Comprehensive Annual Financial Report · issued by the Comptroller General of the United States....

Comprehensive Annual Financial Report

Orange CountyPublic Schools

Orlando, FloridaYear Ended June 30, 2016

ORANGE COUNTY PUBLIC SCHOOLS

Orlando, Florida


For the Fiscal Year

Ended June 30, 2016

Prepared By: Finance Department



For the Fiscal Year Ended June 30, 2016

Table of Contents Introductory Section Letter of Transmittal.......... .......................................................................................................................... i Organizational Chart… ............................................................................................................................. vii Principal Officials - Elected - School Board Members ............................................................................. viii Principal Officials - Appointed ................................................................................................................... ix Association of School Business Officials Certificate of Excellence in Financial Reporting ...................................................................................... x Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting .......................................................... xi

Financial Section Report of Independent Auditor ................................................................................................................... 1 Management’s Discussion and Analysis .................................................................................................... 4 Basic Financial Statements: Government-Wide Financial Statements Statement of Net Position ............................................................................................................... 17 Statement of Activities .................................................................................................................... 19 Fund Financial Statements Balance Sheet – Governmental Funds .......................................................................................... 20 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position ............................................................................. 21 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ...................................................................................... 22 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities .................................................................................. 24 Statement of Revenues, Expenditures and Changes in Fund Balance – Budget to Actual – General Fund ..................................................................... 25 Statement of Net Position – Proprietary Funds .............................................................................. 26 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ....................................................................................... 27 Statement of Cash Flows – Proprietary Funds .............................................................................. 28 Statement of Fiduciary Assets and Liabilities – Fiduciary Funds ................................................... 29 Notes to the Basic Financial Statements Notes to the Basic Financial Statements ....................................................................................... 31 Required Supplementary Information Schedule of Funding Progress Other Postemployment Benefits Plan ............................................ 74

Schedule of Proportionate Share of Net Pension Liability – Florida Retirement System Pension Plan…………………………………………………………….75

Schedule of Contributions – Florida Retirement System………………………………….………….…………………………….76

Schedule of Proportionate Share of Net Pension Liability – Health Insurance Subsidy Pension Plan………………………………………………………….…77

Schedule of Contributions – Health Insurance Subsidy Pension Plan…………………………………………………………….78

Supplemental Information Non-Major Fund Information .............................................................................................................. 79 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet – Non-Major Governmental Funds ...................................................... 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Non-Major Governmental Funds .................................................................... 83 Schedules of Revenues, Expenditures and Changes in Fund Balance(s) – Budget to Actual: Food Service – Special Revenue Fund .......................................................................................... 89 Other Federal Programs – Special Revenue Fund ........................................................................ 90 ARRA Federal Programs – Special Revenue Fund ....................................................................... 91 Other – Special Revenue Fund ...................................................................................................... 92 State Board of Education and Capital Outlay Bond Issue – Debt Service Fund ........................... 93 Other Debt Service – Debt Service Fund ....................................................................................... 94 Public Education Capital Outlay – Capital Projects Fund .............................................................. 95 Capital Outlay & Debt Service – Capital Projects Fund ................................................................. 96 Section 1011.71(2), Florida Statutes, Local Capital Improvement Tax – Capital Projects Fund .................................................................................................................. 97 Other – Capital Projects Fund ........................................................................................................ 98 Proprietary Fund – Internal Service Funds ........................................................................................ 99 Combining Statement of Net Position – Internal Service Funds .................................................. 100 Combining Statement of Revenues, Expenses, and Changes In Fund Net Assets – Internal Service Funds ........................................................................... 101 Combining Statement of Cash Flows – Internal Service Funds .................................................. 102 Fiduciary Fund – Agency Funds ...................................................................................................... 103 Statement of Changes in Assets and Liabilities – Fiduciary Funds ............................................. 104 Statistical Section Statistical Section Information ................................................................................................................ 105 Financial Trend Information: Net Position by Component Last Ten Fiscal Years ............................................................................... 106 Changes in Net Position Last Ten Fiscal Years..................................................................................... 107 Governmental Activities Tax Revenues by Source Last Ten Fiscal Years ............................................ 108 Fund Balances of Governmental Funds Last Ten Fiscal Years ............................................................ 109 Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years ......................................... 110

Summary of Revenues, Expenditures (by Major Object) and Changes in Fund Balances: General Fund Last Ten Fiscal Years ................................................................................................... 112 Special Revenues Fund – Other Federal Programs Last Ten Fiscal Years ........................................ 113 Special Revenues Fund – ARRA Federal Programs Last Six Fiscal Years ........................................ 114 Special Revenues Fund – Food Service Last Ten Fiscal Years.......................................................... 115 Debt Service Funds Last Ten Fiscal Years… ...................................................................................... 116 Capital Projects Funds Last Ten Fiscal Years ..................................................................................... 117 Revenue Capacity Information: General Governmental Tax Revenues by Source Last Ten Fiscal Years ............................................. 118 Assessed and Estimated Actual Value of Taxable Property Last Ten Fiscal Years .............................. 119 Property Tax Rates – Direct and Overlapping Governments Last Ten Fiscal Years ............................ 120 Principal Taxpayers 2016 Fiscal Year ................................................................................................... 121 Principal Taxpayers 2007 Fiscal Year ................................................................................................... 122 Property Tax Levies and Collections Last Ten Fiscal Years ................................................................. 123 Debt Capacity Information: Ratios of Outstanding Debt by Type Last Ten Fiscal Years .................................................................. 124 Computation of Direct and Overlapping Bonded Debt September 30, 2015 ......................................... 125 Anticipated Capital Outlay Millage Levy Required to Cover Certificates of Participation Payments Last Ten Fiscal Years ............................................................. 126 Demographic and Economic Information: Demographic and Economic Statistics Last Ten Fiscal Years .............................................................. 127 Principal Employers Orlando Metropolitan Statistical Area (MSA) Last Ten Fiscal Years…. ............... 128 Operating Information: School Building Information & Full-Time Equivalent Enrollment Data Last Ten Years ......................... 129 Number of Personnel Last Ten Fiscal Years ......................................................................................... 134 Teacher Base Salaries (10 month) Last Ten Fiscal Years .................................................................... 135 Food Service Operating Data Last Ten Fiscal Years ............................................................................ 136 Schedule of Insurance in Force as of June 30, 2016 ............................................................................ 137 Other Reports Section Report of Independent Auditor on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards ..................................... 140 Impact Fee Affidavit...…………………………………………………………………………………………. 142

Intro

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Orange County Public Schools

Introductory Section

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Chair Bill Sublette 2010-2018

District 1 Joie Cadle 2002-2018

District 4 Pam Gould 2012-2020

District 2 Daryl Flynn 2006-2018

District 5 Kathleen “Kat” Gordon 2000-2020

District 3 Linda Kobert 2014-2018

District 6 Nancy Robbinson 2008-2020

District 7 Christine Moore 2008-2020

Orange County Public SchoolsPrincipal Officials - Elected

School Board Members


(Members are elected for four-year terms)

viii

Barbara Jenkins ................ Superintendent

Jesus Jara ........................ Deputy Superintendent

Kathleen Palmer ................ Chief of Staff

Dale Kelly .......................... Chief Financial Officer

Maria Vazquez ................... Chief Academic Officer

John Morris ...................... Chief Facilities Officer

Michael Eugene ................ Chief Operations Officer

James Lawson .................. Minority Achievement Officer

Anna Diaz ......................... Area Superintendent East

John Wright ...................... Area Superintendent North

Greg Moody ...................... Area Superintendent West

Patricia Fritzler .................. Area Superintendent Southeast

Diane Gullett ..................... Area Superintendent Southwest

Orange County Public SchoolsPrincipal Officials - Appointed


ix

The Certificate of Excellence in Financial Reporting Award

is presented to


for its Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2015.

The CAFR has been reviewed and met or exceeded

ASBO International’s Certificate of Excellence standards.

Brenda R. Burkett, CPA, CSBA, SFO John D. Musso, CAE, RSBA President Executive Director

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Financial Section




Report of Independent Auditor

The Honorable Members of the School Board of Orange County Public Schools Orlando, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Orange County Public Schools, Florida (the “District”), as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the discretely presented component unit nor the fiduciary funds, which represent 100 percent of the assets, net position, and revenues of the component units and 2.8 percent of assets and 2.7 percent of liabilities of the aggregate remaining fund information. Those statements were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as they relate to the amounts included for the discretely presented component unit and fiduciary funds, are based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

1

Opinions

In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the District as of June 30, 2016 and the respective changes in financial position and, where applicable, cash flows, and the respective budgetary comparison schedules thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 4 through 13 and the other post-employment benefits and pension schedules on pages 74 through 78 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The introductory section, combining and individual fund statements and schedules, and statistical section, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements.

The combining and individual fund statements and schedules and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America by us and the other auditor. In our opinion, the combining and individual fund statements and schedules and the schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 9, 2016 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Orlando, Florida December 9, 2016

3

ORANGE COUNTY PUBLIC SCHOOLS MANAGEMENT’S DISCUSSION AND ANALYSIS

June 30, 2016

As management of the District School Board of Orange County (the “District”), we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2016. Financial Highlights

The assets and deferred outflows of the District exceeded its liabilities and deferred inflows at the close of the most recent fiscal year by $3,490,355,266 (net position).

The District’s total net position increased by $397,065,223. This increase is primarily attributable to the ongoing investment of the District in new schools and the renovation of existing schools supported by sales tax proceeds and other capital outlay revenues.

Total revenues of $2,266,898,783 were comprised of general revenues in the amount of $2,102,584,032, or 92.8 percent, and program specific revenues from charges for services, grants and contributions in the amount of $164,314,751, or 7.2 percent.

For the year ended June 30, 2016, the District had $1,869,833,560 in expenses related to governmental activities; $164,314,751 of which were offset by program specific charges or services, grants and other sources. General revenues (primarily taxes and state funding programs) of $2,102,584,032 were sufficient to provide for the District’s programs.

As of the close of the current fiscal year, the District’s governmental funds reported combined ending fund balances of $1,798,646,442, an increase of $145,424,851 in comparison with the prior year. Approximately 7.0 percent of this total amount, $126,427,470, is available for spending at the District’s discretion for the purposes defined for each governmental fund (unassigned fund balance). The remaining balance of $1,672,218,972 has been designated as Nonspendable, Restricted, Committed or Assigned.

At the end of the current fiscal year, unassigned fund balance for the general fund was $126,427,470 or 8.4 percent of total general fund expenditures.

The District’s total long-term debt for bonds, COP’s, and capital leases decreased by $15,081,202 or 1.2 percent, during the current fiscal year due to principal payments.

Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government-wide financial statements. The government-wide financial statements (or district-wide financial statements) are designed to provide a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the District’s assets, deferred outflows, liabilities, and deferred inflows, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

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June 30, 2016

The statement of activities provides information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in the future fiscal periods (e.g., uncollected taxes, other post employment benefits, and earned but unused vacation and sick leave). All of the District’s activities and services are reported in the government-wide financial statements, including instruction, pupil support services, instructional support services, administrative support services, facility maintenance, transportation, and food services. Property taxes, state assistance, and interest and investment earnings finance most of these activities. Additionally, all capital and debt financing activities are reported here. The District currently does not report any business-type activities, which would include functions that are intended to recover all or a significant portion of their costs through user fees and charges. The government-wide financial statements include not only the District itself (known as the primary government), but also the School Board of Orange County Employee Benefits Trust and the Orange County School Board Leasing Corporation. The School Board of Orange County Employee Benefits Trust (Trust) and the Orange County School Board Leasing Corporation (Corporation), although also legally separate, were formed to administer the District’s group health and life insurance program and facilitate financing for the acquisition of facilities and equipment, respectively. Due to the substantive economic relationships between the District and the Trust and Corporation, their financial activities have been included as an integral part of the primary government. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, and on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains 11 individual governmental funds. Information is presented separately in the governmental balance sheets and in the governmental statements of revenues, expenditures and changes in fund balances for the General Fund and Capital Projects – Other Fund, which are considered to be major funds. Data from the other 9 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report.

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June 30, 2016

The District adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. Proprietary funds. The District maintains one type of proprietary fund – internal service funds. Internal service funds are an accounting device used to accumulate and allocate costs internally among the District’s various functions. The District uses internal service funds to account for its self-insurance programs, employee benefits trust and printing services. Because these services benefit the District’s governmental functions, they have been included within governmental activities in the government-wide financial statements. The three internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds are provided in the form of combining statements elsewhere in this report. Fiduciary funds. Fiduciary funds, which for the District consist solely of agency funds, are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District’s own programs. The accounting used for fiduciary funds is similar to that used for proprietary funds, except that agency funds do not report changes in fiduciary net assets, as agency fund assets should equal liabilities. Notes to the financial statements. The notes provide additional information that is essential to fully understanding the data provided in the government-wide and fund financial statements. Other information. The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds are presented immediately following the notes to the financial statements. Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets and deferred outflows exceeded liabilities and deferred inflows by $3,490,355,266 at the close of the most recent fiscal year.

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June 30, 2016

Governmental Activities PercentageJune 30, 2016 June 30, 2015 Change

Current and Other Assets 2,070,226,196$ 1,891,276,135$ 9.5%

Capital Assets 3,540,955,855 3,379,313,586 4.8%Total Assets 5,611,182,051 5,270,589,721 6.5%

Deferred Outflows 294,638,046 195,235,054 50.9%Total Deferred Outflows 294,638,046 195,235,054 50.9%

Long-Term Liabilities 2,161,561,379 1,976,703,510 9.4%Other Liabilities 174,022,172 156,043,318 11.5%

Total Liabilities 2,335,583,551 2,132,746,828 9.5%

Deferred Inflows 79,881,280 239,787,903 -66.7%Total Deferred Inflows 79,881,280 239,787,903 -66.7%

Net PositionNet Invesment in Capital Assets 2,284,888,206 2,077,277,202 10.0%Restricted 1,397,745,901 1,279,210,000 9.3%Unrestricted (deficit) (192,278,841) (263,197,159) -26.9%

Total Net Position 3,490,355,266$ 3,093,290,043$ 12.8%

The largest portion of the District’s net position (65.5 percent) reflect its investment in existing capital assets (e.g., land, buildings, machinery, and equipment), net of accumulated depreciation and less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide educational and related services to its students; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A portion of the District’s net position (40.0 percent) reflects its restricted net position for capital projects, debt service, food service and other purposes. The District will use these resources in a continuing effort to build and refurbish sufficient classroom space for the growing student population in Orange County, Florida. The balance of ($192,278,841) 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. Overall, the District’s net position increased by $397,065,223 during the current fiscal year primarily due to building of capital fund resources for futures school renovations and construction projects and expansion of the digital curriculum initiative.

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June 30, 2016

Governmental ActivitiesPercentage

June 30, 2016 June 30, 2015 Change

RevenuesProgram Revenues

Charges for Services 21,908,498$ 21,681,151$ 1.0%Operating Grants and Contributions 88,648,135 78,619,599 12.8%Capital Grants and Contributions 53,758,118 63,809,285 -15.8%

General RevenuesProperty Taxes 889,668,804 787,688,840 12.9%Local Sales Tax 224,024,409 209,231,028 7.1%

FEFP Not Restricted to Specific ProgramsGrants and Contributions not Restricted to Specific Programs 930,098,898 927,235,614 0.3%Investment Earnings 32,400,496 13,142,839 146.5%Miscellaneous 26,391,425 19,822,234 33.1%

Total Revenues 2,266,898,783 2,121,230,590 6.9%

ExpensesInstruction 990,035,828$ 980,500,950$ 1.0%Student Personnel Services 53,842,060 52,618,608 2.3%Instructional Media Services 15,492,974 15,715,124 -1.4%Instruction and Curriculum Development 80,784,750 78,648,709 2.7%Instructional Staff Training Services 50,411,593 56,362,038 -10.6%Instruction Related Technology 11,109,995 11,790,895 -5.8%Board of Education 4,467,870 4,647,303 -3.9%General Administration 12,200,342 11,239,101 8.6%School Administration 110,160,514 106,137,125 3.8%Facilities Services 39,378,441 66,466,826 -40.8%Fiscal Services 6,291,443 6,266,407 0.4%Food Services 88,776,772 84,404,556 5.2%Central Services 17,751,309 14,750,356 20.3%Pupil Transportation Services 73,885,523 76,109,464 -2.9%Operation of Plant 111,339,104 108,568,604 2.6%Maintenance of Plant 34,943,170 35,909,409 -2.7%Administrative Technology Services 21,960,369 21,921,750 0.2%Community Services 10,791,115 10,832,534 -0.4%Interest on Long-Term Debt 47,613,039 53,174,813 -10.5%Unallocated Depreciation 88,597,349 83,401,950 6.2%

Total Expenses 1,869,833,560 1,879,466,522 -0.5%

Increase in Net Position 397,065,223 241,764,068 64.2%

Net Position - Beginning 3,093,290,043 2,851,525,975 8.5%

Net Position - Ending 3,490,355,266$ 3,093,290,043$ 12.8%

For the Fiscal Year Ended

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June 30, 2016

Expenses – Statement of Activities

Instruction52.9%

Student Personnel Services2.9%

Instructional Media Services0.8%

Instruction and Curriculum Development

4.3%Instructional Staff Training

Services2.7%

Instruction Related Technology0.6%

Board0.2%

General Administration0.7%

School Administration5.9%

Facilities Acquisition and Construction

2.1%

Fiscal Services0.3%

Food Services4.7%

Central Services0.9%

Student Transportation Services4.0%

Operation of Plant6.0%

Maintenance of Plant1.9% Administrative Technology

Services1.2%

Community Services0.6% Interest on Long-term Debt

2.6%

Unallocated Depreciation/Amortization

Expense4.7%

Revenues by Source – Statement of Activities

Charges for Services1.0% Operating Grants and

Contributions3.9%

Capital Grants and Contributions

2.4%

Property Taxes39.2%

Local Sales Taxes9.9%

Grants and Contributions Not Restricted to Specific

Programs41.0%

Investment Earnings1.4%

Miscellaneous1.2%

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June 30, 2016

Financial Analysis of the Government’s Funds As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds. The focus of the District’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. As of the end of the current fiscal year, the District’s governmental funds reported combined ending fund balances of $1,798,646,442, an increase of $145,424,851 in comparison with the prior year. Approximately 7.0 percent of this total amount, $126,427,470, constitutes unassigned fund balance. The remainder of fund balance is Nonspendable $4,863,974, Restricted $1,399,169,005, or Assigned $268,185,992 to indicate that it is not available for new spending. The General Fund is the chief operating fund of the District. At the end of the current fiscal year, unassigned fund balance of the general fund was $126,427,470, while total fund balance was $418,660,657. 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 8.4 percent of total general fund expenditures, while total fund balance represents 27.7 percent of that same amount. The fund balance of the District’s general fund increased by $50,754,246 during the current fiscal year. The key factors in this increase are as follows:

Planned expenditures for professional development training were delayed and expended after the fiscal year end

Planned expenditures for major student and business system implementations were delayed or canceled

Funds reserved for future planned expenditures

The Other Capital Projects Fund, which is used to account for capital project activity funded sources such as Certificates of Participation, Sales Tax and Impact Fees, has a total fund balance of $1,049,133,792 all of which is reserved for specific capital projects. The net increase in fund balance during the current year in the other capital projects fund was $38,531,497 and resulted primarily from building capital fund reserves for future renovation projects. It should also be noted that the entire fund balance has been restricted for capital projects at year-end. General Fund Budgetary Highlights There were no differences between the original budget and the final amended General Fund budget in total. The General Fund actual revenues exceeded the budgeted revenues by approximately $19.9 million. Other local revenue exceeded the budget by $21.6 million. The State revenue was less by approximately $5 million. The General Fund actual expenditures were less than the budgeted appropriations by approximately $85.7 million. This was due to the delay of planned expenditures for several major initiatives.

10


June 30, 2016

Capital Asset and Debt Administration Capital assets. The District’s investment in capital assets as of June 30, 2016 amounts to $3,540,955,855 (net of accumulated depreciation). This investment in capital assets includes land, construction in progress, improvements other than buildings, buildings and fixed equipment, furniture, fixtures and equipment, motor vehicles, audio-visual materials, and computer software. The total increase in the District’s investment in capital assets (net of accumulated depreciation) for the current fiscal year was $161,642,269 (4.8 percent). Major capital asset events during the current fiscal year included the following:

Rebuilding of Apopka Elementary School Rebuilding of Apopka High School Construction of 133-K8-N-6 Audubon Construction of 21-M-E-2 Avalon Park Construction of Bay Lake Elementary School Rebuilding of Carver Middle School Rebuilding of Chain of Lakes Middle School Rebuilding of Clay Springs Elementary School Rebuilding of Cypress Creek High School Rebuilding of Dr. Phillips High School Rebuilding of Dream Lake Elementary School Construction of 131-PS8-SW-5 Downtown K8 Rebuilding of Eagle Creek Elementary School Construction of Independence Elementary School Rebuilding of Lake Silver Elementary School Rebuilding of Lake Weston Elementary School Rebuilding of Lake Whitney Elementary School Rebuilding of Liberty Middle School Rebuilding of Lockhart Elementary School Construction of 84-E-W-4 Metro West Construction of Millenia Gardens Elementary School Rebuilding of Pine Hills Transportation Facility Rebuilding of Riverside Elementary School Rebuilding of Tangelo Park Elementary School Rebuilding of Ventura Elementary School Construction of Wedgefield School Rebuilding of Westridge Middle School Construction of 27-H-W-4 West Orange Construction of 52-M-SE-2

11


June 30, 2016

Governmental ActivitiesJune 30, 2016 June 30, 2015

Land 286,013,604$ 273,315,801$ Improvements Other Than Buildings 10,664,552 8,910,061 Buildings and Fixed Equipment 3,021,055,140 2,893,230,599 Furniture, Fixtures, and Equipment 63,325,544 58,179,572 Motor Vehicles 42,898,245 40,575,586 Construction in Progress 112,424,342 100,198,661 Computer Software 4,574,428 4,903,306

Total Capital Assets 3,540,955,855$ 3,379,313,586$

Summary of Capital Assets

(net of depreciation)

Additional information on the District’s capital assets can be found in the Note 4 to the financial statements. Long-term debt. At the end of the current fiscal year, the District had total long-term debt outstanding of $1,292,774,559 none of which is considered to be general “bonded debt” (i.e., backed by the full faith and credit of the District). The District’s debt consisted of lease-purchase agreements payable, state school bonds payable, and obligations under capital leases, which are secured by specific revenue sources or the underlying assets.

Governmental ActivitiesJune 30, 2016 June 30, 2015

Lease-Purchase Agreements Payable 1,283,016,298$ 1,292,614,623$ State School Bonds Payable 7,859,000 11,519,000 Obligations Under Capital Leases 1,899,261 3,722,138

Total Debt 1,292,774,559$ 1,307,855,761$

Summary of Outstanding Debt

During the current fiscal year, the District’s total long-term debt decreased by $15,081,202 (1.2 percent). The District’s Moody’s rating for its certificates of participation remained the same “Aa2” rating. Fitch’s rating remained the same “AA” rating. The S&P rating remained the same “AA” rating. Additional information on the District’s long-term debt that can be found in Notes 5-10 to the financial statements.

12


June 30, 2016

Economic Factors and New Year’s Budgets and Rates The following factors were considered in preparing the District’s budget for the 2017 fiscal year:

The unemployment rate in June 2016 for the District (Orlando, Florida) was 4.4 percent, a decrease of 0.6 percent from the prior year rate of 5.0 percent. The State’s average unemployment rate as of June 2016 was 4.9 percent. Florida’s unemployment rate has decreased 0.6 percent since last year while the nation’s rate decreased 0.4 percent during the same time period from 5.5 to 5.1 percent.

Residential housing continues to rebound, with more housing developments being

approved. Related to the District’s student population, projected growth in fiscal year 2017 is 4,996 full-time equivalent.

The cost of health benefits will continue to increase due to the Federal Patient Protection and Affordable Care Act.

The District continues to expand its digital curriculum initiative and has budgeted funds to

build infrastructure and add devices for all remaining students.

Unassigned fund balance in the general fund at June 30, 2016 was $126,427,470. The District has assigned $257,565,822. Of this amount, $188,009,445 was assigned for Encumbrances and Budget Appropriations, which are included in the 2017 fiscal year budget. The remainder, $69,556,377 for Other Postemployment Benefits (OPEB), is a long-term liability and as such is not included in the 2017 fiscal year budget.

Although current estimates indicate that no subsequent reductions will be required, the historical experience where adjustments were made in four of the past five years causes some concern regarding the consistency of state funding for the current year. The district has therefore been proactive and set aside adequate reserves to deal with such a contingency should it materialize. Requests for Information This financial report is to provide a general overview of the District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Chief Financial Officer, Orange County Public Schools, 445 W. Amelia Street, Orlando, Florida, 32801.

13


14

Basic Financial Statements

15


16

PrimaryGovernment

The Foundationfor Orange

Governmental County PublicActivities Schools, Inc.

ASSETSCash 415,084,875$ 78,577$ Investments 1,582,566,191 1,578,789 Accounts Receivable 2,030,799 - Interest Receivable 1,201,851 - Deposits Receivable 225,000 66,980 Due From Other Agencies 64,183,165 - Inventories 4,784,265 - Prepaid Expenses 150,050 12,000 Capital Assets: Non-Depreciable 398,437,946 - Depreciable (Net) 3,142,517,909 15,798

Total Assets 5,611,182,051 1,752,144

DEFERRED OUTFLOWS OF RESOURCESAccumulated decrease in fair value of hedging derivatives 54,420,628 - Deferred Amount on Refunding 53,007,344 - Pension 187,210,074 -

Total Deferred Outflows of Resources 294,638,046 -

LIABILITIESAccounts Payable and Other Current Liabilities 86,500,068 550,409 Due to Other Agencies 3,298,337 - Estimated Unpaid Claims 15,100,000 - Matured Debt Payable 2,750,861 - Accrued Interest Payable 17,723,538 - Unearned Revenue 48,649,368 61,100 Long-Term Liabilities: Portion Due or Payable Within One Year: Bonds Payable 3,067,000 - Obligations Under Capital Lease 1,899,261 - Lease-Purchase Agreements Payable 45,058,521 - Compensated Absences Payable 9,492,445 - Estimated Insurance Claims Payable 5,816,874 - Net Pension Liability 11,645,051 - Portion Due or Payable After One Year: Bonds Payable 4,792,000 - Lease-Purchase Agreements Payable 1,237,957,777 - Compensated Absences Payable 101,251,598 - Estimated Insurance Claims Payable 6,660,618 - Hedging Derivative Instruments 54,420,628 - Other Post Employment Benefits 69,556,377 - Net Pension Liability 609,943,229 -

Total Liabilities 2,335,583,551 611,509

DEFERRED INFLOWS OF RESOURCESPension 79,881,280 -

NET POSITIONNet Investment in Capital Assets 2,284,888,206 15,798 Restricted for: Capital Projects 1,229,293,118 - Debt Service 109,309,541 - Food Service 27,683,711 - State Grants 5,720,684 647,505 State Categorical Programs 5,180,191 - Post-Secondary 20,558,656 - Unrestricted (deficit) (192,278,841) 477,332

Total Net Position 3,490,355,266$ 1,140,635$

The accompanying notes are an integral part of the basic financial statements.

Component Unit

ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF NET POSITION

June 30, 2016

17


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19

Other CapitalProjects - Nonmajor Total

General Capital Projects Governmental GovernmentalFund Fund Funds Funds

ASSETSCash 132,811,216$ 171,228,957$ 66,369,688$ 370,409,861$ Investments 324,220,525 869,244,999 254,968,484 1,448,434,008 Accounts Receivable 540,621 - 3,445 544,066 Interest Receivable - 1,018,734 181,264 1,199,998 Due From Other Funds 3,073,099 - - 3,073,099 Due From Internal Accounts 59,911 - - 59,911 Due From Other Agencies 15,401,404 29,004,074 19,777,687 64,183,165 Inventories 3,107,784 - 1,656,141 4,763,925 Prepaid 100,050 - - 100,050

Total Assets 479,314,610$ 1,070,496,764$ 342,956,709$ 1,892,768,083$

LIABILITIES AND FUND BALANCESLiabilities: Salaries and Wages Payable 33,298,898$ -$ 3,268,387$ 36,567,285$ Payroll Deductions and Withholdings Payable 1,618 - - 1,618 Accounts Payable 24,098,077 5,665,453 1,509,343 31,272,873 Construction Contracts Payable - 5,021,068 289,025 5,310,093 Construction Contracts Payable - Retained Percentage - 10,676,451 377,078 11,053,529 Due to Other Funds - - 2,996,310 2,996,310 Due to Internal Funds - - - - Due to Other Agencies 3,247,706 - 50,631 3,298,337 Matured Debt Payable - - 2,750,861 2,750,861 Sales Tax Payable 7,654 - - 7,654 Unearned Revenue - - 863,081 863,081

Total Liabilities 60,653,953 21,362,972 12,104,716 94,121,641

Fund Balances: Nonspendable 3,207,834 - 1,656,141 4,863,975 Spendable: Restricted 31,459,531 1,049,133,792 318,575,682 1,399,169,005 Assigned 257,565,822 - 10,620,170 268,185,992 Unassigned 126,427,470 - - 126,427,470

Total Fund Balances 418,660,657 1,049,133,792 330,851,993 1,798,646,442

Total Liabilities and Fund Balances 479,314,610$ 1,070,496,764$ 342,956,709$ 1,892,768,083$


ORANGE COUNTY PUBLIC SCHOOLSBALANCE SHEET

GOVERNMENTAL FUNDSJune 30, 2016

20

Total Fund Balances - Governmental Funds 1,798,646,442$

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets, net of accumulated depreciation, used in governmental activities are notfinancial resources and, therefore, are not reported as assets in the governmental funds. Non-Depreciable Assets 398,437,946$ Depreciable Assets 3,142,517,909

3,540,955,855

Interest on long-term debt is accrued as a liability in the government-wide statementsbut is not recognized in the governmental funds until due, except for accrued interestreceived as part of a debt issue. Accrued Interest Payable - Government-Wide Statement of Net Position (17,723,538)

Internal service funds are used by management to charge the costs of its self-insuranceprograms and the print shop. The assets and liabilities of the internal servicefunds are included in governmental activities in the statement of net position, less furnitureand equipment, net of accumulated depreciation. Total Assets - Internal Service Funds 180,551,391$ Less, Total Liabilities - Internal Service Funds (77,727,584) Less, Depreciable Assets Reported Above (20,179)

102,803,628

Deferred outflows and inflows of resources related to pensions are applicable to future periods and, therefore, are not reported in the funds.

Deferred outflows of resources related to pensions 187,210,074$ Deferred inflows of resources related to pensions (79,881,280)

107,328,794

Deferred outflows of resources related to accumulated fair value of hedging derivatives are applicable to future periods and, therefore, are not reported in the funds. 54,420,628

Deferred outflows of resources related to the deferred amount on refunding 53,007,344 are applicable to future periods and, therefore, are not reported in the funds.

Long-term liabilities are not due and payable in the current period and; therefore, are notreported as liabilities in the governmental funds. Long-term liabilities at year-end consist of: Bonds Payable (7,859,000)$ Obligations Under Capital Lease (1,899,261) Certificates of Participation Payable (1,283,016,298) Compensated Absences Payable (110,744,043) Hedging Derivative Instruments (54,420,628) Other Post Employment Benefits (69,556,377) Net Pension Liability (621,588,280)

(2,149,083,887)

Total Net Position- Governmental Activities 3,490,355,266$


ORANGE COUNTY PUBLIC SCHOOLSRECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TO THE GOVERNMENT-WIDE STATEMENT OF NET POSITIONFor the Fiscal Year Ended June 30, 2016

21



REVENUESFederal Direct Sources: Reserve Officer Training Corps (ROTC) 1,283,629$ -$ -$ 1,283,629$ Other Federal Direct Sources - - 11,098,342 11,098,342

Total Federal Direct 1,283,629 - 11,098,342 12,381,971

Federal Through State Sources: Food Service - - 87,458,580 87,458,580 Other Federal Through State Sources 7,841,333 - 120,622,092 128,463,425

Total Federal through State 7,841,333 - 208,080,672 215,922,005

State Sources: Florida Education Finance Program 507,299,057 - - 507,299,057 Workforce Development 33,303,528 - - 33,303,528 Categorical Programs 235,254,914 - - 235,254,914 Food Service - - 1,189,555 1,189,555 CO&DS Withheld for SBE/COBI Bond - - 4,131,615 4,131,615 CO&DS Distribution 114,117 - 3,550,566 3,664,683 Public Education Capital Outlay - - 5,072,496 5,072,496 Other State Sources 7,546,322 - - 7,546,322

Total State Sources 783,517,938 - 13,944,232 797,462,170

Local Sources: Ad Valorem Taxes 727,285,169 - 162,383,635 889,668,804 Local Sales Taxes - 224,024,409 - 224,024,409 Impact Fees - 45,961,820 - 45,961,820 Food Service - - 10,459,520 10,459,520 Interest Income 6,198,198 18,127,628 6,016,079 30,341,905 Postsecondary Vocational Course Fees 2,457,283 - - 2,457,283 Other Local Sources 25,577,399 2,699,672 6,913,568 35,190,639

Total Local Sources 761,518,049 290,813,529 185,772,802 1,238,104,380

Total Revenues 1,554,160,949$ 290,813,529$ 418,896,048$ 2,263,870,526$


ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDSFor the Fiscal Year Ended June 30, 2016

22



EXPENDITURESCurrent: Instruction 969,274,367$ -$ 42,292,951$ 1,011,567,318$ Pupil Personnel Services 42,389,662 - 12,878,405 55,268,067 Instructional Media Services 15,499,879 - 380,319 15,880,198 Instruction and Curriculum Development 54,444,467 - 28,383,885 82,828,352 Instructional Staff Training Services 25,309,551 - 26,191,731 51,501,282 Instructional Related Technology 11,216,670 - 201,612 11,418,282 Board of Education 4,544,304 - - 4,544,304 General Administration 6,995,085 - 5,349,225 12,344,310 School Administration 112,069,924 - 949,344 113,019,268 Facilities Acquisition & Construction 8,238,326 27,543,237 1,875,766 37,657,329 Fiscal Services 6,276,346 - 172,615 6,448,961 Food Services - - 89,971,925 89,971,925 Central Services 17,703,489 - 359,297 18,062,786 Pupil Transportation Services 59,975,925 - 7,635,443 67,611,368 Operation of Plant 112,346,955 - 302,150 112,649,105 Maintenance of Plant 34,334,441 - 49,150 34,383,591 Administrative Technology Services 21,823,737 - 349,920 22,173,657 Community Services 1,049,636 - 9,832,488 10,882,124 Capital Outlay: Facilities Acquisition & Construction 86,858 222,998,021 34,701,510 257,786,389 Other Capital Outlay 5,677,524 - 2,018,550 7,696,074 Debt Service: Principal - - 37,864,483 37,864,483 Interest and Fiscal Charges - - 57,041,431 57,041,431

Total Expenditures 1,509,257,146 250,541,258 358,802,200 2,118,600,604

Excess (Deficiency) of Revenues Over (Under) Expenditures 44,903,803 40,272,271 60,093,848 145,269,922

OTHER FINANCING SOURCES (USES)Refunding Lease-Purchase Agreements - - 327,295,000 327,295,000 Premium on Refunding Lease-Purchase Agreements - - 36,642,567 36,642,567 Payments to Refunding Bond Escrow Agent - - (368,881,578) (368,881,578) Proceeds from the Sale of Capital Assets 966,693 3,980,000 - 4,946,693 Insurance Loss Recoveries 152,247 - - 152,247 Transfer In 4,731,503 - 111,286,595 116,018,098 Transfer Out - (5,720,774) (110,297,324) (116,018,098)

Total Other Financing Sources (Uses) 5,850,443 (1,740,774) (3,954,740) 154,929

Net Change in Fund Balances 50,754,246 38,531,497 56,139,108 145,424,851

Fund Balances, Beginning 367,906,411 1,010,602,295 274,712,885 1,653,221,591

Fund Balances, Ending 418,660,657$ 1,049,133,792$ 330,851,993$ 1,798,646,442$


(continued)

ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDSFor the Fiscal Year Ended June 30, 2016

23

Net Change in Fund Balances - Governmental Funds 145,424,851$

Amounts reported for governmental activities in the statement of activities are different because:

Capital outlays are reported in governmental funds as expenditures. However, in thestatement of activities, the cost of those assets is allocated over their estimated useful livesas depreciation expense. This is the amount of capital outlays, donations, in excessof depreciation expense and gain on sale of capital assets in the current period.

