Sarasota 2011 CAFR

School Board of Sarasota
County, Florida
Comprehensive Annual Financial Statement Report

For the Fiscal Year Ended June 30, 2011
SCHOOL BOARD OF
SARASOTA COUNTY,
FLORIDA
Sarasota, Florida
Comprehensive Annual
Financial Report
For the
Fiscal Year
Ended June 30, 2011
Prepared By:
Financial Services Department
SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

Comprehensive Annual Financial Report
For the Year Ended June 30, 2011
Introductory Section
Letter of Transmittal
i
viii
List of Principal Officials - Elected

List of Principal Officials - Appointed
ix
Organizational Chart
Association of School Business Officials International Certificate

of Excellence in Financial Reporting
xi
Government Finance Officers Association of the United States

and Canada Certificate of Achievement for Excellence in Financial Reporting
xii
Financial Section
Report of Independent Certified Public Accountants
Managements Discussion and Analysis
Basic Financial Statements:

Government-wide Financial Statements:
Statement of Net Assets
17
Statement of Activities
18
Fund Financial Statements:

Balance Sheet Governmental Funds
20
Reconciliation of the Balance Sheet of Governmental Funds to the

23
Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds
24
Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances of Governmental Funds to the Statement of Activities
26

Budget and Actual General Fund
27
Statement of Revenues, Expenditures and Changes in Fund Balance

Budget and Actual Special Revenue ARRA Economic Stimulus Fund
28
Statement of Fund Net Assets Proprietary Funds
29
Statement of Revenues, Expenses and Changes in Fund Net Assets

Proprietary Funds
30
Statement of Cash Flows Proprietary Funds
31

Statement of Fiduciary Assets and Liabilities Fiduciary Funds

Notes to the Basic Financial Statements
(An integral part of the basic financial statements)
32
33
Required Supplementary Information:

Schedule of Funding Progress Other Postemployment Benefits Plan
71
Combining and Individual Fund Statements and Schedules:

Combining Balance Sheet Nonmajor Governmental Funds
76
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
77
Combining Balance Sheet Nonmajor Special Revenue Funds
78
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
79
Combining Balance Sheet Nonmajor Debt Service Funds
80
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Nonmajor Debt Service Funds
81
Combining Balance Sheet Nonmajor Capital Projects Funds
82
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Nonmajor Capital Projects Funds
83
Schedules of Revenues, Expenditures and Changes in Fund Balances Budget and Actual:
Food Service Nonmajor Special Revenue Fund
84
Contracted Programs Nonmajor Special Revenue Fund
85
Other Debt Service Major Debt Service Fund
86
ARRA Economic Stimulus Major Debt Service Fund
87
State Board of Education Bonds Nonmajor Debt Service Fund
88
Special Act Bonds Nonmajor Debt Service Fund
89
Local Capital Improvement Tax Major Capital Projects Fund
90
Other Capital Projects Major Capital Projects Fund
91
ARRA Economic Stimulus Major Capital Projects Fund
92
Capital Outlay Bond Issues Nonmajor Capital Projects Fund
93

Public Education Capital Outlay Nonmajor Capital Projects Fund
94
Capital Outlay and Debt Service Nonmajor Capital Projects Fund
95
Combining Schedule of Fund Net Assets Internal Service Funds
98
Combining Schedule of Revenues, Expenses and Changes in Fund Net Assets

Internal Service Funds
100
Combining Schedule of Cash Flows Internal Service Funds
102
Combining Schedule of Changes in Fiduciary Assets and Liabilities Fiduciary Funds
105
Combining Statement of Net Assets Component Units Charter Schools
108
Combining Statement of Activities Component Units Charter Schools
110
Statistical Section
Financial Trend Information:
Table 1 Net Assets by Component
Table 2 Expenses, Program Revenues and Net (Expense)/Revenue
Table 3 General Revenues and Total Changes in Net Assets
Table 4 Fund Balances, Governmental Funds
Table 5 Governmental Funds Revenues
Table 6 Governmental Funds Expenditures and Debt Service Ratios
Table 7 Other Financing Sources and Uses and Net Changes in Fund Balance,
Governmental Funds
Revenue Capacity Information:
Table 8 Assessed Value and Estimated Actual Value of Taxable Property
Table 9 Direct and Overlapping Property Tax Rates
Table 10 Principal Property Taxpayers
Table 11 Property Tax Levies and Collections
Debt Capacity Information:
Table 12 Outstanding Debt by Type
Table 13 Direct and Overlapping Governmental Activities Debt
Table 14 Legal Debt Margin Information
Table 15 Pledged-Revenue Coverage
Demographic and Economic Information:
Table 16 Demographic and Economic Statistics
Table 17 Principal Employers
Operating Information:
Table 18 Full-Time-Equivalent District Employees by Type
Table 19 Operating Statistics
Table 20 Teacher Salaries
Table 21 School Building Information
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118
120
122
124
126
128
130
131
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133
134
135
136
138
139
140
142
144
146
148
Single Audit
Report of Independent Certified Public Accountants 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
152
Report of Independent Certified Public Accountants on Compliance with Requirements that

could have a Direct and Material Effect on Each Major Program and on Internal Control Over
Compliance in Accordance with OMB Circular A-133
154

Schedule of Expenditures of Federal Awards
156
Notes to Schedule of Expenditures of Federal Awards
158
Schedule of Findings and Questioned Costs
160
Independent Certified Public Accountants Management Letter
162
School Board of
Sarasota County, Florida

THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

OFFICE OF THE SUPERINTENDENT
1960 LANDINGS BOULEVARD
SARASOTA, FLORIDA 34231-3331
TELEPHONE (941) 927-9000 W FAX (941) 927-2539
January 30, 2012
Dear Chairman, School Board Members, and Citizens of Sarasota County:

We are pleased to submit the Comprehensive Annual Financial Report (CAFR)
of the School Board of Sarasota County, Florida (District) for the fiscal year
ended June 30, 2011. State law requires that all school districts publish within
twelve months of the close of each fiscal year a complete set of financial
statements presented in conformity with accounting principles generally accepted
in the United States (GAAP) and audited in accordance with generally accepted
auditing standards by an independent certified public accountant. Pursuant to
that requirement, we hereby issue the comprehensive annual financial report of
the District for the fiscal year ended June 30, 2011.
We believe the information, as presented, is accurate in all material aspects; that
it is presented in a manner designed to set forth fairly, in all material respects, the
financial position and results of operations of the District as measured and
reported by the financial activity of its various funds; and that all disclosures
necessary to enable the reader to gain an adequate understanding of the
Districts financial affairs have been included. The responsibility for the
preparation of the accompanying financial statements and other information
contained in this CAFR, based on the above standards, rests with the Districts
management. To provide a reasonable basis for making these representations,
management of the District has established a comprehensive internal control
framework that is designed to compile sufficient reliable information for the
Districts financial statements in conformance with GAAP. Because the cost of
internal controls should not outweigh the benefits, the Districts comprehensive
framework has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatement.
As management, we assert that, to the best of our knowledge and belief, this
financial report is complete and reliable in all material respects.
The Districts financial statements have been audited by Cherry, Bekaert &
Holland, L.L.P. The goal of the independent audit is to provide reasonable
assurance that the basic financial statements of the District for the fiscal year
ended June 30, 2011, are free of material misstatement. The independent audit
involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used
and significant estimates made by management; and evaluating the overall
financial statement presentation. The independent auditor concluded that there
was a reasonable basis for rendering unqualified opinions that the Districts
financial statements for the fiscal year ended June 30, 2011, are fairly presented
in conformity with GAAP. The independent auditors report is presented as the
first component of the financial section of this report.
The independent audit of the financial statements of the District was part of a
broader, federally mandated Single Audit designed to meet the special needs of
federal grantor agencies. The District is required to undergo an annual single
audit in conformity with the provisions of the Single Audit Act of 1996 and the
United States Office of Management and Budget (OMB) Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations. The standards
governing Single Audit engagements require the independent auditor to report
not only on the fair presentation of the financial statements, but also on the
audited governments internal controls and compliance with legal requirements,
with special emphasis on internal controls and legal requirements involving the
administration of federal awards. Information related to this single audit,
including the schedule of expenditures of federal awards, findings and
questioned costs, and the independent auditors report on the system of internal
control and on compliance with applicable requirements, are included in the
single audit section.
GAAP require that management provide a narrative introduction, overview, and
analysis to accompany the basic financial statements in the form of
Managements Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it.
The Districts MD&A can be found immediately following the independent
auditors report.
This accompanying report includes all funds of the District, The Financing
Corporation for the School Board of Sarasota County (Corporation), and charter
schools, which comprise the reporting entity. The Corporation was formed by the
School Board to be the lessor in connection with financing the acquisition and/or
construction of certain educational facilities. Charter schools are public schools
operating under a performance contract with the School Board. The Corporation
was identified as a component unit, requiring blended presentation of the
financial statements. The Districts charter schools are included as discretely
presented component units.
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Profile of the Government

