Flagler County School District, FL

Transcription

1 Flagler County School District, FL 1 Refunding Certificates of Participation (School Board of Flagler County, Florida Master Lease Program), Series 2014A Evidencing an Undivided Proportionate Interest of the Owners thereof in Basic Rent Payments to be made under a Master Lease-Purchase Agreement by the School Board of Flagler County, Florida, $43,870,000 Dated: July 24, Flagler County, Florida, School District of, Capital Improvement Revenue Bonds, Series 1998, $3,010,000, Dated: February 11, 1998 Series 2014A, 1998 Number of Schools, Number of Classroom Instructors, Number of Full-time Equivalent Students and Average Expenditures Summary of Statistical Data Average School Number Number of General Fund Expenditure Per Year of Schools Classroom Instructors FTE Enrollment Operating Expenditures FTE Student ,845 $97,634,539 $7,601 Series 2014A, 1998 Debt of the School Board Fiscal Year Ended June 30, 2017 BONDS PAYABLE $2,360,000 UNAMORTIZED PREMIUMS BONDS PAYABLE $49,387 BONDS PAYABLE, NET $2,409,387 COPS PAYABLE $54,565,000 UNAMORTIZED PREMIUMS $3,676,464 $58,241,464 TOTAL DEBT OF THE SCHOOL BOARD $60,650,851 see attached Series 2014A Public Education Capital Outlay Funds of the School Board Fiscal Year Ended Classrooms Maintenance Repair Total June 30 First Program and Renovation Charter Schools PECO Funds 2017 $493,208 $323,321 $244,089 $1,060,618 See attached Certification of School Taxable Value

2 Series 2014A Capital Outlay Ad Valorem Millage Available to Pay Debt Service on Certificates and Any Additional Series of Certificates Under the Trust Agreement Anticipated Capital Outlay Millage Levy Requirements Amount Net Taxable Valuation (Tax Year 2017) $8,434,381,633 Funds Generated from X.X mill levy $12,651,572 Maximum annual Lease Payments represented by the outstanding Prior Certificates and the Refunded Certificates $3,482,604 Millage Levy Required to Produce 1.00x Coverage of Maximum Annual Lease Payments represented by the outstanding Prior Certificates and the Refunded Certificates MILLS Taxable Assessed Value, Millage Levels, Ad-Valorem Taxes Levied and Collected, Including the Percentage Collected Series 2014A Net Assessed and Taxable Value Ratio of Total Taxable Value Tax Year Total Assessed Value Total Taxable Value to Net Assessed Value 2017 $8,434,381,633 $8,270,568, % Series 2014A Current Millage Rates Fiscal Year Ended June 30, 2017 TAX LEVY General Fund Nonvoted School Tax State - Required Local Effort Local - Discretionary Supplemental Discretionary Discretionary Critical Needs Capital Projects Fund Nonvoted School Tax: Local Capital Improvements Total Nonvoted millage Debt Service Fund Voted School Tax: Debt Service Total District Millage Levy 6.952

3 Series 2014A Property Tax Levies and Tax Collections Tax Year Ended Dec. 31 Total Tax Levies Current Tax Collections Percent of Levies Collected Delinquent Tax Collections Total Tax Collections Percent Tax Collected Total Amount Distributed 2017 $58,635,821 $56,325, % $42, $56,325, % $56,325,474 Series 2014A Assessed Valuations, Including Real Property, Personal Property, Centrally Assessed Property and Exemptions Fiscal Year Ended June 30, 2017 See attached schedules Series 2014A, 1998 Description of Any Additional Series of Certificates Issued Under the Trust Agreement Fiscal Year Ended June 30, 2017 N/A Series 1998 Pari-mutuel Revenues State Fiscal Year Attendance Total Pari-Mutuel Handle Total State Revenue ,845 $223,250 Series 1998 Description of Any Material Litigation Which Would Have Been Disclosed in the Official Statement if Such Litigation Had Occurred and Been Ongoing at the Time the Official Statement is Dated Fiscal Year Ended June 30, 2017 N/A