Capital Outlay - Facilities and Construction 257,786,389$ Capital Outlay - Other Capital Outlay 7,696,074 Donated Assets 969,665 Net Loss on Sale of Capital Assets (6,985,786) Less, Depreciation Expense (97,824,073)

161,642,269

Proceeds of refunding debt are reported as other financing sources in the governmental funds, while payments to the escrow agent for advance-refunding of outstanding debt are shown as otherfinancing uses. Government-wide statements are affected only to the extent these amounts differ. Other long-term debt proceeds provide current financial resources to governmental funds, but issuingdebt increases long-term liabilities in the statement of net position. Repayment of long-term debt is anexpenditure in the governmental funds, but the repayment reduces long-term liabilities in the statementof net position. This is the net effect of these transactions.

Certificates of Participation (327,295,000)$ Premium on Certificates of Participation (36,642,567) Principal Payments to Bond Escrow Agent 368,881,578

4,944,011

Repayment of long-term liabilities is an expenditure in the governmental funds, but the repaymentreduces long-term liabilities in the statement of net position.

Bonds Payable 3,660,000$ Obligations Under Capital Leases 1,822,877 Certificates of Participation 32,381,605

37,864,482

Interest on long-term debt is recognized as an expenditure in the governmental funds when due,but is recognized as interest accrues in the statement of activities.

Prior Year Accrual 22,493,426$ Less, Current Year Accrual 17,723,538

4,769,888

Deferred charges associated with long-term debt issued in a prior period are reported in thestatement of activities, but are not a current financial resource and, therefore, are not reportedin the governmental funds. This is the net increase in deferred charges during the current period. 4,658,504

In the statement of activities, the cost of compensated absences is measured by the amountsearned during the year, while in the governmental funds expenditures are recognized based onthe amounts actually paid for compensated absences. This is the net amount of compensated absencespaid in excess of the amount earned in the current period. 4,284,762

Other Post-Employment Benefits (OPEB) costs are recorded in the governmental funds underthe pay-as-you-go method, but under the full accrual method in the Government-Widestatements.

Prior Year Accrual 75,446,684$ Less, Current Year Accrual 69,556,377

5,890,307 In the statement of activities, the cost of pension benefits is measured by the decrease in the

net pension liability during the year, while in the governmental funds, expenditures are recognizedbased on the amounts actually paid for the pension expense. This is the amount of pensionbenefits paid in excess of pension benefits accrued in the current period. 15,545,665

Internal service funds are used by management to charge the cost of certain activities, such asinsurance to individual funds. The net revenue of internal service funds is reportedwith governmental activities plus the depreciation reported above. 12,040,484

Change in Net Position - Governmental Activities 397,065,223$



ORANGE COUNTY PUBLIC SCHOOLSRECONCILIATION OF THE GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESTO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES

24

Variance withFinal Budget -

Original Final Actual Amounts Positive (Negative)REVENUESFederal Direct Sources: Reserve Officer Training Corps (ROTC) 1,289,826$ 1,289,826$ 1,283,629$ (6,197)$

Total Federal Direct 1,289,826 1,289,826 1,283,629 (6,197)

Federal Through State Sources: Medicaid 4,475,000 4,475,000 7,841,333 3,366,333

Total Federal through State 4,475,000 4,475,000 7,841,333 3,366,333

State Sources: Florida Education Finance Program 531,202,889 531,202,889 507,299,057 (23,903,832) Workforce Development 32,940,847 32,940,847 33,303,528 362,681 Categorical Programs 223,181,006 223,181,006 235,254,914 12,073,908 CO&DS Withheld for SBE/COBI Bond 105,207 105,207 114,117 8,910 Other State Sources 1,162,198 1,162,198 7,546,322 6,384,124

Total State Sources 788,592,147 788,592,147 783,517,938 (5,074,209)

Local Sources: Ad Valorem Taxes 724,690,940 724,690,940 727,285,169 2,594,229 Interest Income 1,787,500 1,787,500 6,198,198 4,410,698 Postsecondary Vocational Course Fees 3,325,768 3,325,768 2,457,283 (868,485) Other Local Sources 10,110,500 10,110,500 25,577,399 15,466,899

Total Local Sources 739,914,708 739,914,708 761,518,049 21,603,341

Total Revenues 1,534,271,681 1,534,271,681 1,554,160,949 19,889,268

EXPENDITURESCurrent: Instruction 1,053,962,639 1,001,648,257 969,274,367 32,373,890 Pupil Personnel Services 40,329,612 43,529,612 42,389,662 1,139,950 Instructional Media Services 15,521,128 16,521,128 15,499,879 1,021,249 Instruction and Curriculum Development 51,912,322 55,512,322 54,444,467 1,067,855 Instructional Staff Training Services 16,888,495 33,888,495 25,309,551 8,578,944 Instructional Related Technology 13,280,834 13,280,834 11,216,670 2,064,164 Board of Education 4,236,474 4,736,474 4,544,304 192,170 General Administration 5,028,955 7,528,955 6,995,085 533,870 School Administration 102,702,890 115,202,890 112,069,924 3,132,966 Facilities Acquisition & Construction 7,417,609 8,267,609 8,238,326 29,283 Fiscal Services 7,111,844 7,111,844 6,276,346 835,498 Central Services 19,334,974 19,334,974 17,703,489 1,631,485 Pupil Transportation Services 60,887,310 60,887,310 59,975,925 911,385 Operation of Plant 114,859,584 114,859,584 112,346,955 2,512,629 Maintenance of Plant 31,001,877 35,501,877 34,334,441 1,167,436 Administrative Technology Services 50,226,174 50,226,174 21,823,737 28,402,437 Community Services 240,000 1,140,000 1,049,636 90,364 Capital Outlay: Facilities Acquisition & Construction - 86,858 86,858 - Other Capital Outlay - 5,677,524 5,677,524 - Total Expenditures 1,594,942,721 1,594,942,721 1,509,257,146 85,685,575

Excess (Deficiency) of Revenues Over (Under) Expenditures (60,671,040) (60,671,040) 44,903,803 105,574,843

OTHER FINANCIAL SOURCES Proceeds from Sale of Capital Assets - - 966,693 966,693 Loss Recoveries - - 152,247 152,247 Transfer In 19,508,085 19,508,085 4,731,503 (14,776,582) Total Other Financial Sources 19,508,085 19,508,085 5,850,443 (13,657,642)

Net Change in Fund Balance (41,162,955) (41,162,955) 50,754,246 91,917,201

Fund Balance, Beginning 367,906,411 367,906,411 367,906,411 -

Fund Balance, Ending 326,743,456$ 326,743,456$ 418,660,657$ 91,917,201$


Budgeted Amounts

ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE - BUDGET TO ACTUALGENERAL FUND


General Fund

25

GovernmentalActivities -

Internal ServiceFunds

ASSETSCurrent Assets: Cash 44,675,014$ Investments 134,132,183 Accounts Receivable 1,426,822 Interest Receivable 1,853 Deposits Receivable 225,000 Prepaid Items 50,000 Inventories 20,340 Total Current Assets 180,531,212 Noncurrent Assets: Furniture and Equipment 97,387 Less Accumulated Depreciation (77,208) Computer Software 1,100 Less Accumulated Depreciation (1,100) Total Noncurrent Assets 20,179

Total Assets 180,551,391

LIABILITIESCurrent Liabilities: Salaries and Wages Payable 42,949 Accounts Payable 2,244,067 Due to Other Funds 76,789 Unearned Revenue 47,786,287 Estimated Unpaid Claims 20,916,874 Total Current Liabilities 71,066,966 Long-Term Liabilities: Estimated Insurance Claims Payable 6,660,618

Total Liabilities 77,727,584

NET POSITIONNet Investment in Capital Assets 20,179 Unrestricted 102,803,628

Total Net Position 102,823,807$


ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF NET POSITION

PROPRIETARY FUNDSJune 30, 2016

26


Internal ServiceFunds

OPERATING REVENUES Charges for Services 5,450,851$ Premium Revenues 206,256,504 Other Operating Revenues 92,040 Total Operating Revenues 211,799,395

OPERATING EXPENSES Salaries 842,057 Employees Benefits 363,816 Purchased Services 14,885,652 Energy Services 85,000 Material and Supplies 251,741 Capital Outlay 3,430 Claims Expenses 185,375,411 Depreciation 7,402

Total Operating Expenses 201,814,509

Operating Income 9,984,886

NONOPERATING REVENUES Interest 2,058,593

Total Nonoperating Revenues 2,058,593

Change in Net Position 12,043,479

Total Net Position, Beginning 90,780,328

Total Net Position, Ending 102,823,807$



ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF REVENUES, EXPENSES, AND

CHANGES IN NET POSITIONPROPRIETARY FUNDS

27


Internal ServiceFund

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Interfund Services Provided 228,244,329$ Payments to Suppliers of Goods or Services (196,867,351) Payments to Employees (1,186,484) Other Operating Cash Receipts 92,040

Net Cash Provided by Operating Activities 30,282,534

CASH FLOWS FROM CAPITAL AND RELATED FINANCING Acquisition of Capital Assets (10,397)

Net Cash Used in Capital and Related Financing Activities (10,397)

CASH FLOWS FROM INVESTING ACTIVITIES Investment Earnings 2,058,593 Purchases of Investments 2,344,284

Net Cash Provided by Investing Activities 4,402,877

Net Increase in Cash 34,675,014

Cash, Beginning of Year 10,000,000

Cash, End of Year 44,675,014$

Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating Income 9,984,886$ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Depreciation 7,402 Changes in Assets and Liabilities: Accounts Receivable 16,536,976 Inventory (2,445) Accounts Payable 809,262 Salaries and Benefits Payable 19,388 Unearned Revenues 2,114,290 Estimated Unpaid Claims 735,986 Due To Other Funds 76,789

Total Adjustments 20,297,648

Net Cash Provided by Operating Activities 30,282,534$

Noncash Investing Activities Net Increase in the Fair Value of Investments 828,539$


ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF CASH FLOWS

PROPRIETARY FUNDSFor the Fiscal Year Ended June 30, 2016

28

Agency FundsStudent and ClubActivities Funds

ASSETS Cash and Cash Equivalents 12,341,131$ Investments 2,455,904 Accounts Receivable, Net 41,735 Inventory 223,760

Total Assets 15,062,530$

LIABILITIES Accounts Payable 431,971$ Internal Accounts Payable 14,630,559

Total Liabilities 15,062,530$


ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF FIDUCIARY ASSETS AND LIABILITIES

FIDUCIARY FUNDSJune 30, 2016

29


30


NOTES TO BASIC FINANCIAL STATEMENTS June 30, 2016

1. Summary of Significant Accounting Policies Reporting Entity Orange County Public Schools (the District) has direct responsibility for operation, control, and supervision of District schools and is considered a primary government for financial reporting. The District is considered part of the Florida system of public education. The governing body of the District is the Orange County District School Board (the Board) that is composed of eight elected members, seven board members elected by district and one Board Chairman elected at large. The appointed Superintendent of Schools (Superintendent) is the executive officer of the Board. Geographic boundaries of the District correspond with those of Orange County, Florida. Pursuant to Section 1001.51(11)(f), Florida Statutes, the Superintendent is responsible for keeping records and accounts of all financial transactions in the manner prescribed by the Florida State Board of Education. Criteria for determining if other entities are potential component units that should be reported within the District's basic financial statements are identified and described in the Governmental Accounting Standards Board’s (GASB) Codification of Governmental Accounting and Financial Reporting Standards, Sections 2100 and 2600. The application of these criteria provides for identification of any entities for which the Board is financially accountable and other organizations that the nature and significance of their relationship with the Board are such that exclusion would cause the District’s basic financial statements to be misleading or incomplete. As required by accounting principles generally accepted in the United States (GAAP), these basic financial statements present the District (the primary government) and its component units. The component units discussed below are included in the District’s reporting entity because of the significance of their operational or financial relationships with the District. Blended Component Units - The District’s employee group health and life insurance program, described in a subsequent note, is administered through the School Board of Orange County Employee Benefits Trust (Trust). Assets necessary to fund the program are transferred to the Trust; however, under the terms of the Trust Agreement, the School Board retains control of the assets. Due to the substantive economic relationship between the District and the Trust, the financial activities of the Trust are reported in the accompanying basic financial statements as an internal service fund. The Orange County School Board Leasing Corporation (Leasing Corporation) was formed to facilitate financing for the acquisition of facilities and equipment as further discussed in a subsequent note. The Board of Directors of the Leasing Corporation are members of the Board who elect to serve as ex-officio Directors. Due to the substantive economic relationship between the District and the Leasing Corporation, the financial activities of the Leasing Corporation are included in the accompanying basic financial statements as part of the debt service and capital project funds. Separate financial statements for the Leasing Corporation are not published. Discretely Presented Component Units - The component unit column in the government-wide financial statements includes the financial data of the District’s other component units. The Foundation for Orange County Public Schools, Inc. (the Foundation) is a separate not-for-profit corporation organized and operated as a direct-support organization under Section 1001.453, Florida Statutes, to raise funds; receive, hold, invest and administer property; and to make expenditures for the benefit of the District. Section 1001.453, Florida Statutes, requires the Foundation to be authorized and approved by the District. The stated mission of the Foundation is to identify, develop and focus community resources to make a meaningful impact on

31



the success of students and teachers of Orange County Public Schools. Because of the nature and significance of its relationship with the District, the Foundation is considered a component unit. The audit of the financial statements of the Foundation for the fiscal year ended June 30, 2016, was conducted by independent certified public accountant and is filed in the District’s administrative office at 445 West Amelia Street, Orlando, Florida. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus applied. Government-Wide Financial Statements – The Government-Wide Financial Statements are prepared under the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash transaction takes place. Nonexchange transactions, in which the District gives or receives value without directly receiving or giving value in exchange, include property taxes, grants, entitlements and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants, entitlements and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The Statement of Net Position and the Statement of Activities present financial information about the District’s governmental activities. These statements include the financial activities of the government in its entirety, except for those that are fiduciary. Governmental activities, which generally are supported by taxes and inter-governmental revenues, are reported separately from business-type activities, which are generally supported by fees charged. The District currently does not have any business-type activities. The Statement of Net Position includes all assets, deferred outflows, liabilities, and deferred inflows of the District. The Statement of Activities presents a comparison between the direct expenses and program revenues for each function or program of the District’s governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Depreciation expenses associated with the District’s transportation and maintenance departments are allocated to the transportation and maintenance of plant functions, while remaining depreciation expenses are not readily associated with a particular function and are reported as unallocated. Amounts reported as program revenues include 1) charges for services provided to students for tuition, fees, rental, material, supplies, or other services, 2) operating grants and contributions, and 3) capital grants and contributions. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. The comparison of direct expenses with program revenues identifies the extent to which each governmental function is self-financing or draws from the general revenues of the District. The District eliminates from the Statement of Net Position and the Statement of Activities most interfund receivables and payables and transfers between funds as well as the transactions associated with its Internal Service Funds. Fund Financial Statements – The Governmental Fund Financial Statements are prepared utilizing the current financial resource measurement focus and the modified accrual basis of accounting. Revenues are recognized in the accounting period in which they become susceptible to accrual, that is, both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means

32



collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Significant revenues “susceptible to accrual” include ad valorem taxes, reimbursable-type grants and interest on investments. The District considers revenues from ad valorem taxes as available if they are collected within sixty (60) days after year-end. Expenditures are recorded when the fund liability is incurred, which excludes unmatured principal and interest on general long-term debt and accumulated sick and vacation pay, OPEB, claims and judgements and certain prepaid items which are recognized when due/paid. In applying the “susceptible to accrual” concept to revenues from federal and state sources, the legal contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of revenues. In one type, monies must be expended for the specific purpose or project before the District will receive any amounts; therefore, revenues are recognized based upon the occurrence of the expenditure. In the other type, monies are virtually unrestricted as to purpose of expenditure and are usually revocable only for failure to comply with prescribed legal and contractual requirements. These resources are reflected as revenues at the time of receipt or earlier if the “susceptible to accrual” criteria are met. In all cases, monies received before the revenue recognition criteria have been met, are reported as deferred revenue. The Agency (Fiduciary) funds are purely custodial in nature (assets equal liabilities) and as such do not have a measurement focus. Agency funds use the accrual basis of accounting to recognize receivables and payables. The Proprietary Fund Financial Statements are prepared under the economic resources measurement focus and the accrual basis of accounting. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s internal service funds are for self-insurance (property, casualty, liability, and worker’s compensation), employee benefits (health and prescription), and printing provided to other funds. Operating expenses for the internal service funds include salaries, employee benefits, purchased services, energy services, materials and supplies, claims expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. The fund statements provide information about the District’s funds, including fiduciary funds. Separate statements for each fund category – governmental, proprietary and fiduciary – are presented. The emphasis of fund financial statements is on major funds, each displayed in a separate column. All remaining governmental funds are aggregated and reported as non-major funds. The District reports the following major funds: General Fund - to account for all financial resources not required to be accounted for in another fund, and

for certain revenues from the State that are legally restricted to be expended for specific current operating purposes. The General Fund is the District’s primary operating fund.

Capital Projects - Other Capital Projects Fund - to account for the financial resources generated by

certificates of participation, impact fees, lottery, sales tax and other local sources to be used for educational capital outlay needs, including new construction, renovation and remodeling projects and debt service payments.

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Additionally the District reports the following non-major fund types: Special Revenue Funds - to account for the financial resources of the school food service program, certain

grant program resources, the extended day childcare program, and other such restricted resources. Debt Service Funds - to account for the accumulation of resources for, and the payment of, general long-

term debt principal, interest, and related debt issuance costs. Capital Projects Funds - to account for financial resources generated from allocations of state revenues, that

are to be used for educational capital outlay needs, including new construction, renovation and remodeling projects.

Internal Service Funds - to account for the District's limited self-insurance programs and printing service

operations. Agency Funds - to account for resources of the school internal funds that are used to administer moneys

collected at all schools in connection with school, student athletic, class, and club activities. When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Budgetary Information The Board follows procedures established by State statutes and State Board of Education rules in establishing budget balances for governmental funds as described below: - Annually, budgets are prepared, public hearings are held, and original budgets are adopted for all

governmental fund types in accordance with procedures and time intervals prescribed by State Statutes and State Board of Education rules.

- Appropriations are controlled at the function level (e.g., instruction, pupil personnel services, and school

administration) and may be amended by resolution at any Board meeting prior to the due date for the annual financial report.

- Budgets are prepared using the same modified accrual basis as is used to account for governmental

funds. - Budgetary information is integrated into the accounting system and, to facilitate budget control, budget

balances are encumbered when purchase orders are issued. Appropriations lapse at fiscal year-end and encumbrances outstanding are honored from the subsequent year's appropriations.

- The reported budgetary data consists of the original budget as well as the final appropriated budget

after amendments approved by the Board. Cash and Cash Equivalents Cash deposits are held in banks that qualify as public depositories under Florida law. All deposits are insured by Federal depository insurance and/or collateralized with securities held in Florida’s multiple financial institution collateral pool required by Sections 280.07 and 280.08, Florida Statutes. For the Internal

34



Service Funds, the statement of cash flows considers cash as those accounts used as demand deposit accounts. Cash balances from all funds are combined and invested to extent available. Earnings are allocated monthly to each fund based on a rolling two month average balance of cash and investments. Investments Investments consist of amounts placed with various intergovernmental investment pools which hold a majority of U.S. government securities, municipal securities and repurchase agreements. The investment earnings are allocated to each fund based on a rolling two month average investment balance in that fund. Investments also consist of the State of Florida’s Special Purpose Investment Account (SPIA) authorized in Section 17.61(1), Florida Statutes, Florida PRIME, Florida Education Investment Trust Fund (FEITF), corporate bonds, municipal bonds, commercial paper, and United States instrumentality securities. All investments are reported at fair value. The District’s investment in SPIA is part of an investment pool managed by the Florida Department of Treasury, where the District owns a share of the pool, not the underlying shares of the assets in the pool. The District relies on policies developed by the State Treasury for managing interest and credit risk for this external investment pool. The District’s investments in Florida PRIME, which the SBA indicates is a Securities and Exchange Commission 2a7-like external investment pool, are similar to money market funds in which shares are owned in the fund rather than the underlying investments. The District’s investments in the Florida Education Investment Trust Fund (FEITF), which FEITF indicates is a Securities and Exchange Commission 2a7-like external investment pool, are similar to money market funds in which shares are owned in the fund rather than the underlying investments. These investments are reported at fair value, which is amortized cost. The District categorizes its fair value measurements within the fair value hierarchy established in accordance with generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Types and amounts of investments held at fiscal year-end are described in a subsequent note. Inventories Inventories consist of expendable supplies held for consumption in the course of District operations. Transportation, custodial and school supply inventories are stated at cost on a weighted average basis. Food service inventories are stated at cost on the last invoice basis, which approximates the first-in, first-out basis, except that United States Department of Agriculture donated foods are stated at their acquisition value as determined at the time of donation to the District’s food service program by the Florida Department of Agriculture and Consumer Services, Bureau of Food Distribution. The costs of inventories are recorded as expenditures when used rather than purchased. Capital Assets and Depreciation Expenditures for capital assets acquired or constructed for general District purposes are reported in the governmental fund that financed the acquisition or construction. The capital assets acquired are reported at cost in the government-wide statement of net position, but are not reported in the governmental fund financial statements. Capital assets are defined by the District as those costing more than $1,000 for furniture, fixtures and equipment; motor vehicles; audio visual materials; computer software; improvements other than buildings; buildings and fixed equipment; and construction in progress and which have an

35



estimated life of two or more years. All land purchases are capital assets regardless of cost. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the values of the assets or materially extend assets lives are not capitalized and are expensed as incurred. Interest costs incurred during construction of capital assets are not considered material and are not capitalized as part of the cost of construction. Capital assets of the primary government, excluding land and construction in progress, are depreciated using the straight-line method over the following estimated useful lives:

Description Estimated Lives

Improvements other than buildings 15 yearsBuildings and fixed equipment 20 – 40 yearsFurniture, fixtures and equipment 5 - 15 yearsMotor Vehicles 5 – 10 yearsAudio visual materials and computer software 5 years

Current-year information relative to changes in capital assets is described in a subsequent note. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial net position reports a separate section for deferred outflow of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and therefore will not be recognized as an outflow of resources (expense/expenditure) until that time. The District has three items that qualify for reporting in this category. They are accumulated decrease in fair value of hedging derivatives, deferred amounts on refunding and pensions reported in the government-wide statements of net position. A deferred amount on refunding results from the difference in the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. In addition to liabilities, the statement of financial net position reports a separate section for deferred inflow of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time. The District has one item that qualifies for reporting in this category, which is related to pensions. Unearned Revenue Unearned revenue consists primarily of health insurance premiums collected from employees during the fiscal year for the coverage period extending through the plan year end of September 30. Long-Term Liabilities Long-term liabilities that will be financed from resources to be received in the future by governmental funds are reported as liabilities in the government-wide statement of net position. Debt premiums and discounts, as well as deferred amounts on refunding, are deferred and amortized over the life of the debt using the effective interest method. Debt is reported net of the applicable bond premium or discount and deferred amounts on refunding.

36



In the governmental fund financial statements, bonds and other long-term obligations are not recognized as liabilities until due. Governmental fund types recognize debt premiums and discounts, as well as issuance costs and deferred amounts on refunding, during the current period. The face amount of debt issued is reported as an other financing source while discounts on debt issuances and deferred amounts on refunding are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. In the government-wide financial statements, compensated absences (i.e., paid absences for employee vacation leave and sick leave) are accrued as liabilities to the extent that it is probable that the benefits will result in termination payments. A liability is reported in the governmental fund financial statements only for the portion due and payable at year-end. Other Postemployment Benefits (OPEB) are reported in the government-wide financial statements. The District subsidizes the premium rates paid by Non-Medicare eligible retirees by allowing them to participate in the health plan at the blended group premium rates for both active and retired employees. OPEB is recorded by the District for the implicit subsidy for Non-Medicare eligible retirees because, on an actuarial basis, their current and future claims are expected to result in higher costs to the District than those of active employees. The District funds OPEB on a pay-as-you-go basis. The District makes healthcare available but no longer pays any portion of the healthcare benefits for Medicare eligible retirees. As a result, no health care experience for this group, whether favorable or unfavorable, would reflect on the cost of insurance to the District. Additional information on OPEB is described in a subsequent note. In the government-wide statement of net position, pension liabilities are recognized for the District’s proportionate share of each pension plan’s net pension liability. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pension, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined benefit plan and the Health Insurance Subsidy (HIS) defined benefit plan and additions to/deductions from the FRS’s and the HIS’s fiduciary net position have been determined on the same basis as they are reported by the FRS and HIS plans. For this purpose, benefit payments (including refunds of employee contributions are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. Changes in long-term debt for the current year are reported in a subsequent note. Fund Balance Flow Assumptions Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted sources (the total of restricted, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the District’s procedure to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, assigned fund balance is depleted first, followed by unassigned fund balance. Fund Balance Policies Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The government itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund

37



balance). The Board does not have a policy regarding the commitment or assignment of fund balances; however, by resolution, the Board has given the ability to assign fund balance to the Superintendent and the Chief Financial Officer. The District does not have commitments imposed by formal action of its highest level of decision-making authority and, as such, the District does not report any committed fund balance. Amounts in the assigned fund balance classification are intended to be used by the government for specific purposes. The District also assigns fund balance when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year’s appropriated budget. State Revenue Sources Revenues from State sources for current operations are primarily from the Florida Education Finance Program administered by the Florida Department of Education (the Department) under the provisions of Section 1011.62, Florida Statutes. In accordance with this law, the District determines and reports the number of full-time equivalent (FTE) students and related data to the Department. The Department performs certain edit checks on the reported number of FTE and related data, and calculates the allocation of funds to the District. The District is permitted to amend its original reporting for a period of six months following the date of the original reporting. Such amendments may impact funding allocations for subsequent years. The Department may also adjust subsequent fiscal period allocations based upon an audit of the District's compliance in determining and reporting FTE and related data. Normally, such adjustments are treated as reductions or additions of revenue in the year when the adjustments are made. The State of Florida (the State) provides financial assistance to administer certain categorical educational programs. State Board of Education rules require that revenue earmarked for certain programs be expended only for the program that the money is provided, and require that the money not expended as of the close of the fiscal year be carried forward into the following year to be expended for the same categorical educational programs. The Department generally requires that categorical educational program revenues be accounted for in the General Fund. A portion of the fund balance of the General Fund is restricted in the governmental funds financial statements for the balance of categorical educational program resources. The State allocates gross receipts taxes, generally known as Public Education Capital Outlay money, to the District on an annual basis. The District is authorized to expend these funds only upon applying for and receiving an encumbrance authorization from the Department. A schedule of revenue from State sources for the current year is presented in a subsequent note. District Property Taxes The Board is authorized by State law to levy property taxes for district school operations, capital improvements, and debt service. Property taxes consist of ad valorem taxes on real and personal property within the District. The Orange County Property Appraiser determines the real and personal property values within the District. The Orange County Tax Collector then collects the taxes and remits them to the District. The Board adopted the fiscal year 2015-16 tax levy on September 15, 2015. Property values are assessed as of January 1 each year. Tax bills are mailed in October and taxes are payable between November 1 of the year assessed and March 31 of the following year at discounts of up to 4% for early payment. Taxes become delinquent after April 1 of the year following the year of assessment, taxes become an enforceable lien on property. State law provides for enforcement of collection of personal property taxes by seizure of the property to satisfy unpaid taxes, and for enforcement of collection of real property taxes by the

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sale of interest-bearing tax certificates to satisfy unpaid taxes. The procedures result in the collection of essentially all taxes prior to June 30 of the year following the year of assessment. Property tax revenues are recognized in the government-wide financial statements when the Board adopts the tax levy. Property tax revenues are recognized in the governmental fund financial statements when the District receives taxes, except the revenue that is accrued for taxes collected by the Orange County Tax Collector at fiscal year-end but not yet remitted to the District. Because any delinquent taxes collected after June 30 would not be material, delinquent taxes receivable are not accrued and no delinquent tax revenue deferral is recorded. Millages and taxes levied for the current year are presented in a subsequent note. Federal Revenue Sources The District receives Federal awards for the enhancement of various educational programs. Federal awards are generally received based on applications submitted to, and approved by, various granting agencies. For Federal awards for which a claim to these grant proceeds is based on incurring eligible expenditures, revenue is recognized to the extent that eligible expenditures have been incurred. Impact of Recently Issued Accounting Principles In February 2015, the GASB issued Statement 72, Fair Value Measurement and Application. The objective of this Statement is to improve financial reporting by clarifying the definition of fair value for financial reporting purposes, establishing general principles for measuring fair value, providing additional fair value application guidance, and enhancing disclosures about fair value measurements. These improvements are based in part on the concepts and definitions established in Concepts Statement No. 6, Measurement of Elements of Financial Statements, and other relevant literature. The requirements of this Statement are effective for financial statements for periods beginning after June 15, 2015. The District has implemented this Statement for the fiscal year 2016. GASB Statement 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, effective for periods beginning after June 15, 2017, replaces the requirements of GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. Among other things, GASB Statement No. 75 requires governments to report a liability on the face of the financial statements for the other postemployment benefits (“OPEB”) that they provide and requires governments in all types of OPEB plans to present more extensive note disclosures and required supplementary information about their OPEB liabilities. Management is currently evaluating the impact of the adoption of this Statement on the District’s financial statements. GASB Statement 79, Certain External Investment Pools and Pool Participants, was effective for reporting periods beginning after June 15, 2015, except for certain provisions on portfolio quality, custodial credit risk, and shadow pricing. Those provisions are effective for reporting periods beginning after December 15, 2015. GASB 79 establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes. An external investment pool qualifies for that reporting if it meets all of the applicable criteria established in this Statement. The specific criteria address (1) how the external investment pool transacts with participants; (2) requirements for portfolio maturity, quality, diversification, and liquidity, and (3) calculation and requirements of a shadow price. The District has implemented this Statement for the fiscal year 2016.

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2. Deposits and Investments At June 30, 2016, the District had the following investments:

Amounts Measured at Fair

Value

Quoted Prices in Active Markets

for Identical Assets (Level 1)

Significant Other Observable

Inputs (Level 2)

Significant Unobservable

Inputs (Level 3)

U.S. Government Agencies 200,285,242$ -$ 200,285,242$ -$ Corporate bonds 127,450,587 - 127,450,587 - Municipal bonds 40,690,221 - 40,690,221 - Total investments by fair value level 368,426,050 -$ 368,426,050$ -$

Investments measured at net asset value (NAV):FL Special Purpose Investment Account (SPIA) 718,634,958 Total investments measured at NAV 718,634,958

Investments reported at amortized cost:FL Prime (formally SBA) 424,839,325 Florida Education Investment Trust Fund 65,610,671 Money Market 7,131,768 Commercial Paper 379,323 Total investments reported at amortized cost 497,961,087

Total Investments, Primary Government 1,585,022,095$

Investments by fair value level

Fair Value Measurements at Reporting Date Using Quoted Prices

The District’s recurring fair value measurements are valued using quoted prices for similar assets in active markets or identical or similar assets in inactive markets (Level 2 inputs). Florida Prime, Florida Education Investment Trust Fund, money market and commercial paper are reported at amortized cost. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net position. Certain investments are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. All investments may be redeemed without advance notice and there are no limitations as to the frequency of redemptions for any investment pool. The District has no unfunded commitments to invest in any investment pool.