The District and its governing board were created pursuant to Section 4,
Article IX of the Constitution of the State of Florida. The District is an
independent taxing and reporting entity managed, controlled, operated,
administered and supervised by the District school officials in accordance with
Chapter 1001, Florida Statutes. The Board consists of five elected officials
responsible for the adoption of policies, which govern the operation of District
public schools. The appointed Superintendent of Schools (Superintendent) is the
secretary and executive officer of the Board and is responsible for the
administration and management of the schools within the applicable parameters
of Florida Statutes, State Board of Education Rules, and School Board policies.
The Superintendent is also specifically delegated the responsibility of maintaining
a uniform system of records and accounts in the District by Section 1010.01,
Florida Statutes, as prescribed by the State Board of Education.
Geographic boundaries of the District correspond with those of Sarasota County.
During the 2010-11 fiscal year, the District operated 52 schools, including 23
elementary schools, 7 middle schools, 6 high schools, 8 charter schools, 1
technical center and 7 other types of schools, such as schools for the
Department of Juvenile Justice and an all gifted school for grades 2 through 12.
The District receives the majority of its operating funds through a State funding
formula that is intended to equalize funding received from the State and local
property tax between districts within the State. Charter schools operate through
a contract with the District and are provided with the proportionate share of these
funds, based upon the number of full-time equivalent students enrolled at the
charter school. The District provided a full range of educational programs,
including kindergarten through 12th grade, basic and enriched programs, and
exceptional student education to 40,879 unweighted full-time equivalent
students. Student enrollment is expected to increase by 1.0, 2.0 and 1.0 percent
each in fiscal years ending June 30, 2012, 2013 and 2014, respectively. The
District also provides career technical and adult programs.
Economic Condition and Outlook
Sarasota County is part of the Sarasota-Bradenton-Venice Metropolitan
Statistical Area (MSA) along with Manatee County. According to the Economic
Development Corporation of Sarasota County (the Corporation), the 2011
population of Sarasota County was 414,600 and projected to be 534,700 by
2035. The Corporation promotes Sarasota County for its charming cities with
world-class arts and culture.
The population of Sarasota County has increased 16.4 percent from 2000 to
2010 compared to the state of Florida which increased 17.6 percent. The
population of the County differs significantly from the State. The largest age
group, at 31.2 percent, are persons 65 years and older. The State average for
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this age group is 17.3 percent. The average household size is 2.19. The
average household income is $45,953. The American Community Survey done
by the U.S. Census Bureau shows 91.2 percent of the County residents were
high school graduates and 29.9 percent had a bachelors degree or higher.
The District recognizes that the continued enhancement of the local economy is
of mutual benefit to both the District and the County and that an excellent system
of public education is a significant factor in attracting new business and industry
to the County. The District remains Sarasota Countys largest employer,
employing 5,549 full and part-time employees, including 2,917 classroom
teachers.
Financial Information
The District follows procedures established by Florida Statutes and the State
Board of Education rules in establishing and adopting annual budgets for each of
the governmental fund types. Budgets are prepared using the same modified
accrual basis as is used to account for governmental funds. Appropriations are
controlled at the object level (e.g. salaries, benefits, and purchased services)
within each function activity (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.
The District has an investment policy in place for the investment of temporarily
idle funds. The purpose of the policy is to outline the responsibility, authority,
and general guidelines for the investment management of the Districts cash
reserves and to ensure compliance with Florida Statutes.
The District has a policy that the unassigned fund balance in the General Fund
will at a minimum be 7.5 percent of the total appropriations and transfers out.
The District currently exceeds this policy with an unassigned fund balance at
10.1%.
The District has a debt policy that establishes guidance for incurring and
managing the debt of the District. The purpose of this policy is to set forth a
structure to facilitate the management of debt in accordance with stated
objectives.
The Districts capital asset policy specifies the categories of capital assets and
the dollar thresholds for capitalizing purchases. It also specifies the length of
depreciation for each asset category.
The District is self-insured for workers compensation, general and automobile
liability and certain dental benefits with outside contractors providing various
administrative services. All funds make payments to the Districts applicable
internal service fund based on the personnel staffing levels, number of vehicles,
iv
or square feet. Resources have been accumulated in order to meet potential

losses.
On March 16, 2010, voters in Sarasota County voted to continue the one-mill
levy to preserve quality schools. This vote continued the tax levy that was
originally passed by the voters in 2002. This vote allows the District to maintain
existing programs and continues the Districts commitment to quality education.
This revenue source will continue until the fiscal year ended June 30, 2014.
Major Initiatives
Class Size Reduction Amendment
In November 2002, the voters of Florida amended the State Constitution to limit
class size. By the beginning of the 2010-11 fiscal year, the amendment
established the maximum number of students in core-curricula courses assigned
to a teacher in each of the following three grade groupings: (1) pre-kindergarten
through grade 3, 18 students; (2) grades 4 through 8, 22 students; and (3)
grades 9 through 12, 25 students.
The Florida legislature enacted Senate Bill-30A implementing the reduction of the
average number of students in each classroom by at least two students per year,
beginning in the 2003-04 fiscal year until the maximum number of students per
classroom does not exceed the 2010-11 fiscal year maximums. If a districts
class size does not meet the constitutional maximum, then the district must
reduce the average number of students in each of the three grade groupings by
two students until the constitutional maximums are reached. The following is
how the constitutional maximums will be calculated:
For the 2003-04, 2004-05, and 2005-06 fiscal years, class size will be
calculated at the district level.
For the 2006-07 and 2007-08 fiscal years, class size will be calculated at
the school level.
For the 2008-09 and 2009-10 fiscal years, class size will be calculated at
the classroom level. This requirement was amended for each fiscal year
to stay at the school level due to funding shortfalls. Full implementation at
the classroom level was not required until the Constitutional deadline of
2010-11.
For the 2010-11 fiscal year, the District continued its efforts to meet the
constitutional maximums for the three grade groupings at classroom-level.
Based on the annual review by the Florida Department of Education, the District
did not fully comply with the constitutional maximums in all classrooms. The
Florida Department of Education assessed a penalty as mandated by Fl. Statute
1003.03(4) in the final amount of $144,974 for not meeting the requirement for all
core-curricula classrooms. The District has allocated more instructors to the
classrooms for the 2011-12 fiscal year and feels the District will be in compliance
in future years.
Capital Outlay Program
During the 2010-11 fiscal year, the District Capital Outlay program focused
primarily on large scale heating, ventilation and air conditioning system upgrades
at two schools and three complete school rebuild projects: Booker High School,
Venice High School and the Sarasota County Technical Institute.
Accomplishments
One of the ways to judge a school district is to compare the results of its students
on national and statewide tests and the accomplishments of its staff. The District
believes that its students and staff have performed remarkably well based on
various tests and accomplishments as noted below.
Schools throughout Florida are held accountable and receive school grades
based on the results of the Florida Comprehensive Assessment Test (FCAT).
The 2010-11 fiscal year marks the 12th year of this accountability program and
Sarasota County School District continued its tradition of excellence. This year
33 schools received a grade of A, 12 received a grade of B, and 1 received a
grade of C. The District received an overall grade of A.
The Florida Department of Education recently released their first annual ranking
of school districts in the state. Sarasota County ranks fourth in the state out of
sixty seven school districts in terms of student achievement for the 2010-2011
fiscal year.
Over 63 percent of Sarasota District teachers have earned Masters degrees or
higher.
The School Board of Sarasota County has 159 teachers that have successfully
completed the rigorous and time-intensive program of the National Board of
Professional Teaching Standards. To achieve the highly esteemed National
Certification, teachers are required to provide a portfolio of information regarding
teaching styles, examples of work performed by students, and successfully pass
an examination. Teachers who gain this certification are provided incentives
including salary and mentoring bonuses.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded to the District a Certificate of Achievement for Excellence in
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LIST OF PRINCIPAL OFFICIALS

ELECTED
Dr. Carol Todd

Term expires November 2014
Mrs. Caroline Zucker, Vice Chair
Mrs. Shirley Brown
Ms. Jane Goodwin
Mr. Frank Kovach, Chair
viii

LIST OF PRINCIPAL OFFICIALS
APPOINTED
Mrs. Lori White
Superintendent
Mr. Scott Lempe
Chief Operations Officer
Mrs. Mitsi Corcoran
Chief Financial Officer
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Organization Chart
June 30, 2011
The School Board of Sarasota County, Florida
xi
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School Board of

FINANCIAL SECTION
Report of Independent Certified Public Accountants

The Honorable Members of the School Board
School Board of Sarasota County, Florida
Sarasota, Florida
We have audited the accompanying financial statements of the governmental activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information
of the School Board of Sarasota County, Florida (the District), as of and for the year ended June 30,
2011, which collectively comprise the Districts basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the Districts management. Our
responsibility is to express opinions on these financial statements based on our audit. We did not
audit the financial statements of the charter schools listed in Note 1, which represent 100 percent of
the transactions and account balances of the aggregate discretely presented component units. Those
financial statements were audited by other auditors whose reports have been provided to us, and our
opinion, insofar as they relate to the amounts included for the Districts aggregate discretely presented
component units, is based 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 the 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and the significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports of other auditors provide a
reasonable basis for our opinions.
In our opinion, based on our audit and the reports of other auditors, the financial statements referred
to above present fairly, in all material respects, the respective financial position of the governmental
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of the School Board of Sarasota County, Florida, as of June 30, 2011, and
the respective changes in financial position and cash flows, where applicable, thereof and the
respective budgeted comparison for the General Fund and the ARRA Economic Stimulus Special
Revenue Fund thereof for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
As discussed in Note 1 to the financial statements, the District restated their inventory balance as of
June 30, 2010. In addition, as discussed in Notes 1 and 12 to the financial statements, the District
adopted the provisions of GASB No. 54 Fund Balance Reporting and Fund Type Definitions.
In accordance with Government Auditing Standards, we have also issued our report dated, January
30, 2012, on our consideration of the Districts 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 and should be considered in assessing
the results of our audit.
Accounting principles generally accepted in the United States of America require that managements
discussion and analysis on pages 3 through 15 and the Schedule of Funding Progress Other
Postemployment Benefits on page 71 be presented to supplement the basic financials 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 managements 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Districts financial statements as a whole. The introductory section,
combining and individual fund financial statements and schedules and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial
statements. The accompanying schedule of expenditures of federal awards is presented for purposes
of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations, and is also not a required part of the basic
financial statements. The combining and individual fund financial 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. The 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.
In our opinion, the information is 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.
Tampa, Florida
January 30, 2012

June 30, 2011
The management of the School Board of Sarasota County, Florida (the District) has prepared the
following discussion and analysis to (a) assist the reader in focusing on significant financial issues; (b)
provide an overview and analysis of the Districts financial activities; (c) identify changes in the
Districts financial position; (d) identify material deviations from the approved budget; and (e) highlight
significant issues in individual funds.
Because the information contained in the Managements Discussion and Analysis (MD&A) is intended
to highlight significant transactions, events and conditions, it should be considered in conjunction with
the Districts financial statements and notes to the basic financial statements.
FINANCIAL HIGHLIGHTS
Key financial highlights for the 2010-11 fiscal year are as follows:
The Districts financial position improved during the fiscal year ended June 30, 2011. In total,
net assets increased by $13,949,699, or 1.6 percent over the course of the year.
General revenues totaled $475,672,359, or 95 percent of all revenues. Program specific
revenues in the form of charges for services, operating grants and contributions, and capital
grants and contributions totaled $26,641,351, or 5 percent. Total revenues decreased from
$514,753,977 in fiscal year 2009-10 to $502,313,710 in fiscal year 2010-11. The change is
primarily attributed to a decrease in per student funding and a decrease in property tax
revenues.
Expenses totaled $488,364,011; only $26,641,351 of these expenses were offset by program
specific charges, with the remainder paid from general revenues. Total revenues exceeded
total expenses by $13,949,699. Total expenses increased $6,493,688 or 1.3 percent, from
$481,870,323 in fiscal year 2009-10. This change is attributed primarily to an increase in
interest paid on long-term debt and for direct instruction due to the full implementation of the
constitutional class size reduction amendment.
The unassigned fund balance of the General Fund, representing the net current financial
resources available for general appropriation by the Board, totaled $37,449,121 at June 30,
2011 or 10.1 percent of total General Fund expenditures.
OVERVIEW OF THE FINANCIAL STATEMENTS
The basic financial statements consist of three components:
Government-wide financial statements
Fund financial statements
Notes to the basic financial statements
In addition, this report presents certain required supplementary information, which includes
managements discussion and analysis.

