Uses) Net Change In Fund Balance Fund Balances, Beginning of Year 6,584,543 Increase (Decrease) in Inventory Reserve 57,272 ENDING FUND BALANCE, June 30: 14,023, Reserved and/ or Designated 6,392,598 Unreserved (Undesignated) 7,632,763 Ending Fund Balance 14,025,361

3 Series 2005A Statement of Operations for the Capital Projects Fund Fiscal Year Ended June 30 Revenues Intergovernmental: Federal Direct State 1,520,310 Local 22,792,219 Total Revenues 24,312,528 Expenditures Current Education: Instruction Pupil Personnel Services Instructional Media Services Instruction & Curriculum Development Instructional Staff Training Board of Education General Administration School Administration Facilities Acquisition & Construction 2,282,512 Fiscal Services Food Services Central Services Pupil Transportation Services Operation of Plant Maintenance of Plant Community Services Debt Service Fixed Capital Outlay: Facilities Acquisition & Construction 4,003,766 Other Capital Outlay Total Expenditures 6,286,278 Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Operating Transfers In Certificate of Participation Sale of Fixed Assets Loss Recoveries Operating Transfers Out 9,963,319 Total other Financing Sources (Uses) 9,963,319 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses 8,062,931 Increase in Inventory Reserve Adjustment to Fund Balances ENDING FUND BALANCE, June 30: Reserved and/ or Designated Unreserved (Undesignated) 13,538,367 Ending Fund Balance $21,601,298 Revenues of the School District, 2005A, 2005B Revenues of the School District Federal Sources Food Services $15,850, Other Federal Programs $15,655, Total Federal Sources $31,505, Source: Clay Annual Financial Report ESE 348 as of June 30, 2016 DOE Page 4, Page 6 State Sources (Provide table for ) PECO Funds Maintenance Fiscal year Allocated by OEF Repair & renovation Total PECO Funds Local Sources General Local Sources $52,990, Source: Clay Annual Financial Report ESE 348 as of June 30, 2016 ; DOE pg. 1

4 , 2005A Anticipated Local Option Millage Levy Required to Cover Maximum Annual Payments on the Certificates Fiscal Year Taxable Assessed Valuation 9,930,449, ,930, Funds Generated from 1 Millage Levy 9,930, ,263, Maximum Annual Lease Payments on all Certificates 5,272, Estimated Maximum Annual Lease Payments on all Certificates to be paid from Capital Outlay Millage 5,272, Millage Levy Which Produces 1.00x Coverage of Maximum Annual Lease Payments on all Certificates paid by Capital Outlay Millage 0.53 Millage Levy Legally Required Which Produces 1.00x Coverage of Maximum Annual Lease Payments on all Certificates paid by Capital Outlay Millage 0.53 Direct Debt Non-Self Supporting Revenue Debt State Board of Education Capital Outlay: 1,944, District revenue Bonds 3,701, Certificates of Participation 64,947, Total Direct Debt 70,592, Series 2010 The Pledged Revenues Not Applicable Advalorem Tax Procedures Assessed Valuation of Taxable Property Total Assessed Homestead Other Taxable Assessed % Taxable to Tax Year Valuations Exemptions Exemptions Valuation Assessed Valuation ,712,547, ,235,706, ,546,392, ,930,449, % Principal Taxpayers for Clay County, FL % of Total Taxpayer Taxable Value Taxable Value CLAY Electric Co-op Inc. $177,934, % Orange Park Mall LLC 95,822, % Orange Park Medical Center 68,838, % Teco Pipeline Holdings Co, LLC 44,402, % Wal-Mart Stores East LP 43,635, % Mid-America Apartments LP 41,752, % AT&T Florida 36,986, % American Homes 4 Rent 31,618, % Florida Power & Light Company 24,082, % Guidewell Group Inc. 23,967, % Totals $589,039, % Taxes Levied and Collected by All Governmental Units Tax Roll Total Taxes Total Monies Discounts Total Cash Credits Total Cash Credits Year Levied Collected Allowed on Collections as a % Levied 2015 $0 190,150, ,079,342 6,787, ,866, %

5 Millage Levies Collected for the School District School District of Clay County, FL Taxes Levied and Collected Tax Roll School Taxable Assessed Operating Local Option Percent Year Fiscal Year Valuation Millage Millage Levied Total Millage Taxes Levied Taxes Collected Collected ,479,439, ,942,576 68,358, % Pension and Other Post-Employment Benefits Plans Florida Retirement System - Classifications and Percentages that Affect the District: Percent of Gross Salary Class or Plan Employee Employer Regular Elected County Officers Deferred Retirement Option Program Reemployed Retiree B B Schedule of Contributions for the Florida Retirement System School Fiscal State Non-State (Employer) Employee Total Year Contributions Contributions Contributions Contributions ,803, ,115 10,097,942 Schedule of Employer Contributions for the Florida Retirement System Fiscal Annual Required Percentage Year Contribution Contributed ,438,659, % Schedule for Funding Progress for the Florida Retirement System Actuarial Accrued Actuarial Actuarial Value Liability (AAL) Unfunded ML UAAL as % of Valuation Date of Assets Entry Age (UAAL) Funded Ratio Covered Payroll Covered Payroll 7/1/ ,451, ,030,999 25,250, ,214, Market Value of Assets - Florida Retirement System Actuarial Accrued Fiscal Market Value Liability (AAL) Funded Ratio Year of Assets Entry Age % ,780, ,030, Summary of Accrued and Unfunded Actuarial Liabilities for the Florida Retirement System Actuarial Unfunded Annualized Unfunded Actuarial Accrued Valuation of Funding Ratio Actuarial Payroll (Active Actuarial Valuation Date Liabilities Assets Assets / Liabilities Liability (UAL) Members) Liabilities / Payroll 7/1/ ,030, ,451, ,922,997 29,084,

6 Florida Retirement System Assumptions Valuation Date Actuarial cost method Amortization method 1-Jul-16 Ultimate Entry Age Normal Level % of pay closed Equivalent Single amortization period 30 Years Asset valuation method 5 years smooth Actuarial assumptions: Investment rate of return 7.60% Projected salary increases 3.25% Includes inflation at 2.60% Cost-of-living Adjustments 0.65% Annual OPEB Cost and Net OPEB Obligation Description June 30, 2016 Normal Cost (Service cost for one year) $654,762 Amortization of Unfunded Actuarial Accrued Liability 343,784 Interest on Normal Cost and Amortization 51,942 Annual Required Contribution 1,350,488 Interest on Net OPEB Obligation 137,103 (Less) Amortization or Net OPEB Obligation (122,415) Annual OPEB Cost (Expense) 1,365,176 Contribution Toward the OPEB Costa (493,580) Increase in Net OPEB Obligation 871,596 Net OPEB Obligation, Beginning of Year 3,427,573 Net OPEB Obligation, End of Year $4,299,169 % of Annual OPEB Fiscal Year Annual OPEB Cost Cost Contributed Net OPEB Obligation ,365, % 4,299,169 Schedule of Funding Progress for the OPEB Actuarial Accrued Actuarial Actuarial Value Liability (AAL) Unfunded ML UAAL as % of Valuation Date of Assets Entry Age (UAAL) Funded Ratio Covered Payroll Covered Payroll 7/1/2016 7,909, ,909, % 126,156, %