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Interest Rate Risk District policies limit the maturity of investments to a 5 year weighted average life as a means of limiting its exposure to fair value losses arising from rising interest rates. Also, at least 3 months of average disbursements should be invested in highly liquid funds with a maturity range of 0-90 days. The District has $240,975,463 in obligations of the United States Government Sponsored Agencies/Federal Instrumentalities and Municipal Bonds and $127,450,587 in Corporate Bonds. These securities included embedded options to call the entire security or a portion thereof, at the option of the issuer; or, depending on market conditions, the issuer may decide to leave the security intact, at stated interest rate, until final maturity. These securities have various call dates with final maturity dates being December 2028. At June 30, 2016, the District’s investments had the following maturities:

Investment MaturitiesLess Than

Investment Fair Value 6 Months 1 Year 2 Years 5 Years After

FL Special Purpose Investment Account (SPIA) 718,634,958$ 718,634,958$ -$ -$ -$ -$

FL Prime (formally SBA) 424,839,325 424,839,325 - - - -

Florida Education Investment Trust Fund 65,610,671 65,610,671 - - - -

Money Market 7,131,768 7,131,768 - - - -

Commercial Paper 379,323 379,323 - - - -

Corporate Bonds 127,450,587 52,135,879 24,575,833 17,038,269 33,700,606 -

Obligations of United States Government Agencies and Instrumentalities and 200,285,242 15,014,657 2,861,750 22,813,242 104,681,733 54,913,860 Municipal Bonds 40,690,221 2,504,275 - 3,150,229 35,035,717 -

Total Investments, Reporting Entity 1,585,022,095$ 1,286,250,856$ 27,437,583$ 43,001,740$ 173,418,056$ 54,913,860$

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Credit Risk Investments authorized by District policy are:

a. Direct Obligations of US Treasury; b. US Government Sponsored Agencies or Federal Instrumentalities; c. Investment in the Florida Prime Fund; d. Investment in the Florida Special Purpose Investment Account; e. Investment in the Florida Education Investment Trust Fund; f. Certificates of Deposit and Savings Accounts; g. Repurchase Agreements; h. State and/or Local Government Taxable or Tax-Exempt Debt; i. Corporate Notes; j. Commercial Paper; k. Money Market Funds;

Section 218.415(18), Florida Statutes, requires the District to earmark all investments and 1) if registered with the issuer or its agents, the investment must be immediately placed for safekeeping in a location that protects the governing body’s interest in the security; 2) if in a book entry form, the investment must be held for the credit of the governing body by a depository chartered by the Federal Government, the State, or any other State or territory of the United States which has a branch or principal place of business in this State, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in this State, and must be kept by the depository in an account separate and apart from the assets of the financial institution; or 3) if physically issued to the holder but not registered with the issuer or its agents, must be immediately placed for safekeeping in a secured vault. The District’s $240,975,463 investments in obligations of Municipalities and United States Government Agencies and Instrumentalities and $127,450,587 in Corporate Bonds are held by the safekeeping agent, in the name of the District. Concentration of Credit Risk Composition of investment portfolio is limited by District policy to:

A. Direct Obligations of the U. S Treasury 100% B. U. S. Government Sponsored Agencies (Federal Instrumentalities) 80% C. Florida Prime Fund 100% D. Florida Special Purpose Investment Account 100% E. Florida Education Investment Trust Fund 100% F. Certificates of Deposit and Savings Accounts 100% G. Repurchase Agreements, fully collateralized by Direct Obligations of U. S. Government Securities 30% H. State and/or Local Govt. Taxable or Tax-Exempt Debt 20% I. Corporate Notes 20% J. Commercial Paper 30% K. Money Market Funds 100%

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As of June 30, 2016, the District investments in the State of Florida Special Purpose Investment Account (SPIA) totaled $718,634,958 which is rated A+f by S&P with an effective duration of 2.61 years. These funds allocate investment earnings monthly. As of June 30, 2016, the District investments in the SBA totaled $424,839,325 which are 2a-7 like funds with a weighted average life of 58 days and are AAA rated by S&P. These funds allocate investment earnings monthly. As of June 30, 2016, the District investments in the Florida Education Investment Trust Fund totaled $65,610,671. These funds are rated AAAm by S&P. The fund is also a 2a-7 fund with a weighted maturity of 41 days. As of June 30, 2016, the District investments in commercial paper were $379,323. These funds are rated A1, P1 as required by the district’s investment policy. The District holds these funds under a trust indenture in connection with several Certificates of Participation Series. All District investments are in compliance with District policy in relation to interest rate risk, credit risk, and concentration of credit risk.

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3. Receivables The majority of receivables are due from other agencies. These receivables and the remaining accounts receivable are considered to be fully collectible. As such, no allowance for uncollectible accounts receivable is accrued. The following is a schedule of due from other agencies at June 30, 2016:

General Fund:Orange County Tax Collector

Unremitted Property Taxes 12,746,373$ Miscellaneous State Agencies 2,655,031

Other Capital Projects Fund:State of Florida - Department of Revenue

Unremitted Sales Tax Collections 19,721,317 Orange County Board of County Commissioners

Unremitted Impact Fee Collections 5,397,236 City of Orlando - Unremitted Impact Fee Collections 572,411 Miscellaneous Cities Impact Fee Collections 3,313,110

Nonmajor Governmental Funds:Capital Improvement Tax Fund:

Orange County Tax CollectorUnremitted Property Taxes 2,845,599

Capital Projects CO&DS Fund:Florida Department of Education

CO&DS 50,597 Food Service Fund:

Florida Department of EducationMeal Reimbursements 11,753,861

Other Federal Programs Fund:Florida Department of Education

Federal Grant Reimbursements 4,364,280 Miscellaneous Grantor Agencies 763,350

Total Due From Other Agencies 64,183,165$

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4. Changes in Capital Assets Capital assets activity for the year ended June 30, 2016, is as follows: Primary Government

Balance BalanceJune 30, 2015 Additions Deletions June 30, 2016

Governmental Activities

Capital Assets Not Being Depreciated:Land 273,315,801$ 12,697,803$ -$ 286,013,604$ Construction in Progress 100,198,661 218,125,196 205,899,515 112,424,342

Total Capital Assets Not BeingDepreciated 373,514,462 230,822,999 205,899,515 398,437,946

Capital Assets Being Depreciated:Improvements Other Than Building 22,265,604 3,089,815 - 25,355,419 Buildings and Fixed Equipment 3,624,793,840 205,899,515 13,670,772 3,817,022,583 Furniture, Fixtures and Equipment 157,689,058 20,826,421 16,000,269 162,515,210 Motor Vehicles 124,871,402 11,701,137 8,806,032 127,766,507 Audio-Visual Materials 6,928 - - 6,928 Computer Software 7,335,841 11,756 169,548 7,178,049

Total Capital Assets BeingDepreciated 3,936,962,673 241,528,644 38,646,621 4,139,844,696

Less Accumulated Depreciation For:Improvements Other Than Building (13,355,543) (1,335,324) - (14,690,867) Buildings and Fixed Equipment (731,563,241) (72,716,446) (8,312,244) (795,967,443) Furniture, Fixtures and Equipment (99,509,486) (14,487,899) (14,807,719) (99,189,666) Motor Vehicles (84,295,816) (8,952,109) (8,379,663) (84,868,262) Audio-Visual Materials (6,928) - - (6,928) Computer Software (2,432,535) (332,295) (161,209) (2,603,621)

Total Accumulated Depreciation (931,163,549) (97,824,073) (31,660,835) (997,326,787)

Total Capital Assets BeingDepreciated, net 3,005,799,124 143,704,571 6,985,786 3,142,517,909

Governmental Activities CapitalCapital Assets, net 3,379,313,586$ 374,527,570$ 212,885,301$ 3,540,955,855$

All depreciation expense was charged to functions/programs of the primary government as follows:

Governmental Activities:Pupil Transportation Services 8,047,838$ Maintenance 1,178,886 Unallocated 88,597,349

Total Depreciation Expense 97,824,073$

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5. Capital Leases The classes and amounts of property acquired by the District under capital leases are as follows:

Asset Description

Asset Balance

Buses, vehicles and equipment $13,219,028

The amortization of assets recorded under capital leases is included with depreciation expense in the accompanying financial statements. Following are the future minimum lease payments and the present value of the minimum lease payments as of June 30, 2016:

Fiscal Year Ending June 30 Total Principal Interest

2017 1,978,844$ 1,899,261$ 79,583$

Total Minimum Lease Payments 1,978,844 1,899,261 79,583

Less Interest (79,583) - -

Present Value of Minimum Payments 1,899,261$ 1,899,261$ 79,583$

The stated and imputed interest rate is 4.19%.

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6. Certificates of Participation The District entered into a master financing arrangement on May 1, 1997, which was characterized as a lease-purchase agreement, with the Orange County School Board Leasing Corporation (Leasing Corporation) whereby the District secured financing of various educational facilities, vehicles, and equipment. The financing was accomplished through the issuance of Certificates of Participation (COPs):

Remaining FacilityAmount Amount Interest Rates Lease Term

Series Issued Outstanding (Percent) (21) Maturity (22)

2002-QZAB (1) 3,900,000 211,605$ None 20162007A (2) 165,425,000 9,895,000 4.00-5.00 20322008B (3) 105,000,000 105,000,000 Synthetic 4.412 20322008C (4) 47,845,000 35,915,000 Synthetic 4.615 20252008D (5) 49,255,000 2,640,000 4.00-5.00 20372008E (6) 51,020,000 51,020,000 Synthetic 5.112 20222009A (7) 185,000,000 620,000 4.00-5.50 20342009B-QSCB (8) 35,820,000 35,820,000 1.15 20242010A-QSCB (9) 36,229,000 36,229,000 None 20292012A (10) 58,530,000 13,680,000 5.00 20192012B (11) 79,295,000 75,935,000 3.00-5.00 20272013A (12) 19,290,000 17,645,000 4.00-5.00 20252014A (13) 63,840,000 63,840,000 5.00 20292015A (14) 107,420,000 107,420,000 2.88 20232015B (15) 59,325,000 59,325,000 2.71 20262015C (16) 132,340,000 132,340,000 5.00 20322015D (17) 114,170,000 114,170,000 5.00 20332016A (18) 108,155,000 108,155,000 2.23 20272016B (19) 36,785,000 36,785,000 2.00-5.00 20342016C (20) 182,355,000 182,375,000 5.00 2024

Total 1,189,020,605$

(1) On December 11, 2002, the master financing arrangement was amended and the Leasing Corporation issued COPs Series 2002-Qualified Zone Academy Bonds (QZAB). Under the terms of this lease agreement, the District is required to make 13 annual payments of $211,605 which are deposited with a Trustee and are to be invested with a qualified financial institution until maturity date and, when combined with interest earnings and net appreciation in market value, will be sufficient to pay off the principal balance, in full, at maturity on December 11, 2016.

(2) On June 29, 2007, the Leasing Corporation issued COPs Series 2007A and Series 2007B to finance the cost of the acquisition and construction of certain educational facilities and related furniture, fixtures, equipment and technology; and costs associated with the issuance of Series 2007A and Series 2007B COPs.

(3) On April 11, 2008 the Leasing Corporation issued COPs Series 2008B to advance refund COPs Series 2007B.

(4) On June 30, 2008 the Leasing Corporation issued COPs Series 2008C to advance refund COPs Series 2000B.

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(5) On September 8, 2008 the Leasing Corporation issued COPs Series 2008D to advance refund COPs Series 2002B.

(6) On September 8, 2008 the Leasing Corporation issued COPs Series 2008E to advance refund COPs Series 2007C.

(7) On March 11, 2009, the Leasing Corporation issued COPs Series 2009A to finance the cost of the acquisition and construction of certain educational facilities and related furniture, fixtures, equipment and technology; and costs associated with the issuance of Series 2009A COPs.

(8) On November 24, 2009, the Leasing Corporation issued COPs Series 2009B-Qualifed School Construction Bond (QSCB). The proceeds from the issue will be used for comprehensive updates for one middle school.

(9) On November 15, 2010, the Leasing Corporation issued COPs Series 2010A-Qualified School Construction Bond (QSCB). The proceeds from the issue will be used for comprehensive updates for two elementary schools and one new construction elementary school.

(10) On May 3, 2012, the Leasing Corporation issued COPs Series 2012A to advance refund COPs Series 2001A.

(11) On May 3, 2012, the Leasing Corporation issued COPs Series 2012B to advance refund COPs Series 2002A.

(12) On September 18, 2013, the Leasing Corporation issued COPs Series 2013A to advance refund a portion of COPs Series 2004A.

(13) On March 11, 2014, the Leasing Corporation issued COPs Series 2014A to advance refund a portion of COPs Series 2004A.

(14) On March 11, 2014, 2015, the Leasing Corporation entered into a forward refunding of the COPs Series 2005A. On April 1, 2015, the Leasing Corporation issued COPs Series 2015A.

(15) On June 10, 2014, the Leasing Corporation entered into a forward refunding of the COPs Series 2005B. On May 4, 2015, the Leasing Corporation issued COPs Series 2015B.

(16) On December 9, 2014, the Leasing Corporation issued COPs Series 2015C to advance refund COPs Series 2006A.

(17) On January 21, 2015, the Leasing Corporation issued COPs Series 2015D to advance refund COPs Series 2007A.

(18) On May 27, 2015, the Leasing Corporation entered into a forward refunding of COPs Series 2006B. On May 5, 2016, the Leasing Corporation issued COPs Series 2016A.

(19) On April 6, 2016, the Leasing Corporation issued COPs Series 2016B to advance refund COPs Series 2008D.

(20) On April 20, 2016, the Leasing Corporation issued COPs Series 2016C to advance refund COPs Series 2009A.

(21) The lease payments are payable by the District, semiannually, on July 25 and January 25, except for the Series 2002 QZAB which is paid annually on December 10, and interest is paid by the Federal government in the form of annual tax credits to the bank or other eligible financial institution that holds the Certificates.

(22) As a condition of the financing arrangements, the District has given ground leases on District property to the Leasing Corporation, with a rental fee of $1 per year. The properties covered by the ground lease are, together with the improvement constructed thereon (facilities) and the vehicles and equipment purchased from the financing proceeds, leased back to the District. The lease agreements are automatically renewable through varying dates unless early terminated following the occurrence of an event of default or a non-appropriation of funds to make lease payments, all as described and defined in the leases. If the District fails to renew the lease and to provide for rent payments through to term, it may be required to surrender all facilities, vehicles, and equipment included under the terms of the lease agreements for the benefit of the securers of the COPs.

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The District properties funded by the above-financing arrangement include the following:

Certificates Description of Property

Series 1997A Renovation and remodeling at eighteen elementary, four middle,two high schools, and two 9th grade centers.

Series 1999A Three new elementary and one new middle school; replacementof modular buildings; and a high school expansion/replacement.

Series 2000A Three elementary schools.

Series 2000B One high school.

Series 2001A Refunding of COPs, Series 1997A and 2000A.

Series 2002A

Series 2002B Three new elementary schools and the replacement of one elementary school.

Series 2002-QZAB Comprehensive needs and renovation at one elementary school.

Series 2003 Financing and refinancing 295 premanufactured concrete modular structures.

Series 2004 Two middle schools, two elementary schools, portable classroomsto meet immediate needs and portable replacements.

Series 2005A Refunding of COPs, Series 1997A and 1999A.

Series 2005B Refunding of COPs, Series 2000A.

Series 2006A One replacement high school and four elementary schools.

Series 2006B Refunding of COPs, Series 1999A and 2002A.

Series 2007A/B One replacement high school, one replacement middle school, onetechnical center, one high school, and 2 elementary schools.

Series 2007C Refunding of COPs, Series 1997A

Series 2008B Refunding of COPs, Series 2007B

Series 2008C Refunding of COPs, Series 2000B

Series 2008D Refunding of COPs, Series 2002B

Series 2008E Refunding of COPs, Series 2007C

Series 2009A Two replacement high schools.Series 2009B-QSCB Comprehensive needs and renovation at one middle school.

Series 2010A-QSCB Comprehensive needs at two elementary schools and one new elementary school.

Series 2012A Refunding of COPs, Series 2001A

Series 2012B Refunding of COPs, Series 2002A

Series 2013A Refunding of a portion of COPs, Series 2004A

Series 2014A Refunding of a portion of COPs, Series 2004A

Series 2015A Refunding of COPs, Series 2005A

Series 2015B Refunding of COPs, Series 2005B

Series 2015C Refunding of COPs, Series 2006ASeries 2015D Refunding of COPs, Series 2007ASeries 2016A Refunding of COPs, Series 2006B

Series 2016B Refunding of COPs, Series 2008D

Series 2016C Refunding of COPs, Series 2009A

Two alternative education schools; the replacement of one elementary, one middle, and one high school; an addition at one middle school and concrete modular buildings at various sites.

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The following is a schedule by years of future minimum lease payments under the above-reference lease agreements together with the present value of minimum lease payments as of June 30:

Total Principal Interest

2017 84,807,252$ 38,276,605$ 46,530,647$ 2018 87,833,668 40,140,000 47,693,668 2019 88,212,983 42,115,000 46,097,983 2020 87,995,900 43,350,000 44,645,900 2021 88,612,346 45,435,000 43,177,346

2022-2026 480,864,718 289,610,000 191,254,718 2027-2031 483,894,040 356,844,000 127,050,040 2032-2036 366,462,950 333,250,000 33,212,950

Total Minimum Lease Payments 1,768,683,857 1,189,020,605 579,663,252

Add: Unamortized Premium 93,995,693 93,995,693 - Less: Interest (579,663,252) - (579,663,252)

Total Certificates of Participation 1,283,016,298$ 1,283,016,298$ -$

Fiscal Year Ending June 30,

Hedged Debt and Hedging Derivative Instrument Payments As of June 30, 2016, aggregate debt service requirements of the District’s debt (fixed-rate and variable-rate) and net receipts/payments on associated hedging derivative instruments are as follows. These amounts assume that current interest rates on variable-rate bonds and the current reference rates of hedging derivative instruments will remain the same for their term. As these rates vary, interest payments on variable-rate bonds and net receipts/payments on the hedging derivative instruments will vary. Series 2008B COPs Swap Agreement - Swap Payments and Associated Debt. Assuming interest rates remain the same as at June 30, 2016, annual debt service requirements on the Series 2008B COPs and the interest rate swap would be as follows:

Fiscal YearEnding Interest Rate

June 30, Principal Interest Swaps, Net Total

2017 -$ 876,750$ 4,202,100$ 5,078,850$ 2018 - 876,750 4,202,100 5,078,850 2019 - 876,750 4,202,100 5,078,850 2020 - 876,750 4,202,100 5,078,850 2021 - 876,750 4,202,100 5,078,850

2022-2026 - 4,383,750 21,010,500 25,394,250 2027-2031 27,125,000 4,164,103 19,957,774 51,246,877 2032-2033 77,875,000 1,217,889 5,837,117 84,930,006

105,000,000$ 14,149,492$ 67,815,891$ 186,965,383$

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Series 2008C COPs Swap Agreement - Swap Payments and Associated Debt. Assuming interest rates remain the same as at June 30, 2016, annual debt service requirements on the Series 2008C COPs and the interest rate swap would be as follows:


June 30, Principal Interest Swap, Net Total2017 1,920,000$ 147,252$ 1,510,226$ 3,577,478$ 2018 2,040,000 139,380 1,429,490 3,608,870 2019 2,160,000 131,016 1,343,708 3,634,724 2020 2,290,000 122,159 1,252,880 3,665,039 2021 2,435,000 112,770 1,156,585 3,704,355

2022-2026 25,070,000 402,312 4,126,156 29,598,468 35,915,000$ 1,054,889$ 10,819,045$ 47,788,934$

Series 2008E COPs Swap Agreement - Swap Payments and Associated Debt. Assuming interest rates remain the same as at June 30, 2016, annual debt service requirements on the Series 2008E COPs and the interest rate swap would be as follows:


June 30, Principal Interest Swaps, Net Total2017 18,955,000$ 408,160$ 2,398,960$ 21,762,120$ 2018 19,975,000 256,520 1,507,696 21,739,216 2019 - 96,720 568,472 665,192 2020 - 96,720 568,472 665,192 2021 - 96,720 568,472 665,192

2022-2023 12,090,000 193,440 1,136,944 13,420,384 51,020,000$ 1,148,280$ 6,749,016$ 58,917,296$

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7. Derivative Instruments The fair value balances and notional amounts of derivative instruments outstanding at June 30, 2016, and the changes in fair value of such derivative instruments for the year then ended as reported in the 2016 financial statements are as follows:

Governmental ActivitiesHedging Derivatives: Classification Amount Classification Amount Notional

2008B Pay-fixed Interest Rate Swap Deferred Outflow (9,721,483)$ Liability (42,073,756)$ 105,000,000$ of Resources

2008C Pay-fixed Interest Rate Swap Deferred Outflow (486,628)$ Liability (8,415,151)$ 35,915,000$ of Resources

2008E Pay-fixed Interest Rate Swap Deferred Outflow 1,247,768$ Liability (3,931,721)$ 51,020,000$ of Resources

Total Hedging Derivative Instruments (54,420,628)$

Change in Fair Value Fair Value at June 30, 2016

The fair values of the hedging derivatives take into consideration the prevailing interest rate environment and the specific terms and conditions of each swap. All fair values were estimated using the zero-coupon discounting method. This method calculates the future payments required by the swap, assuming that the current forward rates implied by the yield curve are the market’s best estimate of future spot interest rates. These payments are then discounted using the spot rates implied by the current yield curve for a hypothetical zero-coupon rate bond due on the date of each future net settlement payment on the swaps. Objective and Terms of Derivative Instruments The following table displays the objective and terms of the District’s derivative instruments outstanding at June 30, 2016, along with the credit rating of the associated counterparty: Hedging Derivatives: Objective Notional Date Date Received Terms Counterparty Credit Rating

Hedge changesin cash flows Pay 4.412%on the 2008B receive SIFMA Citibank, NA,

2008B Interest Rate Swap Certificates 105,000,000$ 6/29/2007 8/1/2032 N/A Swap Index New York A1,A+,A

Hedge changesin cash flows Pay 4.615%on the 2008C receive SIFMA UBS AG,

2008C Interest Rate Swap Certificates 35,915,000$ 6/16/2002 8/1/2025 N/A Swap Index Stamford Branch A1,A,A

Hedge changesin cash flows Pay 5.112%on the 2008E receive SIFMA

2008E Interest Rate Swap Certificates 51,020,000$ 8/1/2007 8/1/2022 N/A Swap Index UBS AG A1,A,AStamford Branch

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Credit Risk. The District is exposed to credit risk on hedging derivative instruments. The swap’s fair value represented the District’s credit exposure to the counterparty. Should the counterparty to this transaction fail to perform according to the terms of the swap contract, the District is left with variable rate bonds. As of June 30, 2016, the swap counterparties’ credit ratings are noted in the above table. It is the District’s policy to enter into netting arrangements whenever it has entered into more than one derivative instrument transaction with counterparty. Under the terms of these arrangements, should one party become insolvent or otherwise default on its obligations, close-out netting provisions permit the nondefaulting party to accelerate and terminate all outstanding transactions and net the transactions’ fair values so that a single sum will be owed by, or owed to, the nondefaulting party. The District has no hedging derivative instruments in asset positions at June 30, 2016. Interest Rate Risk. The District is exposed to interest rate risk on its interest rate swaps. As the SIFMA swap index decreases, the District’s net payment on the swap increases which is offset by the variable rate paid on the hedged debt. Basis Risk. The District is exposed to basis risk should the variable rate it receives under the agreement be different than the rate it pays on its COPs. Under the requirements of the swap, the District receives a variable payment based on the SIFMA index from the counterparty. The 2008B and 2008E COPs are currently priced in a daily mode and the SIFMA index reflects weekly interest rates. The 2008C COPs are currently priced in a weekly mode and the SIFMA index reflects weekly interest rates. Should the weekly rates become higher than daily rates, the District maintains the option to change the mode on the COPs from a weekly mode to a daily mode. Termination risk. The District or its counterparties may terminate a derivative instrument if the other party fails to perform under the terms of the contract including if either parties credit rating falls below designated levels. 8. Bonds Payable Bonds payable at June 30, 2016, are as follows:

Bond Type

Interest Rates

(Percent)

Annual Maturity

To

Amount

Outstanding State School Bonds:

Series 2009-A 5.0 2019 $ 780,000 Series 2010-A

Series 2014-B

4.0-5.0

2.0-5.0

2022

2020

1,725,000

5,354,000

Total Bonds payable $ 7,859,000 The various bonds were issued to finance capital outlay projects of the District.

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State School Bonds The State Board of Education on behalf of the District issues these bonds. The bonds mature serially and are secured by a pledge of the District's portion of the State-assessed motor vehicle license tax. The State's full faith and credit is also pledged as security for these bonds. The State Board of Education and the State Board of Administration are responsible for administering principal and interest payments, investment of Debt Service Fund resources, and compliance with reserve requirements. Annual requirements to amortize all bonded debt outstanding as of June 30, 2016, are as follows:

Total Principal Interest

2017 3,448,860$ 3,067,000$ 381,860$ 2018 2,990,510 2,762,000 228,510 2019 927,410 837,000 90,410 2020 644,460 593,000 51,460 2021 375,000 345,000 30,000

2022-2023 267,750 255,000 12,750

Total Bonds Payable 8,653,990$ 7,859,000$ 794,990$

Fiscal Year Ending June 30,

9. Defeased Debt On April 6, 2016, the District issued COPs Series 2016B to advance refund COPs Series 2008D. The COPs Series 2016B of $36,785,000 (par value) with interest rates ranging from 2% to 5.0% was issued to advance refund COPs Series 2008D with interest rates ranging from 4.4% to 5.0% and a par value of $41,500,000. The refunding of the 2008D Series resulted in an economic savings (difference between the present value of the debt service payments on the old and new debt) of $4,649,196 and a decrease in the District’s total debt service requirement by $5,433,018. The COPs final maturity was not extended and remains August 1, 2027. The COPs were issued at a net premium of $8,662,260 and after paying issuance costs of $304,514, the net proceeds were $45,495,271. The net proceeds from issuance of the COPs along with $2,726,099 of the District’s funds totaling $45,495,271 were used to provide funds for purpose of funding an escrow deposit, the proceeds of which will be applied to fully prepay on August 1, 2018, the COPs Series 2008D. As a result, $41,500,000 of the 2008D certificates are considered to be defeased in-substance and the liability for these certificates has been removed from the District’s government-wide financial statements in the current fiscal year. On April 20, 2016, the District issued COPs Series 2016C to advance refund COPs Series 2009A. The COPs Series 2016C of $182,355,000 (par value) with interest rate of 5.0% was issued to advance refund COPs Series 2009A with interest rates ranging from 4.3% to 5.5% and a par value of $184,380,000. The refunding of the 2009A Series resulted in an economic savings (difference between the present value of the debt service payments on the old and new debt) of $18,076,829 and a decrease in the District’s total debt service requirement by $23,945,370. The COPs final maturity was not extended and remains August 1, 2034. The COPs were issued at a net premium of $27,980,307 and after paying issuance costs of $743,662, the net proceeds were $211,813,976. The District’s funds totaling $211,813,976 were used to provide funds for purpose of funding an escrow deposit, the proceeds of which will be applied to fully prepay on August 1, 2019, the COPs Series 2009A. As a result, $184,380,000 of the 2009A certificates are considered to be defeased in-substance and the liability for these certificates has been removed from the District’s government-wide financial statements in the current fiscal year.

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On May 5, 2016, the District issued COPS Series 2016A to advance refund COPs Series 2006B. The COPs Series 2016A of $108,155,000 (par value) with interest rate of 2.2% were issued to advance refund COPs Series 2006B with interest rate ranging from 4.0% to 5.0% and a par value of $108,885,000. The refunding of the 2006B Series resulted in an economic savings (difference between the present value of the debt service payments on the old and new debt) of $15,750,219 which will decrease the District’s total debt service requirement by $19,771,922. The COPs final maturity was not extended and remains August 1, 2024. After paying issuance costs of $173,034, the net proceeds of the COPs issuance were $107,981,966. The net proceeds from issuance along with $3,590,365 of the District funds totaling $111,572,331 were used to provide funds for purpose of funding an escrow deposit, the proceeds of which will be applied to fully prepay on August 1, 2016 the COPs Series 2006B. As a result, $108,885,000 of the 2006B certificates are considered to be defeased in-substance and the liability for these certificates has been removed from the District’s government-wide financial statements in the current fiscal year. The Board defeased in-substance certain outstanding bonds and certificates of participation (COPs) by placing a portion of the proceeds of new bonds and new COPs in an irrevocable trusts to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the in-substance defeased COPs are not included in the District’s financial statements. On June 30, 2016, debt considered defeased in-substance are as follows:

AmountDebt Issues Outstanding

Certificates of Participation, Series 2006A 145,215,000$ Certificates of Participation, Series 2006B 108,885,000 Certificates of Participation, Series 2007A 124,395,000 Certificates of Participation, Series 2008D 41,500,000 Certificates of Participation, Series 2009A 184,380,000

Total Defeased Debt 604,375,000$

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10. Changes in Long-Term Liabilities The following is a summary of changes in long-term liabilities:

Balance Balance Due InDescription June 30, 2015 Additions Deductions June 30, 2016 One Year

Certificates of Participation 1,228,852,210$ 327,295,000$ 367,126,605$ 1,189,020,605$ 38,276,605$ Add: Unamortized COPs

Premium (Discount) 63,762,413 36,642,567 6,409,287 93,995,693 6,781,916 Total Certificates of

Participation 1,292,614,623 363,937,567 373,535,892 1,283,016,298 45,058,521

Bonds Payable 11,519,000 - 3,660,000 7,859,000 3,067,000 Obligations Under Capital

Lease 3,722,138 - 1,822,877 1,899,261 1,899,261 Estimated Insurance Claims

Payable 13,741,506 4,603,446 5,867,460 12,477,492 5,816,874 Compensated Absences 115,028,805 4,548,307 8,833,069 110,744,043 9,492,445 Other Post-Employment Benefits 75,446,684 - 5,890,307 69,556,377 - Net Pension Liability 419,170,469 202,417,811 - 621,588,280 11,645,051 Derivative Instrument 45,460,285 10,208,111 1,247,768 54,420,628 -

Total 1,976,703,510$ 585,715,242$ 400,857,373$ 2,161,561,379$ 76,979,152$

For the governmental activities, compensated absences and other postemployment benefits are generally liquidated with resources of the General Fund. The estimated insurance claims are generally liquidated with resources of the Internal Service Funds. 11. Fund Balance Reporting Governmental Accounting Standards Board (GASB) has issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54) to provide a more structured classification of fund balance and to improve the usefulness of fund balance reporting to the users of the District’s financial statements. The reporting standard establishes a hierarchy for fund balance classifications and the constraints imposed on the uses of those resources. GASB 54 provides for two major types of fund balances for governmental funds, which are nonspendable and spendable. Nonspendable fund balances are balances that cannot be spent because they are not expected to be converted to cash or they are legally or contractually required to remain intact. Examples of this classification are prepaid items, inventories, and principal (corpus) of an endowment fund. The District reports its inventories and prepaid items as nonspendable and does not have any nonspendable funds related to endowments.

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In addition to the nonspendable fund balance, GASB 54 has provided a hierarchy of spendable fund balances, based on spending constraints. Restricted - Fund balances that are constrained by external parties, constitutional provisions, or enabling legislation. Committed - Fund balances that contain self-imposed constraints of the government from its highest level of decision making authority such as school board resolutions. Assigned - Fund balances that contain self-imposed constraints of the government to be used for a particular purpose. Unassigned – Fund balance of the general fund that does not have a constraint for any particular purpose. The District has classified its fund balances with the following hierarchy: Nonspendable: The District has inventories totaling $4,763,925 and prepaid items totaling $100,050 that are classified as nonspendable. Spendable: The District has classified the spendable fund balances as Restricted, Assigned and Unassigned and considered each to have been spent when expenditures are incurred. The District does not have a policy regarding the commitment or assignment of fund balances, however, by resolution, the Board has given the ability to assign fund balance to the Superintendent and the Chief Financial Officer. The District does not report any Committed fund balance. When restricted, assigned, and unassigned funds are available for use, the District’s procedures are to use the restricted funds first, followed by the assigned funds and then the unassigned funds last. Restricted for State Categorical Programs, State Grants, Food Service, Debt Service and Capital Projects: Federal Laws, Florida Statutes and local ordinances require that certain revenues be specifically designated for the purposes of state categorical programs, food service, debt service, and capital projects. These funds have been included in the restricted category of fund balance. The restricted fund balances totaled $1,399,169,005 and represented $5,180,191 in State categorical programs, $20,558,656 Post Secondary Schools Rollover budget, $5,720,684 in State Grants, $27,683,711 in food service, $127,033,079 in debt service and $1,212,992,684 in capital projects. Assigned for School Operations and Other Purposes: The assigned fund balances totaled $268,185,992. For the General Fund, the Chief Financial Officer of the Board has assigned the OPEB liability of $69,556,377; Board Projects of $69,597,286; and K-12 School Rollover Budgets of $46,424,901. Also for the General Fund, the District reports as assigned outstanding purchase obligations of $3,468,609 that have not been previously reported as restricted and $68,518,649 needed to eliminate expected expenditures over expected revenues in the subsequent year budget approved by the Board. In addition, $10,620,170 of positive fund balance in non-General Funds that has not been reported as nonspendable or restricted is reported as assigned fund balance. Unassigned: The unassigned fund balance for the General Fund is $126,427,470.

