Broward County School District, FL

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 2009 2010 2011 2012 2013 2014 2015 2016 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 687,534 670,746 667,273 662,140 655,494 653,826 646,683 Not Chicago, IL 421,430 407,157 405,644 409,530 403,461 399,930 397,138 Available Miami Dade County, FL 345,525 345,804 347,366 350,227 354,236 356,232 356,964 Clark County, NE (Las Vegas) 312,761 307,059 314,059 321,655 311,429 314,598 318,040 Broward County, FL 255,738 255,203 256,872 258,803 260,796 262,563 265,401 Houston, TX 200,225 202,773 204,245 201,594 202,586 210,716 215,225 Hillsborough County, FL 192,007 193,265 194,525 197,001 200,287 203,432 207,469 State of Hawaii 179,478 180,196 179,601 181,213 183,251 185,273 191,648 Orange County, FL 172,257 173,259 176,008 179,989 183,021 187,092 186,605 Series 2015, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Classification of Full Time Personnel Fiscal Year 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 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 665 651 650 644 644 646 640 642 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 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 Pre Kindergarten to Grade 3 73,051 71,808 71,089 69,974 69,498 70,023 70,562 69,619 Grades 4 8 89,157 87,883 87,089 84,513 82,531 80,803 80,064 80,192 Grades 9 12 70,240 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 237,040 234,601 233,598 229,314 227,517 224,955 225,349 225,554 School Facilities Fiscal Year 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 Elementary 138 141 141 141 141 140 137 137 Middle 43 42 42 42 42 40 40 40 High 33 33 33 33 33 32 33 33 Others 71 71 84 94 99 112 127 124 Total 285 287 300 310 315 324 337 334 1 of 10

Series 2015A, 2015B Operating Statistics Fiscal Year Enrollment Operating Expenditures Cost per Pupil Instructional Staff Pupil Teacher Ratio 2016 268,836 $ 2,372,053,000 $ 8,823 14,970 18.0 Series 2016A, 2016B, 2015A, 2015B, 2012A, 2011A, 2010A, 2009A BAB, 2009A, 2008A, 2007A, 2006A, 2004A&B, 2004C Operating Revenues FY2015 2016 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

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 2014 2015 2015 2016 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 221,097,000 237,143,000 Local Option Millage Levy Legally Available to make Lease Payments assuming 75% 165,823,000 177,857,000 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 1.099 1.009 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 1.466 1.345 Series 2016A, 2016B, 2010A, 2009A BAB, 2009A, 2007A, 2006A, 2004C, 2004B, 2004A Other Revenues for Capital Projects Educational Impact Fee Revenues FY Revenue 2008 2009 $ 498,000 2009 2010 2,240,000 2010 2011 4,853,000 2011 2012 3,996,000 2012 2013 14,850,000 2013 2014 6,326,000 2014 2015 15,728,000 2015 2016 $ 13,599,000 3 of 10

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 2003 2004 $ 133,033,884 $ 7,904,298 $ 36,863,946 $ 97,406 $ 103,976,830 2005 152,761,535 7,736,460 44,300,447 107,407 116,090,141 2006 182,205,008 7,858,592 56,377,574 113,389 133,572,637 2007 228,312,740 8,133,702 77,337,384 83,781 159,025,277 2008 255,456,494 7,983,385 86,564,782 104,821 176,770,276 2009 239,733,615 7,993,405 70,349,768 160,322 177,216,930 2010 202,144,709 7,955,487 50,824,776 189,290 159,086,130 2011 171,869,596 7,732,226 40,219,956 187,099 139,194,767 2012 169,479,765 7,421,889 41,083,095 196,897 135,621,662 2013 168,965,812 7,367,500 39,660,644 201,407 136,471,261 2014 178,153,457 7,645,682 42,807,958 948,264 142,042,917 2015 198,141,803 7,700,685 51,306,429 996,305 153,539,754 2016 $ 216,055,369 $ 8,047,509 $ 58,337,283 $ 1,082,829 $ 164,682,766 Tax Millage Rates 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 General Fund: Required Local Effort 5.019 5.183 5.133 5.170 5.208 5.232 5.190 4.955 Discretionary 0.648 0.748 0.748 0.748 0.748 0.748 0.748 0.748 Critical Need Operating 0.250 Sub Total 5.667 5.931 6.131 5.918 5.956 5.980 5.938 5.703 Debt Service Capital Improvement 1.750 1.500 1.500 1.500 1.500 1.500 1.500 1.500 Total 7.417 7.431 7.631 7.418 7.456 7.480 7.438 7.203 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 30 2009 $ 1,314,419 $ 6,670 $ 42,216 $ 1,265,533 $ 1,249,478 2010 1,182,168 12,390 38,689 1,131,089 1,115,273 2011 1,062,192 10,880 35,658 1,015,654 1,004,118 2012 1,006,041 5,680 34,340 966,021 961,815 2013 1,017,528 3,890 35,072 978,566 977,705 2014 1,062,480 3,845 36,865 1,021,770 1,018,330 2015 1,142,028 11,382 39,633 1,091,013 1,083,193 2016 $ 1,197,902 $ 7,644 $ 41,445 $ 1,148,813 $ 1,149,776 4 of 10

