THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Continuing Disclosure Information Certificates of Participation COP Series Original Par Amount Certificates of Participation, Series 2003A $34,805,000 Certificates of Participation, Series 2004A $75,580,000 Certificates of Participation, Series 2004-QZAB $1,277,000 Certificates of Participation, Series 2005 $38,600,000 Certificates of Participation, Series 2007 $21,865,000 Certificates of Participation, Series 2010B-QSCB $12,232,000 Certificates of Participation, Series 2010C-QSCB $8,000,000 Certificates of Participation, Series 2011A $54,850,000 Certificates of Participation, Series 2011B $12,725,000
THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Summary of Statistical Data Ten-Year History The following table presents a summary of general statistical data regarding the School Board. Number of Average School Number of Classroom FTE. * Expenditure Per Year Schools Instructors Enrollment F.T.E. Student 2011/12 41 2711 38763 Not Yet Available 2010/11 41 2656 38719 8854 2009/10 41 2569 38537 6901 2008/09 41 2801 41507 7017 2007/08 41 2801 39898 7629 2006/07 41 2504 38671 6904 2005/06 41 2007 36184 6151 2004/05 36 1978 34508 5753 2003/04 34 1920 32319 5442 2002/03 34 1861 31129 5316 2001/02 34 1778 30069 5214 * Full-time equivalent
THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA SELECTED FINANCIAL INFORMATION OF THE SCHOOL DISTRICT Direct, Overlapping and Underlying Debt As of June 30, 2012 (Overlapping Debt as of September 30, 2011) General Non-Self Self Obligation Supporting Supporting Debt Revenue Debt Revenue Debt Direct Debt School District of St. Lucie County State School Bonds, Series 2002B, 2003A, 2005A, 2005B $0 $3,810,000 $0 Certificates of Participation Master Lease Program, Series 2003A $0 $1,365,000 $0 Certificates of Participation Master Lease Program, Series 2004A $0 $75,040,000 $0 Certificates of Participation Master Lease Program, Series 2004-QZAB $0 $1,277,000 $0 Certificates of Participation Master Lease Program, Series 2005 $0 $31,410,000 $0 Certificates of Participation Master Lease Program, Series 2007 $0 $20,645,000 $0 Certificates of Participation Master Lease Program, Series 2010B-QSCB $0 $12,232,000 $0 Certificates of Participation Master Lease Program, Series 2010C-QSCB $0 $8,000,000 $0 Refunding Certificates of Participation Master Lease Program, Series 2011A $0 $51,165,000 $0 Sales Tax Revenue Bonds, Series 2001 $0 $2,660,000 $0 Sales Tax Revenue Bonds, Series 2006 $0 $106,165,000 $0 TOTAL Direct Debt $0 $313,769,000 $0 Overlapping Debt General Obligation Bonds Port and Airport Authority, Series 1997 $1,225,000 Revenue Bonds Public Improvement Revenue Refunding Bonds, Series 2004 $3,405,000 Sales Tax Revenue Refunding Bonds, Series 2003 $52,865,000 Sales Tax Refunding and Improvement Revenue Bonds, Series 2005 $10,150,000 State Revenue Sharing Improvement Revenue Bond, Series 2005 $9,825,000 Transportation Revenue Bonds, Series 2007 $21,580,000 $97,825,000 Revenue Notes Army Corps of Engineers, Series 1997 $554,672 Florida Power and Light, Series 2001 $93,232 Public Improvement Revenue Note, Series 2001 $730,582 Public Improvement Revenue Note, Series 2002 $253,397 Public Improvement Revenue Bond, Series 2002B $703,308 Public Improvement Revenue Bond, Series 2004A $65,893 Public Improvement Revenue Bond, Series 2008A $1,455,000 Capital Improvement Revenue Refunding Note, Series 2008 $10,958,000 Capital Improvement Revenue Note, Series 2007 $7,397,174 Tourist Development Tax Revenue Bond, Series 2003 $0 Tourist Development Tax Revenue Bond, Series 2003C $0 Tourist Development Tax Revenue Bond, Series 2011A $6,225,000 Tourist Development