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Capital Projects -Other

Capital Nonmajor TotalProjects Governmental Governmental

General Fund Fund Funds FundsFund Balances: Nonspendable: Inventories General Fund 3,107,784$ -$ -$ 3,107,784$ Special Revenues - Food Service - - 1,656,141 1,656,141 Prepaid Items 100,050 100,050

Restricted: Categorical Programs 5,180,191 - - 5,180,191

Post Secondary Rollover Budgets 20,558,656 - - 20,558,656 State Grants 5,720,684 - - 5,720,684 Special Revenues - Food Service - - 27,683,711 27,683,711 Debt Service - - 127,033,079 127,033,079 Capital Projects - 1,049,133,792 163,858,892 1,212,992,684

Assigned: School Operations:

Encumbrances 3,468,609 - - 3,468,609 Board Projects 69,597,286 - - 69,597,286 K-12 Schools Rollover Budgets 46,424,901 - - 46,424,901 Next Year's Budget Deficit 68,518,649 - - 68,518,649 Other Purposes

OPEB 69,556,377 - - 69,556,377 Special Revenues - Other - - 10,620,170 10,620,170

Unassigned: 126,427,470 - - 126,427,470

Total Fund Balance 418,660,657$ 1,049,133,792$ 330,851,993$ 1,798,646,442$

Major Funds

The District has not established a contingency reserve or “Rainy Day Fund”. Instead the Board has approved in the budget to set aside 3 percent of recurring budgeted revenues at the beginning of each year to cover unforeseen events (e.g. revenue shortfalls, student enrollment under projections, etc.). At the end of fiscal year, the unassigned general fund balance was $126,427,470 or 7.9 percent of general fund total budgeted revenues for fiscal year 2017.

58



12. Interfund Transfers The following is a summary of interfund receivables and payables reported in the fund financial statements at June 30, 2016:

Receivables PayablesFunds Due From Due To

Major Govermental Funds:General 3,073,099$ -$

Nonmajor Governmental Funds: Special Revenue - Other Federal - 2,996,308 Special Revenue - ARRA - 2 Internal Service - Other - 76,789

Total 3,073,099$ 3,073,099$

Interfund

The interfund receivable and payable represents payments made prior to year-end but reimbursed by the grantor after year end and therefore is repaid within 12 months. The following is a summary of interfund transfers reported in the fund financial statements at June 30, 2016:

Transfer Transfer

Funds In Out

Major Governmental Funds:General 4,731,503$ -$ Capital Projects - Other - 5,720,774

Nonmajor Governmental FundsDebt Service - Other 111,279,595 - Debt Service - ARRA 7,000 - Capital Projects - PECO - 4,731,503 Capital Projects - Local Capital Improvement Tax - 105,565,821

Total 116,018,098$ 116,018,098$

Interfund

The interfund transfers represent the payments of expenditures by one fund for another fund. The transfers in for the General Fund consist of $2.3 million from the Capital Projects - PECO Fund for Charter School Capital Outlay and $2.8 million from the Capital Projects- PECO Maintenance Fund. The transfers in for Debt Service are from Capital Projects Funds for the debt service payments for capital leases and COPs payments recorded in the Debt Service – Other.

59



13. Schedule of State Revenue Sources The District's principal source of revenues is the State, which provided approximately 35% of total revenues in the 2016 fiscal year. The following is a schedule of State revenue sources and amounts:

Sources Amount

Florida Education Finance Program 507,299,057$ Categorical Educational Programs 230,732,745 Workforce Development 33,303,528 CO&DS Withheld for SBE/COBI Bonds 4,268,266 Voluntary Pre-Kindergarten Program 4,522,169 Charter Schools Capital Outlay 2,307,927 CO&DS Distributed to District 3,528,032 PECO Maintenance 2,764,569 Food Service Supplement 1,189,555 State License Tax 523,014 Miscellaneous State Grants 7,023,308

Total 797,462,170$

14. Property Taxes The following is a summary of millage and taxes levied on the 2015 tax roll for the 2015-2016 fiscal year:

Millages Taxes LeviedGeneral FundNonvoted School Tax:

Required Local Effort 4.970 558,467,607$ Basic Discretionary Local Effort 0.748 84,051,060

Voted School Tax:Additional Voted Milleage 1.000 112,367,728

Capital Projects FundsNonvoted Tax:

Local Capital Improvement 1.500 168,551,591

Total 8.218 923,437,986$

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15. State Retirement Programs Florida Retirement System. The Florida Retirement System (FRS) was created in Chapter 121, Florida

Statutes, to provide a defined benefit pension plan for participating public employees. The FRS was

amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and

amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS

members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment

Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a

cost sharing multiple-employer defined benefit pension plan, to assist retired members of any state

administered retirement system in paying the costs of health insurance.

Essentially all regular employees of the District are eligible to enroll as members of the State-

administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida

Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter

60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and escribed

in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The

FRS is single retirement system administered by the Florida Department of Management Services,

Division of Retirement, and consists of the two cost-sharing, multiple-employer defined benefit plans and

other nonintegrated programs. A comprehensive annual financial report of the FRS, which includes its

financial statements, required supplementary information, actuarial report, and other relevant information,

is available from the Florida Department of Management Services’ Web site (www.dms.myflorida.com).

The District’s pension expense totaled $27,282,951 for the fiscal year ended June 30, 2016. Plan Description. The FRS Pension Plan (Plan) is a cost-sharing multiple-employer defined benefit pension plan, with a Teachers’ Retirement System, Plan E and a Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows:

Regular Class – Members of the FRS who do not qualify for membership in the other classes.

Elected County Officers Class – Members who hold specified elective offices in local government.

Senior Management Service Class (SMSC) – Members in senior management level positions.

Employees enrolled in the Plan prior to July 1, 2011, vest at 6 years of creditable service and employees

enrolled in the Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members,

enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62 or at any age after 30

years of service. All members enrolled in the Plan on or after July 1, 2011, once vested, are eligible for

normal retirement benefits at age 65 or any time after 33 years of creditable service. Employees enrolled

in the Plan may include up to 4 years of credit for military service toward creditable service. The Plan also

includes an early retirement provision; however, there is a benefit reduction for each year a member

retires before his or her normal retirement date. The Plan provides retirement, disability, death benefits,

and annual cost-of-living adjustments to eligible participants.

61



DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal

retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with

an FRS participating employer. An employee may participate in DROP for a period not to exceed 60

months after electing to participate. During the period of DROP participation, deferred monthly benefits

are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts

for DROP participants, as these members are considered retired and are not accruing additional pension

benefits.

Benefits Provided. Benefits under the Plan are computed on the basis of age and/or years of service,

average final compensation, and service credit. Credit for each year of service is expressed as a

percentage of the average final compensation. For members initially enrolled before July 1, 2011, the

average final compensation is the average of the five highest fiscal years’ earnings; for members initially

enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal

years’ earnings. The total percentage value of the benefit received is determined by calculating the total

value of all service, which is based on the retirement class to which the member belonged when the

service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors’

benefits. The following chart shows the percentage value for each year of service credit earned:

Class, Initial Enrollment, and Retirement Age/Years of Service % Value

Regular Class members initially enrolled before July 1, 2011 Retirement up to age 62 or up to 30 years of service 1.60 Retirement at age 63 or with 31 years of service 1.63 Retirement at age 64 or with 32 years of service 1.65 Retirement at age 65 or with 33 or more years of service 1.68

Regular Class members initially enrolled on or after July 1, 2011 Retirement up to age 65 or up to 33 years of service 1.60 Retirement at age 66 or with 34 years of service 1.63 Retirement at age 67 or with 35 years of service 1.65 Retirement at age 68 or with 36 or more years of service 1.68

Elected County Officers 3.00

Senior Management Service Class 2.00

As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July

1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living adjustment is 3

percent per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after

July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living

adjustment is a proportion of 3 percent determined by dividing the sum of the pre-July 2011 service credit

by the total service credit at retirement multiplied by 3 percent. Plan members initially enrolled on or after

July 1, 2011 will not have a cost-of-living adjustment after retirement.

62



Contributions. The Florida Legislature establishes contribution rates for participating employers and employees. Contribution rates during the 2015-16 fiscal year were as follows: Percent of Gross Salary Class or Plan Employee Employer (A) Florida Retirement System, Regular 3.00 7.26 Florida Retirement System, County Elected Officers 3.00 42.27 Florida Retirement System, Senior Management Service 3.00 21.43 Teachers’ Retirement System, Plan E 6.25 11.90 Deferred Retirement Option Program – Applicable to Members from All

of the Above Classes or Plans

0.00

12.88

(A) Employer rates include the post-employment health insurance supplement of 1.66% and .04% for administrative costs of the Public Employee Optional Retirement Program.

The District’s expenditures/contributions to the Plan totaled $53,281,522 for the fiscal year ended June

30, 2016.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions. At June 30, 2016, the District reported a liability of $304,309,382 for its

proportionate share of the net pension liability. The net pension liability was measured as of June 30,

2015, and the total pension liability used to calculate the net pension liability was determined by an

actuarial valuation as of July 1, 2015. The District’s proportion of the net pension liability was based on

the District’s 2014-15 fiscal year contributions relative to the 2014-15 fiscal year contributions of all

participating members. At June 30, 2015, the District’s proportion was 2.35 percent, which was an

increase of 0.08 percent from its proportion measured as of June 30, 2014.

For the fiscal year ended June 30, 2016, the District recognized pension expense of $27,282,951 related to the Plan. In addition, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Description

Differences between expected and actual experience $ 32,126,060 $ 7,217,292 Change of assumptions 20,198,034 - Net difference between projected and actual earnings on FRS pension plan investments - 72,663,988 Changes in proportion and differences between District FRS contributions and proportionate share of contributions 25,854,034 - District FRS contributions subsequent to the measurement date (fiscal year 2016 contributions) 53,281,522 -

Total $ 131,459,650 $ 79,881,280

Deferred Outflowsof Resources

Deferred Inflowsof Resources

63



The deferred outflows of resources related to pensions, totaling $53,281,522, resulting from District

contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the

net pension liability in the fiscal year ended June 30, 2017. Other amounts reported as deferred outflows

of resources and deferred inflows of resources related to pensions will be recognized in pension expense

as follows:

Fiscal Year Ending June 30

(18,546,634)$ (18,546,634) (18,546,634) 41,403,426 10,087,946 2,445,378

Total (1,703,152)$

2021Thereafter

Amount

2017201820192020

Actuarial Assumptions. The total pension liability in the July 1, 2015 actuarial valuation was determined

using the following actuarial assumptions, applied to all periods included in the measurement:

Inflation 2.60 percentSalary Increases 3.25 percent, average, including inflationInvestment rate of return 7.65 percent, net of pension plan investment expense,

including inflation

Mortality rates were based on the Generational RP-2000 with Projection Scale BB. The actuarial assumptions used in the July 1, 2015, valuation were based on the results of an actuarial

experience study for the period July 1, 2008, through June 30, 2013.

The long-term expected rate of return on pension plan investments was not based on historical returns,

but instead is based on a forward-looking capital market economic model. The allocation policy’s

description of each asset class was used to map the target allocation to the asset classes shown below.

Each asset class assumption is based on a consistent set of underlying assumptions, and includes an

adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and

geometric real rates of return for each major asset class are summarized in the following table:

64



CompoundAnnual Annual

Target Arithmetic (Geometric) StandardAsset Class Allocation (1) Return Return Deviation

Cash 1% 3.2% 3.1% 1.7%Fixed Income 18% 4.8% 4.7% 4.7%Global Equity 53% 8.5% 7.2% 17.7%Real Estate (Property) 10% 6.8% 6.2% 12.0%Private Equity 6% 11.9% 8.2% 30.0%Strategic Investments 12% 6.7% 6.1% 11.4%

Total 100%

Assumed inflation - Mean 2.6% 1.9%

Note: (1) As outlined in the Plan’s investment policy

Discount Rate. The discount rate used to measure the total pension liability was 7.65 percent. The

Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of

current active and inactive employees. Therefore, the discount rate for calculating the total pension

liability is equal to the long-term expected rate of return.

Sensitivity of the District’s Proportionate Share of the Net Pension Liability to Changes in the Discount

Rate. The following presents the District’s proportionate share of the net pension liability calculated using

the discount rate of 7.65 percent, as well as what the District’s proportionate share of the net pension

(asset) liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.65

percent) or 1-percentage-point higher (8.65 percent) than the current rate:

1% Current 1%Decrease Discount Rate Increase

(6.65%) (7.65%) (8.65%)

District's proportionate share of the net pension (asset) liability 788,534,432$ 304,309,382$ (98,645,397)$

Pension Plan Fiduciary Net Position. Detailed information about the Plan’s fiduciary net position is

available in the separately issued FRS Pension Plan and Other State Administered Systems

Comprehensive Annual Financial Report.

Payables to the Pension Plan. At June 30, 2016, the District reported no payables for the outstanding

amount of contributions to the Plan required for the fiscal year ended June 30, 2016.

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HIS Pension Plan

Plan Description. The HIS Pension Plan (HIS Plan) is a cost-sharing multiple-employer defined benefit

pension plan established under section 112.363, Florida Statutes, and may be amended by the Florida

Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered

retirement systems in paying their health insurance costs and is administered by the Division of

Retirement within the Florida Department of Management Services.

Benefits Provided. For the fiscal year ended June 30, 2016, eligible retirees and beneficiaries received a

monthly HIS payment of $5 for each year of creditable service completed at the time of retirement, with a

minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to Section

112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State-

administered retirement system must provide proof of health insurance coverage, which may include

Medicare.

Contributions. The HIS Plan is funded by required contributions from FRS participating employers as set

by the Florida Legislature. Employer contributions are a percentage of gross compensation for all active

FRS members. For the fiscal year ended June 30, 2016, the contribution rate was 1.66 percent of payroll

pursuant to section 112.363, Florida Statues. The District contributed 100 percent of its statutorily

required contributions for the current and preceding 3 years. HIS Plan contributions are deposited in a

separate trust fund from which payments are authorized. HIS Plan benefits are not guaranteed and are

subject to annual legislative appropriation. In the event the legislative appropriation or available funds fail

to provide full subsidy benefits to all participants, benefits may be reduced or canceled.

The District’s expenditures/contributions to the HIS Plan totaled $15,773,166 for the fiscal year ended

June 30, 2016.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions. At June 30, 2016, the District reported a net pension liability of

$317,278,898 for its proportionate share of the HIS Plan’s net pension liability. The current portion of the

net pension liability is the District’s proportionate share of benefit payments expected to be paid within

one year, net of the District’s proportionate share of the pension plan’s fiduciary net position available to

pay that amount. The net pension liability was measured as of June 30, 2015, and the total pension

liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1,

2015. The District’s proportionate share of the net pension liability was based on the District’s 2014-15

fiscal year contributions relative to the total 2014-15 fiscal year contributions of all participating members.

At June 30, 2015, the District’s proportionate share was 3.11 percent, which was an increase of 0.11

percent from its proportionate share measured as of June 30, 2014.

66



For the fiscal year ended June 30, 2016, the District recognized pension expense of $26,226,072 related

to the HIS Plan. In addition, the District reported deferred outflows of resources and deferred inflows of

resources related to pensions from the following sources:

Deferred Outflows Deferred InflowsDescription of Resources of Resources

Change of assumptions 24,961,568$ -$ Net difference between projected and actual earnings on HIS pension plan investments 171,752 - Changes in proportion and differences between District HIS contributions and proportionate 14,843,938 - share of HIS contributionsDistrict contributions subsequent to the measurement date 15,773,166 -

Total 55,750,424$ -$

The deferred outflows of resources related to pensions, totaling $15,773,166, resulting from District

contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of

the net pension liability in the fiscal year ended June 30, 2017. Other amounts reported as deferred

outflows of resources and deferred inflows of resources related to pensions will be recognized in pension

expense as follows:

Fiscal Year Ending June 30

2017 6,935,835$ 2018 6,935,835 2019 6,935,835 2020 6,900,926 2021 6,884,170 Thereafter 5,384,657 Total 39,977,258$

Amount

Actuarial Assumptions. The total pension liability in the July 1, 2015, determined by applying update

procedures to the actuarial valuation at July 1, 2014, used the following actuarial assumptions, applied to

all periods included in the measurement::

Inflation 2.60 percentSalary Increases 3.25 percent, average, including inflationMunicipal Bond Rate 3.80 percent

Mortality rates were based on the Generational RP-2000 with Projected Scale BB.

67



While an experience study had not been completed for the HIS Plan, the actuarial assumptions that

determined the total pension liability for the HIS Plan were based on certain results of the most recent

experience study for the FRS Plan.

Discount Rate. The discount rate used to measure the total pension liability was 3.8 percent, which is a

reduction from 4.29 percent used at the preceding measurement date. In general, the discount rate for

calculating the total pension liability is equal to the single rate equivalent to discounting at the long-term

expected rate of return for benefit payments prior to the projected depletion date. Because the HIS

benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered to be immediate,

and the single equivalent discount rate is equal to the municipal bond rate selected by the HIS Plan

sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted as the

applicable municipal bond index. The discount rate used to determine the total pension liability decreased

from 4.29 percent from the prior measurement date.

Sensitivity of the District’s Proportionate Share of the Net Pension Liability to Changes in the Discount

Rate. The following presents the District’s proportionate share of the net pension liability calculated using

the discount rate of 3.8 percent, as well as what the District’s proportionate share of the net pension

liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.8 percent)

or 1-percentage-point higher (4.8 percent) than the current rate:

1% Current 1%Decrease Discount Rate Increase

(2.8%) (3.8%) (4.8%)

District's proportionate share of the net pension liability 361,524,535$ 317,278,898$ 280,384,679$

Pension Plan Fiduciary Net Position. Detailed information about the HIS Plan’s fiduciary net position is

available in the separately issued FRS Pension Plan and Other State Administered Systems

Comprehensive Annual Financial Report.

Payables to the Pension Plan. At June 30, 2016, the District reported no payables for the outstanding

amount of contributions to the HIS Plan required for the fiscal year ended June 30, 2016.

Defined Contribution Pension Plan

The District contributes to the FRS Investment Plan (Investment Plan), a defined contribution pension

plan, for its eligible employees electing to participate in the Investment Plan. The Investment Plan is

administered by the SBA, and is reported in the SBA’s annual financial statements and in the State of

Florida Comprehensive Annual Financial Report.

As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the

Investment Plan in lieu of the FRS defined-benefit plan. District employees participating in DROP are not

eligible to participate in the Investment Plan. Employer and employee contributions, including amounts

contributed to individual member’s accounts, are defined by law, but the ultimate benefit depends in part

68



on the performance of investment funds. Benefit terms, including contribution requirements, for the

Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is

funded with the same employer and employee contribution rates that are based on salary and

membership class (Regular Class, Senior Management, etc.), as the FRS defined benefit plan.

Contributions are directed to individual member accounts, and the individual members allocate

contributions and account balances among various approved investment choices. Costs of administering

the investment Plan, including the FRS Financial Guidance Program, are funded through an employer

contribution of 0.04 percent of payroll and be forfeited benefits of Investment Plan members. Allocations

to the investment member’s accounts during the 2015-16 fiscal year were as follows:

Percent ofGross

Class Compensation

FRS, Regular 6.30FRS, Elected County Officers 11.34FRS, Senior Management Service 7.67

For all membership classes, employees are immediately vested in their own contributions and are vested

after 1 year of service for employer contributions and investment earnings. If an accumulated benefit

obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment

Plan, the member must have the years of service required for FRS Pension Plan vesting (including the

service credit represented by the transferred funds) to be vested for these funds and the earnings on the

funds. Nonvested employer contributions are placed in a suspense account for up to 5 years. If the

employee returns to FRS-covered employment within the 5 year period, the employee will regain control

over their account. If the employee does not return within the 5 year period, the employee will forfeit the

accumulated account balance. For the fiscal year ended June 30, 2016, the information for the amount of

forfeitures was unavailable from the SBA; however, management believes that these amounts, if any,

would be immaterial to the District.

After termination and applying to receive benefits, the member may rollover vested funds to another

qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution,

leave the funds invested for future distribution, or any combination of these options. Disability coverage is

provided; the member may either transfer the account balance to the FRS Pension Plan when approved

for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or

remain in the Investment Plan and rely upon that account balance for retirement income.

The District’s Investment Plan pension expense totaled $11,987,305 for the fiscal year ended June 30,

2016.

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16. Other Postemployment Benefits Plan Description. The other postemployment benefits plan is a single-employer defined benefit plan administered by the District. Pursuant to the provision of the Section 112.0801, Florida Statutes, former employees who retire from the District, and eligible dependents, may continue to participate in the District’s health and hospitalization plan for medical and prescription coverages. The postemployment healthcare and life insurance plan does not issue a stand-alone report, and is not included in the report of a public employee retirement system (PERS) or another entity. Funding Policy. The District funds the postemployment benefit on a pay-as-you go basis. Contribution requirements of the plan members and the District are established and may be amended by the Board. Effective October 1, 2014, once the participant or spouse attains age 65, the District does not continue coverage. Postemployment healthcare and life insurance are optional benefits available through the District after retirement, but retirees must pay the full premium. Therefore, no liability to the District for these benefits. For the fiscal year 2015-16, retiree contributions totaled $4,749,747, which represents 0.6 percent of covered payroll. Annual OPEB Cost and Net OPEB Obligations. The following table shows the District’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the District’s net OPEB obligation:

Description Amount

Normal Cost (service cost for one year) 1,039,827$ Amortization of Unfunded Actuarial Accrued Liability 1,545,910 Interest on Normal Cost and Amortization 41,593

Annual Required Contribution (ARC) 2,627,330 Interest on Net OPEB Obligation (NOO) 3,017,867 Adjustment to Annual Required Contribution (6,785,757)

Annual OPEB Cost (Expense) (1,140,560)

Contribution Toward the OPEB Cost 4,749,747

Decrease in Net OPEB Obligation (5,890,307)

Net OPEB Obligation, Beginning of Year 75,446,684

Net OPEB Obligation, End of Year 69,556,377$

70



The District’s annual OPEB Cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation as of June 30, 2016, and the two preceding years, was as follows:

Fiscal AnnualYear Annual Amount OPEB Cost Net OPEB

Ending OPEB Cost Contributed Contributed Obligation

June 30, 2014 11,225,626$ 3,970,389$ 35.37% 79,408,945$ June 30, 2015 (655,813)$ 3,306,448$ (504.18%) 75,446,684$ June 30, 2016 (1,140,560)$ 4,749,747$ (416.44%) 69,556,377$

The change in plan provisions, to exclude any subsidy of retirees once they turn 65, has a lingering impact on the expense for the fiscal year 2016. The expense remains negative, ($1,140,560). The actuarial accrued liability remains low at $40,066,679. Funded Status and Funding Process. The funded status of the plan as of June 30, 2016, was as follows:

Actuarial Accrued Liability (a) 40,066,679$ Actuarial Value of Plan Assets (b) - Unfunded Actuarial Accrued Liability (c)=(a-b) 40,066,679$

Funded Ratio (b/a) 0.00%Covered Payroll (Active Plan Members) (d) 845,820,696$ UAAL as a Percentage of Covered Payroll (c/d) 4.74%

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment and termination, mortality, and the healthcare cost trends. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information. Actuarial Methods and Assumptions. Projection of benefits for financial reporting purposes are based on the substantive plan provisions, as understood by the employer and participating members, and include the type of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and participating members. The actuarial methods and assumptions used include techniques that are designed to reduce the effect of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The entry age normal cost actuarial method was used to determine OPEB actuarial valuation. Because the OPEB liability is currently unfunded, the actuarial assumptions included a 4.0 percent discount rate. The actuarial assumptions also included an annual healthcare cost trend of 6.5 percent for the fiscal year 2015-16, then dropping to an ultimate rate of 5 percent in fiscal year 2020-21. The actuarial assumptions also included an inflation rate of 3.0 percent and 3.0 percent for salary increases. The unfunded actuarial accrued liability is being amortized as a level percentage of projected payrolls over a 30 year period on an open basis.

71



17. Construction Contract and Other Commitments Construction Contracts The following is a summary of major construction contract commitments remaining at fiscal year-end:

Contract Completed BalanceProject Amount to Date Committed

Avalon Park ES 22,535,893$ 5,356,877$ 17,179,016$ Carver MS Replacement 23,564,939 4,253,941 19,310,998 Downtown K-8 37,499,557 5,193,665 32,305,892Englewood ES Replacement 14,598,872 - 14,598,872Innovation Place 19,894,721 3,674,289 16,220,432 Metrowest ES 15,133,122 387,371 14,745,751 Ventura ES Replacement 14,062,545 4,834,015 9,228,530 West Orange HS 52,628,101 9,935,570 42,692,531 44-E-SE-2 15,635,581 573,524 15,062,057 Total 215,553,331$ 34,209,252$ 181,344,079$

Encumbrances Appropriations in governmental funds are encumbered upon issuance of purchase orders for goods and services. Even though appropriations lapse at the end of the year, unfilled purchase orders of the current year are carried forward and the next year’s appropriations are likewise encumbered. The following is a schedule of encumbrances remaining at fiscal year-end:

General 18,644,170$ Capital Projects - Other 291,719,253Nonmajor Governmental Funds 33,802,514

Total Governmental Funds 344,165,937$

18. Risk Management Programs The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The District relies on sovereign immunity and therefore does not procure general liability or automobile insurance. Other lines of coverage are being provided on a self-insured basis subject to specified retentions. The District has contracted with claims administrators to administer these self-insurance programs, including the processing, investigating, and payment of claims. A liability was actuarially determined to cover estimated incurred but not reported insurance claims payable at June 30, 2016. Liabilities for incurred losses to be settled by fixed or reasonably determinable payments over a long period of time are reported at their present value using an investment yield rate of 2% as determined by a review of the District’s interest rates received from intergovernmental pooled investment funds and government securities. These liabilities are $12,477,492 at June 30, 2016. Settled claims

72



resulting from the risks described above have not exceeded into the excess commercial insurance coverage in any of the past three fiscal years. The District provides employee group health and life insurance. The group health plan is self-insured through the Employee Benefits Trust and life insurance is obtained through a commercial carrier. Under these plans, the Board contributes employee premiums as fringe benefits to employees. The employees pay a portion of the costs in the two premium group health plans while the District pays all of the employee costs in the two basic group health plans. Premiums for coverages provided for employee dependents and retirees and their dependents are paid in advance by the employee or retiree. These plans provide for maximum premiums based on the number of participants and individual or family coverages. The group health plan is administered by third-party administrators that are reimbursed by the District from a detail record of services provided. There is no stop loss protection on the group health plan. The District has different funding arrangements with each of the groups that reimburse the claims and healthcare expenses. The District reported an estimated unpaid claims liability of $15,100,000 in the Internal Service Funds for the group health insurance program at June 30, 2016. The following schedule represents the changes in the claims liability for the past two fiscal years for the District’s self-insurance programs:

June 30, 2015 Beginning

Fiscal Year-End

Current-Year Claims and Changes in Estimates

Claims Payments

June 30, 2016 Ending Fiscal

Year-End

2014-15 24,958,765$ 176,295,476 (174,412,735) 26,841,506$ 2015-16 26,841,506$ 186,111,397 (185,375,411) 27,577,492$

19. Litigation and Contingencies The District is a defendant in numerous lawsuits as of June 30, 2016. It is the opinion of management, after giving consideration to the District’s related insurance coverage, as well as the Florida statutory limitations on governmental liabilities on uninsured risks, that the amount of loss resulting from litigation that exceed the above mentioned limits would not be material to the financial position of the District. Amounts received or receivable from grantors are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by grantors cannot be determined at this time although the District expects such amounts, if any, to be immaterial.

73

ActuarialAccruedLiability UAAL as a

Actuarial (AAL) Unfunded PercentageActuarial Value of Projected AAL Funded Covered of CoveredValuation Assets Unit Credit (UAAL) Ratio Payroll Payroll

Date (a) (b) (b-a) (a/b) (c) [(b-a)/c]

July 1, 2013 -$ 232,984,958$ 232,984,958$ 0.0% 677,026,084$ 34.4%July 1, 2014 -$ 47,497,511$ 47,497,511$ 0.0% 791,543,300$ 6.0%July 1, 2015 -$ 40,066,679$ 40,066,679$ 0.0% 797,002,438$ 5.0%

ORANGE COUNTY PUBLIC SCHOOLSREQUIRED SUPPLEMENTARY INFORMATION -

SCHEDULE OF FUNDING PROGRESSOTHER POSTEMPLOYMENT BENEFITS PLAN

74

2015 2014 2013

2.4% 2.3% 2.1%


943,941,480$ 891,614,637$ 842,736,529$

32.2% 15.5% 43.8%

92.00% 96.09% 88.54%

*The amounts presented for each fiscal year were determined as of June 30.

Note: Data was unavailable prior to 2013.

District's proportionate share of the net pension liability as a percentage of its covered-employee payroll

FRS Plan fiduciary net position as a percentage of the total pension liability

SCHEDULE OF ORANGE COUNTY PUBLIC SCHOOLS PROPORTIONATE SHARE OF NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM

LAST 10 FISCAL YEARS

District's proportion of the net pension liability

District's covered-employee payroll

75

2016 2015 201453,281,522$ 57,441,353$ 49,757,965$

53,281,522$ 57,441,353$ 49,757,965$

-$ -$ -$

District's covered-employee payroll 950,205,116$ 943,941,480$ 891,614,637$

5.6% 6.1% 5.6%



Contribution deficiency (excess)

Contributions as a percentage of covered-employee payroll

SCHEDULE OF ORANGE COUNTY PUBLIC SCHOOLS CONTRIBUTIONSFLORIDA RETIREMENT SYSTEM


Contractually required contribution

Contributions in relation to the contractually required contribution

76

2015 2014 2013

3.1% 3.0% 2.9%


943,941,480$ 891,614,637$ 842,736,529$

33.6% 31.5% 30.0%

0.50% 0.99% 1.78%



District's proportionate share of the net pension liability as a percentage of its covered-employee payroll

HIS Plan fiduciary net position as a percentage of the total pension liability

SCHEDULE OF ORANGE COUNTY PUBLIC SCHOOLS PROPORTIONATE SHARE OF NET PENSION LIABILITY HEALTH INSURANCE SUBSIDY PROGRAM


District's proportion of the net pension liability

District's covered-employee payroll

77

2016 2015 201415,773,166$ 11,892,397$ 10,279,238$

15,773,166$ 11,892,397$ 10,279,238$

-$ -$ -$

District's covered-employee payroll 950,205,116$ 943,941,480$ 891,614,637$

1.7% 1.3% 1.2%



Contribution deficiency (excess)

Contributions as a percentage of covered-employee payroll

SCHEDULE OF ORANGE COUNTY PUBLIC SCHOOLS CONTRIBUTIONSHEALTH INSURANCE SUBSIDY PROGRAM


Contractually required contribution

Contributions in relation to the contractually required contribution

78

ORANGE COUNTY PUBLIC SCHOOLS Non-Major Governmental Funds

June 30, 2016

Special Revenue Funds Special revenue funds are used to account for specific revenues that are legally restricted to expenditures for particular purposes. Food Service Fund – To account for the activities of the District’s food services function. These activities are primarily funded through local charges and Federal awards. Other Federal Programs Fund – To account for programs funded by federal sources, requiring separate accountability because of legal or regulatory restrictions. ARRA Programs Fund – To account for programs funded by the American Recovery and Reinvestment Act (ARRA) source, requiring separate accountability because of legal or regulatory restrictions. Miscellaneous Special Revenue Fund – To account for other programs of the District requiring separate accountability because of legal or regulatory restrictions.

Debt Service Funds Debt service funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. State Board of Education (SBE) and Capital Outlay Bond Issue (COBI) Fund – To account for the payment of principal, interest and related costs on the state school bonds issued by the State Board of Education on behalf of the District. These bonds are payable from the District’s portion of the state-assessed motor vehicle license tax. Other Debt Service – To account for the payment of principal, interest and related costs for Certificates of Participation and capital leases.

Capital Projects Funds Capital project funds are used to account for the financial resources to be used for educational capital outlay needs, including new construction, renovation and remodeling projects. Public Education Capital Outlay Fund – To account for capital project activity funded through the State’s Public Education Capital Outlay program. Capital Outlay and Debt Service Fund – To account for capital project activity funded by the District’s portion of the state Capital Outlay and Debt Service program. Capital Improvement Section 1011.71(2), Florida Statutes, Local Capital Improvement Tax Fund – To account for capital project activity funded through a tax levy pursuant to the cited statute.

79

TotalNon-Major Total Food Service Other Federal ARRA Federal Miscellaneous

Governmental Non-Major Fund Programs Programs Special RevenueFunds Special Revenue Fund Fund Fund

Funds

ASSETSCash 66,369,688$ 6,903,180$ 4,476,342$ -$ 2$ 2,426,836$ Investments 254,968,484 21,898,363 13,619,692 - - 8,278,671 Accounts Receivable 3,445 3,445 1,038 - - 2,407 Interest Receivable 181,264 - - - - - Due From Other Agencies 19,777,687 16,881,491 11,753,861 5,127,630 - - Inventories 1,656,141 1,656,141 1,656,141 - - -

Total Assets 342,956,709$ 47,342,620$ 31,507,074$ 5,127,630$ 2$ 10,707,914$

LIABILITIES AND FUND BALANCESLiabilities: Salaries and Wages Payable 3,268,387$ 3,268,387$ 1,340,518$ 1,843,406$ -$ 84,463$

Accounts Payable 1,509,343 254,786 14,220 237,285 - 3,281 Construction Contracts Payable 289,025 - - - - - Const. Contracts - Retained Percentage 377,078 - - - - - Due to Other Funds 2,996,310 2,996,310 - 2,996,308 2 - Due to Other Agencies 50,631 50,631 - 50,631 - - Matured Bonds Payable 2,750,861 - - - - - Unearned Revenue 863,081 812,484 812,484 - - -

Total Liabilities 12,104,716$ 7,382,598 2,167,222 5,127,630 2 87,744

Fund Balances: Nonspendable: 1,656,141 1,656,141 1,656,141 - - - Spendable: Restricted 318,575,682 27,683,711 27,683,711 - - - Assigned 10,620,170 10,620,170 - - - 10,620,170

Unassigned - - - - - -

Total Fund Balances 330,851,993 39,960,022 29,339,852 - - 10,620,170

Total Liabilities and Fund Balances 342,956,709$ 47,342,620$ 31,507,074$ 5,127,630$ 2$ 10,707,914$

Special Revenue Funds

ORANGE COUNTY PUBLIC SCHOOLSCOMBINING BALANCE SHEET

NON-MAJOR GOVERNMENTAL FUNDSJune 30, 2016

80

Total State Board of Other DebtNon-Major Education (SBE) Service

Debt Service and Capital Outlay FundsFunds Bond Issue

(COBI) FundASSETSCash 22,654,587$ -$ 22,654,587$ Investments 106,948,089 192,679 106,755,410 Accounts Receivable - - - Interest Receivable 181,264 - 181,264 Due From Other Funds - - - Due From Other Agencies - - - Inventories - - -

Total Assets 129,783,940$ 192,679$ 129,591,261$

LIABILITIES AND FUND BALANCESLiabilities: Salaries and Wages Payable -$ -$ -$

Accounts Payable - - - Construction Contracts Payable - - - Const. Contracts Pay. - Retained Percent - - - Due to Other Funds - - - Matured Debt Payable 2,750,861 - 2,750,861 Deferred Revenue - - -

Total Liabilities 2,750,861 - 2,750,861

Fund Balances: Nonspendable: - - - Spendable: Restricted 127,033,079 192,679 126,840,400 Assigned - - - Unassigned - - -

Total Fund Balances 127,033,079 192,679 126,840,400

Total Liabilities and Fund Balances 129,783,940$ 192,679$ 129,591,261$

Debt Service Funds



(continued)

81

Total Non-Major Public Education Capital Outlay SectionCapital Projects Capital Outlay & Debt Service 1011.71(2), F.S.