4 FLAGLER COUNTY DISTRICT SCHOOL BOARD NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, CERTIFICATES OF PARTICIPATION Certificates of participation at June 30, 2017 are as follows: Interest Lease Amount Rates Term Series Outstanding (Percent) Maturity Series QZAB $ 5,000, Series 2014A, Refunding 41,760, Series 2015A, Refunding 7,805, Subtotal Certificates of Participation 54,565,000 Plus Unamortized Premiums: Series 2014A, Refunding 3,676,464 Total Certificates of Participation $ 58,241,464 Original Amount $ 5,000,000 43,870,000 8,915,000 $ 57,785,000 The District entered into a financing arrangement on April 1, 1998, which was characterized as a lease-purchase agreement, with the Flagler County School Board Leasing Corporation (Leasing Corporation) whereby the District secured financing of various educational facilities. The financing was accomplished through the issuance of certificates of participation to be repaid from the proceeds of rents paid by the District. As a condition of the financing arrangements, the District gave ground leases on District property to the Leasing Corporation with a rental fee of $10 per year. The properties covered by the ground leases are, together with the improvements constructed thereon from the financing proceeds, leased back to the District. If the District fails to renew the leases and to provide for the rent payments through to term, the District may be required to surrender the sites included under the Ground Lease Agreement for the benefit of the securers of the certificates for a period of time specified by the arrangements, which may be up to 30 years from the date of inception of the arrangements. A summary of the lease terms is as follows: Certificates Series 2014A, Refunding Series 2015A, Refunding Lease Term Earlier of date paid in full or July 1, 2030 Earlier of date paid in full or July 1, 2023 The District properties included in the various ground leases under these arrangements include Rymfire Elementary School; Matanzas High School; Government Services Building; and various school facility renovations. On October 1, 2005, the District entered into a financing arrangement for Series QZAB Certificates of Participation issued under a special program whereby the certificates, commencing on October 27, 2005, will mature in full on October 27, 2021, for the original amount of $5,000,000. There is no interest cost for borrowing moneys under the program. The financing proceeds were used for improvements and to acquire technology-related equipment at two designated schools, which are leased by the District from the Leasing Corporation. The 31

5 FLAGLER COUNTY DISTRICT SCHOOL BOARD NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, BONDS PAYABLE Bonds Payable as of June 30, 2017 are as follows: Interest Amount Rates Bond Ty~e Outstanding (Percent) State School Bonds: Series 201 la, Refunding $ 375, Series 2014B, Refunding 315, District Revenue Bonds: Series ,670, Subtotal Bonds Payable 2,360,000 Plus Unamortized Premiums: Series 2014B, Refunding 49,387 Total Bonds Payable $ 2,409,387 Annual Maturity To The various bonds were issued to finance capital outlay projects of the District. The following is a description of the bonded debt issues: State School Bonds These bonds are issued by the SBE on behalf of the District. The bonds mature serially, and are secured by a pledge of the District's portion of the State-assessed motor vehicle license tax. The State's full faith and credit is also pledged as security for these bonds. Principal and interest payments, investment of debt service fund resources, and compliance with reserve requirements are administered by the SBE and the SBA. District Revenue Bonds Capital Improvement Revenue Bonds, Series 1998, issued in the amount of $3,010,000, are authorized by Chapter 1011, Florida Statutes, and Section , Florida Statutes, as supplemented by Chapter 3011, Laws of Florida (1955), as amended by Chapter , , and , Laws of Florida. The principal and interest on the bonds are paid solely from, and secured by, a prior lien upon and pledge of that portion of the money distributed to the District from the State's Pari-mutuel Tax Collection Trust Fund pursuant to Chapter 550, Florida Statutes (effective July 1, 2000, tax proceeds are distributed pursuant to Section (6)(d)6.a., Florida Statutes). The annual distribution is remitted by the Florida Department of Financial Services to the District. The District has pledged a total of $2,220,250 of pari-mutuel tax revenues in connection with the District Revenue Bonds, Series 1998, described above. During the fiscal year, the District recognized pari-mutuel tax revenues totaling $223,250 and expended $186,000 (83 percent) of these revenues for debt service directly collateralized by these revenues. Approximately 83 percent of the pledged pari-mutuel tax revenues are committed until final maturity of the debt on August 1,

6 FLAGLER COUNTY DISTRICT SCHOOL BOARD NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2017 Annual requirements to amortize all bonded debt outstanding as of June 30, 2017 are as follows: Fiscal Year Ending [une 30 Total PrinciEal Interest State School Bonds: 2018 $ 334, $ 304, $ 30, , , , , , , , , , , , , , , , Total State School Bonds 761, , , District Revenue Bonds: , , , , , , , , , , , , , , , , , , , , , Total District Revenue Bonds 2,220, ,670, , Total Minimum Bond Payments 2,981, ,360, , Plus: Unamortized Premiums 49, , Total Bonds Payable $ 3,031, $ 2,409, $ 621,