Series 2015 Principal Taxpayers Fiscal Year Ended June 30, 2016 % of Total Aggregate Taxpayer Tax Levy Tax Levy Florida Power & Light Co $ 39,370,000 1.09% Sunrise Mills Ltd Prtnr 9,649,000 0.27% Diplomat Properties Ltd Prtnr 7,957,000 0.23% Bellsouth Telecommunications Inc 6,540,000 0.18% Wal Mart Stores East LP 5,631,000 0.16% Arium Resort LLC 4,325,000 0.12% IH3 Property Florida LP 3,816,000 0.11% Harbor Beach Property LLC 3,462,000 0.10% RAR2 Las Olas Centre LLC 3,016,000 0.08% Camden Summit Partnership LP 2,878,000 0.08% Total Principal Taxpayers 86,644,000 2.42% All Other Taxpayers 3,497,533,000 97.58% Total Aggregate Tax Levy $ 3,584,177,000 100.00% 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, 2009 2010 2011 2012 2013 2014 2015 2016 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 486,418 502,051 611,112 577,416 553,397 626,111 628,202 655,072 Discretionary lottery funds 6,608 749 1,003 870 2,662 980 Public education capital outlay 25,570 10,894 5,000 6,688 4,530 4,845 Other 389,270 326,109 334,929 322,957 410,011 415,196 419,458 417,043 Total State Sources 907,866 839,803 952,044 901,243 970,096 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 196,824 352,119 387,888 211,264 202,062 199,749 216,447 205,523 Total Federal Sources 252,591 414,653 453,492 278,680 273,685 275,602 295,688 288,649 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

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 258,476 239,841 221,500 205,933 199,026 210,415 222,934 231,260 Pupil transportation services 88,616 97,486 89,432 85,530 85,256 83,170 81,293 80,659 Operation and maintenance 247,376 242,354 238,992 221,986 224,168 222,009 233,826 237,729 School administration 131,907 129,519 129,971 118,847 122,935 127,539 130,628 130,282 General administration 107,400 99,396 102,259 79,904 76,312 78,659 73,213 88,544 Food services 86,656 83,625 89,138 85,985 93,059 96,920 102,672 106,512 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 103,359 101,653 98,668 93,968 92,340 96,110 84,460 83,780 Total debt service 192,843 180,956 178,221 171,579 170,147 181,438 173,091 176,197 Capital outlay 479,578 249,683 121,163 70,001 82,347 82,634 74,589 120,892 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 4,217 155,055 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 3,211 626 2,001 2,679 414 480 831 3,310 Proceeds of Certificates of Participation 133,963 227,155 270,650 44,535 114,140 423,165 282,145 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 2,289 94 2,842 109 Transfers in 353,096 251,564 251,274 234,336 238,439 293,828 236,476 243,229 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 79,783 196,368 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

Statements of Revenues, Expenditures and Changes in Fund Balance General Fund (In Thousands) For the Fiscal Years Ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 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 1,028,824 955,413 873,764 811,514 830,391 889,757 918,348 958,972 State Sources: Florida education finance program 486,418 502,051 611,112 577,416 553,397 626,111 628,202 655,072 Other 371,654 303,254 311,181 299,043 385,738 386,665 389,308 391,900 Total State Sources 858,072 805,305 922,293 876,459 939,135 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 201,089 175,474 166,725 155,551 155,566 168,223 174,822 177,336 Pupil transportation services 86,846 72,009 87,849 84,067 83,684 81,671 80,650 80,259 Operation and maintenance 247,177 238,894 238,310 221,809 224,067 221,440 233,692 237,670 School administration 131,904 125,712 107,994 118,692 121,465 127,315 129,070 130,074 General administration 106,883 92,960 89,650 76,426 70,116 71,296 64,656 79,978 Capital outlay & Debt Service 2,300 656 99 155 131 144 124 276 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 76,540 127,022 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 71,348 118,859 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 82,827 161,432 Fund Balances, End of Year $ 84,957 $ 69,450 $ 99,831 $ 77,146 $ 82,827 $ 144,780 $ 99,479 $ 179,181 7 of 10

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 30 2009 2010 2011 2012 2013 2014 2015 2016 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 325,655 235,277 209,034 205,261 221,012 219,572 244,548 268,254 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 6,222 94 2,822 194 Total Federal Sources 6,222 94 2,822 194 Total Revenues 342,457 245,829 219,965 218,628 231,455 235,752 258,363 278,202 EXPENDITURES: Capital outlay and other 410,163 189,961 66,758 35,945 35,384 80,541 69,120 115,258 Debt Service interest and fiscal charges 446 1,853 74 3 Total Expenditures 410,609 191,814 66,832 35,945 35,384 80,544 69,120 115,258 Excess (Deficiency) of Revenues Over (Under) Expenditures (68,152) 54,015 153,133 182,683 196,071 155,208 189,243 162,944 OTHER FINANCING SOURCES (USES): Proceeds of other long term obligations Proceeds from sale of capital assets 3,211 626 2,001 2,679 414 480 831 3,310 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 2,289 90 2,791 109 Operating transfers in 3,750 290 1,913 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 850,489 542,648 371,803 295,262 266,434 244,539 244,539 360,746 Fund Balances, End of Year $ 542,648 $ 371,803 $ 295,262 $ 266,434 $ 244,539 $ 201,662 $ 243,211 $ 302,228 8 of 10

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) 2015 2016 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) 122,570 135,502 Interest Rate Swap 43,948 53,361 Total Direct Debt 1,975,470 1,890,494 Overlapping Debt: Broward County 279,630 256,420 Total Direct and Overlapping Debt 279,630 256,420 $ 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 151,840 151,840 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

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 80 81 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 58 61 and the Amendment to the Adopted DEFP for FY 2015 16 10 of 10