Tax Revenue Bond, Series 2011B $1,460,000 Special Assessment Bonds Series 2002B $72,819 Series 1998 $6,680,000 Series 1998A $265,000 Series 2010A $4,140,000 Series 2010B $815,000 Series 2010C $245,000 Capital Leases Master Equipment Lease $321,766 Water Conservation Project-Rock Road Jail $896,730 Business-type Activities Revenue Bonds Holiday Pines Water and Wastewater System Revenue Bonds, Series 1999 $4,445,000 North County Utilities Improvement Revenue Note, Series 2009A $10,035,000 North Hutchinson Island Water and Sewer Revenue Bonds, Series 1997 $3,515,000 North Hutchinson Island Water and Sewer Revenue Bonds, Series 2002 $1,370,000 Florida State Department of Environmental Protection Water Bond $68,002 Capital Lease Master Equipment Lease $11,230 Totals All Funds: $1,225,000 $141,095,984 $19,505,821
THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Summary of Capital Projects Funds Revenues and Expenditures FY FY FY FY FY Fiscal Year Ended 6/30 2008 2009 2010 2011 2012 Revenues State $ 72,376,305 $ 18,045,239 $ 2,385,756 $ 2,359,164 Not yet available Local 154,555,498 53,762,498 39,875,035 37,388,538 Total Revenues $ 226,931,804 $ 71,807,737 $ 42,260,792 $ 39,747,702 Expenditures Current - Education Library Books (New Schools) $ 330,942 $ 64,469 $ 109,542 $ 1,184,850 Audio Visual Materials 194,923 282,829 6,592 201,078 Buildings & Fixed Equipment 137,256,682 16,151,173 13,280,643 23,348,659 Furniture, Fixtures, and Equipment 23,751,140 10,531,873 2,980,024 4,981,617 Land Acquisition 3,473,714 145,342 33,300 62,034 Remodeling 5,509,816 20,743,425 13,495,960 8,480,062 Motor Vehicles (including buses) 3,761,926 3,651,274-8,302 Improvements other than buildings 29,501,554 1,091,325 943,799 748,429 Computer Software 1,634,071 2,941,851 1,732,277 1,026,844 Other 698 $712 $751 Total Expenditures $ 205,414,767 $ 55,604,259 $ 32,582,849 $ 40,042,626 Excess (Deficit) of Revenues Over Expenditures (50,859,998) 16,203,478 9,677,943 (294,924) Other Financing Sources (Uses) (28,906,295) (32,697,748) (7,779,430) (23,900,764) Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses $ (79,766,293) (16,494,270) $ 1,898,513 $ (24,195,688) Beginning Fund Balance 16,132,033 $ 78,060,706 58,263,275 60,161,788 Adjustment to Fund Balance (3,303,161) Ending Fund Balance $ 78,060,706 $ 58,263,275 $ 60,161,788 $ 35,966,100 Sources: Official Audit for Fiscal Years 2007/08, 2008/09, 2009/10, and 2010/11
THE SCHOOL BOARD OF ST. LUCIE COUNTY, FLORIDA Public Education Capital Outlay Funds PECO allocated $0 to the School Board in fiscal year 2011-12 The State Capital Outlay and Debt Service Funds ("C.O. and D.S.") also provide funds for the School Board's capital outlay requirements. Maintenance Full Total Fiscal Allocated Repair & Service Charter PECO Year End 6/30 By OEF (1) Renovation(2) Schools (3) Schools (4) Funds 1997 $ 1,720,645 $ 1,056,951 $ 78,968 2,856,564 1998 2,444,251 860,863 3,305,114 1999 1,377,769 887,197 2,264,966 2000 1,525,394 718,174 2,243,568 2001 1,310,816 1,508,609 2,819,425 2002 1,659,977 1,986,470 3,646,447 2003 2,510,092 690,924 3,201,016 2004 1,721,173 1,170,462 2,891,635 2005 0 1,764,004 1,764,004 2006 2,782,348 1,374,594 4,156,942 2007 7,109,802 1,759,726 8,869,528 2008 22,779,558 2,161,878 24,941,436 2009 9,712,948 1,261,529 10,974,477 2010 0 466,014 466,014 2011 0 1,343,205 527,118 1,870,323 2012 0 456,395 456,395 (1) These funds may be used either for debt service or costs of new construction or a survey recommended project. (2) These funds may be used only for costs of maintenance, repair, and renovation and are not available to pay debt service. (3) These funds may be used for a health services education facility.
