Significant Financial Events Fiscal Year July 1, 2001 June 30, 2002 Board Approved September 10, 2002

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1 Significant Financial Events Fiscal Year July 1, 2001 June 30, 2002 Board Approved September 10, 2002 John W. Rogers Superintendent of Schools

2 SIGNIFICANT FINANCIAL EVENTS DURING A COMPARISON OF FUNDING DATA ELEMENTS: UNWEIGHTED WEIGHTED BASE STUDENT FTE FTE ALLOCATION LOTTERY , , $3, $1,963, , , $3, $1,614, INCREASE (DECREASE) ($118.25) $349, % VARIANCE 2.74% 2.75% -3.46% 21.64% DISTRICT COST TAX MAJOR DIFFERENTIAL ROLL CATEGORICALS FEFP % $4,598,235,166 $9,082, $66,511, % $4,198,494,997 $8,216, $67,967, INCREASE (DECREASE) % $399,740,169 $865, ($1,455,499.00) % VARIANCE -0.14% 9.52% 10.53% -2.14% AD VALOREM TAXES- AD VALOREM TAXES- GSF REVENUE GSF EXPENSES CAPITAL OUTLAY GSF PER UFTE PER UFTE GSF REVENUE $6,209, $28,496, $5, $5, $114,222, $5,671, $27,210, $5, $5, $114,304, INCREASE (DECREASE) $537, $1,285,799 ($141.88) ($262.51) ($81,650.40) % VARIANCE 9.48% 4.73% -2.73% -4.83% -0.07% See attached General School Fund Balance graphs on pages 2 & 3. B C During the 2001 Legislative session, the "Sharpening the Pencil" Act was passed. This legislation provides for OPPAGA to conduct a management audit on each School District every five years. Santa Rosa County was included in the cycle of audits. The following construction projects were completed during the past fiscal year: Capitalized Costs Gulf Breeze Elementary/Oriole Beach Elementary ~ Covered Play Area $418, Holley-Navarre Primary/Intermediate ~ Covered Play Area $545, Milton High ~ Girl's Locker Room Expansion $378, Milton High ~ Boy's Weight Room Expansion $228, Pace High ~ Concession & Restroom Area $83, Hobbs Middle ~ ESE/Office Additions $419, Navarre High ~ Additions/Alterations $854, Bagdad Elementary ~ Art Lab & Play Area $602, Rhodes Elementary ~ Covered Play Area $249, TOTAL $3,781, D The following large construction projects are near June 30, 2002: Costs Thru June 30 Estimated to Close Berryhill Elementary ~ Covered Play Area $49, $295, Chumuckla Elementary ~ Eight (8) Classroom Addition $530, $575, Gulf Breeze Middle ~ Four (4) Classroom Addition $627, $22, Gulf Breeze High ~ Art Suite $932, $101, Jay Elementary ~ Eight (8) Classroom Addition $852, $222, Milton High ~ ESE Addition/Parking Lot Improvements $847, $373, S.S. Dixon Primary ~ ESE Addition/Bus Ramp $538, $371, King Middle ~ New Track $68, $5, Locklin Tech ~ Conference Center $146, $114, S. S. Dixon Intermediate ~ Covered Play Area $15, $304, Navarre High ~ Four (4) Classroom Addition $846, $11, TOTAL $5,454, $2,399,

