Broward County School District, FL

Transcription

1 Broward County School District, FL Series 2012A, 2011A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Comparative Enrollment Trend Largest U.S. School Districts New York, NY 1,029,459 1,038,741 1,043,886 1,041,437 1,036,053 1,104,479 1,122,783 Los Angeles, CA 687, , , , , , ,683 Not Chicago, IL 421, , , , , , ,138 Available Miami Dade County, FL 345, , , , , , ,964 Clark County, NE (Las Vegas) 312, , , , , , ,040 Broward County, FL 255, , , , , , ,401 Houston, TX 200, , , , , , ,225 Hillsborough County, FL 192, , , , , , ,469 State of Hawaii 179, , , , , , ,648 Orange County, FL 172, , , , , , ,605 Series 2015, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Classification of Full Time Personnel Fiscal Year Instructional Staff 16,848 15,490 16,143 14,432 14,773 14,821 14,756 14,970 Teachers Aides 2,398 2,207 2,377 2,343 2,319 2,431 2,447 2,645 Principals & Assistant Principals Management & Support Staff 9,408 8,934 8,621 8,092 7,842 7,895 7,866 7,998 Total 29,319 27,282 27,791 25,511 25,578 25,793 25,709 26,255 Profile of Enrollments Full Time Equivalent Students Fiscal Year Pre Kindergarten to Grade 3 73,051 71,808 71,089 69,974 69,498 70,023 70,562 69,619 Grades ,157 87,883 87,089 84,513 82,531 80,803 80,064 80,192 Grades ,240 70,234 69,516 68,921 69,350 68,496 69,393 70,468 ESOL Exceptional Students Vocational Students 4,592 4,676 5,904 5,906 6,138 5,633 5,330 5,275 Adult Students Total 237, , , , , , , ,554 School Facilities Fiscal Year Elementary Middle High Others Total of 10

2 Series 2015A, 2015B Operating Statistics Fiscal Year Enrollment Operating Expenditures Cost per Pupil Instructional Staff Pupil Teacher Ratio ,836 $ 2,372,053,000 $ 8,823 14, Series 2016A, 2016B, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Operating Revenues FY State Sources Florida Education Finance Program $655,072,000 Categorical programs and Other $391,900,000 Local Sources Ad valorem taxes $901,439,000 Other $57,533,000 Federal Sources Federal Sources $17,159,000 Revenues for Capital Projects Series 2016A, 2016B, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C State Sources Categorical programs and other $9,948,000 2 of 10

3 Series 2016A, 2016B, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004C, 2004A&B Local Capital Outlay Sources Anticipated Local Option Millage Levy Required to Cover Combined Maximum Annual Basic Lease Payments Represented by the Outstanding Certificates FY Net Taxable Assessed Valuation $ 153,539,754,000 $ 164,682,766,000 Funds generated from Local Option Millage Levy assuming a levy of 1.50 mills 221,097, ,143,000 Local Option Millage Levy Legally Available to make Lease Payments assuming 75% 165,823, ,857,000 of the 1.50 mills is Available Maximum Combined Annual Lease Payment represented by the Outstanding $ 162,044,000 $ 159,420,000 Certificates Minimum Millage Required to Produce 1.00x Coverage of Maximum Annual Basic Lease Payments represented by the Outstanding Certificates Minimum Local Option Millage Levy Required under Applicable Law to Produce 1.00x Coverage of Maximum Annual Basic Lease Payments represented by the Outstanding Certificates Series 2016A, 2016B, 2010A, 2009A BAB, 2009A, 2007A, 2006A, 2004C, 2004B, 2004A Other Revenues for Capital Projects Educational Impact Fee Revenues FY Revenue $ 498, ,240, ,853, ,996, ,850, ,326, ,728, $ 13,599,000 3 of 10

