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		6/30/2020		6/30/2021	6/30/2020		6/30/2021	6/30/2020
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		$ 572,466,576	$ 40,511		$ 31,144	$ 565,366,031		$ 572,497,720

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:

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