3 E F G The Board has contracted with Laidlaw Transit to provide Transportation Services for the Santa Rosa County School Board for the school year through the school year. Laidlaw operates the program with Board oversight for a fee certain modified by growth and inflation. See pages 4, 5, & 6 for graphs illustrating the last ten years' activity. Over the past five years, the School Board had contracted with Sodexho to provide food services for the School District. This contracted service proved to be successful, and with this contract up for bid during the fiscal year, Sodexho presented that their food service operation can continue being successful in the district with their creative approach to nutrition. The Board has contracted with Sodexho America, LLC. to provide Management of the Santa Rosa Food Service Program for the fiscal period with the option to renew four additional one year terms upon agreement of the parties. Attached graphs on pages 7, 8, & 9 show the Fund Balances for the past ten years. Direct Deposit of Payroll was implemented during the October 1995 payroll cycle. Currently 1,253 employees use this benefit which saves them the float on their pay and gives them immediate access to the funds. This represents 54% of the Board's 2,330 contract employees utilizing this service. H The following Departments processed payments (checks & direct deposits): Payroll 39,120 3,260 /mth This is a decrease in 200 checks per month over Accounts Payable 7, /mth Total Disbursements 46,831 3,903 /mth I J Due to shortfalls in anticipated State tax revenues, the Florida Legislature, in special session, decreased FEFP funding from the second calculation to the third calculation in the fiscal year by $ 2,280,702, and the State decreased the Supplemental Academic Instruction (SAI) funding by $ 290,508. Due to the decrease in funding, nearly $ 2,109,866 in budget cuts were taken. Approximately $ 266,430 of the budget cuts were school-level cuts, and approximately $ 1,843,436 of the budget cuts were district-level cuts. One program, in particular, that had to be reduced was the summer school program. The savings from changes made in the program for June 2002 compared to June of the prior fiscal year totaled to $ 637,924. The District reviewed all programs and made reductions in services where they would not affect students' performance and test results. GASB 34 calls for significant financial statement format changes for the reporting period. The statements are presented on a full accrual basis. Property Control and Data Processing have made the necessary upgrades in programs and file management to provide for the required depreciation calculations on capitalized property. One major change, in particular, is that leave balances and depreciation are reflected in the General School Fund which placed the net asset value in a deficit position of $ (409,071.68). While these concepts are foreign to governmental statement users, they will be the norm for all future financial statements produced for not-for-profit entities. K Due to the events of September 11, 2001, and the drop in the national economy, interest earned during the fiscal year totaled to $ 673,136.83, which was a decrease of $ 1,139,669.59, or 63%, from the prior fiscal year. The following graph shows interest earned over a five-year period: Interest Earned 2,000, ,800, ,600, ,400, ,200, ,000, , , , , ,812, ,692, ,429, ,252, , Interest Earned 1.1

4 GENERAL SCHOOL FUND BALANCE $20,000,000 RESERVED FD BAL UNRESERVED TOTAL $18,000,000 $16,000,000 $14,000,000 $12,000,000 FUND BALANCES $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000, RESERVED FD BAL $2,775, $2,433, $3,409, $4,389, $4,975, $5,319, $5,642, $8,349, $4,344, $6,845, UNRESERVED $5,389, $3,155, $2,853, $3,485, $4,825, $6,937, $8,531, $9,100, $9,017, $5,247, TOTAL $8,164, $5,589, $6,263, $7,875, $9,800, $12,257, $14,174, $17,450, $13,362, $12,093, Page 2

5 FUND BALANCE PER UFTE $900 $806 $800 $700 $650 $607 $600 $574 $535 FUND BALANCES/UFTE $500 $400 $459 $301 $323 $393 $466 $300 $200 $ Page 3

6 TRANSPORTATION COSTS BY YEAR TOTAL COSTS CATEGORICAL FUNDING $9,416,203 $9,000,000 $9,048,137 $8,012,455 $8,000,000 $7,235,926 $7,000,000 $6,665,740 $5,960,107 COSTS $6,000,000 $5,000,000 $5,143,289 $5,043,536 $4,000,000 $3,669,875 $4,121,250 $4,099, $4,640, $4,635, $5,014, $4,952, $4,843, $4,733, $3,554, $3,000,000 $2,915, $3,109, $2,000, Page 4

7 TRANSPORTATION COSTS BY YEAR RATIO 74% 73% 73% 73% 73% PERCENT OF FTE COUNT THAT ARE BUS RIDERS 72% 71% 70% 69% 68% 67% 66% 68% 67% 72% 70% 71% 69% 68% 65% 64% Page 5

8 TRANSPORTATION COSTS PER RIDER $700 $600 $592 $609 $500 $525 $473 COSTS/RIDER $400 $300 $284 $306 $388 $375 $389 $436 $200 $ Page 6

9 SCHOOL FOOD SERVICE-FUND BALANCES BY YEAR FUND BALANCE INVENTORY $1,200,000 $1,095,605 $945,397 $647,824 FUND BALANCES/INVENTORY $299, $310, $345, $380, $245, $281, $252,566 $132, $204, $216,488 $10, $179,602 $195, $142,593 $10,277 $10,685 $ Page 7

10 SCHOOL FOOD SERVICE-FUND BALANCES BY YEAR WITHOUT TRANSFERS & MANAGEMENT FEES $1,200,000 $1,095,605 $945,397 $647,824 FUND BALANCES $216,488 $142,593 $116,335 ($267,784) ($453,943) ($493,117) ($745,498) Page 8

11 SCHOOL FOOD SERVICE-FUND BALANCES BY YEAR WITHOUT TRANSFERS $1,200,000 $1,095,605 $945,397 $647,824 FUND BALANCES $216,488 $142,593 $179,602 ($140,723) ($275,315) ($240,434) ($492,815) Page 9