4 Broward County, Florida Net Assessed Value of Taxable Property Last Ten Fiscal Years (in thousands) Assessed Value Exemptions Personal Property FY ended June 30 Real Property Personal Property Real Property Net Assessed Value $ 133,033,884 $ 7,904,298 $ 36,863,946 $ 97,406 $ 103,976, ,761,535 7,736,460 44,300, , ,090, ,205,008 7,858,592 56,377, , ,572, ,312,740 8,133,702 77,337,384 83, ,025, ,456,494 7,983,385 86,564, , ,770, ,733,615 7,993,405 70,349, , ,216, ,144,709 7,955,487 50,824, , ,086, ,869,596 7,732,226 40,219, , ,194, ,479,765 7,421,889 41,083, , ,621, ,965,812 7,367,500 39,660, , ,471, ,153,457 7,645,682 42,807, , ,042, ,141,803 7,700,685 51,306, , ,539, $ 216,055,369 $ 8,047,509 $ 58,337,283 $ 1,082,829 $ 164,682,766 Tax Millage Rates General Fund: Required Local Effort Discretionary Critical Need Operating Sub Total Debt Service Capital Improvement Total Property Tax Levies and Collections (In Thousands) Total Tax Total Less Adjustments Net Collections FY ended June 30 Tax Levy Deductions Discounts Tax Levy Through June $ 1,314,419 $ 6,670 $ 42,216 $ 1,265,533 $ 1,249, ,182,168 12,390 38,689 1,131,089 1,115, ,062,192 10,880 35,658 1,015,654 1,004, ,006,041 5,680 34, , , ,017,528 3,890 35, , , ,062,480 3,845 36,865 1,021,770 1,018, ,142,028 11,382 39,633 1,091,013 1,083, $ 1,197,902 $ 7,644 $ 41,445 $ 1,148,813 $ 1,149,776 4 of 10

5 Series 2015 Principal Taxpayers Fiscal Year Ended June 30, 2016 % of Total Aggregate Taxpayer Tax Levy Tax Levy Florida Power & Light Co $ 39,370, % Sunrise Mills Ltd Prtnr 9,649, % Diplomat Properties Ltd Prtnr 7,957, % Bellsouth Telecommunications Inc 6,540, % Wal Mart Stores East LP 5,631, % Arium Resort LLC 4,325, % IH3 Property Florida LP 3,816, % Harbor Beach Property LLC 3,462, % RAR2 Las Olas Centre LLC 3,016, % Camden Summit Partnership LP 2,878, % Total Principal Taxpayers 86,644, % All Other Taxpayers 3,497,533, % Total Aggregate Tax Levy $ 3,584,177, % Series 2016A, 2015, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Combined Condensed Schedule of Revenues, Expenditures and Changes in Fund Balances All Governmental Fund Types (In Thousands) for FY ended June 30, REVENUES: Local Sources: Ad valorem taxes $ 1,258,970 $ 1,129,024 $ 1,016,239 $ 961,867 $ 978,812 $ 1,018,330 $ 1,083,193 $ 1,149,776 Food sales 27,896 24,794 23,025 21,477 20,771 19,578 17,009 16,062 Interest income and other 101,359 66,431 70,874 59,608 77,165 96,818 87,083 98,613 Total Local Sources 1,388,225 1,220,249 1,110,138 1,042,952 1,076,748 1,134,726 1,187,285 1,264,451 State Sources: Florida education finance program 486, , , , , , , ,072 Discretionary lottery funds 6, , , Public education capital outlay 25,570 10,894 5,000 6,688 4,530 4,845 Other 389, , , , , , , ,043 Total State Sources 907, , , , ,096 1,043,969 1,053,170 1,076,960 Federal Sources: Food service 55,767 62,534 65,604 67,416 71,623 75,853 79,241 83,126 Other 196, , , , , , , ,523 Total Federal Sources 252, , , , , , , ,649 Total Revenues 2,548,682 2,474,705 2,515,674 2,222,875 2,320,529 2,454,297 2,536,143 2,630,060 5 of 10

6 EXPENDITURES: Current Operating: Total Instructional Services 1,455,381 1,396,303 1,440,371 1,281,602 1,326,327 1,436,698 1,454,184 1,497,067 Instructional support services 258, , , , , , , ,260 Pupil transportation services 88,616 97,486 89,432 85,530 85,256 83,170 81,293 80,659 Operation and maintenance 247, , , , , , , ,729 School administration 131, , , , , , , ,282 General administration 107,400 99, ,259 79,904 76,312 78,659 73,213 88,544 Food services 86,656 83,625 89,138 85,985 93,059 96, , ,512 Total current operating 2,375,812 2,288,524 2,311,663 2,079,787 2,127,083 2,255,410 2,298,750 2,372,053 Debt Service: Principal retirement 89,484 79,303 79,553 77,611 77,807 85,328 88,631 92,417 Interest charges and other 103, ,653 98,668 93,968 92,340 96,110 84,460 83,780 Total debt service 192, , , , , , , ,197 Capital outlay 479, , ,163 70,001 82,347 82,634 74, ,892 Total Expenditures 3,048,233 2,719,163 2,611,047 2,321,367 2,379,577 2,519,482 2,546,430 2,669,142 Excess (Deficiency) of Revenues Over (Under) Expenditures (499,551) (244,458) (95,373) (98,492) (59,048) (65,185) (10,287) (39,082) Other Financing Sources (Uses): Proceeds from capital leases 16,972 8,902 5,032 20,300 30,000 Proceeds of bonds sold 4, ,055 Proceeds of refunding bonds issued 6,995 12,265 9,200 Premium (discount) on long term debt (816) 10,048 30,394 93,451 36,978 Proceeds from sale of capital assets 3, ,001 2, ,310 Proceeds of Certificates of Participation 133, , ,650 44, , , ,145 Payments to refund bond escrow agents (3,001) (191,035) (311,422) (44,460) (113,825) (515,334) (321,109) Proceeds of loss recovery 198 7,116 2, , Transfers in 353, , , , , , , ,229 Transfers out (281,849) (251,564) (251,274) (234,521) (238,439) (235,249) (236,476) (243,229) Total Other Financing Sources 224,775 17,860 57,453 4,475 8,363 79, ,368 1,324 Net Change in Fund Balances $ (274,776) $ (226,598) $ (37,920) $ (94,017) $ (50,685) $ 14,598 $ 186,081 $ (37,758) 6 of 10

7 Statements of Revenues, Expenditures and Changes in Fund Balance General Fund (In Thousands) For the Fiscal Years Ended June REVENUES: Local Sources: Ad valorem taxes $ 961,492 $ 900,582 $ 818,624 $ 767,336 $ 781,871 $ 814,054 $ 864,701 $ 901,439 Interest income and other 67,332 54,831 55,140 44,178 48,520 75,703 53,647 57,533 Total Local Sources 1,028, , , , , , , ,972 State Sources: Florida education finance program 486, , , , , , , ,072 Other 371, , , , , , , ,900 Total State Sources 858, , , , ,135 1,012,776 1,017,510 1,046,972 Federal Sources: Other 10,620 9,990 9,220 12,012 15,355 13,471 15,781 17,159 Total Federal Sources 10,620 9,990 9,220 12,012 15,355 13,471 15,781 17,159 Total Revenues 1,897,516 1,770,708 1,805,277 1,699,985 1,784,881 1,916,004 1,951,639 2,023,103 EXPENDITURES: Instructional Services 1,332,757 1,157,539 1,156,534 1,142,727 1,195,519 1,302,872 1,310,145 1,370,705 Instructional support services 201, , , , , , , ,336 Pupil transportation services 86,846 72,009 87,849 84,067 83,684 81,671 80,650 80,259 Operation and maintenance 247, , , , , , , ,670 School administration 131, , , , , , , ,074 General administration 106,883 92,960 89,650 76,426 70,116 71,296 64,656 79,978 Capital outlay & Debt Service 2, Total Expenditures 2,108,956 1,863,244 1,847,161 1,799,427 1,850,548 1,972,961 1,993,159 2,076,298 Excess (Deficiency) of Revenues Over (211,440) (92,536) (41,884) (99,442) (65,667) (56,957) (41,520) (53,195) (Under) Expenditures OTHER FINANCING SOURCES Other loss recoveries 4 51 Capital lease 5,222 Transfers in 177,611 80,845 78,546 80,239 76, ,022 64,993 76,231 Transfers out (2,335) (3,816) (6,281) (3,486) (5,192) (8,163) (6,821) (5,287) Total Other Financing Sources 180,498 77,029 72,265 76,757 71, ,859 58,172 70,944 Excess (Deficiency) of Revenues and Other (30,942) (15,507) 30,381 (22,685) 5,681 61,902 16,652 17,749 Sources Over (Under) Expenditures and Other Uses Fund Balances, Beginning of Year 115,899 84,957 69,450 99,831 77,146 82,878 82, ,432 Fund Balances, End of Year $ 84,957 $ 69,450 $ 99,831 $ 77,146 $ 82,827 $ 144,780 $ 99,479 $ 179,181 7 of 10