June 30, 2011
Government-wide Financial Statements
The Government-wide financial statements provide both short-term and long-term information about
the Districts overall financial condition in a manner similar to those of a private-sector business. The
statements include a statement of net assets and a statement of activities that are designed to
provide consolidated financial information about the governmental activities of the Primary
Government presented on the accrual basis of accounting. The statement of net assets provides
information about the governments financial position, its assets and liabilities, using an economic
resources measurement focus. The difference between the assets and liabilities, the net assets, is a
measure of the financial health of the District. The statement of activities presents information about
the change in the Districts net assets, the results of operations, during the fiscal year.
The Government-wide statements present the Districts activities in two categories:
Governmental activities This represents most of the Districts services including its
educational programs: basic, vocational, adult and exceptional education. Support functions
such as transportation and administration are also included. Local property taxes and the
States education finance program provide most of the resources that support these activities.
Component units The District presents nine separate legal entities in this report. Although
legally separate organizations, the component units are included in this report because they
meet the criteria for inclusion provided by generally accepted accounting principles. Eight of
these organizations are charter schools. Financial information for these component units is
reported separately from the financial information presented for the primary government. The
Financing Corporation for the School Board of Sarasota County (Corporation), although also
legally separate, was formed to facilitate financing for the acquisition of facilities and
equipment. Due to the substantive economic relationship between the School Board and the
Corporation, the Corporation is included as an integral part of the primary government. Please
refer to Note 1 to the financial statements for more information on the Districts component
units.
Over a period of time, changes in the Districts net assets are an indication of improving or
deteriorating financial condition. This information should be evaluated in conjunction with other nonfinancial factors, such as changes in the Districts property tax base, student enrollment, and the
condition of the Districts capital assets including its school buildings and administrative facilities.

June 30, 2011
Fund Financial Statements
Fund financial statements are one of the components of the basic 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 uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements and prudent fiscal management.
State law establishes certain funds, while others are created by legal agreements, such as bond
covenants. Fund financial statements provide more detailed information about the Districts financial
activities, focusing on its most significant or major funds rather than fund types. This is in contrast
to the entity-wide perspective contained in the Government-wide statements.
All of the Districts funds may be classified within one of three broad categories:
Governmental Funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the Government-wide financial statements. However, the
governmental funds utilize a spendable financial resources measurement focus rather than the
economic resources measurement focus found in the Government-wide financial statements. This
financial resources measurement focus allows the governmental fund statements to provide
information on near-term inflows and outflows of spendable resources as well as balances of
spendable resources available at the end of the fiscal year. Consequently, the governmental fund
statements provide a detailed short-term view that may be used to evaluate the Districts near-term
financing requirements. This short-term view is useful when compared to the long-term view
presented as governmental activities in the Government-wide financial statements. To facilitate this
comparison, both the governmental funds balance sheet and the governmental funds statement of
revenues, expenditures, and changes in fund balances provide a reconciliation of governmental funds
to governmental activities.
Proprietary Funds. Proprietary funds may be established to account for activities in which a fee is
charged for services. The District maintains one type of proprietary fund, the internal service fund to
account for the Districts self-insurance programs. Since these services predominantly benefit
governmental rather than business-type functions, the internal service funds have been included
within governmental activities in the government-wide financial statements.
Fiduciary Funds. Fiduciary funds are used to report assets held in a trustee or fiduciary capacity for
the benefit of external parties, such as student activity funds. Fiduciary funds are not reflected in the
Government-wide statements because the resources are not available to support the Districts own
programs. In its fiduciary capacity, the District is responsible for ensuring that the assets reported in
these funds are used only for their intended purposes. The District uses agency funds to account for
resources held for student activities and groups.

June 30, 2011
GOVERNMENT- WIDE FINANCIAL ANALYSIS
Net assets may serve over time as a useful indicator of a governments financial position and
provides a perspective of the District as a whole. The following is a summary of the Districts net
assets as of June 30, 2011, compared to net assets as of June 30, 2010:
Net Assets, End of Year
Governmental Activities
6/30/2010
6/30/2011
Restated
Current and other assets
Capital assets, net
Total assets
357,037,452
825,119,730
1,182,157,182
268,997,345
789,495,502
1,058,492,847
Increase
(Decrease)
$ 88,040,107
35,624,228
123,664,335
Percentage
Change
12%
Other liabilities
Long-term liabilities, current
Long-term liabilities, noncurrent
Total liabilities
34,104,333
32,557,620
255,352,866
322,014,819
38,390,637
26,629,505
147,280,041
212,300,183
(4,286,304)
5,928,115
108,072,825
109,714,636
52%
Net assets
Invested in capital assets,
net of related debt
Restricted
Unrestricted
Total net assets
712,540,799
112,329,674
35,271,890
860,142,363
707,136,203
100,112,114
38,944,347
846,192,664
5,404,596
12,217,560
(3,672,457)
$ 13,949,699
2%
The largest portion of the Districts net assets (83 percent) reflects its investment in capital assets
(e.g., land, buildings, furniture and equipment), less any related debt still outstanding. The District
uses these capital assets to provide services to students; consequently, these assets are not
available for future spending.
The restricted portion of the Districts net assets (13 percent) represents resources that are subject to
external restrictions on how they may be used. The unrestricted net assets (4 percent) may be used
to meet the governments ongoing obligations to students, employees, and creditors.

June 30, 2011
The key elements of the changes in the Districts net assets for the fiscal years ended June 30, 2011
and June 30, 2010, are shown in the following table and graphs:
6/30/2010
Increase
Restated
(Decrease)
6/30/2011
Revenues:
Program revenues
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues
Property taxes - general
Property taxes - capital projects
Local sales taxes
Grants and contributions not restricted
to specific programs
Miscellaneous
Unrestricted investment earnings
Total revenues
Expenses:
Instruction
Pupil personnel services
Instructional media services
Instruction and curriculum development services
Instructional staff training services
Instruction related technology
Board of education
General administration
School administration
Facility services - non-capitalized
Fiscal services
Food services
Central services
Pupil transportation services
Operation of plant
Maintenance of plant
Administrative technology services
Community services
Interest on long-term debt
Total expenses
Increase in net assets
Beginning net assets
Ending net assets
9,679,674
10,412,253
6,549,424
10,400,183
9,967,097
6,078,399
Percentage
Change
(720,509)
445,156
471,025
-7%
4%
8%
276,860,927
64,915,896
13,295,558
282,106,749
71,468,723
12,880,581
(5,245,822)
(6,552,827)
414,977
-2%
-9%
3%
109,899,786
8,938,210
1,761,982
502,313,710
112,699,479
6,498,942
2,653,824
514,753,977
(2,799,693)
2,439,268
(891,842)
(12,440,267)
-2%
38%
-34%
-2%
296,690,439
28,732,840
5,386,832
3,844,308
5,378,038
1,373,380
1,126,670
2,951,442
17,484,966
13,136,595
2,051,350
16,391,007
6,455,528
19,524,334
35,436,543
17,949,420
2,080,924
2,457,531
9,911,864
488,364,011
292,676,391
28,441,735
5,294,666
3,677,673
5,137,212
1,396,745
2,021,403
3,694,955
17,856,861
13,279,770
2,085,840
16,448,547
6,214,941
19,525,725
36,822,811
17,342,439
2,414,933
1,771,570
5,766,106
481,870,323
4,014,048
291,105
92,166
166,635
240,826
(23,365)
(894,733)
(743,513)
(371,895)
(143,175)
(34,490)
(57,540)
240,587
(1,391)
(1,386,268)
606,981
(334,009)
685,961
4,145,758
6,493,688
1%
1%
2%
5%
5%
-2%
-44%
-20%
-2%
-1%
-2%
0%
4%
0%
-4%
3%
-14%
39%
72%
1%
13,949,699
32,883,654
(18,933,955)
-58%
846,192,664
$ 860,142,363
813,309,010
846,192,664
32,883,654
13,949,699

June 30, 2011
Revenues by Source Governmental Activities in Millions of Dollars
400.00
342
350.00
354
300.00
250.00
200.00
133
150.00
135
100.00
50.00
10
10
10
10
0.00
Charges for Services
Operating Grants
Capital Grants
2011
Property Taxes
Other
2010
Expenses Governmental Activities in Millions of Dollars

`
300.00
297
293
250.00
200.00
150.00
100.00
53
50.00
20
22
20
20
29
13
13
28
16
54
40
36
16
0.00
Instruction
Administration
Transportation
Services
Facility Services Pupil Personnel

Services
2011
Food Services
Plant
Other
2010
Overall total revenues decreased by 2 percent from the fiscal year ended June 30, 2010. Revenue
decreases are primarily due to decreases in charges for services and in property taxes. The
decrease in charges for services is due to less collection in the Districts workforce development
programs. Decreases in property taxes relates to the decline in property values.
Total expenses increased by $6,493,688, or 1 percent from the fiscal year ended June 30, 2010.
Increases in the amount spent on direct instruction and interest on long-term debt make up this
increase.
8

June 30, 2011
FINANCIAL ANALYSIS OF THE DISTRICTS FUNDS
The District completed the year with a total governmental fund balance of $300,291,649, an increase
of $93,507,948 over last years ending fund balance of $206,783,701. The increase is primarily due
to the balance of unspent proceeds related to the issuance of the Certificates of Participation, Series
2010A and 2010B.
Major Governmental Funds
General Fund
The General Fund is the primary operating fund for the District. Presented below is an overall
analysis of the General Fund as compared to the prior year:
Revenue
$
Other financing sources
Beginning fund balance
Increase (decrease) in inventory reserve
Total
Expenditures
Other financing uses
Ending fund balance
Total
6/30/2011
347,550,711
21,543,723
66,843,311
(5,161)
435,932,584
370,413,987
698,812
64,819,785
$
6/30/2010
356,583,099
22,299,659
59,030,875
3,050
437,916,683
Increase
(Decrease)
$
(9,032,388)
(755,936)
7,812,436
(8,211)
$
370,408,191
665,181
66,843,311
435,932,584
437,916,683
Percentage
Change
-3%
-3%
13%
-269%
(1,984,099)
0%
5,796
33,631
(2,023,526)
0%
5%
-3%
(1,984,099)
0%
The Districts ending fund balance decreased by $2,023,526 or 3 percent. This decrease is attributed
to a decrease in revenue, as expenditures changed by less than 1 percent.