7 FLAGLER COUNTY DISTRICT SCHOOL BOARD NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, CHANGES IN LONG-TERM LIABILITIES The following is a summary of changes in long-term liabilities: Beginning Ending Descri(!tion Balance Additions Deductions Balance GOVERNMENTAL ACTIVITIES Bonds Payable $ 2,746,000 $ $ 386,000 $ 2,360,000 Unamortized Premiums 61,734 12,347 49,387 Bonds Payable, Net 21807, , Certificates of Participation Payable 57,785,000 3,220,000 54,565,000 Unamortized Premiums 3,939, , ,464 Certificates of Participation Payable, Net ,068 3, Compensated Absences Payable 4,969, , ,749 5,086,324 Special Termination Benefits Payable 1,914, , ,000 2,058,000 Other Postemployment Benefits Payable 2,267, , ,310 2,342,013 Net Pension Liability 43, ,391 14,634,642 61,723,150 Total Governmental Activities $ 116,927,119 $ $ 19,629,652 $ 131,860!338 Due In One Year $ 409,000 12, ,347 3,225, , , , ,083 $ 5,574,273 For the governmental activities, compensated absences, special termination benefits, pension, and other postemployment benefits are generally liquidated with resources of the General Fund. 17. FUND BALANCE REPORTING In addition to committed and assigned fund balance categories discussed in the Fund Balance Policies note disclosure, fund balances may be classified as follows: };;> Nonspendable Fund Balance. Nonspendable fund balance is the net current financial resources that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact. Generally, not in spendable form means that an item is not expected to be converted to cash. };;> Restricted Fund Balance. Restricted fund balance is the portion of fund balance on which constraints have been placed by creditors, grantors, contributors, laws or regulations of other governments, constitutional provisions, or enabling legislation. Restricted fund balance places the most binding level of constraint on the use of fund balance. };;> Unassigned Fund Balance. The unassigned fund balance is the portion of fund balance that is the residual classification for the General Fund. This balance represents amounts that have not been assigned to other funds and that have not been restricted, committed, or assigned for specific purposes. 35

8 1 1 s Cl FLORIDA CERTIFICATION OF SCHOOL TAXABLE VALUE. R_e_s_e_t _Fo_r_m ~ I Print Form DR-4205 R. 5/13 Rule , FAC Effective 5/13 Provisional Year: 2016 I County: FLAGLER Name of School District FLAGLER CO SCHOOL DIST SECTION I : COMPLETED BY PROPERTY APPRAISER. SEND TO SCHOOL DISTRICT 1. Current year taxable value of rea l property for operating purposes $ 2. Current year taxable value of personal property for operating purposes $ 3. Current year taxable value of centrally assessed property for operating purposes $ 4. Current year gross taxable value for operating purposes (Line 1 plus Line 2 plus Line 3) $ Current year net new taxable value (Add new construction, additions, rehabilitative 5. improvements increasing assessed value by at least 100%, annexations, and tangible $ personal p roperty value over 115% of the previous year's value. Subtract deletions.) 8,083,992,017 (1) 328,078,838 (2) 22,310,778 (3) 8,434,381,633 (4) 163,813,056 (5) 6. Current year adjusted taxable value (Line 4 minus Line 5) $ 7. Prior year FINAL gross taxable value from prior year applica ble Form DR-403 Series $ Does the taxing authority levy a voted debt service millage or a millage voted for 2 years 8. or less under s. 9(b). Article VII, State Constitution? D (If yes, complete and attach form DR-420DEBT, Certification of Voted Debt Millage.) Yes 8,270,568,577 (6) 7,938,754,018 (7) 0 No (8) SIGN HERE Property Appraiser Certification! 1 certify t he taxable values above are correct to the best of my knowledge. Signature of Property Appraiser : Date : Electronically Certified by Property Appraiser 7/1/ :43 PM SECTION II : COMPLETED BY SCHOOL DISTRICTS. RETURN TO PROPERTY APPRAISER Local board millage includes discretionary and capital outlay. 9. Prior year st ate law millage levy: Required Local Effort (RLE) (Sum of previous year's RLE and prior period funding adjustment) per $1,000 (9) 10. Prior year local board millage levy (All discretionary millages) p er $1,000 (10) 11. Prior year state law proceeds (Line 9 multiplied by Line 7, divided by 1,000) $ 39,749,341 (11) 12. Prior year local board proceeds (Line 10 multiplied by Line 7, divided by 1,000) $ 17,846,319 (12) 13. Prior year total state law and local board proceeds (Line 11 plus Line 12) $ 57,595,660 (13) 14. Current year state law rolled-back rate (Line 11 divided by Line 6, multiplied by 1,000) per $1,000 (14) 15. Current year local board rolled-back rate (Line 12 divided by Line 6, multiplied by 1,000) per $1,000 (15) 16. Current year proposed state law millage rate (Sum of RLE and prior period funding adjustment) per $1,000 (16) 17. A.Capital Outlay B. Discretionary C. Discretionary Capital D. Use only with E. Additional Voted Millage Operating Improvement instructions from the Department of Revenue Current year proposed local board millage rate (17A plus 178, plus 1 lc, plus 170, plus 17E) per$1,000 (1 7) C ontinued on page 2