8 Series 2016A, 2016B, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Statement of Revenues, Expenditures and Changes in Fund Balance Capital Projects Fund (In Thousands) For the Fiscal Years Ended June REVENUES: Local Sources: Ad valorem taxes $ 297,268 $ 228,391 $ 197,564 $ 194,510 $ 196,926 $ 204,254 $ 218,479 $ 237,117 Interest income and other 28,387 6,886 11,470 10,751 24,086 15,318 26,069 31,137 Total Local Sources 325, , , , , , , ,254 State Sources: Public education capital outlay Classrooms for Kids Categorical programs and other 10,580 10,552 10,837 10,545 10,249 16,180 13,815 9,948 Total State Sources 10,580 10,552 10,837 10,545 10,249 16,180 13,815 9,948 Federal Sources: Grants and Other 6, , Total Federal Sources 6, , Total Revenues 342, , , , , , , ,202 EXPENDITURES: Capital outlay and other 410, ,961 66,758 35,945 35,384 80,541 69, ,258 Debt Service interest and fiscal charges 446 1, Total Expenditures 410, ,814 66,832 35,945 35,384 80,544 69, ,258 Excess (Deficiency) of Revenues Over (Under) Expenditures (68,152) 54, , , , , , ,944 OTHER FINANCING SOURCES (USES): Proceeds of other long term obligations Proceeds from sale of capital assets 3, ,001 2, ,310 Proceeds of Certificates of Participation 20,140 Premium (discount) on long term debt (309) Proceeds of Capital Leases 11,750 8,902 5,032 20,300 30,000 Other loss recoveries 198 7,116 2, , Operating transfers in 3, ,913 4,789 2,763 1,764 8,000 Operating transfers out (274,679) (245,254) (234,254) (216,193) (230,992) (221,737) (223,166) (232,772) Total Other Financing (239,689) (224,860) (229,674) (211,511) (217,966) (198,085) (190,571) (221,462) Excess (Deficiency) of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses (307,841) (170,845) (76,541) (28,828) (21,895) (42,877) (1,328) (58,518) Fund Balances, Beginning of Year 850, , , , , , , ,746 Fund Balances, End of Year $ 542,648 $ 371,803 $ 295,262 $ 266,434 $ 244,539 $ 201,662 $ 243,211 $ 302,228 8 of 10

9 Series2016A, 2016B, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Direct and Overlapping Debt June 30, 2016 (in thousands) Direct Debt: General Obligation Bonds $ 155,055 $ 151,840 Certificates of Participation 1,576,077 1,490,565 Special Obligation Bonds 26,260 18,607 Captial Leases 51,560 40,619 Premium/Discount (net) 122, ,502 Interest Rate Swap 43,948 53,361 Total Direct Debt 1,975,470 1,890,494 Overlapping Debt: Broward County 279, ,420 Total Direct and Overlapping Debt 279, ,420 $ 2,255,100 $ 2,146,914 Series 2016B Outstanding Long Term Debt (in Thousands) As of June 30, 2016 Principal Amount Description Outstanding Self Supporting State Bonds: Series 2006A $ 150 Series 2008A 3,985 Series 2009A New Money 920 Series 2009A Refunding 935 Series 2010A Refunding 4,765 Series 2011A Refunding 4,740 Series 2014A Refunding 3,112 Total Self Supporting State Bonds 18,607 General Obligation Bonds: Series 2015A 151, ,840 Certificates of Participation: Series 2004A 8,290 Series 2004B 14,440 Series 2004 QZAB 266 Series 2007A 10,610 Series 2008A 18,685 Series 2009A BAB 63,910 Series 2009A QSCB 36,599 Series 2010A QSCB 51,645 Series 2011A Refunding 171,425 Series 2012A Refunding 251,115 Series 2012B Refunding 44,535 Series 2014A Refunding 113,825 Series 2015A Refunding 252,360 Series 2015B Refunding 170,805 Series 2015C Refunding 65,115 Series 2016A Refunding 198,205 Series 2016B Refunding 18,735 Total Certificates of Participation 1,490,565 Total Long Term Outstanding Debt $ 1,661,012 9 of 10

10 Series 2016B The table entitled "Direct and Overlapping Debt" under the subheading "SELECTED Fiscal Year Ended June 30, 2016 See CAFR Table 13, Page 184 Description of any material litigation See CAFR Commitments and Contingencies Note 22, Pages Any other financial information or operating which would be material to a holder or prospective holder of the Certificates See CAFR Note 23, Page 81 Series 2012A, 2011A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C The annual update of the Educational Facilities Plan for the School District of Broward County, Florida (the "District") See CAFR Note 12, Pages and the Amendment to the Adopted DEFP for FY of 10