June 30, 2011
Revenues Overall revenues decreased by $9,032,388 or 3 percent as follows:
Composition of Revenues
In Millions of Dollars 2011
Revenues By Source - General Fund
Federal
State
Local
6/30/2011
$
2,049,249
61,919,491
283,581,971
6/30/2010
$
2,307,032
64,246,715
290,029,352
Increase
(Decrease)
$
(257,783)
(2,327,224)
(6,447,381)
Percentage
Change
-11%
-4%
-2%
Total
$ 347,550,711
$ (9,032,388)
-3%
356,583,099
80
50
Federal
State
Federal
Local
State
Local
Federal sources decreased by $257,783, or 11 percent, mainly attributed to a reduction in Medicaid

funding.
State sources decreased by $2,327,224, or 4 percent, mainly attributed to the reduction in per student
funding from the Florida Department of Education.
Local sources decreased by $6,447,381, or 2 percent, mainly as a result of a decrease in property tax
general revenues of $5,245,822.
Expenditures - Total General Fund expenditures increased by $5,796 from $370,408,191 to
$370,413,987 for the fiscal year ended June 30, 2011. This increase is less than 1 percent. No cost
of living increases in salaries and various cuts in positions are the primary reason expenditures
remained consistent with the prior year.
Composition of General Fund Expenditures In
Millions of Dollars - 2011
79
237
34
2
1
17
Instruction
Transportation
Instruction Related Technology
Training
Operation of Plant
Other
10

June 30, 2011
Expenditures By Function - General Fund
6/30/2011
Instruction
Instructional staff training
services
6/30/2010
$ 236,828,230
235,158,823
Increase
Percentage
(Decrease)
Change
1,669,407
1%
1,499,776
1,345,412
154,364
11%
16,953,964
16,880,591
73,373
0%
Operation of plant
34,390,694
35,903,603

Other
Total
(1,512,909)
-4%
1,359,233
1,374,051
(14,818)
-1%
79,382,090
79,745,711
(363,621)
0%
$ 370,413,987
370,408,191
5,796
0%
ARRA Economic Stimulus Funds

The ARRA Economic Stimulus Funds are used to account for Federal program revenues and
expenditures related to the American Recovery and Reinvestment Act. Since Federal revenue is
recognized to the extent that eligible expenditures have been incurred, these funds do not
accumulate a fund balance. An overall analysis of the Districts Special Revenue ARRA Economic
Stimulus Funds expenditures is presented below:
Expenditures By Function - Special Revenue ARRA Economic Stimulus Funds
6/30/2011
Current:
Instruction
Instruction and curriculum development
Instructional related technology
Fiscal services
Central services
Operation of plant
Capital Outlay:
Facilities acquisition and construction
Total
16,737,252
4,283,756
157,373
213,204
353,879
2,000
65,033
18,552
51,310
4,725
799,035
46,824
22,732,943
11
6/30/2010
$
Increase
(Decrease)
Percentage
Change
16,327,052
4,117,790
157,395
420,566
998,550
116,420
79,007
2,061
822,168
410,200
165,966
(22)
(207,362)
(644,671)
2,000
(51,387)
(79,007)
18,552
51,310
2,664
(23,133)
3%
4%
0%
-49%
-65%
100%
-44%
-100%
100%
100%
129%
-3%
23,041,009
46,824
$ (308,066)
100%
-1%

June 30, 2011
Debt Service Other Debt Service Fund
An overall analysis of the Districts Other Debt Service Fund is presented below:
Revenue
Total
6/30/2011
$
42,155
21,864,022
862,099
$ 22,768,276
6/30/2010
$
23,388
25,158,157
842,409
$
26,023,954
Expenditures
Ending fund balance
Total
$ 21,864,977
903,299
$ 22,768,276
25,147,928
13,927
862,099
26,023,954
Increase
(Decrease)
$
18,767
(3,294,135)
19,690
$ (3,255,678)
Percentage
Change
80%
-13%
2%
-13%
$ (3,282,951)
(13,927)
41,200
$ (3,255,678)
-13%
100%
5%
-13%
Debt Service ARRA Economic Stimulus Debt Service Fund

This fund is used to account for the accumulation of resources for and the payment of, sinking fund,
interest and related costs on the Certificates of Participation, Series 2010A Qualified School
Construction Bonds. This is the first year for this fund. Revenues in this fund are an interest rebate
received from the Internal Revenue Service. The fund balance represents amounts placed into the
sinking fund to pay the debt when due. Interest payments are made twice a year.
Capital Projects Local Capital Improvement Tax Fund
An overall analysis of the Districts Capital Projects Local Capital Improvement Tax Fund is
presented below:
Revenue
Total
Expenditures
Ending fund balance
Total
6/30/2011
65,421,134
2,781,361
56,386,128
$ 124,588,623
6/30/2010
72,583,943
948,464
57,900,303
$ 131,432,710
16,413,252
42,066,106
66,109,265
$ 124,588,623
30,049,164
44,997,418
56,386,128
131,432,710
Increase
(Decrease)
$ (7,162,809)
1,832,897
(1,514,175)
$ (6,844,087)
Percentage
Change
-10%
193%
-3%
-5%
$ (13,635,912)
(2,931,312)
9,723,137
$ (6,844,087)
-45%
-7%
17%
-5%
During the fiscal year 2011, revenue in the Capital Projects Local Capital Improvement Tax Fund
decreased by $7,162,809, or 10 percent. This was due to the decrease in property tax revenue. The
increase in other financing sources was due to the inception of a capital lease in the current year.
Expenditures decreased by $13,635,912, or 45 percent. Use of the new Certificates of Participation
money instead of Local Capital Improvement Tax Fund to rebuild two high schools is the primary
reason for the decrease.
12

June 30, 2011
Capital Projects - Other Capital Projects Fund
The Districts other capital projects fund is primarily used to report revenues and expenditures from
sales tax collections and expenditures from the Districts Series 2009 and Series 2010B Certificates
of Participation issuance. An overall analysis of this fund is presented below:
Revenue
Total
6/30/2011
$ 20,353,120
86,702,298
80,348,349
$ 187,403,767
Expenditures
Ending fund balance
Total
$ 55,776,436
5,254,670
126,372,661
$ 187,403,767
$
$
6/30/2010
17,034,284
1,776,491
96,526,947
115,337,722
32,452,181
2,537,192
80,348,349
115,337,722
Increase
(Decrease)
$
3,318,836
84,925,807
(16,178,598)
$ 72,066,045
$
23,324,255
2,717,478
46,024,312
72,066,045
Percentage
Change
19%
4781%
-17%
62%
72%
107%
57%
62%
Other financing sources increased by $84,925,807 primarily due to the issuance of the Series 2010B
Certificates of Participation in September 2010. Expenditures increased by $23,324,255 due to
project construction for the rebuilds of Venice and Booker High Schools.
ARRA Economic Stimulus Capital Projects
The Districts ARRA Economic Stimulus Capital Project fund is used to report the revenues and
expenditures from the Districts Series 2010A Certificates of Participation Qualified School
Construction Bonds. Bond proceeds in the current year were $43,026,000 with expenditures for
Booker High School construction of $5,992,093.
GENERAL FUND BUDGETARY HIGHLIGHTS
During the fiscal year, the District revised its budget and brought two amendments to the Board.
These amendments were needed to adjust to actual revenues and direct resources where needed.
The original budget was prepared on a conservative basis as the State was predicting additional
budget cuts and State revenue dollars were under projections for fiscal year 2011. The Board
approves the final amendment to the budget after year-end. Budgeted expenditures decreased
$3,487,018 from the original budget to the final amended budget. The decreases were due in part to,
a hiring freeze and an aggressive energy savings program. Actual expenditures were $3,711,398
below the final amended expenditure budget.
13

June 30, 2011
CAPITAL ASSETS AND LONG-TERM DEBT
At June 30, 2011, the District had $825,119,730 invested in a broad range of capital assets, including
land, buildings and improvements, and equipment. This amount represents a net increase (including
additions, deductions and depreciation) of $35,624,228 or 5 percent, from last fiscal year due, in part,
to the completion of part of the rebuild of the Sarasota County Technical Center.
6/30/2011
Capital assets not being depreciated:
Land
$
Land improvements
Construction in progress
Capital assets being depreciated:
Improvements other than buildings
Buildings and fixed equipment
Furniture, fixtures and equipment and
Audio visual materials
Motor vehicles
Equipment under capital leases
Computer software
Total Capital Assets
Less accumulated depreciation
Total Capital Assets, net
6/30/2010
30,983,697
67,968,886
41,865,008
Percentage
Change
1,128,063
1,242,086
2,470,962
4%
2%
6%
50,177,678
818,241,205
49,108,527
773,839,758
1,069,151
44,401,447
2%
6%
63,975,470
29,345,792
20,726,256
2,583,108
66,339,232
28,113,826
10,555,591
2,409,232
(2,363,762)
1,231,966
10,170,665
173,876
-4%
4%
96%
7%
1,125,867,100
1,066,342,646
59,524,454
6%
(23,900,226)
9%
35,624,228
5%
(300,747,370)
$
29,855,634
66,726,800
39,394,046
Change
825,119,730
(276,847,144)
$
789,495,502
Detailed information regarding the Districts capital asset balances and activity for the fiscal year
ended June 30, 2011, is provided in Note 5 to the basic financial statements.
14

June 30, 2011
Long-Term Debt
At June 30, 2011, the District had $237,169,479 in bonds payable, obligations under capital leases,
and certificates of participation versus $123,118,414 last fiscal year, an increase of 93 percent. A
summary of the long-term debt obligations are listed in the following table:
6/30/2011
Obligations under capital leases
State school bonds
Race track revenue bonds
Qualified academy zone bonds
Certificates of participation
Total
Increase
(Decrease)
6/30/2010
Percentage
Change
15,459,885
13,758,438
710,005
1,299,696
205,941,455
8,179,843
12,959,873
1,114,430
1,299,696
99,564,572
7,280,042
798,565
(404,425)
106,376,883
89%
6%
-36%
0%
107%
237,169,479
123,118,414
114,051,065
93%
The Districts increase in debt is due to two new lease agreements with Hewlett Packard for new
desktop and laptop computers for several schools and the issuance of the Series 2010A and 2010B
Certificates of Participation.
The District has been given the following ratings for the 2010 Certificates of Participation:
Certificates of Participation
Standard & Poor's
Moody's
Fitch IBCA
AAAa2
AA
For more details concerning long-term debt, refer to Notes 7 to 11 in the basic financial statements.
REQUESTS FOR INFORMATION

This financial report is designed to provide our citizens, taxpayers, and investors and creditors with a
general overview of the Districts finances and to demonstrate compliance and accountability for its
resources. Questions concerning any of the information provided in this report or requests for
additional information should be addressed to Mitsi Corcoran, Chief Financial Officer, 1960 Landings
Boulevard, Sarasota, Florida 34231.
15
BASIC FINANCIAL
STATEMENTS
16

June 30, 2011
Assets
Cash and cash equivalents
Investments
Accounts receivable
Deposits receivable
Due from other governmental agencies
Due from related parties
Inventories
Prepaid items
Deferred charges
Other
Capital assets:
Nondepreciable
Depreciable, net
Total assets
Liabilities
Accounts payable and other current liabilities
Due to other governmental agencies
Matured debt payable
Matured interest payable
Accrued interest payable
Unearned revenue
Portion due within one year:
Notes payable
Bonds payable
Certificates of participation payable
Liability for compensated absences
Estimated insurance claims payable
Early retirement incentive payable
Portion due in more than one year:
Notes payable
Bonds payable
Interest rate swap
Postemployment healthcare benefits payable
Total liabilities
Net assets
Invested in capital assets, net of related debt
Restricted for:
Capital projects
Debt service
Food service
State categorical programs
Unrestricted
Total net assets
The accompanying notes are an integral part of the basic financial statements.
17
Primary
Government
Component
Units
Governmental
Activities
Charter
Schools
344,126,030
4,984,217
433,544
75,000
2,657,546
1,411,958
2,082,600
1,266,557
-
7,277,140
354,823
433,926
278,175
312,491
433,533
764,096
260,483
140,817,591
684,302,139
4,931,489
16,145,920
1,182,157,182
31,192,076
11,253,209
4,573,121
11,799,000
4,764,025
545,242
1,169,736
2,053,186
581
-
1,520,000
4,029,383
12,935,000
10,830,717
2,748,772
493,748
373,165
160,000
189,476
1,500
-
14,248,139
11,430,502
193,006,455
23,635,268
4,840,869
1,027,858
7,163,775
322,014,819
3,132,574
16,439,293
550,952
8,325
13,198
22,922,250
712,540,799
3,816,897
105,956,576
3,901,245
1,744,810
727,043
35,271,890
107,310
3,786
4,341,833
860,142,363
8,269,826