Funds Fund Fund Local CapitalImprovement

Tax FundASSETSCash 36,811,921$ -$ 1,632,225$ 35,179,696$ Investments 126,122,032 - 5,589,709 120,532,323 Accounts Receivable - - - - Interest Receivable - - - - Due From Other Funds - - - - Due From Other Agencies 2,896,196 - 50,597 2,845,599 Inventories - - - -

Total Assets 165,830,149$ -$ 7,272,531$ 158,557,618$

LIABILITIES AND FUND BALANCESLiabilities: Salaries and Wages Payable -$ -$ -$ -$

Accounts Payable 1,254,557 - 224,629 1,029,928 Construction Contracts Payable 289,025 - 17,788 271,237 Construction Contracts Payable - Retained Percentage 377,078 - 52,871 324,207 Due to Other Funds - - - - Due to Other Agencies - - - - Matured Debt Payable - - - - Unearned Revenues 50,597 - 50,597 -

Total Liabilities 1,971,257 - 345,885 1,625,372

Fund Balances: Nonspendable: - - - - Spendable: Restricted 163,858,892 - 6,926,646 156,932,246 Assigned - - - - Unassigned - - - -

Total Fund Balances 163,858,892 - 6,926,646 156,932,246

Total Liabilities and Fund Balances 165,830,149$ -$ 7,272,531$ 158,557,618$

Capital Projects Funds



(continued)

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Funds

REVENUESFederal Direct Sources: Other Federal Direct Sources 11,098,342$ 9,434,804$ -$ 9,434,804$ -$ -$

Total Federal Direct 11,098,342 9,434,804 - 9,434,804 - -

Federal Through State Sources: Food Service 87,458,580 87,458,580 87,458,580 - - - Other Federal Through State Sources 120,622,092 120,622,092 6,500 119,815,831 799,761 -

Total Federal through State 208,080,672 208,080,672 87,465,080 119,815,831 799,761 -

State Sources: Food Service 1,189,555 1,189,555 1,189,555 - - - CO&DS Withheld for SBE/COBI Bond 4,131,615 - - - - - CO&DS Distribution 3,550,566 - - - - - Public Education Capital Outlay 5,072,496 - - - - -

Total State Sources 13,944,232 1,189,555 1,189,555 - - -

Local Sources: Ad Valorem Taxes 162,383,635 - - - - - Food Service 10,459,520 10,459,520 10,459,520 - - - Interest Income 6,016,079 365,048 210,949 - - 154,099 Other Local Sources 6,913,568 6,872,584 165,534 28,097 - 6,678,953

Total Local Sources 185,772,802 17,697,152 10,836,003 28,097 - 6,833,052

Total Revenues 418,896,048$ 236,402,183$ 99,490,638$ 129,278,732$ 799,761$ 6,833,052$


ORANGE COUNTY PUBLIC SCHOOLSCOMBINING STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCESNON-MAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended June 30, 2016

83

Total State Board of OtherNon-Major Education (SBE) Debt Service

Debt Service and Capital Outlay FundFunds Bond Issue

(COBI) Fund

REVENUESFederal Direct Sources: Other Federal Direct Sources 1,663,538$ -$ 1,663,538$

Total Federal Direct 1,663,538 - 1,663,538

Federal Through State Sources: Food Service - - - Other Federal Through State Sources - - -

Total Federal through State - - -

State Sources: Food Service - - - CO&DS Withheld for SBE/COBI Bond 4,131,615 4,131,615 - CO&DS Distribution - - - Public Education Capital Outlay - - -

Total State Sources 4,131,615 4,131,615 -

Local Sources: Food Service - - - Interest Income 3,471,790 - 3,471,790 Other Local Sources - - -

Total Local Sources 3,471,790 - 3,471,790

Total Revenues 9,266,943$ 4,131,615$ 5,135,328$

Debt Service Funds

For the Fiscal Year Ended June 30, 2016(continued)


CHANGES IN FUND BALANCESNON-MAJOR GOVERNMENTAL FUNDS

84



Tax Fund

REVENUESFederal Direct Sources: Other Federal Direct Sources -$ -$ -$ -$

Total Federal Direct - - - -

Federal Through State Sources: Food Service - - - - Other Federal Through State Sources - - - -

Total Federal through State - - - -

State Sources: Food Service - - - - CO&DS Withheld for SBE/COBI Bond - - - - CO&DS Distribution 3,550,566 - 3,550,566 - Public Education Capital Outlay 5,072,496 5,072,496 - -

Total State Sources 8,623,062 5,072,496 3,550,566 -

Local Sources: Ad Valorem Taxes 162,383,635 - - 162,383,635 Food Service - - - - Interest Income 2,179,241 - 80,937 2,098,304 Other Local Sources 40,984 - - 40,984

Total Local Sources 164,603,860 - 80,937 164,522,923

Total Revenues 173,226,922$ 5,072,496$ 3,631,503$ 164,522,923$




(continued)

85



Funds

EXPENDITURESCurrent: Instruction 42,292,951$ 42,292,951$ -$ 41,290,719$ 236,684$ 765,548$ Pupil Personnel Services 12,878,405 12,878,405 - 12,872,043 - 6,362 Instructional Media Services 380,319 380,319 - 340,838 - 39,481 Instruction and Curriculum Development 28,383,885 28,383,885 - 28,299,272 43,477 41,136 Instructional Staff Training Services 26,191,731 26,191,731 - 25,555,608 516,797 119,326 Instructional Related Technology 201,612 201,612 - 195,772 - 5,840 General Administration 5,349,225 5,349,225 - 5,327,823 2,803 18,599 School Administration 949,344 949,344 - 743,004 - 206,340 Facilities Acquisition & Construction 1,875,766 15,567 - 725 - 14,842 Fiscal Services 172,615 172,615 - 168,925 - 3,690 Food Services 89,971,925 89,971,925 89,970,312 1,613 - - Central Services 359,297 359,297 - 357,624 - 1,673 Pupil Transportation Services 7,635,443 7,635,443 - 7,611,395 - 24,048 Operation of Plant 302,150 302,150 - 296,624 - 5,526 Maintenance of Plant 49,150 49,150 - 31,785 - 17,365 Administrative Technology Services 349,920 349,920 - 349,920 - - Community Services 9,832,488 9,832,488 - 4,204,240 - 5,628,248 Capital Outlay: Facilities Acquisition & Construction 34,701,510 - - - - - Other Capital Outlay 2,018,550 2,018,550 387,748 1,630,802 - - Debt Service: Principal 37,864,483 - - - - - Interest and Fiscal Charges 57,041,431 - - - - -

Total Expenditures 358,802,200 227,334,577 90,358,060 129,278,732 799,761 6,898,024

Excess (Deficiency) of Revenues Over (Under) Expenditures 60,093,848 9,067,606 9,132,578 - - (64,972)

OTHER FINANCIAL SOURCES (USES)Refunding Lease-Purchase Agreements 327,295,000 - - - - - Premium on Refunding Lease-Purchase Agreements 36,642,567 - - - - - Payments to Refunding Bond Escrow Agent (368,881,578) - - - - -

Transfer In 111,286,595 - - - - - Transfer Out (110,297,324) - - - - -

Total Other Financial Sources (Uses) (3,954,740) - - - - -

Net Change in Fund Balances 56,139,108 9,067,606 9,132,578 - - (64,972)

Fund Balances, Beginning 274,712,885 30,892,416 20,207,274 - - 10,685,142

Fund Balances, Ending 330,851,993$ 39,960,022$ 29,339,852$ -$ -$ 10,620,170$




(continued)

86

Total State Board of OtherNon-Major Education (SBE) Debt Service

Debt Service and Capital Outlay FundFunds Bond Issue

(COBI) FundEXPENDITURESCurrent: Instruction -$ -$ -$ Pupil Personnel Services - - - Instructional Media Services - - - Instruction and Curriculum Development - - - Instructional Staff Training Services - - - Instructional Staff Training Services - - - General Administration - - - School Administration - - - Facilities Acquisition & Construction - - - Fiscal Services - - - Food Services - - - Central Services - - - Pupil Transportation Services - - - Operation of Plant - - - Maintenance of Plant - - - Administrative Technology Services - - - Community Services - - - Capital Outlay: - Facilities Acquisition & Construction - - - Other Capital Outlay - - - Debt Service: Principal 37,864,483 3,660,000 34,204,483 Interest and Fiscal Charges 57,035,943 600,014 56,435,929

Total Expenditures 94,900,426 4,260,014 90,640,412

Excess (Deficiency) of Revenues Over (Under) Expenditures (85,633,483) (128,399) (85,505,084)

OTHER FINANCIAL SOURCES (USES)Refunding Lease-Purchase Agreements 327,295,000 - 327,295,000 Premium on Refunding Lease-Purchase Agreements 36,642,567 - 36,642,567 Payments to Refunding Bond Escrow Agent (368,881,578) - (368,881,578)

Transfer In 111,286,595 - 111,286,595 Transfer Out - - -

Total Other Financial Sources (Uses) 106,342,584 - 106,342,584

Net Change in Fund Balances 20,709,101 (128,399) 20,837,500

Fund Balances, Beginning 106,323,978 321,078 106,002,900

Fund Balances, Ending 127,033,079$ 192,679$ 126,840,400$

Debt Service Funds



(continued)

87



Tax FundEXPENDITURESCurrent: Instruction -$ -$ -$ -$ Pupil Personnel Services - - - - Instructional Media Services - - - - Instruction and Curriculum Development - - - - Instructional Staff Training Services - - - - Instructional Related Technology - - - - General Administration - - - - School Administration - - - - Facilities Acquisition & Construction 1,860,199 - 418,439 1,441,760 Fiscal Services - - - - Food Services - - - - Central Services - - - - Pupil Transportation Services - - - - Operation of Plant - - - - Maintenance of Plant - - - - Administrative Technology Services - - - - Community Services - - - - Capital Outlay: Facilities Acquisition & Construction 34,701,510 340,993 1,141,626 33,218,891 Other Capital Outlay - - - - Debt Service: Principal - - - - Interest and Fiscal Charges 5,488 - 5,488 -

Total Expenditures 36,567,197 340,993 1,565,553 34,660,651


OTHER FINANCIAL SOURCES (USES)Refunding Lease-Purchase Agreements - - - - Premium on Refunding Lease-Purchase Agreements - - - - Payments to Refunding Bond Escrow Agent - - - -

Transfer In - - - - Transfer Out (110,297,324) (4,731,503) - (105,565,821)

Total Other Financial Sources (Uses) (110,297,324) (4,731,503) - (105,565,821)

Net Change in Fund Balances 26,362,401 - 2,065,950 24,296,451

Fund Balances, Beginning 137,496,491 - 4,860,696 132,635,795

Fund Balances, Ending 163,858,892$ -$ 6,926,646$ 156,932,246$

(continued)




CHANGES IN FUND BALANCESNON-MAJOR GOVERNMENTAL FUNDS

88


PositiveOriginal Final Actual Amounts (Negative)

REVENUESFederal Through State Sources: Food Service 76,720,702$ 78,920,702$ 87,458,580$ 8,537,878$ Other Federal Through State Sources - - 6,500 6,500

Total Federal through State 76,720,702 78,920,702 87,465,080 8,544,378

State Sources: Food Service 1,210,500 1,210,500 1,189,555 (20,945)

Total State Sources 1,210,500 1,210,500 1,189,555 (20,945)

Local Sources: Food Service 11,953,812 11,953,812 10,459,520 (1,494,292) Interest Income - - 210,949 210,949 Other Local Sources - - 165,534 165,534

Total Local Sources 11,953,812 11,953,812 10,836,003 (1,117,809)

Total Revenues 89,885,014 92,085,014 99,490,638 7,405,624

EXPENDITURESCurrent: Food Service 88,232,236 90,044,488 89,970,312 74,176

Capital Outlay: Other Capital Outlay - 387,748 387,748 -

Total Expenditures 88,232,236 90,432,236 90,358,060 74,176


Net Change in Fund Balance 1,652,778 1,652,778 9,132,578 7,479,800

Fund Balance, Beginning 20,207,275 20,207,275 20,207,274 (1)


ORANGE COUNTY PUBLIC SCHOOLSSCHEDULE OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE - BUDGET TO ACTUAL

Budgeted Amounts

Food Service

FOOD SERVICE - SPECIAL REVENUE FUNDFor the Fiscal Year Ended June 30, 2016

89



REVENUES Other Federal Direct Sources -$ 15,458,995$ 9,434,804$ (6,024,191)$

Total Federal Direct - 15,458,995 9,434,804 (6,024,191)

Federal Through State Sources: Other Federal Through State Sources - 151,795,637 119,815,831 (31,979,806)

Total Federal through State - 151,795,637 119,815,831 (31,979,806)

Local Sources: Postsecondary Vocational Course Fees - - 28,097 28,097

Total Local Sources - - 28,097 28,097

Total Revenues - 167,254,632 129,278,732 (37,975,900)

EXPENDITURESCurrent: Instruction - 62,849,053 41,290,719 21,558,334 Pupil Personnel Services - 13,330,749 12,872,043 458,706 Instructional Media Services - 367,026 340,838 26,188 Instruction and Curriculum Development - 30,825,335 28,299,272 2,526,063 Instructional Staff Training Services - 36,769,246 25,555,608 11,213,638 Instructional Related Technology - 219,408 195,772 23,636 Board of Education - - - - General Administration - 6,570,042 5,327,823 1,242,219 School Administration - 792,329 743,004 49,325 Facilities Acquisition & Construction - 1,716 725 991 Fiscal Services - 191,804 168,925 22,879 Food Services - 1,613 1,613 - Central Services - 752,218 357,624 394,594 Pupil Transportation Services - 7,674,838 7,611,395 63,443 Operation of Plant - 301,393 296,624 4,769 Maintenance of Plant - 31,785 31,785 - Administrative Technology Services - 576,334 349,920 226,414 Community Services - 4,368,941 4,204,240 164,701 Capital Outlay: Other Capital Outlay - 1,630,802 1,630,802 - Total Expenditures - 167,254,632 129,278,732 37,975,900

Excess (Deficiency) of Revenues Over (Under) Expenditures - - - -

Net Change in Fund Balance - - - -

Fund Balance, Beginning - - - -

Fund Balance, Ending -$ -$ -$ -$


Budgeted Amounts

ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE - BUDGET TO ACTUALOTHER FEDERAL PROGRAMS - SPECIAL REVENUE FUND


Other Federal Programs

90



REVENUESFederal Through State Sources: Other Federal Through State Sources -$ 1,021,387$ 799,761$ (221,626)$

Total Federal through State - 1,021,387 799,761 (221,626)

Total Revenues - 1,021,387 799,761 (221,626)

EXPENDITURESCurrent: Instruction - 236,880 236,684 196 Instruction and Curriculum Development - 244,394 43,477 200,917 Instructional Staff Training Services - 528,856 516,797 12,059 General Administration - 11,257 2,803 8,454

Total Expenditures - 1,021,387 799,761 221,626

Excess (Deficiency) of Revenues Over (Under) Expenditures - - - -

Net Change in Fund Balance - - - -


Fund Balance, Ending -$ -$ -$ -$

Budgeted Amounts


CHANGES IN FUND BALANCE - BUDGET TO ACTUALARRA FEDERAL PROGRAMS - SPECIAL REVENUE FUND


ARRA Federal Programs

91



REVENUESLocal Sources: Interest Income -$ 154,099$ 154,099$ -$ Other Local Sources - 6,678,953 6,678,953 -

Total Local Sources - 6,833,052 6,833,052 -

Total Revenues - 6,833,052 6,833,052 -

EXPENDITURESCurrent: Instruction - 1,302,174 765,548 536,626 Pupil Personnel Services - 14,825 6,362 8,463 Instructional Media Services - 67,476 39,481 27,995 Instruction and Curriculum Development - 74,239 41,136 33,103 Instructional Staff Training Services - 211,092 119,326 91,766 Instructional Related Technology - 6,400 5,840 560 General Administration - 54,632 18,599 36,033 School Administration - 276,715 206,340 70,375 Facilities Acquisition & Construction - 17,678 14,842 2,836 Fiscal Services - - 3,690 (3,690) Food Services - 156,776 - 156,776 Central Services - 6,073 1,673 4,400 Pupil Transportation Services - 42,446 24,048 18,398 Operation of Plant - 17,008 5,526 11,482 Maintenance of Plant - 62,324 17,365 44,959 Community Services - 10,248,399 5,628,248 4,620,151 Capital Outlay: Facilities Acquisition & Construction - - - - Other Capital Outlay - - - -

Total Expenditures - 12,558,257 6,898,024 5,660,233

Excess (Deficiency) of Revenues Over (Under) Expenditures - (5,725,205) (64,972) 5,660,233

OTHER FINANCIAL SOURCES (USES) Transfer In - - - - Transfer Out - - - -

Total Other Financial Sources (Uses) - - - -

Net Change in Fund Balance - (5,725,205) (64,972) 5,660,233

Fund Balance, Beginning - 10,685,142 10,685,142 -

Fund Balance, Ending -$ 4,959,937$ 10,620,170$ 5,660,233$


CHANGES IN FUND BALANCE - BUDGET TO ACTUAL

Budgeted Amounts

Other - Special Revenue Fund

MISCELLANEOUS - SPECIAL REVENUE FUNDFor the Fiscal Year Ended June 30, 2016

92



REVENUESState Sources: CO&DS Withheld for SBE/COBI Bond 5,018,850$ 4,131,615$ 4,131,615$ -$

Total State Sources 5,018,850 4,131,615 4,131,615 -

Total Revenues 5,018,850 4,131,615 4,131,615 -

EXPENDITURESDebt Service: Principal 4,415,000 3,660,000 3,660,000 - Interest and Fiscal Charges 603,850 600,014 600,014 -

Total Expenditures 5,018,850 4,260,014 4,260,014 -

Excess (Deficiency) of Revenues Over (Under) Expenditures - (128,399) (128,399) -

Net Change in Fund Balance - (128,399) (128,399) -

Fund Balance, Beginning 321,078 321,078 321,078 -

Fund Balance, Ending 321,078$ 192,679$ 192,679$ -$


CHANGES IN FUND BALANCES - BUDGET TO ACTUAL

Budgeted Amounts

State Board of Education and Capital Outlay Bond Issue

STATE BOARD OF EDUCATION AND CAPITAL OUTLAY BOND ISSUE - DEBT SERVICE FUNDFor the Fiscal Year Ended June 30, 2016

93



REVENUESFederal Direct Sources: Miscellaneous Revenue 1,789,713$ 1,789,713$ 1,663,538$ (126,175)$

Total Federal Direct Sources 1,789,713 1,789,713 1,663,538 (126,175)

Local Sources: Interest Income - 1,224,158 3,471,790 2,247,632

Total Local Sources - 1,224,158 3,471,790 2,247,632

Total Revenues 1,789,713 3,013,871 5,135,328 2,121,457

EXPENDITURESDebt Service Principal 40,379,265 40,379,265 34,204,483 6,174,782 Interest and Fiscal Charges 55,329,042 56,553,200 56,435,929 117,271

Total Expenditures 95,708,307 96,932,465 90,640,412 6,292,053

Excess (Deficiency) of Revenues Over (Under) Expenditures (93,918,594) (93,918,594) (85,505,084) 8,413,510

OTHER FINANCIAL SOURCES (USES)Refunding Lease-Purchase Agreement 327,295,000 327,295,000 327,295,000 -

Premium on Refunding Lease-Purchase Agreement 36,642,567 36,642,567 36,642,567 - Payments to Refunding Bond Escrow Agent (368,881,578) (368,881,578) (368,881,578) -

Transfer In 111,286,595 111,286,595 111,286,595 -

Total Other Financial Sources (Uses) 106,342,584 106,342,584 106,342,584 -

Net Change in Fund Balance 12,423,990 12,423,990 20,837,500 8,413,510



Budgeted Amounts

Other Debt Service - Debt Service Fund



For the Fiscal Year Ended June 30, 2016OTHER DEBT SERVICE - DEBT SERVICE FUND

94



REVENUESState Sources: Public Education Capital Outlay 5,977,526$ 5,977,526$ 5,072,496$ (905,030)$

Total State Sources 5,977,526 5,977,526 5,072,496 (905,030)

Total Revenues 5,977,526 5,977,526 5,072,496 (905,030)

EXPENDITURESCapital Outlay: Facilities Acquisition & Construction Remodeling and Renovations - 340,993 340,993 -

Total Expenditures - 340,993 340,993 -

Excess (Deficiency) of Revenues Over (Under) Expenditures 5,977,526 5,636,533 4,731,503 (905,030)

OTHER FINANCIAL SOURCES (USES) Transfer In - - - - Transfer Out (5,977,526) (5,977,526) (4,731,503) 1,246,023

Total Other Financial Sources (Uses) (5,977,526) (5,977,526) (4,731,503) 1,246,023

Net Change in Fund Balance - (340,993) - 340,993


Fund Balance, Ending -$ (340,993)$ -$ 340,993$



Budgeted Amounts

Public Education Capital Outlay (PECO)

PUBLIC EDUCATION CAPITAL OUTLAY - CAPITAL PROJECTS FUNDFor the Fiscal Year Ended June 30, 2016

95



REVENUESState Sources: CO&DS Distribution 2,302,212$ 2,302,212$ 3,550,566$ 1,248,354$

Total State Sources 2,302,212 2,302,212 3,550,566 1,248,354

Local Sources: Interest Income - - 80,937 80,937

Total Local Sources - - 80,937 80,937

Total Revenues 2,302,212 2,302,212 3,631,503 1,329,291

EXPENDITURESCurrent: Facilities Acquisition & Construction - 418,439 418,439 - Capital Outlay: Facilities Acquisition & Construction 7,162,908 6,738,981 1,141,626 5,597,355 Debt Service: Interest and Fiscal Charges - 5,488 5,488 -





Fund Balance, Ending -$ -$ 6,926,646$ 6,926,646$



Budgeted Amounts

Capital Outlay & Debt Service

CAPITAL OUTLAY & DEBT SERVICE - CAPITAL PROJECTS FUNDFor the Fiscal Year Ended June 30, 2016

96



REVENUESLocal Sources: Ad Valorem Taxes 161,809,528$ 161,809,528$ 162,383,635$ 574,107$ Interest Income - - 2,098,304 2,098,304 Other Local Sources - - 40,984 40,984


Total Revenues 161,809,528 161,809,528 164,522,923 2,713,395

EXPENDITURESCurrent: Facilities Acquisition & Construction - 1,441,760 1,441,760 - Capital Outlay: Facilities Acquisition & Construction 121,932,236 120,490,476 33,218,891 87,271,585



OTHER FINANCIAL SOURCES (USES) Transfer Out (122,871,104) (122,871,104) (105,565,821) 17,305,283







Budgeted Amounts

Section 1011.71(2), Florida Statutes, Local Capital Improvement Tax Fund

CAPITAL PROJECTS FUNDFor the Fiscal Year Ended June 30, 2016

SECTION 1011.71(2), FLORIDA STATUTES, LOCAL CAPITAL IMPROVEMENT TAX

97



REVENUES

Local Sources: Local Sales Taxes 211,323,339$ 211,323,339$ 224,024,409$ 12,701,070$ Impact Fees 56,532,082 56,532,082 45,961,820 (10,570,262) Interest Income 3,600,000 3,600,000 18,127,628 14,527,628 Miscellaneous - - 2,699,672 2,699,672


Total Revenues 271,455,421 271,455,421 290,813,529 19,358,108

EXPENDITURESCurrent: Facilities Acquisition & Construction - 27,543,237 27,543,237 -

Capital Outlay: Facilities Acquisition & Construction 861,209,479 844,285,416 222,998,021 621,287,395



OTHER FINANCIAL SOURCES (USES) Proceeds from the Sale of Capital Assets - - 3,980,000 3,980,000 Transfer Out (5,500,000) (5,720,774) (5,720,774) -



Fund Balance, Beginning 1,010,602,295 1,010,602,295 1,010,602,295 -

Fund Balance, Ending 415,348,237$ 404,508,289$ 1,049,133,792$ 644,625,503$



Budgeted Amounts

Other - Capital Projects

OTHER - CAPITAL PROJECTS FUNDFor the Fiscal Year Ended June 30, 2016

98

ORANGE COUNTY PUBLIC SCHOOLS INTERNAL SERVICE FUNDS

June 30, 2016 Internal service funds are used to account for the District’s individual self-insurance programs and for the District’s print shop. Self-Insurance Fund – To account for the financial activities of the District’s self-insured property, casualty, liability, and workers’ compensation programs. Employee Benefits Fund – To account for the financial activities of the District’s self-insured employee health and life insurance programs. Other Internal Service Fund – To account for the financial activities of the District’s other internal service programs, such as the print shop.

99

Employee Other InternalTotal Self-Insurance Benefits Service

ASSETSCurrent Assets: Cash 44,675,014$ 7,150,263$ 37,524,751$ -$ Investments 134,132,183 35,207,093 98,925,090 - Accounts Receivable 1,426,822 - 1,419,824 6,998 Interest Receivable 1,853 - 1,853 - Deposits Receivable 225,000 155,000 70,000 - Prepaid Items 50,000 - 50,000 - Inventory 20,340 - - 20,340

Total Current Assets 180,531,212 42,512,356 137,991,518 27,338

Noncurrent Assets: Furniture and Equipment 97,387 - - 97,387 Less Accumulated Depreciation (77,208) - - (77,208) Computer Software 1,100 - - 1,100 Less Accumulated Depreciation (1,100) - - (1,100)

Total Noncurrent Assets 20,179 - - 20,179

Total Assets 180,551,391 42,512,356 137,991,518 47,517

LIABILITIESCurrent Liabilities: Salaries and Wages Payable 42,949 - 13,216 29,733 Accounts Payable 2,244,067 - 2,213,891 30,176 Due to Other Funds 76,789 - - 76,789 Unearned Revenue 47,786,287 - 47,786,287 - Estimated Unpaid Claims 20,916,874 5,816,874 15,100,000 -

Total Current Liabilities 71,066,966 5,816,874 65,113,394 136,698

Long-Term Liabilities: Estimated Insurance Claims Payable 6,660,618 6,660,618 - -

Total Long-Term Liabilities 6,660,618 6,660,618 - -

Total Liabilities 77,727,584 12,477,492 65,113,394 136,698

NET POSITIONNet Investment in Capital Assets 20,179 - - 20,179 Unrestricted 102,803,628 30,034,864 72,878,124 (109,360)

Total Net Position 102,823,807$ 30,034,864$ 72,878,124$ (89,181)$

COMBINING STATEMENT OF NET POSITIONORANGE COUNTY PUBLIC SCHOOLS

Self-InsuranceInternal Service Funds

June 30, 2016INTERNAL SERVICE FUNDS

100


OPERATING REVENUES Charges for Services 5,450,851$ -$ -$ 5,450,851$ Premium Revenues 206,256,504 10,553,223 195,703,281 - Other Operating Revenues 92,040 92,040 - - Total Operating Revenues 211,799,395 10,645,263 195,703,281 5,450,851

OPERATING EXPENSES Salaries 842,057 - 384,305 457,752 Employees Benefits 363,816 - 175,713 188,103 Purchased Services 14,885,652 5,592 10,176,954 4,703,106 Energy Services 85,000 - - 85,000 Material and Supplies 251,741 - 3,935 247,806 Capital Outlay 3,430 - - 3,430 Claims Expense 185,375,411 5,867,460 179,507,951 - Depreciation 7,402 - - 7,402

Total Operating Expenses 201,814,509 5,873,052 190,248,858 5,692,599

Operating Income (Loss) 9,984,886 4,772,211 5,454,423 (241,748)

NONOPERATING REVENUES, NET Investment Earnings, net 2,058,593 487,551 1,570,778 264

Total Nonoperating Revenues, Net 2,058,593 487,551 1,570,778 264

Change in Net Position 12,043,479 5,259,762 7,025,201 (241,484)

Total Net Position, Beginning 90,780,328 24,775,102 65,852,923 152,303

Total Net Position, Ending 102,823,807$ 30,034,864$ 72,878,124$ (89,181)$

Self-Insurance


Internal Service Funds

For the Fiscal Year Ended June 30, 2016INTERNAL SERVICE FUNDSCHANGES IN NET POSITION

COMBINING STATEMENT OF REVENUES, EXPENSES, AND

101


CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Interfund Services Provided 228,244,329$ 10,553,223$ 212,246,417$ 5,444,689$ Payments to Suppliers of Goods or Services (196,867,351) (7,137,066) (184,781,987) (4,948,298) Payments to Employees (1,186,484) - (552,435) (634,049) Other Operating Cash Receipts 92,040 92,040 - -

Net Cash Provided by (Used in) Operating Activities 30,282,534 3,508,197 26,911,995 (137,658)

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Sale of Capital Assets - - - - Acquisition of Capital Assets (10,397) - - (10,397)

Net Cash Used in Capital and Related Financing Activities (10,397) - - (10,397)

CASH FLOWS FROM INVESTING ACTIVITIES Investment Earnings 2,058,593 487,551 1,570,778 264 Proceeds from Purchase of Investments 2,344,284 3,154,515 (958,022) 147,791

Net Cash Provided by (Used in) Investing Activities 4,402,877 3,642,066 612,756 148,055

Net Increase in Cash 34,675,014 7,150,263 27,524,751 -

Cash, Beginning of Year 10,000,000 - 10,000,000 -

Cash, End of Year 44,675,014$ 7,150,263$ 37,524,751$ -$

Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used in) Operating Activities: Operating Income (Loss) 9,984,886$ 4,772,211$ 5,454,423$ (241,748)$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used in) Operating Activities: Depreciation 7,402 - - 7,402 Changes in Assets and Liabilities:

Accounts Receivable 16,536,976 - 16,543,137 (6,161) Deposits Receivable - - - - Inventory (2,445) - - (2,445) Accounts Payable 809,262 - 792,562 16,700 Salaries and Wages Payable 19,388 - 7,583 11,805 Deferred Revenues 2,114,290 - 2,114,290 - Estimated Unpaid Claims 735,986 (1,264,014) 2,000,000 - Due To Other Funds 76,789 - - 76,789

Total Adjustments 20,297,648 (1,264,014) 21,457,572 104,090

Net Cash Provided by (Used in) Operating Activities 30,282,534$ 3,508,197$ 26,911,995$ (137,658)$

Noncash Investing Activities Net Increase(Decrease) in the Fair Value of Investments 828,539$ 184,826$ 643,813$ (100)$

Self-InsuranceInternal Service Funds

ORANGE COUNTY PUBLIC SCHOOLSCOMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDSFor the Fiscal Year Ended June 30, 2016

102

ORANGE COUNTY PUBLIC SCHOOLS FIDUCIARY FUNDS

June 30, 2016 Agency funds are Fiduciary Funds and are used to account for resources held by the District in a trustee capacity or as an agent for individuals, private organizations. These resources include student and club activities funds that are held in trust for student, athletic, class, club activities, etc.

103

July 1, 2015 Additions Deletions June 30, 2016Assets Cash and Cash Equivalents 11,494,896$ 43,279,585$ 42,433,350$ 12,341,131$ Investments 3,196,701 - 740,797 2,455,904 Accounts Receivable, Net 41,222 41,735 41,222 41,735 Inventory 299,934 223,760 299,934 223,760

Total Assets 15,032,753$ 43,545,080$ 43,515,303$ 15,062,530$

Liabilities Accounts Payable 802,432$ 431,971$ 802,432$ 431,971$ Internal Accounts Payable 14,230,321 43,113,109 42,712,871 14,630,559

Total Liabilities 15,032,753$ 43,545,080$ 43,515,303$ 15,062,530$

Student and Club Activities Funds

ORANGE COUNTY PUBLIC SCHOOLSSTATEMENT OF CHANGES IN ASSETS AND LIABILITIES

For the Fiscal Year Ended June 30, 2016FIDUCIARY FUNDS

Agency Funds

104

Sta

tistic

al S

ectio

n

Statistical Section




ORANGE COUNTY PUBLIC SCHOOLS STATISTICAL SECTION

June 30, 2016 This part of the Orange County Public Schools’ comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District’s overall financial health. Financial Trends

These schedules contain trend information to help the reader understand how the District’s financial performance and well-being have changed over time.

Revenue Capacity

These schedules contain information to help the reader assess the District’s most significant local revenues sources, the property tax.

Debt Capacity

These schedules present information to help the reader assess the affordability of the District’s current levels of outstanding debt and the government’s ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environment within which the District’s financial activities take place.

Operating Information

These schedules contain service data to help the reader understand how the information in the District’s financial report relates to the services the District provides and the activities it performs.

