I NFORMATION
B-55
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Nonmajor Governmental Funds
88
Special Revenue Fund
Special revenue funds are used to account for specific revenues that are legally restricted to be expended for particular purposes.
Food Service Fund – To account for and report on the activities of the food service program in serving breakfast and lunch at the schools. These activities are primarily funded through local charges and Federal awards.
Debt Service Funds
The Debt Service Funds are used to account for the payment of principal and interest of the current portion of long-term debt.
SBE/COBI Bonds Fund – To account for and report on payment of principal, interest, and related costs of the state school bonds issued by the State Board of Education on behalf of the District. These bonds are payable from the District’s portion of the state-assessed motor vehicle license tax.
Special Act Bonds Fund – To account for and report on payment of principal, interest, and related costs on the Special Acts bonds. These bonds are authorized by Chapter 79-471, Laws of Florida, which provide that the bonds be secured from racetrack funds and jai alai fronton funds accruing annually to the District from the State’s Pari-mutuel Tax Collection Trust Fund pursuant to Chapter 550, Florida Statutes (effective July 1, 2000, tax proceeds are distributed pursuant to Section 212.20(6)(d)7.a., Florida Statutes).
Other Debt Service Fund - To account for and report on payment of principal, interest and related costs on the District’s Note Payable, Certificates of Participation issued in 2003, 2005 and 2013, and Sales tax Revenue Bonds, Series 2006.
Capital Projects Funds
Capital Projects Funds are used to account for the financing and acquisition or construction of major capital facilities, such as new school buildings or additions to existing buildings, or for major renovation projects.
State Board of Education Bonds Fund – To account for and report on proceeds received from the bonds issued by the State Board of Education on behalf of the District.
Public Education Capital Outlay (PECO) Fund – To account for and report on funds received from the State for the construction and maintenance of schools.
Capital Outlay and Debt Service Fund – To account for and report on the dollars received through the State’s Capital Outlay and Debt Service (CO & DS) program, used for construction and maintenance of schools.
B-56
ASSETS
DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA COMBINING BALANCE SHEET - NONMAJOR GOVERNMENTAL FUNDS
Revenues
Payments to Refunded Bond Escrow Agent (1,778,601)
Insurance Loss Recoveries
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2015
290
Balance Balance
July 1, 2014 Additions Deductions June 30, 2015
Assets
For the Fiscal Year Ended June 30, 2015
DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - AGENCY FUNDS
93 For the Fiscal Year Ended June 30, 2015
DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA
Revenues
Excess (Deficiency) of Revenues Over (Under) Expenditures (11,501) 16,509 16,509 Other Financing Sources (Uses) For the Fiscal Year Ended June 30, 2015 BUDGETARY COMPARISON SCHEDULE OTHER SUPPLEMENTARY INFORMATION
Debt Service - SBE/COBI Bonds Fund
Original
Budget BudgetFinal
Actual Final Budget -Variance with(Negative)Positive
95
Excess (Deficiency) of Revenues Over (Under) Expenditures 6,232 6,123 6,123
Net Change in Fund Balances 6,232 6,123 6,123
Fund Balances, July 1, 2014 293,809 293,809 293,809
Fund Balances, June 30, 2015 $ 300,041 $ 299,932 $ 299,932 $
For the Fiscal Year Ended June 30, 2015 DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA
Revenues
For the Fiscal Year Ended June 30, 2015
Debt Service Fund - Other Debt Service
For the Fiscal Year Ended June 30, 2015
Capital Projects Fund - State Board of Education Bonds DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA
OTHER SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS FUND - STATE BOARD OF EDUCATION BONDS
Budget Budget Actual (Negative)
Revenues
Total Facility Services - Non-Capitalized 481,336 172,619 172,619
Total Expenditures 481,336 172,619 172,619
Excess (Deficiency) of Revenues Over (Under) Expenditures 40,017 40,017
Net Change in Fund Balances 40,017 40,017
Fund Balances, July 1, 2014
$ $ 40,017 $ 40,017 $
For the Fiscal Year Ended June 30, 2015
Capital Projects Fund - Public Education Capital Outlay (PECO)
DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA OTHER SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS FUND - PUBLIC EDUCATION CAPITAL OUTLAY (PECO)
Variance with
For the Fiscal Year Ended June 30, 2015
Capital Projects Fund - Capital Outlay and Debt Service
DISTRICT SCHOOL BOARD OF HERNANDO COUNTY, FLORIDA OTHER SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
CAPITAL PROJECTS FUND - CAPITAL OUTLAY AND DEBT SERVICE
Budget Budget Actual (Negative)
Revenues
Excess (Deficiency) of Revenues Over (Under) Expenditures 3,357,425 9,556,898 9,556,898 Other Financing Sources (Uses)
Inception of Capital Leases
Transfers In 174,371 174,371
Transfers Out to General Fund (5,300,000) (5,300,000) (5,300,000)
Transfers Out to Debt Service Fund (4,352,269)
Total Other Financing Sources (Uses) (9,652,269) (5,125,629) (5,125,629)
Net Change in Fund Balances (6,294,844) 4,431,269 4,431,269
Fund Balances, July 1, 2014 6,411,993 6,411,993 6,411,993
Fund Balances, June 30, 2015 $ 117,149 $ 10,843,262 $ 10,843,262 $
For the Fiscal Year Ended June 30, 2015
Capital Projects Fund - Local Capital Improvement
For the Fiscal Year Ended June 30, 2015
Capital Projects Fund - Other
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Nonmajor Component Units
103
Component units are legally separate organizations that the primary government must include as part of its financial reporting entity for fair presentation in conformity with generally accepted accounting principles.
Gulf Coast Academy of Science and Technology, Inc. – A charter school which is a not-for-profit corporation organized pursuant to Chapter 617, Florida Statutes, the Florida Not-For-Profit Corporation Act, and Section 1002.33, Florida Statutes. The Charter School operates under a charter of the sponsoring School District and is considered a component unit since it is fiscally dependent on the District to levy taxes for its support.
Brooksville Engineering, Science & Technology, Inc. – A charter school which is a not-for-profit corporation organized pursuant to Chapter 617, Florida Statutes, the Florida Not-For-Profit Corporation Act, and Section 1002.33, Florida Statutes. The Charter School operates under a charter of the sponsoring School District and is considered a component unit since it is fiscally dependent on the District to levy taxes for its support.
Gulf Coast Middle School, Inc. – A charter school which is a not-for-profit corporation organized pursuant to Chapter 617, Florida Statutes, the Florida Not-For-Profit Corporation Act, and Section 1002.33, Florida Statutes. The Charter School operates under a charter of the sponsoring School District and is considered a component unit since it is fiscally dependent on the District to levy taxes for its support.
Hernando County Education Direct Support Organization, Inc. (Foundation) – A separate not-for-profit corporation organized and operated as a direct-support organization under Section 1001.453, Florida Statutes, to receive, hold, invest, and administer property and to make expenditures to or for the benefit of the District. The Foundation is considered to be a component unit of the District because of the nature and significance of its relationship to the District.
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ASSETS
Functions/Programs
Hernando Education Foundation 283,606 260,530
Total Component Units $ 2,868,364 $ 206,939 $ 434,348 $ 40,711
General Revenues:
Grants and Contributions Not Restricted to Specific Programs Miscellaneous COMBINING SCHEDULE OF ACTIVITIES - NONMAJOR COMPONENT UNITS
For the Fiscal Year Ended June 30, 2015
Expenses ServicesChargesfor Operating
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