Functions/Programs
Primary government:
Governmental activities:
Instruction
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Total primary government
Charges for
Services
Expenses
296,690,439
28,732,840
5,386,832
3,844,308
5,378,038
1,373,380
1,126,670
2,951,442
17,484,966
13,136,595
2,051,350
16,391,007
6,455,528
19,524,334
35,436,543
17,949,420
2,080,924
2,457,531
9,911,864
488,364,011
Component units:
Charter schools
Total component units
2,994,646
6,195,344
489,684
9,679,674
35,921,221
35,921,221
Program Revenues
Operating
Grants and
Contributions
10,412,253
10,412,253
4,591,029
1,958,395
6,549,424
122,831
6,230,901
1,565,677
122,831
6,230,901
1,565,677
General revenues:
Property taxes, levied for general purposes
Property taxes, levied for capital projects
Local sales taxes
Grants and contributions not restricted to specific programs
Miscellaneous
Total general revenues
Change in net assets
Total net assets, beginning of year, restated
Total net assets, end of year
18
Capital
Grants and
Contributions
Net (Expense) Revenue and

Changes in Net Assets
Primary Government
Component Units
Governmental
Charter
Activities
Schools
(293,695,793)
(28,732,840)
(5,386,832)
(3,844,308)
(5,378,038)
(1,373,380)
(1,126,670)
(2,951,442)
(17,484,966)
(8,545,566)
(2,051,350)
216,590
(6,455,528)
(19,034,650)
(35,436,543)
(17,949,420)
(2,080,924)
(2,457,531)
(7,953,469)
(461,722,660)
(28,001,812)
(28,001,812)
276,860,927
64,915,896
13,295,558
109,899,786
8,938,210
1,761,982
475,672,359
28,033,929
566,281
28,600,210
13,949,699
598,398
846,192,664
$
860,142,363
7,671,428
$
8,269,826
19

Balance Sheet
Governmental Funds
June 30, 2011
Special Revenue ARRA
Economic
Stimulus
General
Fund
Assets
Investments
Accounts receivable
Due from other funds
Due from internal funds
Prepaid items
Inventories
Total assets
Liabilities and fund balances
Liabilities:
Salaries and wages payable
Payroll deductions and withholdings payable
Accounts payable
Construction contracts payable
Deposits payable
Due to other funds
Deferred revenue
Total liabilities
Fund balances:
Nonspendable
Restricted
Assigned
Unassigned
Total fund balances
Total liabilities and fund balances
66,235,773
1,103,990
247,453
1,622,449
124,469
542,706
1,981,821
1,040,552
72,899,213
1,044,946
1,125,885
1,279,151
16,000
66,890
4,545,356
1,200
8,079,428
3,022,373
4,463,012
19,885,279
37,449,121
64,819,785
$
72,899,213
763
91,562
121,125
213,450
20
3,328
37
210,085
213,450
Debt Service Funds

ARRA
Other
Economic
Debt Service
Stimulus
213,450
15,445,353
903,299
20,422
16,369,074
14,365
11,780,000
3,671,410
15,465,775
903,299
903,299
$
16,369,074
1,057,876
2,535,807
3,593,683
1,062,742
1,062,742
2,530,941
2,530,941
$
3,593,683
Local Capital
Improvement
Tax
$
Capital Projects Funds

Other
Capital
Projects
69,694,385
1,290,391
30,494
71,015,270
971,584
808,252
3,126,169
4,906,005
66,109,265
66,109,265
$
71,015,270
ARRA
Economic
Stimulus
129,075,629
898,733
12,685
61,563
88,898
130,137,508
575,525
3,170,291
19,031
3,764,847
88,898
119,954,398
6,329,365
126,372,661
$
130,137,508
Nonmajor
Governmental
Funds
38,239,266
993
38,240,259
138,588
1,298,164
4,866
1,441,618
36,798,641
36,798,641
$
38,240,259
Total
Governmental
Funds
2,905,718
397,845
182,413
1,812,698
371,406
5,670,080
241,270
429,174
1,025,170
19,000
29,873
1,168,536
2,913,023
371,406
2,385,651
2,757,057
$
21
5,670,080
322,654,000
4,597,586
260,138
4,362,121
124,469
2,657,546
2,070,719
1,411,958
338,138,537
1,286,979
1,125,885
3,499,949
5,276,707
16,000
4,363,251
4,545,356
11,799,000
4,764,025
1,169,736
37,846,888
3,482,677
233,145,207
26,214,644
37,449,121
300,291,649
$
338,138,537
This page was intentionally left blank.
22

Reconciliation of the Balance Sheet of Governmental Funds to the
June 30, 2011
Total fund balances - governmental funds
$ 300,291,649
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets, net of accumulated depreciation, used in governmental activities are not
financial resources, and therefore, are not reported as assets in governmental funds.
825,119,730
Debt issuance costs and underwriter's discounts are not expensed in the government-wide
statements, but are reported as deferred charges, and amortized over the life of the debt in
the statement of activities.
1,266,557
Interest on long-term debt is accrued as a liability in the government-wide statements, but is

not recognized in the governmental funds until due.
(545,242)
Long-term liabilities, including bonds payable, are not due and payable in the current period,
and therefore, are not reported in the funds. Long-term liabilities at year-end consist of:
Bonds payable
Liability for compensated absences (net of $150,726 related to the internal service funds)
Postemployment healthcare benefits payable
(15,768,139)
(15,459,885)
(205,941,455)
(34,315,259)
(1,521,606)
(7,163,775)
Internal service funds are used by the District to charge the costs of certain activities such
as insurance to individual funds. The assets and liabilities of internal service funds are
included in governmental activities in the statement of net assets.
14,179,788
$ 860,142,363
Total net assets of governmental activities
23

Governmental Funds
General
Fund
Revenues
Federal direct
Federal through state
State sources
Local sources:
Property taxes levied for operational purposes
Property taxes levied for capital projects
Sales tax collections
Impact fee collections
Other local revenue
Total revenues
Expenditures
Current:
Instruction
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Capital outlay:
Other capital outlay
Debt service:
Principal
Interest
Dues and fees
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses)
Issuance of certificates of participation
Premium on sale of certificates of participation
Inception of capital leases
Issuance of bonds
Premium on bonds
Sale of capital assets
Insurance loss recoveries
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balance - beginning, restated
Increase (decrease) in inventory reserve
Fund balance - ending
344,110
1,705,139
61,919,491
Special Revenue ARRA

Economic
Stimulus
$
22,732,943
-
Debt Service Funds

ARRA
Other
Economic
Debt Service
Stimulus
$
1,738,967
-
276,860,927
2,994,646
3,726,398
347,550,711
22,732,943
42,155
42,155
63
1,739,030
236,828,230
21,574,289
5,166,613
2,691,469
1,499,776
1,359,233
1,111,754
1,683,763
17,362,885
250
2,007,119
39,850
5,861,230
16,953,964
34,390,694
17,444,372
2,069,903
1,699,760
16,737,252
4,283,756
157,373
213,204
353,879
2,000
65,033
18,552
51,310
4,725
799,035
-
668,833
-
46,824
-
370,413,987
22,732,943
14,754,613
7,105,264
5,100
21,864,977
1,771,237
1,771,237
(22,863,276)
(21,822,822)
12,861
21,530,862
(698,812)
20,844,911
21,864,022
21,864,022
2,563,148
(2,018,365)
41,200
2,530,941
66,843,311
(5,161)
862,099
-
64,819,785
24
903,299
(32,207)
2,563,148
2,530,941

Local Capital
Improvement
Tax
$
ARRA
Economic
Stimulus
Other Capital
Projects
-
1,896,572
Nonmajor
Governmental
Funds
-
1,542,216
30,226,439
4,692,364
Total
Governmental
Funds
$
3,625,293
54,664,521
68,508,427
64,915,896
505,238
65,421,134
13,295,558
698,860
4,462,130
20,353,120
34,409
34,409
6,148,206
1,115,046
43,724,271
276,860,927
64,915,896
13,295,558
9,142,852
698,860
9,885,439
501,597,773
7,363,494
-
4,934,298
-
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
16,165,935
82,694
300,040
743,149
266,581,120
28,493,209
5,359,753
3,788,923
5,340,332
1,363,247
1,111,754
2,653,620
17,381,348
12,490,422
2,025,671
16,205,785
5,995,234
17,258,729
35,189,729
17,444,372
2,069,903
2,442,909
9,047,143
-
50,198,975
-
5,992,093
2,217,009
244,600
68,170,877
244,600
2,615
16,413,252
643,163
55,776,436
161,508
6,153,601
1,455,000
650,700
17,375
43,051,679
16,209,613
9,527,201
829,761
538,178,112
49,007,882
(35,423,316)
(6,119,192)
2,781,361
(42,066,106)
(39,284,745)
70,070,000
5,528,547
10,254,654
10,000
839,097
(5,254,670)
81,447,628
43,026,000
(108,167)
42,917,833
9,723,137
46,024,312
36,798,641
56,386,128
-
80,348,349
-
66,109,265
126,372,661
672,592
1,745,000
145,198
(2,149,547)
(259,349)
36,798,641
113,096,000
5,528,547
10,254,654
1,745,000
145,198
10,000
12,861
49,578,490
(50,277,302)
130,093,448
413,243
(36,580,339)
93,513,109
2,343,814
$
2,757,057
25
206,783,701
(5,161)
$
300,291,649

Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Net change in fund balances - total governmental funds
93,513,109
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of
activities, the cost of those assets is allocated over their estimated useful lives as
depreciation expense. This is the amount by which capital outlays exceed depreciation
expense in the current period.
Capital Outlay
Less, Depreciation Expense
68,415,477
(32,553,955)
35,861,522
The loss on disposal of capital assets during the current period is reported in the
statement of activities. In the government funds, the costs of these assets was
recognized as an expenditure in the year purchased. Thus the change in net assets
differs from the change in fund balances by the undepreciated cost of the disposed
assets.
Debt proceeds provide current financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net assets.
Certificates of Participation, Series 2010A
Certificates of Participation, Series 2010B
State Board of Education Bonds, Series 2010
Capital Leases
(237,294)
(43,026,000)
(70,070,000)
(1,745,000)
(10,254,654)
(125,095,654)
Repayment of debt principal is an expenditure in the governmental funds, but the

repayment reduces long-term liabilities in the statement of net assets. This is the amount
of repayments.
Certificates of Participation
State School Bonds
Racetrack Bonds
Capital Leases
11,780,000
1,055,000
400,000
2,974,613
16,209,613
Issuance costs and premiums on new debt issues are reported when issued as
expenditures and other financing sources in the governmental funds, but are deferred and
amortized as expenses over the life of the debt in the statement of activities.
Deferred Charges:
Current Year
Less, Prior Year
Net Increase in Expenses from Deferred Charges
Unamortized Difference Between Old and New Debt:
Current Year
Less, Prior Year
Net Increase in Revenue from Difference Between Old and New Debt
Unamortized Premiums:
Prior Year
Less, Current Year
Net Reduction in Expenses from Unamortized Premiums
1,266,557
682,039
584,518
314,329
336,410
1,365,284
6,508,229
(22,081)
(5,142,945)
The net change in the liability for early retirement benefits is reported in the governmentwide statements but not in the governmental funds until due.
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
Less, Current Year
Net Increase in Expenses from Accrued Interest Payable
508,734
425,341
545,242
(119,901)
In the statement of activities, the cost of compensated absences is measured by the

amounts earned during the year, while in the governmental funds expenditures are
recognized based on the amounts actually paid for leave used. This is the net amount of
vacation and sick leave earned in excess of the amount used in the current period, net of
the amount recorded in the internal service funds.
976,082
Internal service funds are used by management to charge the cost of insurance to
individual funds. The net revenue of internal service funds is reported with governmental
activities.
(1,743,316)
Certain expenses are recognized in the government-wide statements that are not
recognized in the governmental funds until due.
(5,209)
The net change in the liability for postemployment healthcare benefits is reported in the
government-wide statements, but not in the governmental fund statements
Change in net assets of governmental activities
(1,337,479)
$
26
13,949,699

Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General Fund
Actual
Amounts
Budgeted Amounts
Original
Final
Revenues
Federal direct
State sources
Local sources:
Property taxes levied for operational purposes
Other local revenue
Total revenues
Expenditures
Current:
Instruction
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Capital outlay:
Total expenditures
Deficiency of revenues under expenditures
Transfers in
Transfers out
Net change in fund balance
323,374
1,163,250
63,514,592
345,374
1,733,499
62,032,051
344,110
1,705,139
61,919,491
Variance with
Final Budget Positive
(Negative)
$
(1,264)
(28,360)
(112,560)
274,235,658
3,454,517
4,690,940
347,382,331
275,559,044
3,454,517
4,690,940
347,815,425
276,860,927
2,994,646
3,726,398
347,550,711
1,301,883
(459,871)
(964,542)
(264,714)
242,296,497
22,007,231
5,137,578
2,194,346
1,442,521
1,445,470
1,472,811
2,125,277
17,983,166
2,022,865
73,669
5,550,847
16,988,911
36,403,034
17,021,891
2,367,767
1,078,522
237,394,411
22,236,975
5,375,624
2,691,488
1,574,774
1,395,372
1,472,812
1,890,238
17,592,991
250
2,022,865
73,669
5,873,137
16,988,911
34,391,473
17,644,439
3,116,928
1,720,195
236,828,230
21,574,289
5,166,613
2,691,469
1,499,776
1,359,233
1,111,754
1,683,763
17,362,885
250
2,007,119
39,850
5,861,230
16,953,964
34,390,694
17,444,372
2,069,903
1,699,760
566,181
662,686
209,011
19
74,998
36,139
361,058
206,475
230,106
15,746
33,819
11,907
34,947
779
200,067
1,047,025
20,435
377,612,403
668,833
374,125,385
668,833
370,413,987
3,711,398
(30,230,072)
(26,309,960)
(22,863,276)
3,446,684
21,106,466
(698,812)
20,407,654
21,630,862
(698,812)
20,932,050
12,861
21,530,862
(698,812)
20,844,911
(5,377,910)
(2,018,365)
(9,822,418)
Fund balance - beginning

Increase in inventory reserve
66,843,311
(5,161)
$ 64,819,785
27
12,861
(100,000)
(87,139)
$
3,359,545

Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Special Revenue - ARRA Economic Stimulus Fund
Actual
Amounts
Budgeted Amounts
Original
Final
Revenues
Total revenues
Expenditures
Current:
Instruction
Fiscal services
Central services
Operation of plant
Capital outlay:
Facilities acquistion and construction
Total expenditures
Excess of revenues over expenditures
22,121,362
22,121,362
22,732,943
22,732,943
$ 22,732,943
22,732,943
15,049,914
3,810,519
157,373
633,156
1,577,020
74,472
818,908
16,737,252
4,283,756
157,373
213,204
353,879
2,000
65,033
18,552
51,310
4,725
799,035
16,737,252
4,283,756
157,373
213,204
353,879
2,000
65,033
18,552
51,310
4,725
799,035
22,121,362
46,824
22,732,943
46,824
22,732,943
Variance with
(Negative)
28

Statement of Fund Net Assets
Proprietary Funds
June 30, 2011
Governmental
Activities Internal Service
Funds
Assets
Current assets
Accounts receivable
Investments
Deposits receivable
Prepaid items
Total current assets
Total assets
Liabilities and net assets
Current liabilities
Accounts payable
Due to other funds
21,472,030
48,937
386,631
75,000
1,535
11,881
21,996,014
21,996,014
47,689
405
27,765
279,272
Total current liabilities
355,131
Long-term liabilities
150,726
7,310,369
Total long-term liabilities
7,461,095
Total liabilities
7,816,226
Net assets
Unrestricted
Total net assets
14,179,788
14,179,788
Total liabilities and net assets
29
21,996,014

Statement of Revenues, Expenses and Changes in Fund Net Assets
Proprietary Funds
Governmental
Activities
Internal Service
Funds
Operating revenues
2,685,962
Other
Total operating revenues
61,410
2,747,372
Operating expenses
Salaries
Employee benefits
Purchased services
Materials and supplies
Insurance claims
Total operating expenses
329,631
86,151
665,270
1,639
4,269,085
5,351,776
Operating loss
(2,604,404)
Nonoperating revenues
Investment income
162,276
Income before transfers
(2,442,128)
Transfer in
698,812
(1,743,316)
Total net assets - beginning
15,923,104
Total net assets - ending
30
14,179,788

Statement of Cashflows
Proprietary Funds
Governmental
Activities
Internal Service
Funds
Operating activities
Cash receipts from interfund services provided
Cash payments to suppliers
Cash payments to employees
Cash payments for insurance claims
Cash receipts for other
Net cash used by
operating activities
2,685,962
(695,680)
(402,243)
(4,182,140)
12,473
(2,581,628)
Noncapital financing activities

Transfer from other funds
Net cash provided by noncapital
financing activities
698,812
698,812
Investing activities
Proceeds from the sale and maturities of investments
Investment income received
Net cash provided by investing activities
129,679
63,084
192,763
Net decrease in cash
(1,690,053)
Cash and cash equivalents - Beginning of year
23,162,083
Cash and cash equivalents - End of year

Reconciliation of operating loss to net cash
used by operating activities
Operating loss
Adjustments to reconcile operating loss
to net cash used by operating activities:
(Increase) in accounts receivable
Increase in liability for compensated absences
(Decrease) in accounts payable
Increase in due to other funds
Increase in due to other governmental agencies
Increase in estimated insurance claims payable
Total adjustments
21,472,030
(2,604,404)
(48,937)
10,216
(28,771)
146
3,177
86,945
22,776
Net cash used by operating activities
Noncash investing activities:

Net increase in the fair value of investments
31
(2,581,628)
192,763

Statement of Fiduciary Assets and Liabilities
Fiduciary Funds
June 30, 2011
Agency Funds
School Internal
Accounts
Assets
Accounts receivable, net of allowance of $60,545
Inventories
5,110,121
175,527
194,173
5,479,821
Accounts payable
Internal accounts payable
55,912
5,423,909
Total liabilities
5,479,821
Total assets
Liabilities
32

Notes to the Basic Financial Statements
June 30, 2011
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity
The School Board of Sarasota County, Florida, (the District) has direct
responsibility for operation, control, and supervision of District schools and
is considered a primary government for financial reporting. The Sarasota
County School District is considered part of the Florida system of public
education. The governing body of the school district is the Sarasota
County District School Board (Board) that is composed of five elected
members. The appointed Superintendent of Schools is the executive
officer of the School Board. Geographic boundaries of the District
correspond with those of Sarasota County.
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 District School
Board is financially accountable and other organizations for which the
nature and significance of their relationship with the School Board are such
that exclusion would cause the District's basic financial statements to be
misleading or incomplete.
Based on the application of these criteria, the following component units
are included within the District School Board's reporting entity:
Blended Component Unit The Financing Corporation for the School

Board of Sarasota County (Corporation), was founded to facilitate
financing for the acquisition of facilities and equipment as further
discussed in Note 8. Due to the substantive economic relationship
between the Sarasota County District School Board and the
Corporation, the financial activities of the Corporation are included in
the accompanying basic financial statements. Separate financial
statements for the Corporation are not published.
Discretely Presented Component Units The component units columns in

the government-wide financial statements include the financial data of
the District's other component units. For financial reporting purposes,
eight charter schools are included in the financial statements of the
District as discretely presented component units. These schools
operate under a charter approved by their sponsor, the Board, and are
considered to be component units of the District since they are fiscally
dependent on the District to levy taxes for them. The component units
are as follows:
33

Notes to the Basic Financial Statements (continued)
June 30, 2011
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Island Village Montessori Charter School, Inc., Sarasota Suncoast
Academy, Inc., Student Leadership Academy of Venice, Inc., Sarasota
Military Academy, Inc., Sarasota School of Arts and Sciences, Inc., and
Suncoast School for Innovative Studies, Inc., (charter schools) are
separate not-for-profit corporations organized pursuant to Chapter 617,
Florida Statutes, and Section 1002.33, Florida Statutes. Imagine
School at Sarasota, LLC, doing business as Imagine School at North
Port and Imagine School at Palmer Ranch (charter schools) is
organized as a limited liability company pursuant to Chapter 608,
Florida Statues, and Section 1002.33, Florida Statutes. The Board is
responsible for the prudent use of the public funds received for
providing an appropriate educational program for its targeted
enrollment. Audits of the charter schools for the fiscal year ended June
30, 2011, were conducted by independent certified public accountants
and are filed at the District's administrative office at 1960 Landings
Boulevard, Sarasota, FL 34231.
Basis of Presentation
Government-wide Financial Statements - Government-wide financial
statements, including the statement of net assets and the statement of
activities, present information about the District as a whole. These
statements include the nonfiduciary financial activity of the primary
government and its component units.
Governmentwide financial statements are prepared using the economic
resources measurement focus. The statement of activities presents a
comparison between direct expenses and program revenues for each
function or program of the Districts governmental activities. Direct
expenses are those that are specifically associated with a service, program,
or department and are thereby clearly identifiable to a particular function.
Depreciation expenses are allocated to functions/programs of the primary
government. Program revenues include charges paid by the recipient of
the goods or services offered by the program and grants and contributions
that are restricted to meeting the operational or capital requirements of a
particular program. Revenues that are not classified as program revenues
are presented as general revenues, with certain exceptions. 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 effects of interfund activities have been eliminated from the
government-wide financial statements. Interfund transactions, consisting of
transactions involving the internal service funds, were eliminated by
allocating the change in net assets of internal service funds in direct
proportion as they were charged as expenses to the various functions.
34

June 30, 2011
1.