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032

Ch

ang

es in

Net

Po

siti

on

353,

272,

942

$

26

0,02

8,23

5$

237,

918,

656

$

20

5,21

6,25

5$

265,

337,

966

$

18

5,30

5,17

5$

192,

239,

636

$

20

3,18

6,42

7$

241,

764,

068

$

39

7,06

5,22

3$

Sou

rce:

Dis

tric

t Rec

ords

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

CH

AN

GE

S IN

NE

T P

OS

ITIO

NL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Acc

rual

Bas

is o

f A

cco

un

tin

g)

Fis

cal Y

ear

En

ded

107

Fiscal Sales TotalYear General Capital Tax

Ended Purposes Projects

June 30, 2016 727,285,169$ 162,383,635$ 224,024,409$ 1,113,693,213$ June 30, 2015 648,247,462 139,441,378 209,231,028 996,919,868 June 30, 2014 590,739,237 129,144,730 191,770,163 911,654,130 June 30, 2013 580,088,306 124,764,970 181,301,579 886,154,855 June 30, 2012 585,882,336 124,825,912 170,826,444 881,534,691 June 30, 2011 548,160,633 128,640,288 163,594,345 840,395,266 June 30, 2010 604,099,356 146,881,582 150,843,957 901,824,895 June 30, 2009 614,940,923 163,245,739 154,176,277 932,362,939 June 30, 2008 586,022,104 156,337,901 166,190,269 908,550,274 June 30, 2007 504,809,925 133,536,235 156,331,083 794,677,243

Source: District Records

ORANGE COUNTY PUBLIC SCHOOLSGOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE

LAST TEN FISCAL YEARS(Accrual Basis of Accounting)

Property Tax

108

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Gen

eral

Fu

nd

Res

erve

d fo

r:

Enc

umbr

ance

s31

,459

,508

$

15,2

46,1

15$

18

,437

,139

$

16,1

60,2

45$

-

$

-$

-

$

-$

-

$

-

$

S

tate

Cat

egor

ical

Pro

gram

s10

,259

,815

12,8

52,5

95

18

,790

,146

8,12

1,37

8

-

-

-

-

-

-

Unr

eser

ved

135,

861,

670

16

6,03

3,19

0

184,

771,

996

22

4,77

3,40

0

-

-

-

-

-

-

Tot

al G

ener

al F

und

177,

580,

993

$

19

4,13

1,90

0$

221,

999,

281

$

24

9,05

5,02

3$

-$

-

$

-$

-

$

-$

-$

All

Oth

er G

ove

rnm

enta

l Fu

nd

s R

eser

ved

for:

R

etire

men

t of L

ong-

Ter

m D

ebt

217,

299,

457

$

10

6,97

2,73

7$

114,

719,

846

$

12

8,89

5,59

2$

-$

-$

-$

-$

-$

-

$

Enc

umbr

ance

s21

5,38

6,17

4

256,

029,

124

19

5,56

0,46

3

220,

927,

991

-

-

-

-

-

-

Unr

eser

ved,

Rep

orte

d in

:

S

peci

al R

even

ue F

unds

8,67

2,39

3

9,

020,

366

13,0

36,7

12

19

,127

,746

-

-

-

-

-

-

Cap

ital P

roje

cts

Fun

ds73

9,18

9,01

6

602,

773,

069

80

2,09

2,09

5

760,

044,

505

-

-

-

-

-

-

Tot

al A

ll O

ther

Gov

ernm

enta

l Fun

ds1,

180,

547,

040

$

974,

795,

296

$

1,

125,

409,

116

$

1,12

8,99

5,83

4$

-

$

-$

-

$

-$

-

$

-

$

Gen

eral

Fu

nd

Non

spen

dabl

e:3,

494,

201

$

2,88

1,28

1$

3,

015,

602

$

3,

032,

220

$

3,29

3,50

8$

3,

351,

893

$

3,31

8,55

0$

3,20

7,83

4$

S

pend

able

:

Res

tric

ted

28,2

35,2

28

17

,508

,810

25,3

80,8

04

23

,205

,695

27,6

47,5

03

8,

671,

626

34,7

07,0

63

31,4

59,5

31

Ass

igne

d12

1,97

8,96

4

203,

626,

945

25

2,60

9,17

8

321,

274,

323

32

0,82

7,20

3

300,

430,

697

24

9,56

8,93

9

25

7,56

5,82

2

U

nass

igne

d68

,290

,888

25,0

37,9

86

56

,956

,520

32,7

18,1

13

61

,799

,654

96,2

12,1

73

80

,311

,859

12

6,42

7,47

0

Tot

al G

ener

al F

und

221,

999,

281

$

24

9,05

5,02

3$

337,

962,

104

$

38

0,23

0,35

1$

413,

567,

868

$

40

8,66

6,38

9$

367,

906,

411

$

418,

660,

657

$

All

Oth

er G

ove

rnm

enta

l Fu

nd

sN

onsp

enda

ble:

2,47

6,63

8$

2,

396,

763

$

2,89

4,52

2$

3,42

0,35

8$

2,

843,

349

$

1,92

9,97

3$

1,

814,

297

$

1,

656,

141

$

Spe

ndab

le:

Res

tric

ted

1,10

9,89

5,76

5

1,

107,

471,

325

1,05

1,05

7,48

0

1,

038,

295,

927

1,11

6,07

7,57

8

1,

182,

684,

693

1,27

2,81

5,74

1

1,36

7,70

9,47

4

Ass

igne

d -

Spe

cial

Rev

enue

- F

ood

Ser

vice

13,0

36,7

13

19

,127

,746

10,3

61,2

10

10

,869

,041

10,7

76,4

70

10

,446

,607

10,6

85,1

42

10,6

20,1

70

Tot

al A

ll O

ther

Gov

ernm

enta

l Fun

ds1,

125,

409,

116

$

1,12

8,99

5,83

4$

1,

064,

313,

212

$

1,05

2,58

5,32

6$

1,

129,

697,

397

$

1,19

5,06

1,27

3$

1,

285,

315,

180

$

1,

379,

985,

785

$

Not

e: G

AS

B 5

4 w

as im

plem

ente

d fo

r th

e fis

cal y

ear

2011

. T

he a

mou

nts

calc

ulat

ed fo

r F

Y09

and

FY

10 u

nder

GA

SB

54

are

unau

dite

d an

d no

ted

for

com

paris

on p

urpo

ses

only

.

Sou

rce:

Dis

tric

t Rec

ords

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

FU

ND

BA

LA

NC

ES

OF

GO

VE

RN

ME

NT

AL

FU

ND

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mo

dif

ied

Acc

rual

Bas

is o

f A

cco

un

tin

g)

Fis

cal Y

ear

En

ded

109

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Fed

eral

Dir

ect

So

urc

es:

Res

erve

Offi

cers

Tra

inin

g C

orps

(R

OT

C)

932,

951

$

975,

353

$

1,02

5,98

1$

1,13

0,02

3$

1,15

2,42

5$

1,

239,

797

$

1,29

0,06

3$

1,

197,

213

$

1,28

9,82

6$

1,28

3,62

9$

Oth

er F

eder

al D

irect

Sou

rces

5,47

9,73

9

9,13

9,75

3

13,4

46,8

36

13

,426

,174

15,8

84,4

09

17,2

50,3

56

16,7

92,6

75

13,9

67,6

42

13,7

21,4

33

11

,098

,342

Tot

al F

eder

al D

irect

6,41

2,69

0

10,1

15,1

06

14

,472

,817

14,5

56,1

97

17

,036

,834

18

,490

,153

18

,082

,738

15

,164

,855

15

,011

,259

12,3

81,9

71

Fed

eral

Th

rou

gh

Sta

te S

ou

rces

: F

ood

Ser

vice

39

,070

,041

42,5

36,7

22

45

,854

,192

51,3

45,8

90

57

,149

,777

62

,575

,805

69

,505

,688

72

,700

,451

77

,367

,802

87,4

58,5

80

O

ther

Fed

eral

Thr

ough

Sta

te G

rant

s10

7,18

0,70

6

106,

594,

382

10

2,41

8,35

7

200,

526,

775

24

5,30

7,55

1

126,

748,

981

12

5,82

5,96

4

129,

588,

567

12

8,68

2,16

4

12

8,46

3,42

5

Tot

al F

eder

al T

hrou

gh S

tate

Sou

rces

:14

6,25

0,74

7

149,

131,

104

14

8,27

2,54

9

251,

872,

665

30

2,45

7,32

8

189,

324,

786

19

5,33

1,65

2

202,

289,

018

20

6,04

9,96

6

21

5,92

2,00

5

Sta

te S

ou

rces

: F

lorid

a E

duca

tion

Fin

ance

Pro

gram

(F

EF

P)

473,

406,

084

39

7,61

0,75

9

305,

076,

349

29

3,61

0,58

2

384,

633,

846

38

2,17

7,64

1

429,

171,

849

50

8,47

2,16

9

506,

305,

202

507,

299,

057

Cat

egor

ical

Pro

gram

s20

8,94

3,89

3

248,

160,

176

24

9,52

8,30

3

191,

648,

547

20

0,69

2,34

4

206,

043,

937

22

2,30

2,53

5

225,

967,

587

23

2,21

8,07

8

23

5,25

4,91

4

D

istr

ict D

iscr

etio

nary

Lot

tery

Fun

ds7,

235,

048

8,

737,

525

4,

395,

683

50

1,15

6

68

2,04

3

605,

668

-

-

-

-

W

orkf

orce

Dev

elop

men

t36

,543

,632

35,4

95,9

64

34

,076

,160

30,8

99,5

20

30

,217

,305

31

,919

,723

31

,712

,727

33

,958

,380

33

,791

,013

33,3

03,5

28

C

O &

DS

Dis

trib

utio

n1,

993,

589

1,

802,

397

1,

614,

461

1,

576,

417

1,

736,

511

2,18

7,80

3

5,

020,

624

2,33

2,75

9

2,

417,

145

3,

664,

683

C

O &

DS

With

held

for

SB

E/C

OB

I Bon

ds6,

360,

113

5,

148,

222

5,

028,

420

5,

056,

203

5,

032,

436

5,05

5,04

4

2,

080,

813

4,91

0,48

1

4,

860,

059

4,

131,

615

P

ublic

Edu

catio

n C

apita

l Out

lay

28,1

86,8

77

24

,147

,999

14,8

46,8

86

18

,700

,768

9,61

3,13

6

2,

359,

076

2,29

4,45

6

4,

135,

107

7,20

4,90

5

5,07

2,49

6

Cla

ssro

oms

Firs

t/Cla

ss S

ize

Red

uctio

n84

,709

,502

-

-

-

-

-

-

-

-

-

F

ood

Ser

vice

1,07

5,48

8

1,02

0,02

4

1,09

8,94

8

1,18

1,15

6

1,23

5,67

2

1,

079,

548

1,18

6,45

0

1,

236,

186

1,25

1,79

7

1,18

9,55

5

Oth

er S

tate

Sou

rces

5,32

5,94

0

4,66

7,64

5

2,36

7,35

0

14,2

91,3

63

15

,294

,962

12

,302

,737

1,

161,

562

2,02

4,08

9

3,

612,

964

7,

546,

322

Tot

al S

tate

Sou

rces

853,

780,

166

72

6,79

0,71

1

618,

032,

560

55

7,46

5,71

2

649,

138,

255

64

3,73

1,17

7

694,

931,

016

78

3,03

6,75

8

791,

661,

163

797,

462,

170

Lo

cal S

ou

rces

: A

d V

alor

em T

axes

638,

346,

160

74

2,36

0,00

5

778,

186,

662

75

0,98

0,93

8

676,

800,

921

71

0,70

8,24

8

704,

853,

276

71

9,88

3,96

7

787,

688,

840

889,

668,

804

Sal

es T

ax17

0,59

7,43

6

166,

190,

269

15

4,17

6,27

7

150,

843,

957

16

3,59

4,34

5

170,

826,

444

18

1,30

1,57

9

191,

770,

163

20

9,23

1,02

8

22

4,02

4,40

9

I

mpa

ct F

ees

55,4

13,7

04

37

,559

,675

19,0

66,8

58

21

,482

,085

16,1

10,9

10

21,1

23,6

58

39,4

46,5

08

50,5

97,3

83

56,5

32,0

82

45

,961

,820

Foo

d S

ervi

ce S

ales

18,7

65,3

75

17

,722

,728

18,4

41,6

37

17

,031

,489

16,3

49,2

73

14,8

09,4

08

12,5

92,1

60

11,5

79,1

98

10,1

72,0

84

10

,459

,520

Int

eres

t Inc

ome

and

Oth

ers

60,7

83,2

00

65

,261

,894

24,6

68,6

02

25

,615

,842

24,1

49,0

79

26,4

74,0

19

2,87

9,77

6

20

,840

,103

12

,516

,707

30,3

41,9

05

L

ocal

Gra

nts

and

Oth

er L

ocal

Sou

rces

47,5

53,0

19

32

,268

,934

40,4

30,9

47

31

,356

,236

29,9

45,4

49

28,0

41,1

56

27,6

91,0

05

29,9

72,8

89

31,3

03,8

39

37

,647

,922

Tot

al L

ocal

Sou

rces

991,

458,

894

1,

061,

363,

505

1,03

4,97

0,98

3

99

7,31

0,54

7

926,

949,

977

97

1,98

2,93

3

968,

764,

304

1,

024,

643,

703

1,10

7,44

4,58

0

1,23

8,10

4,38

0

To

tal R

even

ues

1,99

7,90

2,49

7$

1,

947,

400,

426

$

1,81

5,74

8,90

9$

1,

821,

205,

121

$

1,89

5,58

2,39

4$

1,

823,

529,

049

$

1,87

7,10

9,71

0$

2,

025,

134,

334

$

2,12

0,16

6,96

8$

2,26

3,87

0,52

6$

Sou

rce:

Dis

tric

t Rec

ords

-

-

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

CH

AN

GE

S IN

FU

ND

BA

LA

NC

ES

OF

GO

VE

RN

ME

NT

AL

FU

ND

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mo

dif

ied

Acc

rual

Bas

is o

f A

cco

un

tin

g)

Fis

cal Y

ear

En

ded

110

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Exp

end

itu

res:

Cu

rren

t: I

nstr

uctio

n83

4,42

3,08

4$

867,

973,

005

$

79

9,21

9,53

2$

808,

532,

530

$

84

1,87

8,36

7$

833,

616,

664

$

86

9,28

6,69

1$

935,

061,

296

$

1,

006,

160,

923

$

1,01

1,56

7,31

8$

P

upil

Per

sonn

el S

ervi

ces

49,6

74,2

57

51,3

35,3

04

47,0

56,9

53

46,2

24,8

37

45,9

60,9

18

43,0

49,2

41

43,1

75,3

05

47,4

39,8

41

54,2

53,2

57

55,2

68,0

67

Ins

truc

tiona

l Med

ia S

ervi

ces

18,6

82,2

23

19,3

93,3

17

16,5

10,1

36

15,4

26,9

74

15,8

02,6

59

15,1

04,9

21

15,2

52,3

70

16,0

37,5

58

16,1

93,4

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650

76

2,81

7,97

1

68

2,73

8,09

3

666,

751,

382

75

3,69

0,48

8

760,

789,

436

81

5,12

6,30

1

884,

305,

136

87

9,27

0,28

0

E

mpl

oyee

Ben

efits

242,

419,

542

262,

583,

022

25

0,94

0,15

7

22

1,81

1,80

0

235,

003,

687

22

2,36

4,50

6

236,

296,

917

27

6,41

7,38

3

301,

058,

303

30

9,56

0,60

6

P

urch

ased

Ser

vice

s13

6,78

8,06

7

13

3,53

4,71

0

108,

669,

473

113,

659,

150

12

6,83

4,80

8

126,

959,

288

13

9,74

6,78

6

179,

941,

836

19

0,51

9,61

4

213,

830,

897

Ene

rgy

Ser

vice

s46

,908

,677

49

,896

,782

47,1

06,6

67

51,6

19,2

27

51

,124

,069

52,2

05,7

83

50

,598

,665

52,0

60,5

47

51

,838

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46,6

75,8

85

Mat

eria

l and

Sup

plie

s43

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41

,055

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29,3

01,3

79

43,2

07,3

29

21

,778

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38,3

36,2

03

51

,502

,711

46,2

61,6

36

33

,863

,730

33,5

81,7

79

Cap

ital O

utla

y24

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17

,628

,955

16,1

07,1

40

20,4

49,3

18

15

,433

,817

13,7

26,1

15

18

,900

,976

26,0

85,5

90

35

,970

,761

18,9

37,5

91

Oth

er E

xpen

ditu

res

9,42

1,15

8

11

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10,7

64,1

85

10,3

19,4

79

8,

633,

517

7,

834,

000

7,

611,

178

8,

258,

034

7,

577,

231

7,

400,

108

T

otal

Exp

endi

ture

s1,

285,

824,

286

1,33

6,77

0,91

4

1,

225,

706,

972

1,14

3,80

4,39

5

1,

125,

559,

358

1,21

5,11

6,38

3

1,

265,

446,

669

1,40

4,15

1,32

7

1,

505,

132,

799

1,50

9,25

7,14

6

Exc

ess

(Def

icie

ncy)

of

Rev

enue

s O

ver

(Und

er)

Exp

endi

ture

s(1

4,01

6,73

0)

(2

4,13

1,15

3)

20

,071

,420

29

,306

,198

83,9

44,7

45

36

,614

,089

27,3

35,4

54

(1

0,14

8,01

1)

(4

9,02

0,40

1)

44

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Oth

er F

inan

cing

Sou

rces

34,7

36,1

05

40,6

82,0

60

7,

795,

961

(2,2

50,4

56)

4,

962,

336

5,

654,

158

6,

002,

063

5,

246,

532

8,

260,

423

5,

850,

443

Exc

ess

(Def

icie

ncy)

of

Rev

enue

s a

nd O

ther

Sou

rces

Ove

r (U

nder

) E

xpen

ditu

res

and

Oth

er U

ses

20,7

19,3

75

16,5

50,9

07

27

,867

,381

27

,055

,742

88,9

07,0

81

42

,268

,247

33,3

37,5

17

(4

,901

,479

)

(40,

759,

978)

50,7

54,2

46

Beg

inni

ng F

und

Bal

ance

s15

6,86

1,61

8

17

7,58

0,99

3

194,

131,

900

221,

999,

281

24

9,05

5,02

3

337,

962,

104

38

0,23

0,35

1

413,

567,

868

40

8,66

6,38

9

367,

906,

411

E

ndin

g F

und

Bal

ance

s17

7,58

0,99

3$

194,

131,

900

$

22

1,99

9,28

1$

249,

055,

023

$

33

7,96

2,10

4$

380,

230,

351

$

41

3,56

7,86

8$

408,

666,

389

$

36

7,90

6,41

1$

418,

660,

657

$

Sou

rce:

Dis

tric

t R

ecor

ds

Fis

cal

Yea

r E

nd

ed

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SU

MM

AR

Y O

F R

EV

EN

UE

S, E

XP

EN

DIT

UR

ES

(b

y M

ajo

r O

bje

ct)

AN

D C

HA

NG

ES

IN F

UN

D B

AL

AN

CE

S -

GE

NE

RA

L F

UN

DL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mo

dif

ied

Acc

rual

Bas

is o

f A

cco

un

tin

g)

112

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Fed

eral

Dir

ect

So

urc

es:

Mis

cella

neou

s F

eder

al D

irect

5,47

6,84

4$

9,13

7,00

4$

13,4

42,7

96$

13

,426

,174

$

15,5

05,9

12$

15

,453

,093

$

15,0

02,9

62$

12

,320

,212

$

12,0

61,4

75$

9,

434,

804

$

Tot

al F

eder

al D

irect

5,47

6,84

4

9,13

7,00

4

13,4

42,7

96

13

,426

,174

15,5

05,9

12

15

,453

,093

15,0

02,9

62

12

,320

,212

12,0

61,4

75

9,

434,

804

Fed

eral

Th

rou

gh

Sta

te S

ou

rces

: O

ther

Fed

eral

Thr

ough

Sta

te G

rant

s10

2,86

2,84

9

10

3,67

1,32

3

99

,790

,507

91,5

29,7

80

10

8,47

5,43

8

11

4,82

7,80

6

11

3,60

0,74

7

11

1,28

5,17

5

11

6,14

7,85

6

11

9,84

3,92

8

T

otal

Fed

eral

Thr

ough

Sta

te S

ourc

es:

102,

862,

849

103,

671,

323

99,7

90,5

07

91

,529

,780

108,

475,

438

114,

827,

806

113,

600,

747

111,

285,

175

116,

147,

856

119,

843,

928

Tot

al R

even

ues

108,

339,

693

112,

808,

327

113,

233,

303

104,

955,

954

123,

981,

350

130,

280,

899

128,

603,

709

123,

605,

387

128,

209,

331

129,

278,

732

Exp

end

itu

res:

(b

y o

bje

ct)

Sal

arie

s56

,763

,481

54,7

53,5

04

55

,198

,683

52,5

05,0

39

58

,292

,737

67,2

52,1

72

63

,803

,442

65,5

84,1

20

68

,355

,400

69,6

01,3

66

Em

ploy

ee B

enef

its17

,877

,636

16,7

46,8

26

16

,918

,802

16,7

69,2

56

19

,439

,637

19,2

67,9

83

19

,162

,857

22,0

78,9

76

23

,122

,602

23,9

32,0

88

Pur

chas

ed S

ervi

ces

14,6

74,6

42

18

,502

,158

22,1

52,8

84

15

,567

,382

21,0

67,3

34

22

,147

,413

19,5

46,8

03

17

,678

,714

16,7

19,5

85

17

,346

,270

E

nerg

y S

ervi

ces

62

157

-

19

,279

16

,819

93

5

16

,846

15

,910

21

,528

21

,528

M

ater

ial a

nd S

uppl

ies

8,84

9,75

3

12,0

68,2

17

9,

269,

678

6,

263,

141

8,

180,

039

6,

439,

017

7,

250,

840

3,

989,

405

5,

885,

525

3,

959,

902

Cap

ital O

utla

y5,

364,

595

5,

767,

913

3,

404,

904

5,

154,

703

7,

765,

585

7,

001,

977

10

,044

,801

5,44

8,08

9

4,54

8,72

7

4,60

1,33

1

O

ther

Exp

endi

ture

s4,

809,

524

4,

969,

550

6,

288,

352

8,

677,

155

9,

219,

199

8,

171,

402

8,

778,

120

8,

810,

173

9,

555,

964

9,

816,

247

Tot

al E

xpen

ditu

res

108,

339,

693

112,

808,

327

113,

233,

303

104,

955,

954

123,

981,

350

130,

280,

899

128,

603,

709

123,

605,

387

128,

209,

331

129,

278,

732

Exc

ess

(Def

icie

ncy)

of R

even

ues

Ove

r E

xpen

ditu

res

-

-

-

-

-

-

-

-

-

-

Oth

er F

inan

cing

Use

s-

-

-

-

-

-

-

-

-

-

Exc

ess

(Def

icie

ncy)

of R

even

ues

and

Oth

er S

ourc

es O

ver

Exp

endi

ture

s an

d O

ther

Use

s-

-

-

-

-

-

-

-

-

-

Beg

inni

ng F

und

Bal

ance

-

-

-

-

-

-

-

-

-

-

End

ing

Fun

d B

alan

ce-

$

-$

-

$

$

-$

-

$

-$

-

$

-$

-

$

-

Sou

rce:

Dis

tric

t Rec

ords

Fis

cal Y

ear

En

ded

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SU

MM

AR

Y O

F R

EV

EN

UE

S, E

XP

EN

DIT

UR

ES

(b

y M

ajo

r O

bje

ct)

AN

D C

HA

NG

ES

IN F

UN

D B

AL

AN

CE

S -

SP

EC

IAL

RE

VE

NU

ES

FU

ND

- O

TH

ER

FE

DE

RA

L P

RO

GR

AM

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

(Mo

dif

ied

Acc

rual

Bas

is o

f A

cco

un

tin

g)

113

June 30, 2010 June 30, 2011 June 30, 2012 June 30, 2013 June 30, 2014 June 30, 2015 June 30, 2016

Federal Through State Sources: State Fiscal Stabilization Funds 66,283,178$ 61,601,452$ 13,317$ -$ -$ -$ -$ ARRA - Race to the Top - 662,003 4,401,896 5,298,351 12,365,952 6,960,001 799,761 Education Jobs Fund - 37,247,269 550,433 - - - - Individuals with Disabilities Education Act 20,717,677 21,365,832 729,413 - - - - Elementary And Secondary Education Act, Title I 17,612,277 12,958,008 2,430,427 2,658,517 1,105,123 - - Other Federal Through State Sources 432,466 658,831 78,596 - - 80,739 - Total Federal Through State Sources: 105,045,598 134,493,395 8,204,082 7,956,868 13,471,075 7,040,740 799,761

Total Revenues 105,045,598 134,493,395 8,204,082 7,956,868 13,471,075 7,040,740 799,761

Expenditures: (by object) Salaries 66,804,771 91,931,155 3,180,597 3,183,375 6,056,532 1,485,405 50,742 Employee Benefits 20,990,088 32,035,126 759,602 831,564 1,030,430 356,733 9,431 Purchased Services 8,279,489 3,123,888 1,350,365 1,550,930 2,669,241 3,079,692 508,434 Energy Services - - - - - - - Material and Supplies 1,536,735 806,574 358,326 825,543 604,482 77,376 2,291 Capital Outlay 4,148,593 2,931,577 2,072,914 1,231,897 2,673,617 1,855,280 226,060 Other Expenditures 3,285,922 3,665,075 482,278 333,559 436,773 186,254 2,803 Total Expenditures 105,045,598 134,493,395 8,204,082 7,956,868 13,471,075 7,040,740 799,761

Excess (Deficiency) of Revenues Over Expenditures - - - - - - -

Other Financing Uses - - - - - - -

Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses - - - - - - -

Beginning Fund Balance - - - - - - - Ending Fund Balance -$ -$ -$ -$ -$ -$ -$

Note: The District began receiving revenue for the fiscal year ending June 30, 2010. As a result, this is the seventh year of reporting.


LAST SEVEN FISCAL YEARS

Fiscal Year Ended

ORANGE COUNTY PUBLIC SCHOOLSSUMMARY OF REVENUES, EXPENDITURES (by Major Object) AND CHANGES

IN FUND BALANCES - ARRA FEDERAL PROGRAMS - SPECIAL REVENUE FUND

114

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Fed

eral

Th

rou

gh

Sta

te S

ou

rces

: F

ood

Ser

vice

35

,562

,801

$

38,5

59,1

19$

42

,022

,860

$

47,7

72,7

07$

52

,465

,785

$

58,5

69,0

97$

64

,615

,521

$

66,7

70,7

66$

71

,118

,973

$

80,9

95,6

18$

D

onat

ed F

oods

3,50

7,24

0

3,97

7,60

3

3,83

1,33

2

3,57

3,18

3

4,68

3,99

2

4,00

6,70

8

4,89

0,16

7

5,92

9,68

5

6,24

8,82

9

6,46

2,96

2

Oth

er F

eder

al T

hrou

gh S

tate

Sou

rces

-

-

-

-

-

-

-

-

-

6,

500

T

otal

Fed

eral

Thr

ough

Sta

te S

ourc

es:

39,0

70,0

41

42

,536

,722

45,8

54,1

92

51

,345

,890

57,1

49,7

77

62

,575

,805

69,5

05,6

88

72

,700

,451

77,3

67,8

02

87

,465

,080

Sta

te S

ou

rces

: F

ood

Ser

vice

s1,

075,

488

1,

020,

024

1,

098,

948

1,

181,

156

1,

235,

672

1,

079,

548

1,

186,

450

1,

236,

186

1,

251,

797

1,

189,

555

T

otal

Sta

te S

ourc

es1,

075,

488

1,

020,

024

1,

098,

948

1,

181,

156

1,

235,

672

1,

079,

548

1,

186,

450

1,

236,

186

1,

251,

797

1,

189,

555

Lo

cal S

ou

rces

: F

ood

Ser

vice

Sal

es18

,765

,375

17,8

56,7

64

18

,614

,542

17,0

31,4

89

16

,349

,273

14,8

09,4

08

12

,592

,160

11,5

79,1

98

10

,376

,640

10,4

59,5

20

I

nter

est I

ncom

e an

d O

ther

s21

5,48

5

83

9

39

,603

120,

364

45,0

41

13

9,48

5

(4

,642

)

202,

384

19,8

01

37

6,48

3

T

otal

Loc

al S

ourc

es18

,980

,860

17,8

57,6

03

18

,654

,145

17,1

51,8

53

16

,394

,314

14,9

48,8

93

12

,587

,518

11,7

81,5

82

10

,396

,441

10,8

36,0

03

Tot

al R

even

ues

59,1

26,3

89

61

,414

,349

65,6

07,2

85

69

,678

,899

74,7

79,7

63

78

,604

,246

83,2

79,6

56

85

,718

,219

89,0

16,0

40

99

,490

,638

Exp

end

itu

res:

(b

y o

bje

ct)

Sal

arie

s16

,982

,712

17,0

95,9

03

16

,921

,175

18,0

12,8

76

18

,428

,777

19,0

58,1

63

20

,066

,645

22,2

34,1

87

23

,249

,362

24,3

54,5

74

E

mpl

oyee

Ben

efits

8,69

3,68

8

8,89

1,80

7

9,02

9,40

8

9,34

0,52

1

10,2

20,9

64

9,

771,

804

10

,898

,880

13,0

20,8

72

13

,705

,014

14,7

59,6

36

P

urch

ased

Ser

vice

s2,

780,

036

1,

822,

461

1,

779,

351

2,

196,

550

2,

859,

200

3,

352,

075

3,

079,

998

2,

855,

619

2,

398,

408

2,

050,

161

E

nerg

y S

ervi

ces

758,

165

915,

151

936,

479

987,

136

1,04

0,89

4

1,03

1,82

6

1,02

7,39

8

1,01

3,57

6

1,03

2,39

5

1,08

5,81

0

Mat

eria

l and

Sup

plie

s27

,006

,604

30,6

37,3

64

30

,133

,045

30,7

10,4

91

34

,261

,054

37,9

11,5

62

42

,805

,822

44,8

27,4

63

42

,932

,429

44,8

20,3

57

C

apita

l Out

lay

1,34

7,97

6

1,54

9,90

2

823,

531

1,71

9,97

6

452,

852

1,96

0,95

1

2,27

6,72

7

2,92

4,76

9

1,93

6,25

2

1,01

5,61

9

Oth

er E

xpen

ditu

res

2,23

8,85

4

1,90

5,37

5

1,95

3,64

5

1,67

2,50

0

2,99

4,97

5

1,19

3,49

7

1,04

0,37

6

1,81

2,54

1

1,77

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Tot

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Exc

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Oth

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Exc

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Sou

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Fis

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Sta

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1$

4,95

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4,93

1,40

6$

4,94

7,57

5$

4,91

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7$

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Tot

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7,21

6

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4,

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Lo

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4

1,98

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2

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Tot

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1,

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Tot

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18,1

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41

15

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6

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4

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1

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7,88

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9

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Exp

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Int

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T

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Exp

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2

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3,60

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9

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Def

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Oth

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363

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$

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114,

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Tot

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Sou

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415,

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308

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131

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7,16

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9

Tot

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530,

686,

473

434,

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7

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Exp

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Cap

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1,08

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750,

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A

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Bui

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Equ

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263,

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87,5

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F

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Rem

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123,

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Tot

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420,

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Oth

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161,

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Exc

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Beg

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Bal

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s68

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8,28

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5,96

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6

End

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Sou

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LS

SU

MM

AR

Y O

F R

EV

EN

UE

S, E

XP

EN

DIT

UR

ES

(b

y M

ajo

r O

bje

ct)

AN

D C

HA

NG

ES

IN F

UN

D B

AL

AN

CE

S -

CA

PIT

AL

PR

OJE

CT

S F

UN

DS

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

od

ifie

d A

ccru

al B

asis

of

Acc

ou

nti

ng

)

117

Fiscal Sales TotalYear General Capital Tax

Ended Purposes Projects

June 30, 2016 727,285,169$ 162,383,635$ 224,024,409$ 1,113,693,213$ June 30, 2015 648,247,462 139,441,378 209,231,028 996,919,868 June 30, 2014 590,739,237 129,144,730 191,770,163 911,654,130 June 30, 2013 580,088,306 124,764,970 181,301,579 886,154,855 June 30, 2012 585,882,336 124,825,912 170,826,444 881,534,692 June 30, 2011 548,160,633 128,640,288 163,594,345 840,395,266 June 30, 2010 604,099,356 146,881,582 150,843,957 901,824,895 June 30, 2009 614,940,923 163,245,739 154,176,277 932,362,939 June 30, 2008 586,022,104 156,337,901 166,190,269 908,550,274June 30, 2007 504,809,925 133,536,235 170,597,436 808,943,596


ORANGE COUNTY PUBLIC SCHOOLSGENERAL GOVERNMENTAL TAX REVENUES BY SOURCE

LAST TEN FISCAL YEARS(Modified Accrual Basis of Accounting)

Property Tax

118

Fis

cal

Yea

rR

esid

enti

al

Co

mm

erci

al

2015

-16

133,

890,

127

$

26

,861

$

13,3

52,8

08$

34,7

25,3

74$

112,

544,

422

$

8.

218

147,

269,

796

$

76

.42

2014

-15

113,

322,

387

25,1

98

12

,712

,214

29

,892

,790

96

,167

,009

8.

474

126,

059,

799

76

.29

2013

-14

102,

649,

168

24

,962

12,3

29,0

07

25,9

33,5

71

89,0

69,5

66

8.36

211

5,00

3,13

7

77.4

520

12-1

398

,771

,209

23

,091

12,0

82,0

49

24,9

06,7

37

85,9

69,6

12

8.47

811

0,87

6,34

9

77.5

420

11-1

299

,031

,482

24

,197

11,8

87,0

68

24,9

04,9

30

86,0

37,8

17

8.54

511

0,94

2,74

7

77.5

520

10-1

110

2,11

0,40

2

14,0

49

11

,737

,287

25

,393

,702

88

,468

,036

7.

923

113,

861,

738

77

.70

2009

-10

118,

873,

313

19

,436

11,6

23,4

61

29,0

03,5

05

101,

512,

705

7.

673

130,

516,

210

77

.78

2008

-09

138,

188,

312

17

,362

11,5

85,1

36

36,9

05,5

42

112,

885,

268

7.

150

149,

790,

810

75

.36

2007

-08

137,

455,

007

5,

865

11,0

08,4

93

40,5

73,0

90

107,

896,

275

7.

121

148,

469,

365

72

.67

2006

-07

117,

214,

168

5,

667

10,5

37,3

83

35,4

85,1

36

92,2

72,0

82

7.16

912

7,75

7,21

8

72.2

2

Not

e:N

et T

axab

le A

sses

sed

Val

ues

are

net T

axab

le V

alue

s af

ter

dedu

ctin

gal

low

able

sta

tuto

ry e

xem

ptio

ns.

Tax

rev

enue

s fo

r 20

16 fi

scal

yea

r ar

e ba

sed

on th

e 20

15 n

et ta

xabl

e va

lues

.

Sou

rce:

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nge

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Pro

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ppra

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Net

Tax

able

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R

ate

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Ass

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alu

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Rea

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tyP

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P

rop

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E

xem

pti

on

s

119

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

Dis

tric

t Sch

ool B

oard

: L

ocal

Req

uire

d E

ffort

4.95

404.

9420

4.99

305.

4250

5.42

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5.23

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5.22

604.

9700

Dis

cret

iona

ry L

ocal

0.51

000.

5100

0.49

800.

7480

0.74

800.

7480

0.74

800.

7480

0.74

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7480

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plem

enta

l Dis

cret

iona

ry0.

2050

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1590

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00

Tot

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choo

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8.54

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er C

ount

y-W

ide:

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f Cou

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Com

mis

sion

ers

5.16

394.

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4.43

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Tot

al C

ount

y-W

ide

12.3

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11.5

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11.5

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12.1

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12.9

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12.9

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a: F

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2.58

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2437

2.24

372.

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2437

Spe

cial

Tax

Equ

aliz

atio

n D

istr

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2.12

341.

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Mun

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pka

3.76

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1738

3.51

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3.51

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3.28

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2876

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Lak

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1316

1.06

931.

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elle

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3.66

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onvi

lle6.

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6.90

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38 E

dgew

ood

4.70

004.

7000

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3.95

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7000

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ta1.

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0.93

281.

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1.16

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1.19

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2924

1.28

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2482

1.11

79 M

aitla

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4.19

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4.38

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akla

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4.92

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00 O

coee

4.62

954.

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5.49

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5.69

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3.95

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3.22

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3.78

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ter

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4.30

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73

Sou

rce:

Ora

nge

Cou

nty

Pro

pert

y A

ppra

iser

(1)

Info

rmat

ion

is r

epor

ted

base

d on

the

fisca

l yea

r in

whi

ch a

ssoc

iate

d ta

x re

venu

e is

rec

ogni

zed

- e.

g., t

he 2

015

tax

roll

data

is r

epor

ted

here

for

the

fisca

l yea

r 20

16, a

s th

at is

the

perio

d of

col

lect

ion

and

reve

nue

reco

gniti

on.

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

PR

OP

ER

TY

TA

X R

AT

ES

DIR

EC

T A

ND

OV

ER

LA

PP

ING

GO

VE

RN

ME

NT

SL

AS

T T

EN

FIS

CA

L Y

EA

RS

(1)

(per

$1,

000

Ass

esse

d V

alu

atio

n)

120

Fiscal Year2016

TaxableTaxpayer Type of Business Assessed Value (1)

Walt Disney Company Tourism 8,200,000,000$ 8.13%Universal Studios Tourism 2,100,000,000 2.08%Marriott Resorts Tourism 1,600,000,000 1.59%Hilton Resorts Tourism 1,200,000,000 1.19%Hyatt Resorts Tourism 947,200,000 0.94%Orange Lake CC Tourism 778,200,000 0.77%Duke Energy Electric Utility 735,500,000 0.73%Wyndham Resorts Tourism 574,400,000 0.57%Westgate Resorts Tourism 560,900,000 0.56%Vistana/SVO Vistana Village Tourism 508,400,000 0.50%

Total taxable assessed value of 10 largest taxpayers 17,204,600,000$ 17.05%

Total taxable assessed value of all other taxpayers 83,710,086,930$ 82.95%

Total taxable assessed value of all taxpayers 100,914,686,930$ 100.00%

Source: Orange County Property Appraiser

(1) Information is reported based on the fiscal year in which associated tax revenue is recognized - e.g., the 2015 tax roll data is reported here for fiscal year 2016, as that is the period of collection and revenue recognition.

ORANGE COUNTY PUBLIC SCHOOLSPRINCIPAL TAXPAYERS

2016 Fiscal Year

Percentage ofTotal Taxable

Assessed Value

121

Fiscal Year2007

TaxableTaxpayer Type of Business Assessed Value

Walt Disney Company Tourism 6,446,816,224$ 7.02%Universal Studios Tourism 1,471,723,371 1.60%Marriott Tourism 1,056,518,367 1.15%Vistana Tourism 660,231,641 0.72%RH Resorts/Rosen Hotels Tourism 508,074,878 0.55%Progress Energy Electric Utility 443,733,861 0.48%Westgate Tourism 430,741,143 0.47%AT&T/Bellsouth Telecommunications Communications 371,249,643 0.40%CNL Grand Lakes Resort Tourism 343,833,386 0.37%Sea World of Florida, Inc. Tourism 337,072,203 0.37%

Total taxable assessed value of 10 largest taxpayers 12,069,994,717$ 13.15%

Total taxable assessed value of all other taxpayers 79,741,763,059$ 86.85%

Total taxable assessed value of all taxpayers 91,811,757,776$ 100.00%

Source: Orange County Property Appraiser

Assessed Value

ORANGE COUNTY PUBLIC SCHOOLSPRINCIPAL TAXPAYERS

2007 Fiscal Year

Percentage ofTotal Taxable

116122

Fiscal Total Current Tax Percent Delinquent Total PercentYear Tax Levy Collections (1) of Levy Collections (1) Collections (1) of Levy

2015-16 923,437,986$ 859,626,103$ 93.09 30,042,701 889,668,804$ 96.342014-15 817,371,999 757,262,659 92.65 30,426,180 787,688,839 96.372013-14 747,793,071 688,181,248 92.03 31,702,719 719,883,967 96.272012-13 732,256,944 670,273,519 91.54 34,579,757 704,853,276 96.262011-12 737,816,903 670,910,937 90.93 39,797,311 710,708,248 96.332010-11 702,663,764 609,015,408 86.67 67,785,514 676,800,922 96.322009-10 781,846,872 657,761,630 84.13 93,219,308 750,980,938 96.052008-09 809,584,595 705,075,396 87.09 73,111,266 778,186,662 96.122007-08 767,132,997 675,265,244 88.02 67,094,761 742,360,005 96.772006-07 662,183,349 591,372,887 89.31 46,973,273 638,346,160 96.40

Note: Property Taxes become due and payable on November 1st of each year. A four percent(4%) discount is allowed if taxes are paid in November, with the discounts declining byone percent (1%) each month thereafter. Accordingly, taxes collected will never be 100%of the tax levy. Taxes become delinquent on April 1st of each year and tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June1st of each year. Accordingly, the majority of taxes are collected in the fiscal year levied.

(1) Net of allowable discounts


of Tax Year End of Tax Fiscal Year

ORANGE COUNTY PUBLIC SCHOOLSPROPERTY TAX LEVIES AND COLLECTIONS

Collected to End Collected to June 30th

123

State Board Certificates Total PercentageFiscal of Education Of Capital Primary of Personal PerYear Bonds Participation Leases Government Income (B) Capita (B)

2015-16 7,859,000$ 1,283,016,298$ 1,899,261$ 1,292,774,559 4.19% 1,032 2014-15 11,519,000 1,292,614,623 3,722,138 1,307,855,761 4.38% 1,065 2013-14 16,325,000 1,316,597,318 9,403,375 1,342,325,693 4.46% 1,119 2012-13 20,320,000 1,338,804,434 16,389,826 1,375,514,260 4.57% 1,156 2011-12 24,115,000 1,358,421,364 24,620,460 1,407,156,824 4.35% 1,189 2010-11 29,735,000 1,403,357,117 35,180,515 1,468,272,632 4.02% 1,350 2009-10 31,500,000 1,464,782,154 45,334,991 1,541,617,145 3.83% 1,389 2008-09 35,000,000 1,481,725,524 56,422,358 1,573,147,882 4.18% 1,444 2007-08 38,155,000 1,326,317,514 53,275,910 1,417,748,424 3.64% 1,264 2006-07 41,235,000 1,455,271,255 63,574,809 1,560,081,064 4.39% 1,417

Note: The primary government does not have any business-type activities or general obligation outstanding debt.

Source:(A) District Records(B) Total Primary Government Debt divided by Personal Income and Population.

ORANGE COUNTY PUBLIC SCHOOLSRATIOS OF OUTSTANDING DEBT BY TYPE

LAST TEN FISCAL YEARS

Governmental Activities (A)

124

Gen

eral

Sta

te B

oar

dC

apit

alO

blig

atio

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f E

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31

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$

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331,

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Not

e: T

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stim

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verla

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ithin

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of th

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men

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Sou

rce:

Ora

nge

Cou

nty

Com

preh

ensi

ve A

nnua

l Fin

anci

al R

epor

t for

the

year

end

ed S

epte

mbe

r 30

, 201

5.

D

istr

ict R

ecor

ds

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

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CO

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UT

AT

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OF

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Sep

tem

ber

30,

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6

To

tal D

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To

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verl

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Deb

tT

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l Dir

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and

Ove

rlap

pin

g D

ebt

125

Taxable Total Amount Held NetFiscal Tax Assessed Annual Lease In Escrow For Annual LeaseYear Year Value (A) Payment Payment (C) Payment

2015-16 2015 112,544,422$ 86,930,390$ -$ 86,930,390 0.813 Mills2014-15 2014 96,167,009 94,968,755 - 94,968,755 1.040 Mills2013-14 2013 89,069,566 101,419,848 - 101,419,848 1.199 Mills2012-13 2012 85,969,612 86,839,968 - 86,839,968 1.063 Mills2011-12 2011 86,037,817 107,350,668 - 107,350,668 1.313 Mills2010-11 2010 88,468,036 107,749,947 - 107,749,947 1.282 Mills2009-10 2009 112,885,268 101,179,012 9,317,645 91,861,367 0.857 Mills2008-09 2008 107,896,275 95,958,351 9,317,644 86,640,707 0.845 Mills2007-08 2007 91,924,643 99,290,149 9,317,644 89,972,505 1.030 Mills2006-07 2006 92,367,603 80,277,022 9,317,644 70,959,378 0.809 Mills

(A) Assessed Value is in Thousands.

(B) Millage rate calculated using 95% of the taxable assessed valuation.

(C) The funds for these payments of the 2005A and 2005B refunding COPs are held in escrow and therefore are not funded with tax receipts.

Note: Capital lease arrangements financed by Certificates of Participation are notconsidered general obligation debt as no specific property tax levy has beenpledged.


1.00x Coverage (B)

ORANGE COUNTY PUBLIC SCHOOLSANTICIPATED CAPITAL OUTLAY MILLAGE LEVY

REQUIRED TO COVER CERTIFICATES OF PARTICIPATION PAYMENTSLAST TEN FISCAL YEARS

Millage Levyto Provide

126

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Cap

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1968

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2006

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1959

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ney

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1959

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2000

101,

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5.57

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3.90

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1988

110,

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4.83

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82

0.86

824.

6481

0.55

815.

8180

6.01

766.

9577

8.76

757.

3974

6.26

818.

6287

.09%

Col

umbi

a E

S19

6911

3,72

9

21

1,13

0

78

1.22

1,01

7.63

1,01

6.97

1,04

4.32

1,05

0.62

1,05

8.64

1,08

8.09

1,10

0.76

1,04

3.00

1,12

0.91

99.2

0%C

onw

ay E

S19

5486

,745

6

73

5

545.

5656

4.39

541.

5856

3.20

594.

9761

9.82

601.

1056

8.83

591.

2161

0.28

83.0

3%C

ypre

ss P

ark

ES

1959

52,0

81

11

61

8

386.

7441

8.78

416.

3638

2.59

381.

4127

7.46

280.

3224

0.17

248.

0432

9.81

53.3

7%C

ypre

ss S

prin

gs E

S19

9616

9,23

5

-

1,78

6

82

1.91

766.

1578

8.29

758.

4974

4.34

733.

7872

7.69

743.

9374

3.79

954.

2553

.43%

Dee

rwoo

d E

S19

8386

,107

16

812

65

6.17

624.

7557

6.77

544.

5151

4.88

506.

1349

9.13

486.

9344

5.43

605.

2374

.54%

Dill

ard

Str

eet E

S19

5110

9,59

5

17

1,03

8

67

8.09

724.

5975

5.91

775.

6173

7.37

751.

6274

8.86

748.

9572

4.67

808.

7777

.92%

Dom

mer

ich

ES

1964

99,1

39

7

747

70

1.24

687.

6864

9.08

619.

2663

0.65

611.

7661

1.74

585.

2260

3.70

659.

9088

.34%

Dov

er S

hore

s E

S19

6041

,128

13

652

67

8.78

623.

0059

4.62

593.

0958

5.36

634.

1858

5.90

641.

5561

1.77

659.

6010

1.17

%D

r. P

hilli

ps E

S19

7771

,555

5

78

8

633.

3163

5.24

610.

8860

5.48

631.

6163

6.40

622.

0360

6.85

645.

0377

7.70

98.6

9%D

ream

Lak

e E

S19

5410

8,39

1

-

1,17

0

81

1.59

800.

5478

2.70

777.

8769

5.35

740.

5677

0.88

792.

6178

5.32

876.

5974

.92%

Dur

ranc

e E

S19

6072

,499

15

810

49

9.73

467.

2046

2.81

450.

1141

3.32

426.

9641

6.45

424.

9541

0.75

534.

4965

.99%

Eag

le C

reek

ES

2016

79,3

74

12

83

2

1,09

4.42

131.

54%

Eag

le's

Nes

t ES

2003

94,6

92

7

758

64

5.21

689.

0361

2.73

607.

6557

1.47

603.

4064

2.68

650.

0669

3.29

873.

5511

5.24

%E

ast L

ake

ES

2005

96,9

33

5

792

87

9.94

742.

2169

4.50

670.

0865

4.33

634.

0462

0.25

670.

8271

2.16

808.

2410

2.05

%E

ccle

ston

ES

1956

72,0

28

3

820

51

0.54

484.

3243

6.05

472.

8445

2.29

415.

1443

1.46

649.

5568

9.28

731.

7489

.24%

End

eavo

r E

S20

0110

5,61

8

8

65

6

838.

6984

3.39

767.

4776

0.55

765.

9574

8.56

762.

8164

8.79

645.

8078

7.50

120.

05%

Eng

lew

ood

ES

1958

84,1

36

26

97

4

479.

1651

0.05

521.

3953

7.63

519.

3551

1.71

524.

2148

7.52

549.

2961

2.34

62.8

7%F

ern

Cre

ek E

S19

4768

,459

5

59

4

397.

6738

9.75

346.

6231

1.72

296.

1031

7.46

341.

5333

5.65

303.

6428

9.38

48.7

2%F

orsy

th W

oods

ES

2011

101,

965

-

85

9

710.

6865

4.20

657.

3972

8.53

801.

2893

.28%

Fra

ngus

ES

1993

113,

106

57

84

6

691.

1160

1.98

614.

7661

0.88

604.

0762

7.99

636.

6860

8.49

619.

5974

1.76

87.6

8%G

rand

Ave

nue

ES

1926

56,0

85

12

48

8

199.

7220

1.80

206.

5321

3.13

194.

8021

4.32

235.

9625

6.64

242.

8225

8.18

52.9

1%H

iaw

asse

e E

S19

6697

,472

2

79

4

695.

4972

2.06

707.

8271

7.03

724.

8272

0.25

733.

7376

3.07

773.

1789

7.22

113.

00%

Hid

den

Oak

s E

S19

9212

2,67

5

49

936

65

8.29

647.

3868

1.15

615.

7955

6.74

520.

2950

6.87

485.

5148

0.33

559.

9559

.82%

Hill

cres

t ES

1964

58,6

80

3

460

35

7.88

369.

5237

8.00

388.

4043

0.87

442.

5146

5.50

463.

3945

5.10

459.

9399

.98%

Hun

gerf

ord

ES

1900

61,4

75

5

594

21

2.64

195.

8218

6.94

227.

5522

7.29

259.

6826

6.07

280.

2526

5.21

282.

8147

.61%

Hun

ters

Cre

ek E

S19

9499

,444

9

80

8

624.

5263

5.17

669.

7273

2.82

747.

9379

9.54

821.

5385

9.57

862.

3299

7.25

123.

42%

Inde

pend

ence

ES

2016

81,6

64

4

832

85

5.25

102.

79%

Ivey

Lan

e E

S19

6775

,304

9

65

8

322.

7029

5.15

343.

2932

8.41

273.

2231

5.35

316.

3836

3.00

334.

8134

2.44

52.0

4%Jo

hn Y

oung

ES

1991

122,

112

1

980

99

7.09

969.

4886

1.22

812.

5076

4.90

730.

3671

0.51

694.

7170

4.50

886.

4590

.45%

Kal

ey E

S19

4666

,710

18

470

29

7.50

265.

1925

7.97

255.

9723

9.41

233.

1719

9.70

210.

6018

9.10

238.

8750

.82%

Kee

nes

Cro

ssin

g E

S20

0910

1,96

5

22

859

58

5.44

666.

2472

4.65

799.

8697

9.74

1,17

1.71

1,01

3.61

118.

00%

Kill

arne

y E

S19

5075

,606

12

736

50

9.75

445.

1044

4.51

432.

2945

4.90

428.

1744

6.40

453.

6343

4.57

431.

0758

.57%

Lake

Com

o E

S19

5066

,504

2

52

8

306.

4728

0.40

256.

2626

0.39

254.

5425

7.98

255.

3226

2.48

252.

3732

5.40

61.6

3%La

ke G

em E

S19

9912

4,45

2

19

964

77

4.49

782.

1579

1.49

848.

8388

4.10

853.

5990

3.18

885.

0587

4.67

967.

9710

0.41

%La

ke G

eorg

e E

S19

9911

4,66

7

4

68

9

577.

7056

6.58

514.

1755

0.94

566.

5358

6.92

605.

7658

8.81

633.

7867

3.51

97.7

5%La

ke S

ilver

ES

1952

91,9

30

-

94

2

525.

3746

0.88

472.

9352

0.79

621.

6664

3.73

648.

9467

1.61

686.

5991

8.61

97.5

2%La

ke S

ybel

ia E

S19

6780

,758

4

72

6

519.

9153

6.62

560.

0954

2.46

588.

8162

6.16

618.

2558

0.47

605.

2082

9.52

114.

26%

Lake

Wes

ton

ES

1958

74,2

33

-

94

4

586.

0153

4.72

545.

1852

0.56

538.

3751

3.76

581.

6056

8.86

503.

0760

6.42

64.2

4%La

ke W

hitn

ey E

S19

9811

1,87

6

4

87

4

966.

6599

3.92

617.

5161

9.76

618.

4361

8.69

621.

5156

2.50

597.

0066

0.20

75.5

4%La

kem

ont E

S19

5691

,676

-

856

69

4.58

610.

1769

0.51

684.

0274

7.15

726.

4171

2.26

674.

4964

8.48

739.

9286

.44%

Lake

ville

ES

1999

126,

403

17

91

3

921.

5190

1.96

879.

0087

8.40

874.

1586

5.75

881.

5086

8.32

879.

1589

7.87

98.3

4%La

ncas

ter

ES

1961

181,

159

8

2,00

2

94

5.11

754.

4572

6.52

756.

6074

0.27

815.

9583

8.00

835.

3386

5.18

985.

6949

.24%

Law

ton

Chi

les

ES

2000

109,

085

11

97

9

806.

9274

3.37

715.

2470

9.77

703.

3474

1.66

713.

6870

2.54

686.

6176

6.13

78.2

6%Li

ttle

Riv

er E

S19

9221

5,83

8

4

1,

677

1,07

0.92

1,00

4.40

896.

6782

5.04

739.

7241

2.29

424.

1544

0.15

457.

7146

7.82

27.9

0%Lo

ckha

rt E

S19

3679

,092

-

654

57

3.11

505.

9350

2.34

513.

2449

3.25

480.

2049

6.62

469.

5646

6.42

483.

4373

.92%

Love

ll E

S19

6075

,339

-

1,02

2

72

4.31

737.

2870

5.53

714.

3066

1.82

661.

6969

4.49

684.

9669

1.88

788.

1977

.12%

Max

ey E

S19

6651

,276

14

560

27

3.41

284.

2229

3.05

283.

5625

9.96

271.

7326

5.15

265.

2426

2.02

297.

3753

.10%

McC

oy E

S19

6510

0,20

9

2

89

6

855.

3482

4.04

775.

6569

2.63

662.

0063

7.46

700.

0175

5.43

778.

5776

6.41

85.5

4%M

eado

w W

oods

ES

1990

120,

787

69

91

8

794.

4083

1.17

802.

5077

3.42

778.

7355

5.07

573.

3855

2.39

490.

1155

3.92

60.3

4%M

etro

wes

t ES

1989

170,

584

19

1,

543

1,22

4.98

1,19

8.63

1,21

1.97

1,30

3.41

1,43

7.52

1,50

3.67

1,48

2.19

1,47

3.61

1,53

0.77

1,75

5.76

113.

79%

Mill

enni

a E

S20

0610

4,24

7

21

1,09

8

58

3.23

705.

1773

5.86

776.

9485

2.19

936.

9497

6.05

1,00

2.58

1,28

4.33

116.

97%

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SC

HO

OL

BU

ILD

ING

INF

OR

MA

TIO

N &

FU

LL

-TIM

E E

QU

IVA

LE

NT

EN

RO

LL

ME

NT

DA

TA

LA

ST

10

YE

AR

S

FT

E E

nro

llmen

t D

ata

129

Pla

ced

InL

ast

Maj

or

Sq

uar

e20

15-1

6P

erce

nt

of

Ser

vice

(1)

Ren

ova

tio

nF

oo

tag

e (2

)P

ort

able

sC

apac

ity

(2)

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

Cap

aci

ty

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SC

HO

OL

BU

ILD

ING

INF

OR

MA

TIO

N &

FU

LL

-TIM

E E

QU

IVA

LE

NT

EN

RO

LL

ME

NT

DA

TA

LA

ST

10

YE

AR

S

FT

E E

nro

llmen

t D

ata

Mol

lie E

. Ray

ES

1960

83,2

05

-

97

2

657.

2355

4.11

510.

8950

7.76

501.

5259

9.86

580.

3050

2.32

479.

3654

6.66

56.2

4%M

oss

Par

k E

S20

0710

6,86

3

16

1,09

4

83

9.78

878.

4591

7.51

978.

781,

037.

041,

130.

591,

288.

361,

311.

9787

8.79

80.3

3%N

orth

Lak

e P

ark

ES

2000

148,

213

-

93

2

1,09

7.33

738.

0083

4.01

922.

901,

020.

171,

078.

061,

183.

3496

1.29

1,07

9.25

945.

8310

1.48

%O

ak H

ill E

S19

7569

,036

12

480

50

3.96

453.

0747

7.77

459.

1347

0.66

470.

0849

0.07

487.

5446

8.84

541.

4711

2.81

%O

aksh

ire E

S20

0011

1,02

2

12

968

82

7.22

676.

5570

8.62

707.

2170

8.36

711.

9561

5.69

591.

9660

6.27

747.

0977

.18%

Oco

ee E

S19

7768

,680

6

72

8

705.

4273

5.90

724.

8574

4.17

793.

0978

8.49

811.

8281

6.50

795.

7589

4.02

122.

80%

Ora

nge

Cen

ter

ES

1966

67,4

72

-

48

3

407.

7237

1.85

323.

5033

4.36

279.

6025

7.56

224.

7219

4.56

162.

3226

0.73

53.9

8%O

rlo V

ista

ES

1930

89,3

50

3

789

61

9.57

606.

7958

4.55

535.

2151

5.25

519.

9756

9.64

546.

3359

0.78

682.

0486

.44%

Pal

m L

ake

ES

1988

92,4

72

-

76

7

651.

8157

9.93

577.

5857

9.39

556.

9560

3.94

600.

0064

4.53

620.

6568

8.54

89.7

7%P

alm

etto

ES

1975

136,

689

8

1,27

1

1,

231.

851,

034.

321,

066.

831,

040.

271,

075.

681,

011.

431,

065.

231,

100.

021,

122.

741,

357.

7910

6.83

%P

ersh

ing

ES

1962

64,8

18

3

601

37

2.60

334.

0935

1.22

357.

2135

8.93

375.

8237

1.06

354.

1932

9.74

346.

7357

.69%

Pin

ar E

S19

7580

,771

-

673

51

4.81

516.

8855

4.44

540.

7250

5.78

471.

4949

5.50

453.

4745

5.74

503.

5874

.83%

Pin

e C

astle

ES

1935

58,8

83

5

529

45

5.93

416.

3537

4.48

343.

0122

3.23

263.

2025

9.05

309.

7131

8.13

398.

1675

.27%

Pin

e H

ills

ES

1955

105,

306

4

984

91

6.98

898.

7775

1.71

697.

4467

5.62

729.

4870

0.13

660.

1564

2.23

721.

1173

.28%

Pin

eloc

h E

S19

5284

,367

10

1,02

6

66

8.49

674.

2064

1.86

652.

1767

6.26

706.

4772

8.01

787.

6083

5.49

965.

1394

.07%

Pin

ewoo

d E

S19

9912

4,52

5

11

863

75

1.35

700.

2068

8.06

616.

7061

0.03

657.

2660

7.87

613.

5260

7.12

644.

5374

.68%

Prin

ceto

n E

S19

1981

,628

-

523

51

4.86

448.

8244

6.95

465.

8841

8.70

429.

2143

7.16

494.

2948

4.55

590.

4811

2.90

%R

ichm

ond

Hei

ghts

ES

1964

68,4

03

-

68

7

362.

9931

7.52

298.

1831

5.35

311.

9028

5.03

265.

500.

000.

000.

00%

Rid

gew

ood

Par

k E

S19

7110

1,67

5

-

896

77

5.34

751.

6974

0.40

727.

2475

0.50

727.

1876

1.36

718.

6973

7.51

803.

0689

.63%

Riv

erda

le E

S19

9911

5,05

2

8

67

9

782.

5466

0.69

604.

9962

8.98

617.

9964

3.55

655.

0067

0.83

657.

5267

5.84

99.5

3%R

iver

side

ES

1968

81,6

32

6

918

60

4.73

611.

2562

7.58

592.

6258

3.57

626.

7958

2.30

617.

1562

5.69

715.

5877

.95%

Roc

k La

ke E

S19

5760

,094

8

52

9

256.

4123

4.18

260.

4524

9.28

250.

0025

4.00

266.

0025

3.03

262.

6825

9.01

48.9

6%R

ock

Spr

ings

ES

1989

105,

537

4

832

77

4.92

742.

9276

4.50

741.

4776

3.52

743.

4875

4.23

728.

6683

5.61

1,00

7.24

121.

06%

Rol

ling

Hill

s E

S19

6086

,697

3

85

2

773.

0869

8.42

664.

9055

8.55

601.

3156

6.67

542.

3864

6.34

676.

5075

7.19

88.8

7%R

osem

ont E

S19

9812

4,05

6

4

93

2

924.

2489

5.12

812.

1681

9.47

798.

1684

5.67

836.

7784

1.77

854.

7497

1.99

104.

29%

Sad

ler

ES

1967

90,9

41

3

885

85

1.98

735.

0666

2.46

702.

9269

0.55

686.

4674

0.44

732.

3677

7.60

871.

1398

.43%

San

d La

ke E

S20

0593

,674

-

828

48

4.17

500.

6448

9.24

485.

3948

8.07

496.

0842

9.00

449.

2156

8.65

698.

4684

.36%

She

nand

oah

ES

1969

86,3

10

5

810

65

9.02

633.

8159

6.52

625.

1152

9.31

571.

8955

1.52

573.

9757

3.72

767.

8394

.79%

Shi

ngle

Cre

ek E

S19

9312

3,11

1

20

1,13

4

95

8.99

763.

3992

0.75

1,04

6.70

1,06

2.45

1,08

9.45

1,10

2.04

1,14

8.46

1,14

6.22

1,26

9.23

111.

93%

Sou

thw

ood

ES

1998

92,8

02

4

787

85

8.01

856.

7179

8.03

777.

4075

4.32

705.

8267

3.97

602.

1457

9.26

580.

5273

.76%

Spr

ing

Lake

ES

1960

52,5

30

5

550

56

6.58

552.

5251

1.67

538.

6651

9.03

535.

8151

7.03

548.

2861

5.17

672.

6912

2.31

%S

tone

Lak

es E

S20

0710

7,62

7

9

86

4

1,05

1.77

1,21

4.23

716.

0071

3.21

728.

7875

6.93

780.

9985

2.19

874.

741,

123.

3713

0.02

%S

un B

laze

ES

2013

83,8

68

12

83

2

660.

8276

1.37

1,03

7.07

124.

65%

Sun

ridge

ES

2012

102,

228

-

85

9

705.

4972

9.58

712.

9179

0.58

92.0

3%S

unris

e E

S19

9885

,765

-

663

63

3.48

620.

5255

1.84

538.

7354

1.74

530.

0346

9.59

476.

2747

9.71

573.

9486

.57%

Sun

set P

ark

ES

2006

102,

100

13

1,

000

1,03

7.63

1,17

0.92

737.

2283

3.98

931.

041,

059.

081,

235.

411,

255.

781,

355.

0213

5.50

%T

ange

lo P

ark

ES

1960

61,1

15

4

575

39

0.12

354.

5931

4.04

350.

0733

2.30

320.

3932

8.56

374.

2440

2.52

457.

8179

.62%

Tho

rne

Bro

oke

ES

2002

100,

695

7

870

92

3.94

862.

4773

5.14

745.

1974

6.32

743.

9271

7.75

732.

9872

1.37

838.

4696

.37%

Thr

ee P

oint

s E

S20

0191

,177

4

83

0

766.

8069

2.21

645.

8267

2.00

679.

6169

4.73

679.

1167

0.48

708.

8069

1.73

83.3

4%T

ilden

ville

ES

1964

95,0

28

-

79

2

603.

0258

6.06

572.

6952

6.31

502.

9648

6.87

513.

8650

0.95

522.

1559

4.75

75.0

9%T

imbe

r La

kes

ES

2008

96,4

82

9

838

59

0.34

594.

1067

3.93

760.

2878

0.14

862.

8389

9.21

981.

2611

7.10

%U

nion

Par

k E

S19

5485

,805

-

820

75

8.68

698.

9965

4.84

617.

4560

7.49

606.

6655

4.92

524.

0847

7.29

485.

0759

.15%

Ven

tura

ES

1989

128,

519

71

1,

006

697.

8965

8.52

663.

6466

9.45

729.

8977

7.28

700.

0073

7.61

731.

6273

2.88

72.8

5%V

ista

Lak

es E

S20

0710

6,54

3

7

1,

098

840.

0783

5.01

889.

7291

6.63

952.

0397

4.29

1,01

5.41

769.

7781

1.05

979.

1489

.17%

Was

hing

ton

Sho

res

ES

1956

64,8

86

-

70

9

466.

6745

2.62

494.

0248

6.16

447.

3247

3.80

466.

6050

2.84

548.

6453

6.01

75.6

0%W

ater

brid

ge E

S19

9211

2,11

9

23

1,07

7

98

0.97

960.

6592

3.93

946.

8695

3.35

1,04

0.70

1,07

6.84

1,06

4.71

1,12

9.97

1,29

2.35

120.

00%

Wat

erfo

rd E

S19

8897

,085

3

93

4

850.

9479

8.50

743.

4471

6.91

723.

2172

1.85

714.

4164

3.76

712.

5580

0.59

85.7

2%W

est C

reek

ES

2004

102,

525

11

93

8

800.

8474

8.07

732.

5475

3.99

727.

2870

5.68

705.

3267

6.70

719.

5393

1.66

99.3

2%W

est O

aks

ES

2004

101,

928

8

898

73

8.93

733.

9870

4.89

572.

2255

3.51

587.

5560

4.63

605.

0163

1.38

724.

4180

.67%

Wes

tbro

oke

ES

2008

98,7

97

-

84

2

558.

5958

2.56

620.

5662

9.02

644.

4670

1.53

621.

7270

8.87

84.1

9%W

ethe

rbee

ES

2011

101,

965

11

85

9

637.

3970

2.98

742.

1083

1.40

997.

0911

6.08

%W

heat

ley

ES

1936

108,

747

-

81

5

429.

9837

6.50

398.

3037

5.98

359.

4333

0.21

280.

8231

4.53

375.

3346

8.21

57.4

5%W

hisp

erin

g O

ak E

S20

0513

8,96

8

15

1,63

1

1,

396.

811,

183.

241,

281.

911,

299.

861,

308.

351,

349.

7172

1.57

702.

4775

6.46

950.

0558

.25%

Win

derm

ere

ES

1968

102,

285

9

1,00

4

1,

107.

5368

3.56

729.

3979

6.96

778.

5983

3.98

773.

7374

0.89

731.

3481

4.96

81.1

7%W

indy

Rid

ge S

choo

l (3)

1991

161,

222

-

1,

586

1,13

9.41

1,12

8.83

1,13

6.13

1,13

9.34

1,12

2.60

1,14

8.47

1,15

8.66

1,12

0.02

1,14

0.62

1,39

4.69

87.9

4%W

ineg

ard

ES

1969

69,8

22

8

792

63

9.35

687.

8167

1.81

692.

2864

0.77

662.

3661

0.60

679.

9172

6.83

880.

9711

1.23

%W

olf L

ake

ES

2006

120,

124

29

1,

206

873.

7191

9.74

957.

3398

3.78

1,05

4.88

1,08

5.50

1,09

8.82

1,18

3.28

1,21

1.12

1,33

0.65

110.

34%

Wyn

dham

Lak

es E

S20

0693

,306

13

954

91

9.40

1,03

1.78

1,01

6.39

1,04

3.32

1,08

0.33

837.

9385

8.00

830.

