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Governmental Funds
At the end of the 2020-2021 fiscal year, the unassigned fund balance of the General Fund was
$32,921,820, while the total fund balance was $98,108,513. As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total expenditures. Unassigned fund balance represents 5.28 percent of total General Fund expenditures, while total fund balance represents 15.73 percent. Fund balance of the District’s General Fund increased by $18,889,544 during the 2020-2021 fiscal year.
Fund Balance
| 2021 | 2020 | Increase (Decrease) | Percentage Change | |||
Major Governmental Funds: General Fund | $ 98,108,513 | $ 79,218,969 | $ 18,889,544 | 23.84% | |||
Debt Service - Other Funds | 13,933,628 | - | $ 13,933,628 | 100.00% | |||
Capital Projects - Other Funds | 157,051,976 | 230,528,273 | (73,476,297) | -31.87% | |||
Other Governmental Funds (nonmajor) | 45,356,745 | 52,887,499 | (7,530,754) | -14.24% | |||
Total Fund Balances | $ 314,450,862
| $ 362,634,741
| $ (48,183,879)
| -13.29%
|
General Fund: This fund is the chief operating fund of the District. The table below illustrates, revenues increased by $45,305,494, or 7.58 percent from the prior year primary for the reasons discussed below:
Revenues and Net Other Financing Sources and Uses | 2021 | 2020 | Increase (Decrease) | Percentage Change | |||
Taxes | $ 149,612,844 | $ 145,183,329 | $ 4,429,515 | 3.05% | |||
State Revenues | 446,603,746 | 429,237,869 | 17,365,877 | 4.05% | |||
Other Revenues | 28,381,779 | 20,049,969 | 8,331,810 | 41.56% | |||
Net Other Financing Sources and Uses | 18,028,962 | 2,850,670 | 15,178,292 | 532.45% | |||
Total Revenues | $ 642,627,331 | $ 597,321,837 | $ 45,305,494 | 7.58% |
Property tax revenue increased by $4.4 million. The taxable assessed value of the property increased 7.02 percent over the previous year
State revenues increased by $17.4 million primarily due to an increase in Florida Education Finance Program funding.
Other financing sources and uses had an increase of $15.2 million, due to an increase in transfers to the General Fund from the Impact Fees funds for Charter Schools.
As the table below illustrates, expenditures increased by 38.9 million, or 6.64 percent from the prior year, primarily for the reasons discussed below:
General Fund - Expenditures by Object | 2021 | 2020 | Increase (Decrease) | Percentage Change | ||||
Salaries | $ 357,405,167 | $ 356,889,621 | $ 515,546 | 0.14% | ||||
Employee Benefits | 131,755,910 | 125,148,559 | 6,607,351 | 5.28% | ||||
Purchased Services | 99,501,011 | 71,497,650 | 28,003,361 | 39.17% | ||||
Energy Services | 13,478,529 | 13,518,319 | (39,790) | -0.29% | ||||
Materials and Supplies | 13,663,727 | 11,132,331 | 2,531,396 | 22.74% | ||||
Capital Outlay | 1,298,893 | 796,821 | 502,072 | 63.01% | ||||
Other Expenditures | 6,634,550 | 5,900,607 | 733,943 | 12.44% | ||||
Total General Fund Expenditures | $ 623,737,787
| $ 584,883,908
| $ 38,853,879
| 6.64%
|
Salary and employee benefit expenditures increased by $7.1 million, or 5.4 percent, primarily due to compensation settlements resulting in salary increases of an average of 3 percent for all employees.
Purchased services expenditures increased by $28 million, or 39.2 percent, primarily due to Impact Fees payments to Charter Schools and a decrease in District operations as a result of COVID- 19.
Energy services expenditures decreased by $0.04 million, or .29 percent, primarily due to decreases in student transportation and school operations as a result of COVID-19.
Materials and supplies expenditures increased by $2.5 million or 22.7 percent, primarily due to the purchase of instructional materials.
Capital outlay increased by $0.5 million, or 63.01 percent, primarily due to the purchase of student and District equipment for virtual learning.
Other Expenditures increased by $.7 million or 12.4 percent, primarily due to the increase in dual enrollment tuition payments.
The Debt Service – Other: This fund is used to account for the payment of principal, interest, and related costs on the sales tax bond issues, certificates of participation issues and other debt issues. This fund has a total fund balance restricted for debt service of $13,933,628.
The Capital Projects – Other: The Capital Projects Other Fund, which is used to account for capital project activity funded by sources such as Certificates of Participation, Sales Tax, Impact Fees, School Hardening Grant funds, and capital leases, has a total fund balance of $157,051,976, which is restricted for specific capital projects.
Special Revenue – Other Federal Programs Fund: This fund had revenues and expenditures of
$51,953,910. Expenditures were primarily for salaries and benefits. Because revenues in this fund
are recognized to the extent of expenditures are incurred, this fund generally does not accumulate a fund balance.
Special Revenue – Federal Education Stabilization Fund: This fund had revenues and expenditures of $18,370,644. The revenue received was from the CARES Act to facilitate assistance and relief in response to the COVID-19 pandemic.