Fund Financial Statements - Fund financial statements report detailed
information about the District in the governmental, proprietary, and fiduciary
funds. The focus of governmental fund financial statements is on major
funds rather than reporting funds by type. Each major fund is reported in a
separate column. Nonmajor funds are aggregated and reported in a single
column. Because the focus of governmental fund financial statements
differs from the focus of government-wide financial statements, a
reconciliation is presented with each of the governmental fund financial
statements. The District reports the following major governmental 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.
Special Revenue ARRA Economic Stimulus Fund to account for

certain Federal grant program resources related to the American
Recovery and Reinvestment Act (ARRA).
Debt Service Other Debt Service Fund to account for the

accumulation of resources for, and the payment of, general long-term
debt principal, interest and related costs on the long-term certificates of
participation.
Debt Service ARRA Economic Stimulus Debt Service Fund - to

account for the accumulation of resources for, and the payment of,
sinking fund, interest and related costs on the Certificates of
Participation, 2010A Qualified School Construction Bonds.
Capital Projects Local Capital Improvement Tax Fund - to account for

the financial resources generated by the local capital improvement tax
levy to be used for educational capital outlay needs, including new
construction, and renovation and remodeling projects.
Capital Projects Other Capital Projects Fund to account for the

financial resources such as sales tax proceeds, impact fees, and
certificates of participation, which are used for capital outlay needs.
Capital Projects ARRA Economic Stimulus Capital Project Fund to

account for the proceeds and capital outlay related to the Certificates of
Participation, 2010A Qualified School Construction Bonds.
35

June 30, 2011
1.

Additionally the District reports the following proprietary and fiduciary fund
types:
Internal Service Funds - to account for the District's individual selfinsurance programs.
Agency Funds - to account for resources of the school internal funds,

which are used to administer moneys collected at the Districts schools
in connection with school, student athletic, class, and club activities.
Restatement
Due to a change in the way food commodities are being recorded in the
Special Revenue Food Service Fund, beginning fund balance and net
assets have been adjusted as follows:
Nonmajor
Governmental
Funds
Fund Balance, Beginning of year, as previously reported
Prior Period Adjustment, Special Revenue Food Service
3,045,354
(701,540)
Fund Balance, Beginning of year, restated
2,343,814
Net Assets, Beginning of year, as previously reported
846,894,204
Prior Period Adjustment, Special Revenue Food Service

Net Assets, Beginning of year, restated
Total
Governmental
Funds
207,485,241
(701,540)
$
206,783,701
(701,540)
$
846,192,664
Basis of Accounting
Basis of accounting refers to when revenues and expenditures, or
expenses, are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the measurements
made, regardless of the measurement focus applied.
The government-wide financial statements are prepared using the accrual
basis of accounting, as are the proprietary funds and fiduciary funds
financial statements.
Revenues are recognized when earned and
expenses are recognized when a liability is incurred, regardless of the
timing of the related cash flows. Property taxes are recognized in the year
for which they are levied. Revenues from grants, entitlements, and
donations are recognized in the fiscal year in which all eligibility
requirements imposed by the provider have been satisfied.
36

June 30, 2011
1.

Governmental fund financial statements are prepared using the modified
accrual basis of accounting. Revenues, except for certain grant revenues,
are recognized when they become measurable and available. Revenues
are considered to be available when they are collectible within the current
period or soon enough thereafter 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 to be available if they are collected within 60 days of
the end of the current fiscal year. When grant terms provide that the
expenditure of resources is the prime factor for determining eligibility for
Federal, State, and other grant resources, revenue is recognized at the
time the expenditure is made.
Under the modified accrual basis of accounting, expenditures are generally
recognized when the related fund liability is incurred, except for principal
and interest on long-term debt, claims and judgments, early retirement
incentive payments,
postemployment
healthcare benefits, and
compensated absences, which are recognized when due. Allocations of
cost, such as depreciation, are not recognized in governmental funds.
The Proprietary Funds are accounted for as proprietary activities under
standards issued by the Financial Accounting Standards Board through
November 1989 and applicable standards issued by the Governmental
Accounting Standards Board. 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 the proprietary funds principal ongoing
operations. The principal operating revenues of the Districts internal
service funds are charges for workers compensation and employee dental
insurance. Operating expenses include insurance claims, excess coverage
premiums, employee compensation and purchased services. All revenues
and expenses not meeting this definition are reported as non-operating
revenues and expenses.
When both restricted and unrestricted resources are available for use, it is
the Districts policy to use restricted resources first, then unrestricted
resources as they are needed.
The charter schools are accounted for as governmental organizations and
follow the same accounting model as the Districts governmental activities.
37

June 30, 2011
1.

New Pronouncement
The GASB issued Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions (GASB 54) effective for reporting
periods after June 15, 2010. The statement establishes fund balance
classifications, provides for a hierarchy of spending constraints for
spendable resources and requires disclosure of nonspendable and
spendable resources. Disclosures related to fund balance reporting are
further described in Note 12.
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues
and expenditures/expenses during the reporting period. Actual results
could differ from those estimates.
Deposits and Investments
Cash balances from the majority of funds are pooled for investment
purposes. Earnings from such investments are allocated to the respective
funds based on applicable cash participation by each fund. The investment
pools are managed such that all participating funds have the ability to
deposit and withdraw cash as if they were demand deposit accounts, and
therefore all balances representing participants equity in the investment
pools are classified as cash equivalents for purposes of these statements.
For investments which are held separately from the pools, those which are
highly liquid (including restricted assets) with an original maturity of 90 days
or less are considered to be cash equivalents. The amounts reported as
cash and cash equivalents consist of cash in demand deposits; amounts
placed with the State Board of Administration (SBA) Local Government
Surplus Funds Trust Fund Investment Pool (LGIP), which, effective
July 1, 2009, is known as Florida PRIME; and amounts placed in the Wells
Fargo Advantage 100% Treasury Money Market Fund, the Wells Fargo
Advantage Government Money Market Fund and the Florida Education
Investment Trust Fund.
Cash deposits are held by banks qualified as public depositories under
Florida law. All deposits are insured by the Federal Depository Insurance
Corporation and collateralized with securities held in Florida's multiple
financial institution collateral pool as required by Chapter 280, Florida
Statutes. The statement of cash flows considers cash and cash equivalents
as those accounts used as demand deposit accounts and all highly liquid
investments with an original maturity of 90 days or less.
38

June 30, 2011
1.

Investments consist of amounts placed in SBA Debt Service accounts for
investment of debt service moneys, amounts placed with SBA for
participation in Florida PRIME and the Fund B Surplus Funds Trust Fund
(Fund B) investment pools created by Sections 218.405 and 218.417,
Florida Statutes, and those made locally.
The Districts investments in Florida PRIME, which SBA indicates is a
Securities and Exchange Commission Rule 2a7-like external investment
pool, as of June 30, 2011, 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 Districts investments in Fund B are accounted for as a fluctuating net
asset value pool, with a fair value factor of 0.78965331 at June 30, 2011.
Fund B is not subject to participant withdrawal requests. Distributions from
Fund B, as determined by SBA, are effected by transferring eligible cash or
securities to Florida PRIME, consistent with the pro rata allocation of pool
shareholders of record at the creation of Fund B. One hundred percent of
such distributions from Fund B are available as a liquid balance within
Florida PRIME.
Investments made locally consist of money market mutual funds and
obligations of United States Agencies and Instrumentalities and are
reported at fair value. Types and amounts of investments held at fiscal
year-end are further described in Note 3.
Inventories and Prepaid Items
Inventories consist of expendable supplies held for consumption in the
course of District operations. Inventories are stated at cost on a weighted
average basis, except that United States Department of Agriculture surplus
commodities are stated at their fair 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 at the time individual
inventory items are requisitioned for consumption, except for transportation
parts. The inventory balance for transportation parts is offset on the
balance sheet by a fund balance reserve account, which indicates that it
does not constitute available expendable resources even though it is a
component of the current assets.
Certain payments to vendors reflect costs applicable to future accounting
periods and are recorded as prepaid items in both government-wide and
fund financial statements. The purchase method is used to account for
prepaid items.
39

June 30, 2011
1.

Capital Assets
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 so acquired are reported in
the government-wide statement of net assets but are not reported in the
governmental fund financial statements. Capital assets are defined by the
District as those costing more than $750. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed.
Donated assets are recorded at fair value at the date of donation. The
costs of normal maintenance and repairs that does not add to the value of
the asset or materially extends the assets lives are not capitalized. 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 are depreciated using the straight-line method over the
following estimated useful lives:
Description
Estimated Lives
Improvements Other than Buildings
5 40 years
Buildings and Fixed Equipment
10 50 years
Furniture, Fixtures and Equipment and Audio

Visual Materials
3 15 years
Motor Vehicles
5 10 years
Computer Software
4 - 5 years
Changes in capital assets for the current year are further described in Note
5.
Compensated Absences
Vacation benefits are accrued as a liability as the benefits are earned if the
employees right to receive compensation is attributable to services already
rendered and it is probable that the District will compensate the employees
for the benefits through paid time off or some other means. Sick leave
benefits are accrued as a liability using the vesting method. The liability is
based on the sick leave accumulated at June 30 by those employees who
are currently eligible to receive termination payments and those employees
for whom it is probable that they will become eligible to receive termination
benefits in the future. The criteria for determining the vacation and sick
leave liability is derived from Board policy, negotiated agreements, and
State law.
40

June 30, 2011
1.

The entire compensated absence liability is reported on the governmentwide financial statements. For governmental fund financial statements,
only the amount payable to employees who terminated their employment
as of the end of the fiscal year is reported. The liability at year-end includes
salary related payments such as Social Security, Medicare and Florida
Retirement System contributions.
Changes in compensated absences liability for the current year are further
described in Note 11.
Long-Term Debt
Long-term debt obligations 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 assets. Bond and certificates of
participation premiums and discounts, differences between the
reacquisition price and net carrying amount of the old debt, and issuance
costs, are deferred and amortized over the life of the bonds and certificates
of participation using the effective interest method. Bonds and certificates
of participation payable are reported net of the applicable premium or
discount and differences between the reacquisition price and the net
carrying amount of the old debt.
In the governmental fund financial statements, bonds and other long-term
obligations are not recognized as liabilities until due. Governmental fund
types recognize bond and certificates of participation premiums and
discounts, as well as bond and certificates of participation issuance costs,
during the current period. The face amount of debt issued is reported as
other financing sources while discounts on debt issuances are reported as
other financing uses. Issuance costs, whether or not withheld from the
actual debt proceeds received, are reported as debt service expenditures.
Changes in long-term debt obligations for the current year are further
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 (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 nine months following the date of the
41

June 30, 2011
1.