School District of St. Lucie County, Florida Tax Levies and Taxes Collected 1991-2012 Tax School Taxable Capital Debt Roll Fiscal Assessed Operating Outlay Service Total Taxes Taxes * Percent Year Year Value (1) Millage (2) Millage (2) Millage (2) Millage (2) Levied (2) Collected (2) Collected 2011 2011-12 15,875,050,688 6.378 1.500 0.000 7.878 N/A N/A N/A 2010 2010-11 16,686,975,685 6.677 1.500 0.000 8.177 136,502,078 130,104,693 95.4 2009 2009-10 18,644,098,272 6.476 1.500 0.000 7.976 148,705,328 141,609,072 95.2 2008 2008-09 23,141,320,030 5.935 1.750 0.000 7.685 177,841,044 169,733,177 95.4 2007 2007-08 25,769,119,327 5.490 2.000 0.000 7.490 192,044,348 184,530,988 96.1 2006 2006-07 24,344,463,819 5.737 2.000 0.000 7.737 189,025,402 182,141,956 96.1 2005 2005-06 17,343,722,140 5.922 2.000 0.000 7.922 140,137,573 133,932,128 95.6 2004 2004-05 13,707,980,803 6.131 2.000 0.182 8.313 113,523,488 109,383,576 96.4 2003 2003-04 10,819,143,094 6.355 2.000 0.228 8.583 92,926,332 89,394,763 96.2 2002 2002-03 9,435,182,462 6.519 2.000 0.290 8.809 83,114,522 80,798,435 97.2 2001 2001-02 8,669,884,598 6.432 2.000 0.300 8.732 75,705,432 73,046,791 96.5 2000 2000-01 8,149,722,995 6.753 2.000 0.330 9.053 73,779,433 71,261,387 96.5 1999 1999-00 8,194,853,924 6.695 2.000 0.330 9.025 72,748,684 69,862,677 96.0 1998 1998-99 7,744,072,961 7.051 2.000 0.330 9.381 72,647,139 70,650,348 97.3 1997 1997-98 7,944,850,963 7.043 2.000 0.610 9.653 76,691,637 70,380,874 91.8 1996 1996-97 7,500,725,455 7.304 2.000 0.370 9.674 72,491,823 69,803,744 96.3 1995 1995-96 7,174,352,297 7.186 2.000 0.370 9.556 68,630,391 66,020,514 96.2 1994 1994-95 7,103,725,228 7.572 2.000 0.350 9.922 70,481,438 69,901,259 99.1 1993 1993-94 6,975,159,041 7.313 2.000 0.360 9.673 67,521,362 67,142,674 99.4 1992 1992-93 6,867,017,584 7.003 2.000 0.370 9.373 64,422,519 63,962,319 94.7 1991 1991-92 6,703,624,678 6.857 2.000 0.400 9.257 62,055,269 60,001,425 96.7 1990 1990-91 6,309,634,141 6.888 2.000 0.420 9.308 58,729,214 56,947,725 97.0. * Represents actual current taxes collected, no credit has been allowed for approved discounts. ** Information not yet available. Source: (1) St. Lucie County Property Appraiser (2) St. Lucie County School Board District Summary Budget
School District of St. Lucie County, Florida ASSESSED VALUATIONS 1993-2012 Total Tax School Centrally Assessed Taxable Roll Fiscal Real Personal Assessed Valuation Valuation Year Year Property Property Property (1)+(2)+(3) Exemptions (4)-(5) 2011 2011-12 17,437,666,480 2,872,397,760 35,170,709 20,345,234,949 4,296,081,548 16,049,153,401 2010 2010-11 18,028,325,190 2,755,249,943 33,788,294 20,817,363,427 4,290,764,922 16,526,598,505 2009 2009-10 20,772,127,028 2,814,081,308 40,383,465 23,625,740,101 4,981,641,829 18,644,098,272 2008 2008-09 30,656,945,464 3,061,594,950 58,744,561 33,777,284,975 12,218,435,134 21,558,849,841 2007 2007-08 35,921,342,207 