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Government-Wide Financial Analysis


As noted earlier, net position over time may serve as a useful indicator of a government’s financial health. The following is a summary of the District’s net position as of June 30, 2021, compared to net position as of June 30, 2020:



Net Position, End of Year


Governmental Business-Type Total

Activities Activities

6/30/2021

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6/30/2020

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6/30/2021

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6/30/2020

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6/30/2021

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6/30/2020

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Current and Other Assets


$ 443,697,360



$ 489,823,227



$ 7,204,526



$ 6,775,288



$ 450,901,886



$ 496,598,515

Capital Assets

1,264,539,533


1,183,525,429


95,325


114,867


1,264,634,858


1,183,640,296

Total Assets

1,708,236,893


1,673,348,656


7,299,851


6,890,155


1,715,536,744


1,680,238,811


Deferred Outflows of Resources


159,293,727



168,501,619



2,148,657



1,994,613



161,442,384



170,496,232


Other Liabilities


138,478,698



134,265,443



388,122



7,638,474



138,866,820



141,903,917

Long-Term Liabilities

1,127,051,436


1,078,037,207


8,158,095


135,916


1,135,209,531


1,078,173,123

Total Liabilities

1,265,530,134


1,212,302,650


8,546,217


7,774,390


1,274,076,351


1,220,077,040


Deferred Inflows of Resources


36,674,966



57,081,049



861,780



1,079,234



37,536,746



58,160,283


Net Position:

Net Investment in Capital Assets


766,506,842



716,123,608



95,325



114,867



766,602,167



716,238,475

Restricted

147,383,482


164,087,730


-


-


147,383,482


164,087,730

Unrestricted

(348,564,804)


(307,744,762)


(54,814)


(83,723)


(348,619,618)


(307,828,485)

Total Net Position

$ 565,325,520

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$ 572,466,576

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$ 40,511

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$ 31,144

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$ 565,366,031

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$ 572,497,720

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The District’s net position was $565.4 million at June 30, 2021. The largest portion of the District’s net position, $766.6 reflects its net investment in capital assets (e.g. land, buildings, furniture and equipment, motor vehicles, software), net of accumulated depreciation and less any related debt used to acquire still outstanding net of unspent debt proceeds. The District uses these capital assets to provide educational and related services to students; consequently, these assets are not available for future spending. Although the investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay the debt must be provided from other sources, since the capital assets cannot be used to liquidate these liabilities.


The restricted portion of the District’s net position ($147.4 million) represents resources that are

subject to external restrictions on how they may be used. The balance of ($348.6 million) is shown as unrestricted (deficit) net position. The deficit balance in unrestricted net position is primarily due to reporting of the District’s proportionate share of the State’s pension liability, OPEB and compensated absences.


The key elements of the changes in the District’s net position for the fiscal year ended June 30, 2021, and June 30, 2020 are as follows:


The increase in net investment in capital assets is due primarily to asset addition and debt retirement.


The decrease in deferred outflows and increase in deferred inflows is the result of the Florida Retirement System, Health Insurance Subsidy, OPEB activities and due to the termination of the swap associated with COPS 2020B.


Governmental activities decreased the District’s net position by $7.1 million during the 2020-21 fiscal year, detailed as follows: