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Government-Wide Financial Statements

The government-wide financial statements provide both short-term and long-term information about the District’s overall financial condition in a manner similar to those of a private-sector business. The statements include a statement of net position and a statement of activities that are designed to provide consolidated financial information about the governmental and business-type activities of the primary government presented on the accrual basis of accounting. The statement of net position provides information about the government’s financial position, its assets, deferred outflows, liabilities, and deferred inflows, using an economic resources measurement focus. The difference between the assets and deferred outflows and liabilities and deferred inflows is the net position which is a measurement of the financial health of the District. The statement of activities presents information about the change in the District’s net position and the results of its operations, during the fiscal year. An increase or decrease in net position is an indication of whether the District’s financial health is improving or deteriorating.

The government-wide statements present the District’s activities in three categories:

Governmental Activities – This represents most of the District’s services, including its educational programs: basic, vocational, adult, and exceptional education. Support functions, such as operation and maintenance of plant, pupil transportation, and administration are also included. Local property taxes and the State’s education finance program provide most of the resources that support these activities.

Business-Type Activities – The District charges fees to cover the cost of certain services it provides. After School Enrichment Program (“ASEP”) is reported as a business-type activity. Also reported as a business-type activity is the Vending Program, which operates food and beverage machines through the District.

Component Units – The District presents twelve charter schools (Academy at the Farm, Inc.; Athenian Academy of Pasco County, Inc.; Classical Preparatory Charter School; Countryside Montessori Charter School; Creation Foundation Inc. (D/B/A as Dayspring Academy for Education and the Arts); Imagine School at Land O’Lakes; Innovation Preparatory Academy; Learning Lodge Academy; Pepin Academies of Pasco County, Inc.; Pinecrest Academy Wesley Chapel, Plato Academy Trinity Charter School; Union Park Charter School) and the Pasco Education Foundation, Inc. (the “Foundation”) as separate legal entities in this report. Although legally separate organizations, the component units are included in this report because they meet the criteria for

inclusion provided by accounting principles generally accepted in the United States (“GAAP”).

The Pasco County School Board Leasing Corporation, (the “Leasing Corporation”), a legally separate entity, was formed to facilitate financing for the acquisition of facilities and equipment for the District. Due to the substantive economic relationship between the District and the Leasing Corporation, the Leasing Corporation has been included as an integral part of the primary government.