9 Name of School District DR-4205 R. 5/1 3 Page Current year state law proceeds (Line 16 multiplied by Line 4, divided by 1,000) $ 39,675,331 (18) 19. Current year local board proceeds (Line 17 multiplied by Line 4, divided by 1,000) $ 18,960,490 (19) 20. Current year total state law and local board proceeds (Line 18 plus Line 19) $ 58,635,821 (20) 21. Current year proposed state law rate as percent change of state law rolled-back rate '* (21) (Line 16 divided by Line 14, minus 1, multiplied by 700) 22. Current year total proposed rate as a percent change of rolled-back rate '* (22) {{(Line 16 plus Line 17) divided by (Line 14 plus Line 15)], minus 1 }, multiplied by 100 Final public Date: Time: Place: budget hearing Government Service Building, 1769 East Moody Boulevard, 9/6/2016 5:15 PM Bldg #2, Bunnell, Fl Taxing Authority Certification I certify the millages and rates are correct to the best of my knowledge. The millages comply with the provisions of s , F.S. s Signature of Chief Administrative Officer: Date: I G Electronically Certified by Taxing Authority 8/2/ :37 AM N Title: Contact Name And Contact Title: TOM D. TANT, CHIEF FINANCIAL OFFICER H Jacob Oliva, SUPT E R Mailing Address: Physical Address: E P.O. Box East Moody Boulevard, Bldg #2 City, State, Zip: Phone Number: Fax Number: BUNNELL, FL Continued on page 3

10 Flagler DSB 11-Revenues FYE July 2016 thru June 2017 Flagler County School Board SCHOOL BOARD: #1 11/23/2016 #2 #3 #4 #5 11/30/ /21/ /31/2016 1/31/2017 #6 #7 #8 #9 #10 #11 2/28/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 RLE (GENERAL FUND) DISCRETIONARY CAPITAL OUTLAY GRAND TOTAL 10, 156, ,615, ,238, ,010, ,325, ,761, ,227, ,151, ,261, ,824, , , , ,663, ,029, , , ,250, , 769, ,701, ,864, , , ,927, , , , , , , , , , , , , , , , ,120, , ,848, , , , SCHOOL BOARD: RLE (GENERAL FUND) DISCRETIONARY CAPITAL OUTLAY Delinquent Tax 10/19/ $42, Flagler County Tax Collector P.O. Box 846 Bunnell, Fl Source: Rae Nescio, Director - Finance and H/R, Flagler County Tax Collector

11 Date Jun :59:07 pm Certified Roll Recap Page: 10 of 57 s 200 FLAGLER COUNTY SCHOOL BOAi Tax Roll R (Real Estate) Tax Roll P (Tangibles) Tax Roll X (Rail/Roads) Grand Total Original Certified Values 56,094, ( 80,258) 2,282, ,784) 31, ( 314 ) 58,408, ,356) Less Corrections on E&I -73, ( 690) -11, ) 0.00 ( 0 ) -85, ) Plus Corrections on E&I 4, ( 2) ) 0.00 ( 0 ) 4, ) Less Non-E&I Corrections -1, ( 10) ) 0.00 ( 0 ) -1, ) Plus Non-E&l Corrections 8, ( 21 ) ) 0.00 ( 0 ) 8, ) Total Adjusted Ron VaJue 56,032, ,271, , ,335, Plus Back Assessments 0.00 ( 0) ) 0.00 ( 0 ) ) Total Ron to be Collected 56,032, ( 80,260) 2,271, ,784) 31,65836 ( 314 ) 58,335, ,358) Payments Collected and Updated 54,792, ( 71,854 ) 2,250, ,563) 31, ( 80) 57,075, ,497) Payments Collected and NOT Updated 297, ( 674) 6, ) 0.00 ( 0 ) 303, ) Tax Sale Payments Collected 0.00 ( 0) ) 0.00 ( 0 ) ) Total all Payments/ISF/Cancels 55,089, ( 72,528) 2,257, ,595) 31, ( 80 ) 57,378, ,203) Total Discounts -1,962, , , ,050, Total Interest 25, , Total Amount Distnbuted 53, 152, , 171, , ,354, Net Unpaid Balance 942, ( 7,753) 14, , ( 234) 956, ,176) Status Code BANKRUPTCY 3, ( 9) 7.85 ( 1 ) 3, ) Status Code DEFERRED 2, ( 3) 2, ) Status Code ESCHEATED TO COUNTY Status Code HXLIEN 1, ( 7) 1, ) Status Code IN LIEU OF TAXES Status Code LANDS AVAD...ABLE Status Code LIDGATION 1, ( 2) 1, ) Status Code RE PARTIAL PAYMENT 3, ( 7) 3, ) Status Code TANGIBLE PARTIAL PAY ) Total All Status Coded Parcels 12, ( 28) ( 0 ) 12, ) Total Zero Bill Count 4,963) 4, ) 10,014) Total Unpaid Balance 930, ,762) 13, ( 0 ) 943, ,131) Total Credits to Roll 56,032, ( 80,281 ) 2,271, ,784 31, ( 314 ) 58,335, ,379) Tax Manager - Copyright - Thomson Reuters. Printed by : CONKEYl