2,900,867,475 42,426,177 38,864,635,859 13,310,554,702 25,554,081,157 2006 2006-07 35,298,381,073 3,003,465,947 34,751,554 38,336,598,574 13,923,788,784 24,412,809,790 2005 2005-06 24,275,721,943 2,890,433,378 30,568,063 27,196,723,384 9,664,866,321 17,531,857,063 2004 2004-05 17,716,661,984 2,708,952,533 30,113,208 20,455,727,725 6,820,659,873 13,635,067,852 2003 2003-04 13,198,624,452 2,631,959,460 27,875,624 15,858,459,536 5,064,009,061 10,794,450,475 2002 2002-03 11,137,285,779 2,733,093,433 24,436,863 13,894,816,075 4,454,345,106 9,440,470,969 2001 2001-02 10,024,540,206 2,644,462,608 23,048,371 12,692,051,185 4,024,359,580 8,667,691,605 2000 2000-01 9,456,625,302 2,554,860,134 21,927,154 12,033,412,590 3,882,163,156 8,151,249,434 1999 1999-00 9,143,434,572 2,755,058,503 20,589,492 11,919,082,567 3,724,228,643 8,194,853,924 1998 1998-99 8,831,739,704 2,400,354,912 20,078,095 11,252,172,711 3,508,099,250 7,744,073,461 1997 1997-98 9,343,487,530 2,370,554,352 20,793,714 11,734,835,596 3,789,984,633 7,944,850,963 1996 1996-97 8,560,726,430 2,096,312,171 16,151,748 10,673,190,349 3,187,160,159 7,486,030,190 1995 1995-96 8,596,766,870 2,307,560,548 16,464,201 10,920,791,619 3,753,625,432 7,167,166,187 1994 1994-95 8,251,796,780 2,035,458,830 17,299,020 10,304,554,630 3,200,829,402 7,103,725,228 1993 1993-94 8,024,117,370 1,889,064,340 11,688,767 9,924,870,477 2,949,711,436 6,975,159,041 1992 1992-93 7,794,738,750 1,842,066,890 11,336,336 9,648,141,976 2,781,124,392 6,867,017,584 Source: St. Lucie County Property Appraiser.
School District of St. Lucie County, Florida CAPITAL OUTLAY AD VALOREM MILLAGE AVAILABLE REQUIRED TO COVER MAXIMUM ANNUAL DEBT SERVICE OF THE CERTIFICATES Fiscal Year 2011-2012 Taxable Assessed Valuation (2011 Tax Year) 15,875,050,688 Tax Revenues Generated from the Local Option Levy assuming 95% collection rate 15,240,048 Maximum Annual Lease Payments on all Certificates 17,275,708 Maximum Annual Lease Payments on all Certificates, excluding 16,828,949 Certificates of Participation, Series 2007 Millage Levy Which Equals 1.00x Coverage of Maximum Annual Payments 1.510 Millage Levy Which Equals 1.00x Coverage of Maximum Annual Payments (excluding COP 2007) 1.100
School District of St. Lucie County, Florida OTHER INFORMATION There is no new ongoing material litigation which would have been disclosed in the Offering Statement if such litigation had occurred and been ongoing at the time the Offering Statement was dated. There is no other financial information or operating data of the type included in the Offering Statement which would be material to a holder or prospective holder of the Certificates. SIGNIFICANT EVENTS NONE of the events described in Section 3 of the Continuing Disclosure Certificate have occurred with respect to the Certificates of Participation, Series 2003, Series 2004, 2004-QZAB, 2005, 2007, 2010B-QSCB, 2010C-QSCB, Series 2011A, or 2011B