2387

6.77

1,02

3.35

107.

27%

Zel

lwoo

d E

S19

5712

6,37

2

-

1,22

6

59

1.85

598.

4354

4.14

554.

5150

6.78

549.

9256

2.95

551.

5559

4.82

669.

5254

.61%

Tot

al E

lem

enta

ry S

choo

ls

81,0

54.3

280

,329

.14

79,4

41.8

579

,707

.18

79,9

05.8

081

,772

.74

82,4

87.3

883

,626

.04

85,3

77.8

998

,583

.69

Mid

dle

Sch

oo

l s

Apo

pka

MS

1950

158,

471

7

1,19

1

93

8.37

973.

3497

4.50

1,03

1.28

946.

571,

051.

471,

056.

171,

061.

511,

098.

021,

100.

7292

.42%

Ava

lon

MS

2007

191,

036

29

1,

806

1,17

3.11

1,35

0.75

1,41

7.84

1,40

1.36

1,48

4.78

1,55

9.66

1,62

0.99

1,63

3.78

1,79

9.88

1,87

8.94

104.

04%

Brid

gew

ater

MS

2007

189,

909

33

1,

725

977.

501,

226.

651,

333.

001,

409.

001,

450.

711,

105.

341,

151.

151,

384.

801,

586.

7691

.99%

Car

ver

MS

1962

136,

841

7

1,47

0

96

0.89

786.

6780

0.98

799.

9880

2.09

723.

8777

3.20

700.

8572

3.06

729.

8349

.65%

Cha

in o

f Lak

es M

S20

0018

2,82

2

21

1,68

0

1,

284.

451,

313.

991,

049.

821,

219.

361,

314.

171,

362.

181,

396.

341,

314.

081,

261.

691,

330.

5479

.20%

Con

way

MS

1969

144,

015

24

1,

465

1,29

0.99

1,28

8.65

1,22

9.84

1,20

0.94

1,14

0.35

1,10

7.40

1,05

8.05

1,02

7.28

996.

851,

005.

4868

.63%

Cor

ner

Lake

MS

1999

163,

908

5

1,37

3

1,

395.

781,

389.

131,

380.

601,

341.

231,

268.

471,

284.

741,

228.

561,

260.

981,

212.

071,

305.

6195

.09%

Dis

cove

ry M

S19

9218

6,23

4

16

1,41

0

1,

020.

9298

5.23

993.

8392

8.29

947.

1588

4.51

846.

9294

5.53

903.

1393

6.23

66.4

0%F

reed

om M

S20

0517

5,45

6

8

1,

414

1,11

6.93

1,10

2.67

1,06

9.15

1,03

7.10

1,00

2.77

1,12

7.57

1,06

4.75

1,03

6.22

1,03

9.22

1,06

7.10

75.4

7%G

lenr

idge

MS

1956

161,

310

13

1,

676

1,24

9.22

1,18

0.75

1,19

3.54

1,24

5.72

1,42

0.66

1,38

9.09

1,35

7.38

1,37

0.23

1,40

2.56

1,49

3.02

89.0

8%

130

Pla

ced

InL

ast

Maj

or

Sq

uar

e20

15-1

6P

erce

nt

of

Ser

vice

(1)

Ren

ova

tio

nF

oo

tag

e (2

)P

ort

able

sC

apac

ity

(2)

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

Cap

aci

ty

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SC

HO

OL

BU

ILD

ING

INF

OR

MA

TIO

N &

FU

LL

-TIM

E E

QU

IVA

LE

NT

EN

RO

LL

ME

NT

DA

TA

LA

ST

10

YE

AR

S

FT

E E

nro

llmen

t D

ata

Got

ha M

S19

9518

2,52

0

14

1,56

7

1,

554.

881,

248.

911,

268.

911,

199.

061,

194.

141,

211.

001,

327.

751,

250.

161,

264.

701,

380.

0088

.07%

How

ard

MS

1926

163,

063

-

1,

305

719.

7659

2.36

586.

9658

2.45

606.

7964

1.91

906.

3897

2.03

1,04

8.17

1,04

2.10

79.8

5%H

unte

rs C

reek

MS

1995

136,

969

5

1,07

7

1,

068.

721,

064.

881,

051.

721,

076.

981,

109.

901,

129.

631,

135.

871,

087.

731,

066.

791,

247.

5611

5.84

%La

ke N

ona

MS

2010

149,

897

33

1,

328

946.

331,

068.

421,

188.

771,

283.

251,

356.

041,

270.

291,

846.

9213

9.08

%La

kevi

ew M

S19

2718

4,04

2

7

1,

647

1,77

2.54

1,27

7.56

1,25

6.08

1,35

4.11

1,31

3.10

1,36

4.89

904.

501,

430.

131,

578.

521,

023.

4962

.14%

Lee

MS

1956

165,

881

22

1,

311

935.

1084

2.73

915.

2089

4.08

950.

0989

9.43

961.

2297

0.12

1,03

2.94

937.

5771

.52%

Lega

cy M

S20

0516

9,06

4

-

1,26

4

98

6.19

970.

1293

8.56

909.

4188

9.33

892.

2184

0.65

953.

781,

022.

8293

4.25

73.9

1%Li

bert

y M

S19

7517

2,77

5

4

1,

753

1,14

2.76

1,07

3.86

1,11

3.24

1,13

6.37

1,16

2.66

1,11

0.94

1,07

2.73

896.

4796

6.31

1,10

8.30

63.2

2%Lo

ckha

rt M

S19

9115

3,24

5

8

1,

070

964.

6392

4.70

889.

2281

2.73

817.

4678

1.92

766.

221,

041.

541,

030.

0577

7.29

72.6

4%M

aitla

nd M

S19

5914

1,00

5

10

1,26

7

1,

005.

7493

0.99

890.

5892

9.39

971.

851,

030.

9297

5.96

811.

1180

3.34

924.

7872

.99%

Mea

dow

Woo

ds M

S19

9917

5,35

4

8

1,

697

1,38

3.26

1,36

7.09

1,20

3.46

1,16

5.57

1,14

2.23

1,13

1.55

1,17

7.03

911.

4689

7.42

1,05

9.29

62.4

2%M

eado

wbr

ook

MS

1966

177,

898

9

1,58

1

1,

191.

711,

137.

031,

135.

421,

043.

851,

019.

031,

035.

891,

056.

511,

071.

791,

040.

021,

065.

8567

.42%

Mem

oria

l MS

1962

189,

507

-

1,

324

748.

8869

0.40

780.

2178

9.09

695.

5065

8.08

760.

001,

065.

4492

6.50

816.

8761

.70%

Oco

ee M

S19

9019

1,74

3

12

1,84

7

1,

658.

141,

638.

051,

679.

391,

643.

271,

603.

881,

556.

751,

445.

0081

2.08

840.

821,

414.

1376

.56%

Ody

ssey

MS

2001

180,

515

5

1,37

1

1,

449.

571,

554.

841,

656.

0586

0.67

874.

4390

6.61

957.

501,

379.

181,

369.

1188

8.39

64.8

0%P

iedm

ont L

akes

MS

1993

187,

291

27

1,

809

1,36

5.18

1,25

5.98

1,19

7.68

1,12

8.63

1,14

0.56

1,15

2.92

1,18

9.96

929.

4890

9.96

1,23

4.31

68.2

3%R

obin

swoo

d M

S19

6315

6,71

9

23

1,55

5

1,

177.

061,

085.

441,

107.

741,

099.

961,

228.

541,

235.

141,

295.

941,

211.

831,

140.

161,

393.

4289

.61%

Sou

th C

reek

MS

2006

154,

373

-

1,

250

783.

2086

9.70

927.

3290

8.30

972.

681,

042.

721,

010.

001,

284.

971,

234.

661,

022.

1981

.78%

Sou

thw

est M

S19

9218

5,00

0

6

1,

476

1,22

4.09

1,26

2.82

1,29

0.37

1,28

5.70

1,29

8.05

1,21

2.72

1,20

9.72

961.

8395

0.14

1,40

5.84

95.2

5%S

tone

wal

l Jac

kson

MS

1964

99,8

91

-

85

9

972.

061,

106.

671,

206.

191,

239.

381,

210.

901,

339.

591,

348.

951,

194.

591,

253.

071,

154.

0413

4.35

%S

unrid

ge M

S20

1215

9,85

9

12

1,21

6

1,

103.

391,

229.

691,

242.

001,

264.

1710

3.96

%U

nion

Par

k M

S19

9321

2,43

0

-

1,64

3

1,

245.

771,

160.

371,

119.

041,

046.

961,

040.

2597

0.68

922.

2291

3.63

871.

4689

9.58

54.7

5%W

alke

r M

S19

6617

3,39

1

-

1,29

3

1,

128.

481,

061.

921,

098.

731,

033.

7191

7.78

916.

0095

8.98

989.

211,

018.

721,

023.

4679

.15%

Wes

trid

ge M

S19

7329

4,47

5

23

2,58

5

1,

045.

3993

3.98

1,00

0.86

977.

471,

036.

961,

070.

921,

174.

441,

235.

451,

260.

261,

215.

5547

.02%

Wol

f Lak

e M

S20

0617

3,67

1

10

1,38

3

97

1.98

962.

931,

030.

871,

065.

631,

114.

331,

148.

001,

153.

451,

102.

781,

125.

961,

228.

4488

.82%

Tot

al M

iddl

e S

choo

ls

36,9

25.7

536

,362

.01

36,6

80.5

536

,667

.36

37,1

14.8

737

,570

.39

38,4

45.3

238

,564

.13

38,9

85.4

740

,742

.02

Hig

h S

cho

ol s

Apo

pka

HS

1974

424,

048

56

3,

402

3,45

2.53

2,75

0.10

2,50

6.13

2,50

5.48

2,50

1.62

2,76

0.16

2,84

0.67

2,87

4.56

2,96

8.02

3,00

6.15

88.3

6%B

oone

HS

1952

325,

848

13

3,

469

3,13

2.55

3,05

1.50

3,01

1.93

2,95

0.79

2,74

1.92

2,78

0.90

2,77

5.47

2,70

2.93

2,59

1.86

2,78

4.56

80.2

7%C

olon

ial H

S19

5843

7,35

9

18

3,21

7

3,

664.

133,

691.

543,

656.

283,

269.

913,

245.

363,

205.

333,

303.

393,

193.

943,

190.

543,

456.

5810

7.45

%C

ypre

ss C

reek

HS

1993

455,

925

37

3,

827

3,26

7.76

3,14

4.11

3,30

6.60

3,11

6.34

3,10

6.05

3,09

8.36

3,04

8.80

2,93

0.73

2,97

4.03

3,02

1.43

78.9

5%D

r. P

hilli

ps H

S19

8959

6,86

5

62

4,65

2

3,

390.

843,

455.

533,

473.

073,

553.

743,

489.

463,

562.

003,

556.

693,

334.

083,

320.

923,

468.

9574

.57%

Eas

t Riv

er H

S20

1040

9,82

4

2

3,

161

1,52

9.53

1,90

9.62

1,79

8.34

1,76

3.65

1,72

2.73

1,76

6.12

1,94

3.15

61.4

7%E

dgew

ater

HS

1950

453,

566

-

2,

508

2,50

2.31

2,18

9.20

1,90

3.93

1,76

5.95

1,65

2.18

1,65

7.37

1,66

3.59

1,58

0.55

1,69

1.04

1,79

1.54

71.4

3%E

vans

HS

1958

329,

875

13

2,

574

2,20

4.20

1,88

7.44

1,92

4.67

1,87

3.97

1,85

5.04

2,00

3.49

2,30

2.49

2,46

4.58

2,27

5.60

2,39

8.03

93.1

6%F

reed

om H

S20

0337

6,10

2

33

3,36

2

2,

957.

302,

925.

082,

706.

492,

713.

192,

836.

673,

003.

983,

034.

383,

108.

543,

130.

203,

461.

2210

2.95

%Jo

nes

HS

1952

311,

975

4

1,69

3

98

6.51

1,00

7.33

985.

231,

040.

8195

5.38

863.

3679

1.80

708.

5795

9.19

1,12

0.79

66.2

0%La

ke N

ona

HS

2009

394,

422

-

2,

955

705.

091,

229.

341,

742.

231,

829.

781,

920.

282,

133.

122,

357.

1879

.77%

Oak

Rid

ge H

S19

6046

8,92

4

30

3,76

7

2,

105.

352,

032.

072,

128.

841,

916.

151,

828.

221,

718.

901,

977.

632,

269.

702,

549.

272,

858.

2175

.87%

Oco

ee H

S20

0533

4,56

8

2

2,

924

3,04

6.73

2,69

0.66

2,56

6.46

2,38

7.01

2,24

9.17

2,29

4.16

2,24

2.34

2,23

1.50

1,98

8.32

2,17

1.64

74.2

7%O

lym

pia

HS

2001

418,

980

-

3,

546

3,12

3.23

3,15

6.20

2,97

9.20

2,94

4.64

2,89

6.02

2,86

3.60

2,76

9.56

2,76

2.11

2,72

9.72

2,97

7.42

83.9

7%T

imbe

r C

reek

HS

2001

414,

362

32

3,

671

3,96

9.26

4,17

9.55

4,22

7.85

3,16

4.02

2,90

0.99

2,96

5.71

2,97

5.91

2,92

9.00

2,99

4.04

3,13

7.45

85.4

7%U

nive

rsity

HS

1991

572,

666

87

4,

643

3,51

3.27

3,51

5.20

3,35

9.06

2,75

5.01

2,65

8.78

2,70

7.69

2,91

0.42

2,89

5.66

2,92

1.66

3,02

5.04

65.1

5%W

ekiv

a H

S20

0737

2,35

6

-

2,94

5

1,

748.

592,

293.

232,

296.

102,

355.

362,

130.

952,

080.

922,

169.

542,

252.

982,

285.

4977

.61%

Wes

t Ora

nge

HS

1974

420,

535

57

3,

152

2,31

1.06

2,49

3.02

2,60

9.11

2,85

8.43

3,07

7.01

3,20

1.68

3,39

7.32

3,59

3.22

3,63

5.73

3,94

6.42

125.

20%

Win

ter

Par

k H

S19

6936

2,66

7

8

3,

027

3,35

0.58

3,16

5.62

3,09

6.77

3,12

6.49

3,18

9.94

3,30

0.45

3,09

7.93

2,99

8.34

2,93

1.10

3,03

0.67

100.

12%

Tot

al H

igh

Sch

ools

46

,977

.61

47,0

82.7

446

,734

.85

46,4

72.6

546

,678

.13

47,6

58.6

648

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.74

48,3

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649

,003

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52,2

41.9

2

Sp

ecia

lity

Sch

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l s

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roke

e S

choo

l19

2678

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n/

an/

a93

.74

86.5

069

.41

59.8

251

.96

53.2

356

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26.1

330

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82.3

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ever

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n/a

n/a

n/a

n/a

32.7

818

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19.5

018

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18.9

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20.5

027

.54

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n/a

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1961

72,5

48

n/a

n/a

87.8

152

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54.2

656

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64.1

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62.1

376

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n/a

Mag

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n/

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3.61

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184.

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173.

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1.03

141.

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8.46

370.

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r20

0833

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n/

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8.75

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(2)

2006

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2007

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2008

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2009

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2010

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2011

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2012

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2013

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2014

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-16

Cap

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OR

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1980

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5.28

269.

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2.33

316.

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5.66

147.

7660

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70.4

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49.1

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42.7

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4.00

209.

72n/

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1963

n/a

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114.

5311

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9.72

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6.93

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Rob

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1945

n/a

n/a

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486.

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2.52

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n/a

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194.

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n/a

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18.9

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Inst

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67.5

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irls

n/a

n/a

n/a

n/a

70.0

971

.42

61.6

466

.20

65.2

576

.79

46.7

957

.93

51.9

241

.03

n/a

Tot

al O

ther

Pro

gram

s4,

505.

084,

487.

953,

725.

124,

277.

874,

501.

115,

107.

145,

033.

575,

057.

205,

275.

107,

230.

00

Ch

arte

r S

cho

ols

Acc

ess

CS

n/a

n/a

n/a

n/a

86.0

088

.93

99.3

710

1.68

315.

22n/

aA

ccla

im A

cade

my

Ora

nge

Cha

rter

n/a

n/a

n/a

n/a

374.

93n/

aA

lom

a H

igh

CS

n/a

n/a

n/a

n/a

101.

5035

1.34

446.

2641

9.62

406.

9646

4.05

506.

7349

9.75

n/a

Asp

ire A

cade

my

CS

n/a

n/a

n/a

n/a

43.0

078

.50

105.

5410

8.80

169.

78n/

aC

entr

al F

L Le

ader

ship

Aca

dn/

an/

an/

an/

a82

.50

123.

0015

8.76

180.

9418

4.11

233.

98n/

aC

hanc

ery

Hig

h C

Sn/

an/

an/

an/

a11

2.42

387.

2648

5.66

488.

3849

6.32

504.

4250

9.53

459.

70n/

aC

orne

rsto

ne A

cade

my

CS

n/a

n/a

n/a

n/a

691.

6473

5.41

837.

4489

5.61

923.

9998

7.30

n/a

Cor

ners

tone

Aca

dem

y H

S C

Sn/

an/

an/

an/

a16

9.82

191.

7122

1.47

305.

6735

8.09

400.

30n/

aD

avin

ci H

igh

CS

n/a

n/a

n/a

n/a

14.5

0n/

aE

inst

ein

Mon

tess

ori A

cade

my

Cha

rter

n/a

n/a

n/a

n/a

20.0

0n/

aH

ope

CS

n/a

n/a

n/a

n/a

244.

5125

6.37

261.

5227

3.46

379.

0539

4.94

418.

5041

5.14

449.

5647

7.38

n/a

Iman

i Ele

m. A

cade

my

CS

n/a

n/a

n/a

n/a

109.

00n/

aIn

nova

tions

Mid

dle

CS

n/a

n/a

n/a

n/a

185.

6818

5.55

183.

9321

8.62

184.

0721

3.11

n/a

Kid

s C

omm

unity

Col

lege

Cha

rter

n/a

n/a

n/a

n/a

60.5

012

2.18

146.

9425

9.42

n/a

Lake

Eol

a C

Sn/

an/

an/

an/

a21

9.00

218.

4621

8.00

218.

0021

7.92

218.

9621

7.96

218.

5321

8.93

227.

38n/

aLe

gacy

CS

n/a

n/a

n/a

n/a

42.5

067

.11

79.2

683

.74

107.

6812

8.26

157.

7716

0.70

161.

1616

5.14

n/a

Lege

nds

Aca

dem

y C

Sn/

an/

an/

an/

a22

9.49

Mon

tess

ori W

inte

r G

arde

n C

Sn/

an/

an/

an/

a10

6.00

141.

0016

0.47

205.

6826

9.79

n/a

Nap

For

d C

omm

unity

CS

n/a

n/a

n/a

n/a

112.

1811

5.00

110.

5014

2.00

124.

0912

8.00

115.

0014

1.68

126.

6212

9.30

n/a

Nor

thst

ar H

igh

CS

n/a

n/a

n/a

n/a

164.

4116

5.10

173.

0617

8.71

178.

00n/

aO

akla

nd A

venu

e C

Sn/

an/

an/

an/

a57

8.00

541.

2051

6.00

506.

6550

5.93

502.

2852

2.13

524.

4952

9.76

570.

85n/

aO

asis

Pre

para

tory

Aca

dem

y C

Sn/

an/

an/

an/

a14

8.63

192.

75n/

aO

rang

e C

ount

y P

repa

rato

ry A

cade

my

n/a

n/a

n/a

n/a

324.

6544

8.99

Orig

ins

Mon

tess

ori C

Sn/

an/

an/

an/

a12

6.48

n/a

Orla

ndo

Sci

ence

Ele

men

tary

Cha

rter

n/a

n/a

n/a

n/a

232.

0026

0.09

479.

7552

6.39

n/a

Orla

ndo

Sci

ence

MS

/HS

CS

n/a

n/a

n/a

n/a

104.

5824

4.36

414.

4348

7.00

489.

4050

6.86

546.

8955

3.34

n/a

Pas

spor

t CS

n/a

n/a

n/a

n/a

176.

3017

1.01

175.

0817

4.34

179.

0017

9.50

177.

3517

9.81

179.

6518

5.84

n/a

Pin

ecre

st C

reek

Cha

rter

n/a

n/a

n/a

n/a

121.

6822

6.02

212.

3613

4.81

n/a

Pin

ecre

st P

rep

CS

n/a

n/a

n/a

n/a

52.4

413

8.50

173.

7720

9.39

227.

1124

5.43

n/a

Pin

ecre

st P

rep

Hig

h C

Sn/

an/

an/

an/

a4.

006.

00n/

aP

rince

ton

Hou

se C

Sn/

an/

an/

an/

a23

7.23

240.

6922

5.46

243.

8223

4.61

154.

0016

1.50

153.

8815

6.09

491.

82n/

aP

rosp

erita

s Le

ader

ship

Aca

dem

yn/

an/

an/

an/

a17

5.57

265.

4333

7.81

340.

5922

6.59

192.

4219

2.37

202.

8118

9.37

n/a

Ren

aiss

ance

Cha

rter

Sch

ool a

tn/

an/

an/

an/

a92

1.98

Ren

aiss

ance

Cha

rter

Sch

ool a

tn/

an/

an/

an/

a60

5.47

874.

6495

4.08

1,10

7.25

n/a

Ren

aiss

ance

Cha

rter

Sch

ool a

tn/

an/

an/

an/

a67

0.33

888.

341,

127.

32n/

aR

io G

rand

e C

Sn/

an/

an/

an/

a15

1.00

152.

2715

3.48

204.

1117

9.00

201.

00n/

aS

heel

er H

igh

CS

n/a

n/a

n/a

n/a

112.

4034

8.10

480.

5447

3.92

484.

6046

8.58

488.

7235

3.53

n/a

Sum

mit

Cen

tral

CS

n/a

n/a

n/a

n/a

98.5

083

.91

n/a

Sum

mit

CS

n/a

n/a

n/a

n/a

208.

0124

7.55

135.

5313

9.43

42.0

0n/

aS

umm

it W

est C

Sn/

an/

an/

an/

a10

6.50

n/a

132

Pla

ced

InL

ast

Maj

or

Sq

uar

e20

15-1

6P

erce

nt

of

Ser

vice

(1)

Ren

ova

tio

nF

oo

tag

e (2

)P

ort

able

sC

apac

ity

(2)

2006

-07

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

Cap

aci

ty

OR

AN

GE

CO

UN

TY

PU

BL

IC S

CH

OO

LS

SC

HO

OL

BU

ILD

ING

INF

OR

MA

TIO

N &

FU

LL

-TIM

E E

QU

IVA

LE

NT

EN

RO

LL

ME

NT

DA

TA

LA

ST

10

YE

AR

S

FT

E E

nro

llmen

t D

ata

Sun

shin

e H

igh

Cha

rter

n/a

n/a

n/a

n/a

294.

3653

1.94

607.

4657

8.08

n/a

UC

P E

ast C

Sn/

an/

an/

an/

a41

.71

111.

3614

1.48

175.

0822

1.15

259.

7726

5.96

361.

64n/

aU

CP

Pin

e H

ills

CS

n/a

n/a

n/a

n/a

42.4

639

.56

44.8

056

.01

47.3

051

.85

49.8

369

.27

81.7

411

6.97

n/a

UC

P T

L A

cade

my

CS

n/a

n/a

n/a

n/a

5.00

9.50

12.0

017

.19

17.0

015

.50

28.5

063

.15

25.9

4n/

aU

CP

T L

Hig

h A

cad

CS

n/a

n/a

n/a

n/a

19.0

021

.00

31.1

636

.96

115.

29n/

aU

CP

Wes

t Ora

nge

CS

n/a

n/a

n/a

n/a

305.

47U

nite

d C

ereb

ral P

alsy

(U

CP

)n/

an/

an/

an/

a16

1.26

153.

9211

4.75

121.

7512

4.40

135.

3916

5.64

231.

4927

7.56

234.

01n/

aW

estm

inst

er A

cade

my

CS

n/a

n/a

n/a

n/a

32.8

735

.98

n/a

Wor

kfor

ce A

dvan

tage

Aca

d C

Sn/

an/

an/

an/

a14

7.23

164.

7218

8.67

185.

4819

4.75

208.

8322

4.34

225.

9724

3.34

255.

69n/

aT

otal

Cha

rter

Sch

ools

2,85

3.44

2,67

2.82

3,13

8.19

4,31

9.27

6,14

9.98

6,40

1.27

7,76

8.18

9,67

2.13

11,4

38.6

214

,053

.86

Tot

al K

inde

rgar

ten

- 12

th G

rade

172,

794.

9517

1,34

7.88

170,

120.

8617

1,82

0.11

174,

720.

0517

8,87

1.15

182,

460.

7118

5,62

4.68

190,

379.

6221

3,43

3.23

Ad

ult

Pro

gra

ms

Boo

ne A

CE

Cen

ter

n/a

n/a

n/a

n/a

n/a

Col

onia

l AC

E C

ente

rn/

an/

an/

an/

an/

aD

r. P

hilli

ps A

CE

Cen

ter

n/a

n/a

n/a

n/a

n/a

Eva

ns A

CE

Cen

ter

n/a

n/a

n/a

n/a

n/a

Jone

s A

CE

Cen

ter

n/a

n/a

n/a

n/a

n/a

Mid

-Flo

rida

Tec

h A

CE

Cen

ter

n/a

n/a

n/a

n/a

205.

9021

5.69

194.

8915

2.35

75.1

339

.30

35.1

0n/

aO

rland

o T

ech

AC

E C

ente

rn/

an/

an/

an/

a17

2.23

185.

9819

9.02

187.

782.

393.

932.

64n/

aO

-Tec

Orla

ndo

Tec

hn/

an/

an/

an/

a1,

137.

401,

256.

651,

346.

371,

399.

411,

547.

071,

125.

571,

484.

771,

405.

1522

4.60

n/a

O-T

ec W

ests

ide

Tec

hn/

an/

an/

an/

a1,

169.

931,

208.

791,

461.

491,

513.

361,

864.

581,

425.

701,

438.

8124

6.41

n/a

O-T

ec W

inte

r P

ark

Tec

hn/

an/

an/

an/

a81

5.34

816.

5390

3.04

1,06

2.71

1,21

9.69

813.

761,

055.

7020

9.72

n/a

O-T

ech

Mid

-Flo

rida

Tec

hn/

an/

an/

an/

a3,

551.

523,

814.

113,

608.

173,

562.

133,

753.

643,

125.

213,

826.

523,

175.

3834

8.98

n/a

Tra

nsiti

on A

CE

Cen

ter

n/a

n/a

n/a

n/a

277.

8526

8.53

219.

3123

3.43

n/a

Wes

tsid

e T

ech

AC

E C

ente

rn/

an/

an/

an/

a95

.09

122.

3911

6.02

85.8

510

9.84

16.9

948

.79

n/a

Win

ter

Par

k A

CE

Cen

ter

n/a

n/a

n/a

n/a

190.

7321

9.41

204.

4419

1.51

22.4

921

.51

24.8

2n/

aW

orkf

orce

Ed

E-L

earn

ing

n/a

n/a

n/a

n/a

12.9

546

.14

45.7

677

.09

n/a

Wym

ore

AC

E C

ente

rn/

an/

an/

an/

an/

a

Tot

al A

dult

Pro

gram

s7,

628.

948,

154.

228,

298.

518,

465.

628,

594.

836,

571.

977,

917.

150.

004,

580.

531,

029.

71

Tot

al D

istr

ict

180,

423.

8917

9,50

2.10

178,

419.

3718

0,28

5.73

183,

314.

8818

5,44

3.12

190,

377.

8618

5,62

4.68

194,

960.

1521

4,46

2.94

Sou

rce:

Dis

tric

t Rec

ords

(1)

Orig

inal

dat

e th

at th

e sc

hool

was

pla

ced

in s

ervi

ce.

Thi

s da

te d

oes

not r

efle

ct a

dditi

ons,

ren

ovat

ions

, or

rem

odel

ing.

(2)

The

squ

are

foot

age

and

capa

city

are

for

the

perm

anen

t bui

ldin

g on

ly a

nd d

o no

t inc

lude

the

port

able

s.(3

) T

hese

ele

men

tary

sch

ools

incl

ude

som

e m

iddl

e sc

hool

gra

des

also

.n/

a In

form

atio

n is

not

ava

ilabl

e.

ES

- E

lem

enta

ry S

choo

lM

S -

Mid

dle

Sch

ool

HS

- H

igh

Sch

ool

S -

Spe

cial

O -

Oth

er -

Any

oth

er ty

pe o

f sch

ool

O-D

JJ -

Oth

er -

Dep

artm

ent o

f Juv

enile

Jus

tice

CS

- C

hart

er S

choo

lA

- A

dult

TL

- T

rans

ition

al L

earn

ing

133

RatioRatio Instructional

(C) Students to Personnel toFiscal (A) (B) Support Instructional SchoolYear Instructional Administrative Services Total Personnel Administrators

2015-16 14,290 668 8,025 22,983 13.80 : 1 21.39 : 12014-15 14,076 658 8,168 22,902 13.52 : 1 21.39 : 12013-14 13,084 986 8,277 22,347 14.18 : 1 13.27 : 12012-13 12,827 942 8,215 21,984 14.22 : 1 13.62 : 12011-12 12,747 900 8,086 21,733 14.03 : 1 14.16 : 12010-11 12,547 859 8,366 21,772 14.26 : 1 14.60 : 12009-10 12,056 850 8,443 21,349 14.25 : 1 14.18 : 12008-09 12,400 870 8,906 22,176 13.72 : 1 14.25 : 12007-08 13,184 884 9,305 23,373 13.00 : 1 14.91 : 12006-07 13,107 836 8,546 22,489 13.18 : 1 15.68 : 1

(A) Classroom Teachers, Guidance/Psychologists, Occupational Placement Specialists, Media Specialists, Other Professional Instructional Staff

(B) Principals, Assistant Principals, Superintendent, Assistant Superintendent, Directors, Managers, Coordinators, Occupational Therapists

(C) Paraprofessionals, Bus Drivers, Monitors, Maintenance, Clerical, Etc.


ORANGE COUNTY PUBLIC SCHOOLSNUMBER OF PERSONNELLAST TEN FISCAL YEARS

134

Fiscal Minimum Maximum AverageYear Salary Salary Salary

2015-16 39,000$ 70,750$ 47,848$ 2014-15 38,500 70,750 45,812 2013-14 37,500 66,498 44,402 2012-13 37,000 68,258 44,383 2011-12 37,000 68,258 45,046 2010-11 37,000 67,470 44,898 2009-10 37,000 67,270 44,790 2008-09 37,000 66,827 44,668 2007-08 37,000 66,827 41,515 2006-07 35,895 60,001 40,415


ORANGE COUNTY PUBLIC SCHOOLSTEACHER BASE SALARIES (10 MONTH)

LAST TEN FISCAL YEARS

135

Jun

e 30

, 200

7Ju

ne

30, 2

008

Jun

e 30

, 200

9Ju

ne

30, 2

010

Jun

e 30

, 201

1Ju

ne

30, 2

012

Jun

e 30

, 201

3Ju

ne

30, 2

014

Jun

e 30

, 201

5Ju

ne

30, 2

016

Day

s M

eals

wer

e S

erve

d -

Tot

al18

0

22

4

23

4

21

4

22

4

22

6

22

6

22

8

23

4

22

5

Reg

ular

Sch

ool Y

ear

180

180

180

180

180

180

180

180

180

S

umm

er S

choo

l44

54

34

44

46

46

48

54

45

S

uppe

r P

rogr

am

Ave

rage

Num

ber

of F

ree

and

Red

uced

Mea

ls S

erve

d D

aily

91,3

71

72

,711

72,3

92

90

,047

97,6

45

98

,917

103,

147

102,

851

103,

864

121,

401

R

egul

ar S

choo

l Yea

r

Sum

mer

Sch

ool

S

uppe

r P

rogr

am

Num

ber

of F

ree

and

Red

uced

Mea

ls S

erve

d -

Tot

al16

,446

,751

16,2

87,1

93

16

,939

,757

19,2

69,9

88

21

,872

,369

22,3

55,2

95

23

,311

,298

23,4

50,1

36

24

,304

,254

27,3

15,2

53

Reg

ular

Sch

ool Y

ear

S

umm

er S

choo

l

Sup

per

Pro

gram

Ave

rage

Dai

ly S

ubsi

dy R

ecei

ved

223,

031

$

194,

450

$

196,

959

$

239,

162

$

227,

257

$

251,

420

$

285,

695

$

290,

700

$

330,

632

$

388,

705

$

Tot

al S

ubsi

dy R

ecei

ved

40,1

45,5

29$

43

,556

,745

$

46,0

88,4

63$

51

,180

,718

$

50,9

05,6

45$

56

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Report of Independent Auditor on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

The Honorable Members of the School Board of Orange County Public Schools Orlando, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Orange County Public Schools, Florida (the “District”) as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated December 9, 2016. Our report includes reference to other auditors who have audited the financial statements of the discretely presented component unit and the fiduciary funds, as described in our report on the District’s financial statements. This report does not include the results of the other auditors’ testing of internal control over financial reporting or compliance and other matters that are reported on separately by those auditors.

Internal Control over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Orlando, Florida December 9, 2016

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The School Board of Orange County, Florida, does not discriminate in admission or access to, or treatment or employment in its programs and activities, on the basis of race, color, religion, age, sex, national origin, marital status, disability, genetic information, sexual orientation, gender identity or expression, or any other reason prohibited by law. The following individuals at the Ronald Blocker Educational Leadership Center, 445 W. Amelia Street, Orlando, Florida 32801, attend to compliance matters: ADA Coordinator & Equal Employment Opportunity (EEO) Officer: Carianne Reggio; Section 504 Coordinator: Latonia Green; Title IX Coordinator: James Larsen (407.317.3200).

445 W. Amelia St., Orlando, FL 32801 • 407-317-3200


Comprehensive Annual Financial Report · issued by the Comptroller General of the United States....

Documents

Transcript of Comprehensive Annual Financial Report · issued by the Comptroller General of the United States....