12 Assessed Value Land (2016) I Warranty Deed I Assessed Value f"'l?ok Page PROP. CONTROL NO. LAND DESCRIPTION ~. _,r Indian Trails K (85.89 Acres) N. Belle Terre Pkwy $19,413, Belle Terre Elementary 5345 N.Belle Terre Pkwy ( Acres) $16,567, RPOP-OOOO Belle Terre Swim & Racquet Club 73 Patricia Drive ( Acres) $1, 125, Buddy Taylor Middle Sch. And RPA-OOOO Wadsworth Elementary (45.87 I I Acres) $31,351, RP A-0020 Rymfire Elem School $24,487, West of A 1 A (20 acres) to lntercoastal, N.of Palm Coast Bridge $335, A Flagler Palm Coast H.S. $40,261, Bunnell Elementary Sch./AdEd (23 Acres) $20,409, BES Parking, 2 lots on the corner of Howe and N. Lemon Street $23, Flagler Technical Center ( Acres) Corporate Plaza ( Acres) One Corporate Drive, Palm Coast, FL $1,228, Plantation Bay School Site!" (26.00 Acres) West of Plantation - Bay, East of US 1 $221, /22/2016

13 Assessed Value Land (2016) ~ MATANZAS HIGH SCHOOL N.Old Kings & Forest Grove (Old Frontier) (6-12 Center) Total Acres $25,865, A-0010 Matanzas High School $5, Seminole Woods (8.02 Acres) oringinal property $68, Seminole Woods (22.62 Acres) Original property $172, New Seminole Woods Property (27.08 Acres) $212, New Seminole Woods Property (2.90 Acres) $24, US 1 Property ~ Matanzas High School $2,489, $ Matanzas High School $60.00 Old Kings Elementary Total school acres: $10,447, A 1 A Center (12 ACRES) (reduced 3 acres) $1, 134, Matanzas High School $3, $195,849, /22/2016 /

14 \) r-'t.gler COUNTY SCHOOL BOARD ssessed Valuation Real Property ) as of August 2016 CONTENT PROP.CONTROL NC LOCATION BUILDING ADDRESS VALUE A Palm Coast Flagler-Palm Coast High School 5500 Highway 100 East $13, 175,668 (p RPA-OOOO Palm Coast Buddy Taylor Middle School 4500 Belle Terre Parkway $11,409, Bunnell Bunnell Elementary School 305 North Palmetto Street $6,817, Palm Coast Flagler Technical Center 1 Corporate Drive $1,494, Palm Coast Old Kings Elementary 301 Old Kings Road S $4,959, Palm Coast Flagler Adult Ed School (A1A Center) 5633 Oceanshore Blvd North $285, Palm Coast Indian Trails Middle School 5505 Belle Terre Parkway $6,647, RP P Palm Coast Belle Terre Swim & Racquet 73 Patricia Drive $385, Palm Coast Matanzas High School 3535 Old Kings Road North $6,929, Palm Coast Belle Terre Elementary 5345 N. Belle Terre Parkway N $5,593, RP A Palm Coast Rymfire Elementary 1425 Rymfire Drive $7,917, C Bunnell Government Services Bldg E. Moody Blvd. Bldg. 2 $1,103, Bunnell US1 Industrial (future Transp Facil) 2849 State Street North $1,099,008 TOTAL $67,820, 187 FCSchoolsTangPersProp /2016