Hernando County School Board, FL

Hernando County School Board, FL 1 Refunding Certificates of Participation (School Board of Hernando County, Florida Master Lease Program), Evidencing Fractional Undivided Interests of Owners thereof in Basic Rent Payments to be made under a Master Lease-Purchase Agreement by the School Board of Hernando County, Florida,, $90,645,000, Dated: June 17, 2016 2 Hernando County, Florida, School Board of, Certificates of Participation (Florida School Boards Association, Inc.: Florida School Districts Financing Program), Evidencing Fractional Undivided Interests of Owners thereof in Basic Rent Payments to be made under a Master Lease-Purchase Agreement by the School Board of Hernando County, Florida, $106,670,000,, Dated: January 25, 2006 3 Hernando County, Florida, School Board of, Refunding and Capital Improvement Revenue Certificates, $3,290,000, Series 2001, Dated: June 15, 2001 Number of Schools, Number of Classroom Instructors, Number of Full-Time Equivalent Students and Average Expenditures Per Student Summary of Statistical Data Number of Expenditure School Year Number of Schools Classroom Instructors Average FTE Enrollment Per FTE Student 2015-16 24 1,473 23,621 $8,427 Assigned and Unassigned Fund Balance for the District's General Fund Assigned and Unassigned Percentage of Fiscal Year Ended June 30 General Fund Balance General Fund Revenues 2016 $7,498,718 4.71% Computation of Direct Debt and Overlapping Governmental Activities Debt As of June 30, 2016 (Board) Direct Debt Direct and Overlapping Debt Percentage Applicable Amount Applicable Percentage Applicable Amount Applicable Jurisdiction Other Debt Outstanding to the District to the District to the County to the County Hernando County Board of County Commissioners Capital Improvement Bonds, Series 2004 $1,840,000 100% $1,840,000 Non-Ad Valorem Refunding Bonds, Series 2010 $334,000 100% $334,000 Loans and Notes Payable $31,665,453 100% $31,665,453 % % Subtotal Overlapping Debt $33,839,453 100% $33,839,453 District School Board of Hernando County State Board of Education Bonds, Series 2009A Refunding $95,000 100% $95,000 100% $95,000 State Board of Education Bonds, Series 2010A $1,150,000 100% $1,150,000 100% $1,150,000 State Board of Education Bonds, Series 2011A Refunding $285,000 100% $285,000 100% $285,000 State Board of Education Bonds, Series 2014A Refunding $463,000 100% $463,000 100% $463,000 State Board of Education Bonds, Series 2014B Refunding $927,000 100% $927,000 100% $927,000 Bonds Payable - Unamortized Premium $297,089 100% $297,089 100% $297,089 Certificates of Participation, Series 2013A $20,819,668 100% $20,819,668 100% $20,819,668 Certificates of Participation, $90,645,000 100% $90,645,000 100% $90,645,000 Unamortized Premium $11,553,598 100% $11,553,598 100% $11,553,598 Capital Improvement Bonds, Series 2001 $2,235,000 100% $2,235,000 100% $2,235,000 Notes Payable $4,860,255 100% $4,860,255 100% $4,860,255 Subtotal Direct Debt $133,330,610 100% $133,330,610 100% $133,330,610 Totals $167,170,063 100% $133,330,610 100% $167,170,063 Anticipated Capital Outlay Millage Levy Requirements Fiscal Year Ending June 30, 2016 Taxable Value for Operating Purpose (2015 Tax Year) $8,408,353,713 Capital Outlay Millage Levy 1.5000 Total Revenue Anticipated from Capital Outlay Millage Levy at 96% Collection $12,108,029 Estimated maximum annual Lease Payments represented by the Outstanding Series 2013A Certificates and Certificates $8,658,950 Millage Levy Required to provide 1.00x coverage of maximum annual Lease Payments represented by the Outstanding 2013A Certificates and the 2016A Certificates 1.073

