SBE Rule 6A-1.009, Florida Administrative Code, requires financial statements be submitted to the Board at least monthly.

The reports are in order and are certified as correct by the Superintendent and the Finance Department.

Please consider the following items when reviewing the financial statements:

Capital Projects Funds - Expenditures exceed revenues by $6.78 million. The District began receiving Local Tax revenue in December.  All expenditures are in compliance with the District’s capital plan. Restricted fund balance for Capital Projects at January 31, 2012 is $62,163,573.  [Reference: Combined Statement of Revenues and Expenditures (page 2) and Statement of Revenues, Expenditures, and Changes in Fund Balance (page 7)]

Internal Service Funds – Revenues exceeded expenditures by $2.43 million.  The Health Insurance Fund has a surplus of approximately $2.45 million and the Property and Casualty Insurance Fund is deficient by approximately $23,373.  The majority of revenue for the Property and Casualty Fund is transferred during the second half of the fiscal year. [Reference:  Combined State of Revenues and Expenditures (page 2) and Statement of Revenues, Expenditures, and Changes in Fund Balance (pages 13 and 15)].

The Superintendent recommends acceptance of the Year to Date Financial Statements through January 2012.

Motion and approval to accept the Year to Date Financial Statements through January 2012.

None.

Finance Department

Angela Fraser/tt

03/26/12