Tax Levies and Taxes Collected Collected to End of Tax Year Collected in Fiscal Year Fiscal Year Total Tax Levy Current Tax Collections Percent of Levy Delinquent Collections Total Collections Percent of Levy 2016 $60,506,513 $58,492,947 96.67% $171,473 $58,664,420 96.96% Debt of the District As of June 30, 2016 (School Board) As of September 30, 2016 (County) General Obligation Debt Non-Self Supporting Debt Self Supporting Debt DIRECT DEBT School District State Board of Education Bonds, Series 2009A Refunding $95,000 State Board of Education Bonds, Series 2010A $1,150,000 State Board of Education Bonds, Series 2011A Refunding $285,000 State Board of Education Bonds, Series 2014A Refunding $463,000 State Board of Education Bonds, Series 2014B Refunding $927,000 Bonds Payable - Unamortized Premium $297,089 Certificates of Participation, Series 2013A $20,819,668 Certificates of Participation, $90,645,000 Unamortized Premium $11,553,598 Capital Improvement Bonds, Series 2001 $2,235,000 Notes Payable $4,860,255 Total Direct Debt $133,330,610 OVERLAPPING DEBT Board of County Commissioners Capital Improvement Bonds, Series 2004 $1,840,000 Non-Ad Valorem Refunding Bonds, Series 2010 $334,000 Loans and Notes Payable $31,665,453 Total Overlapping Debt $33,839,453 UNDERLYING DEBT City of Brooksville Total Underlying Debt Total Direct, Overlapping and Underlying Debt $167,170,063

Summary of General Fund Operations FY 2016 Revenues Federal Direct $212,975 Federal Through State $663,611 State $107,865,117 Local $50,624,033 Total Revenues $159,365,736 Expenditures: Current-Education Instruction $103,110,541 Pupil Personnel Services $6,504,626 Instructional Media Services $1,848,730 Instruction and Curriculum Development Services $1,561,452 Instructional Staff Training $692,982 Instruction Related Technology $217,375 Board of Education $505,584 General Administration $873,493 School Administration $11,266,677 Facility Services (Non-Capitalized) $317,215 Fiscal Services $785,054 Food Services $557 Central Services $1,393,002 Pupil Transportation Services $7,003,616 Operation of Plant $14,607,003 Maintenance of Plant $5,247,754 Administrative Technology Services $2,602,849 Community Services $6,159 Fixed Capital Outlay: Facilities Acquisition and Construction $126,925 Other Capital Outlay $533,019 Total Expenditures $159,204,613 Excess (Deficiency) of Revenues Over Expenditures $161,123 Other Financing Sources (Uses): Operating Transfers In $5,068,054 MVLRB Insurance Loss Recoveries $59,145 Operating Transfers Out ($1,655,417) Total Other Financing Sources (Uses): $3,471,782 Net Change in Fund Balance $3,632,905 Beginning Fund Balance $6,402,667 Nonspendable $1,570,675 Restricted $966,179 Assigned $923,563 Unassigned $6,575,155 Total Ending Fund Balance $10,035,572 Capital Outlay Ad Valorem Millage Available to Pay Debt Service on the Certificates and Any Additional Series of Certificates Issued Under the Trust Agreement Millage Taxes Levied Local Capital Improvements 1.5000 $12,612,531

Taxable Assessed Value, Millage Levels, Ad Valorem Taxes Levied and Collected, Including the Percentage Collected District Levies Fiscal Year Ended June 30, TAX LEVY 2016 General Fund Nonvoted School Tax: State - Required Local Effort 4.9480 Local - Discretionary 0.7480 Local - Supplemental 0.0000 Discretionary Debt Service Fund Voted School Tax: Interest and Sinking 0.0000 Capital Projects Fund Nonvoted School Tax: Local Capital Improvements 1.5000 Total District Millage Levy 7.1960 Ad Valorem Taxes Levied and Collected Fiscal Year School Tax Levies Total Taxes Collected Percent Collected 2016 $60,506,513 $58,492,947 96.67% Hernando County, Florida - Taxable Assessed Value Real Property Personal Property Total Ratio of Taxable Value Fiscal Year Ended September 30 Assessed Value Taxable Value Assessed Value Taxable Value Railroads Assessed Value Taxable Value to Assessed Value % 2016 $9,845,265 $7,416,222 $1,589,744 $984,263 $7,869 $11,435,009 $8,408,354 73.53 Description of Any Additional Series of Bonds Which are Issued Under the Resolution Description of Any Material Litigation Any Other Financial Information or Operating Data of the Type Included in the Official Statement Which Would Be Material to a Holder or Prospective Holders of the Bonds

Series 2001 Sales and Use Tax Revenues Remaining in State General Revenue Fund After Required Transfers Pursuant to Section 212.20(6), Florida Statutes Sales and Use Tax State Fiscal Year Ended June 30 2016 n/a