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 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 for
which 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 reserved in the governmental funds financial statements
for the unencumbered 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 further
District Property Taxes
The School 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. Property values are determined by the Sarasota County
Property Appraiser, and property taxes are collected by the Sarasota
County Tax Collector.
The School Board adopted the 2010 tax levy on September 14, 2010. 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 percent for early payment.
Taxes become a lien on the property on January 1, and are delinquent on
April 1, of the year following the year of assessment. 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 sale of interest bearing tax certificates to satisfy
42

June 30, 2011
1.

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 taxes are
received by the District, except that revenue is accrued for taxes collected
by the Sarasota County Tax Collector at fiscal year-end but not yet remitted
to the District.
Millage rates and taxes levied for the current year are further described in
Note 16.
School Capital Outlay Surtax (Local Sales Tax)
The citizens of Sarasota County on November 4, 1997, approved a onecent sales tax authorized under Section 212.055(6), Florida Statutes. The
School Board receives one-fourth of the one-cent sales tax. The surtax
levy commenced on September 1, 1999, and remained in effect for a period
of 10 years through 2009. The voters of Sarasota County approved the
continuation of this tax effective September 1, 2009, which remains in effect
for a period of 15 years through 2024.
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 in 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.
2.
BUDGETARY COMPLIANCE AND ACCOUNTABILITY

The Board follows procedures established by State statutes and State Board of
Education rules in establishing budget balances for governmental funds as
described below:
Budgets are prepared, public hearings are held, and original budgets are
adopted annually for all governmental fund types in accordance with
procedures and time intervals prescribed by law and State Board of
Education rules.
Appropriations are controlled at the function level within each fund (e.g.,
instruction, pupil personnel services, and school administration) and may
be amended by resolution at any School Board meeting prior to the due
date for the annual financial report.
43

June 30, 2011
2.
BUDGETARY COMPLIANCE AND ACCOUNTABILITY (continued)

Budgets are prepared using the same modified accrual basis as is used to
account for governmental funds, except that no budget appropriation is
made for capital leases in the year of inception.
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.
3.
INVESTMENTS
Investments at June 30, 2011, are shown below:
Investments
State Board of Administration:
Florida PRIME
Fund B Surplus Funds Trust Fund (Fund B)
Debt Service Accounts
Wells Fargo Advantage Government Money Market Fund
Wells Fargo Advantage Heritage Money Market Fund
Florida Education Investment Trust Fund
United State Treasury Notes
United States Agencies
Commercial Paper
Obligations of United States Agencies and
Instrumentalities - FNMA Discount Note
Total Investments
Maturities
Value
(1)
31 Day Average
$
7.16 Year Average
6 Months
(2)
27 Day Average
(2)
16 Day Average
7 days
November 2011-April 2012
March 2012-June 2014
(3)
11/16/2011
202,782,497
3,715,707
365,211
36,152,347
9,245,197
26,845,051
15,141,600
42,458,347
9,995,600
903,299
347,604,856
(1)
Investments are reported as cash equivalents.

Investments are reported as cash with fiscal agent.
(3)
This investment is held under a paying agent agreement in connection with the Qualified Zone Academy
Bonds financing arrangement (See Note 9).
(2)
Interest Rate Risk

Section 218.415, Florida Statutes, limits investment maturities to provide
sufficient liquidity to pay obligations as they come due. The District does
not have a formal investment policy that limits investment maturities as a
means of managing its exposure to fair value losses from increasing
interest rates, but the policy does state that securities should be invested
to provide sufficient liquidity to pay obligations as they come due.
44

June 30, 2011
3.
INVESTMENTS (continued)
The maturity of the SBA Fund B is based on the weighted average life
(WAL). A portfolios WAL is the dollar weighted average length of time
until securities held reach maturity. WAL is based on legal final maturity
dates as of June 30, 2011. Florida PRIME had a weighted average days
to maturity (WAM) of 31 days at June 30, 2011. A portfolios WAM
reflects the average maturity in days based on final maturity or reset date,
in the case of floating rate instruments. WAM measures the sensitivity of
the portfolio to interest rate changes.
Credit Risk
Section 218.415(16), Florida Statutes, limits investments in money market
funds to Securities and Exchange Commission registered money market
funds with the highest credit quality rating from a nationally recognized
rating agency; Florida PRIME or any intergovernmental investment pool
authorized pursuant to the Florida Interlocal Cooperation Act as provided
in Section 163.01, Florida Statutes; and investments in interest-bearing
time deposits to qualified public depositories, as defined in Section
280.02, Florida Statutes.
The Districts investment policy authorizes the following investments:
Savings accounts.
Certificates of deposits.
Time deposits.
Securities of the United States Government including obligations

of the United States Treasury.
Investment pools managed and directed by an approved agency

of the state.
The Districts investments in the State Board of Administration (SBA)

Debt Service Accounts are to provide for debt service payments on bond
debt issued by the State Board of Education for the benefit of the District.
The District relies on policies developed by SBA for managing credit risk
on this account.
As of June 30, 2011, the Districts investments in the Florida PRIME is
rated AAAm by Standard & Poors. Pool B is unrated.
The Wells Fargo Advantage Government Money Market Fund was rated
AAAm by Standard & Poors. The Wells Fargo Advantage Heritage
Money Market Fund was rated AAAm by Standard and Poors.
45

June 30, 2011
3.
INVESTMENTS (continued)
The Florida Education Investment Trust Fund was rated AAAm by
Standard and Poors.
The Districts investment in Obligations of United States Agencies and
Instrumentalities is authorized under a forward delivery agreement with
the Qualified Zone Academy Bonds paying agent. The forward delivery
agreement authorizes the investment of the sinking fund amounts in
certain eligible securities, including, without limitation, the Federal
National Mortgage Association (FNMA) and Federal Home Loan
Mortgage Corporation. The eligible securities must have a maturity date
that is on or before November 16, 2021. The Districts investment in the
FNMA discount note is rated A-1+ by Standard and Poors.
Custodial Credit Risk
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 bodys interest in the security; 2) if in 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 of Florida
(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 does not have a formal investment policy that addresses
custodial credit risk.
The Districts $903,299 investment in a FNMA discount note was held in a
custody account by the paying agent.
46

June 30, 2011
4.
RECEIVABLES
The majority of receivables are due from other governmental agencies. These
receivables and the remaining accounts receivable are considered to be fully
collectible. As such, no allowance for uncollectible amounts is accrued.
Due from other governmental agencies at June 30, 2011, are shown below:
Florida Department of Education
Medicaid
Sarasota County Tax Collector
US Department of Agriculture
Sarasota County Sheriff
State of Florida
Suncoast Workforce Board
US Department of Defense
City of North Port
Other Sarasota County Offices
Patterson Foundation Fine Arts
Sarasota County Fire Department
47
1,823,257
240,379
163,190
144,766
106,040
51,348
45,851
40,201
16,196
9,360
8,909
8,049
2,657,546

June 30, 2011
5.
CHANGES IN CAPITAL ASSETS

Changes in capital assets are presented in the table below.
Balance
7/1/2010
Additions
Balance
6/30/2011
Deletions
GOVERNMENTAL ACTIVITIES
Capital Assets Not Being Depreciated:
Land
Land Improvements
Construction in Progress
Total Capital Assets Not Being Depreciated
29,855,634
66,726,800
39,394,046
1,143,181
1,242,086
31,001,847
15,118
28,530,885
30,983,697
67,968,886
41,865,008
135,976,480
33,387,114
28,546,003
140,817,591
49,108,527
773,839,758
1,073,199
45,135,082
4,048
733,635
50,177,678
818,241,205
66,339,232
28,113,826
10,555,591
2,409,232
3,820,786
3,101,651
10,254,654
173,876
6,184,548
1,869,685
83,989
-
63,975,470
29,345,792
20,726,256
2,583,108
930,366,166
63,559,248
8,875,905
985,049,509
(23,408,447)
(181,973,688)
(2,028,692)
(17,059,779)
2,127
691,427
(25,435,012)
(198,342,040)
(47,882,583)
(18,996,622)
(2,606,778)
(1,979,026)
(6,404,149)
(2,109,399)
(4,863,040)
(88,896)
6,084,739
1,854,125
21,311
-
(48,201,993)
(19,251,896)
(7,448,507)
(2,067,922)
Total Accumulated Depreciation
(276,847,144)
(32,553,955)
8,653,729
(300,747,370)
Total Capital Assets Being Depreciated, Net
653,519,022
31,005,293
222,176
684,302,139
$ 789,495,502
$ 64,392,407
$ 28,768,179
$ 825,119,730
Capital Assets Being Depreciated:

Improvements Other Than Buildings
Furniture, Fixtures, and Equipment and
Audio Visual Materials
Motor Vehicles
Equipment Under Capital Leases
Computer Software
Total Capital Assets Being Depreciated
Less Accumulated Depreciation for:
Furniture, Fixtures, and Equipment and
Audio Visual Materials
Motor Vehicles
Equipment Under Capital Leases
Computer Software
Governmental Activities Capital Assets, Net
The class of property under capital leases is presented in Note 7.
48

June 30, 2011
5.
CHANGES IN CAPITAL ASSETS (continued)

Depreciation expense was charged to functions as follows:
Function
Amount
Instruction
Pupil Personnel Services
Instructional Media Services
Instruction and Curriculum Development Services
Instructional Staff Training
Board of Education
General Administration
School Administration
Facility Services - Non-Capitalized
Fiscal Services
Food Services
Central Services
Pupil Transportation Services
Operation of Plant
Maintenance of Plant
Administrative Technology Services
Community Services
Total Depreciation Expense - Governmental Activities
6.
28,321,081
10,901
15,801
44,151
16,299
4,720
307,681
11,731
756,019
9,565
54,268
440,419
2,075,176
56,543
419,267
2,051
8,282
32,553,955
ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES

Accounts payable and other current liabilities at June 30, 2011, are shown
below:
Construction Contracts Payable

Accounts Payable
Salary and Wages Payable
Payroll Deductions and Withholdings Payable
Deposits Payable
$ 5,276,707
3,547,638
1,286,979
1,125,885
16,000
$ 11,253,209
49

June 30, 2011
7.
OBLIGATIONS UNDER CAPITAL LEASES

The class and amount of property being acquired under capital leases are as
follows:
Asset Description
Equipment:
Copier Equipment
Computer Equipment
Asset Balance
$ 1,035,673
19,690,583
$ 20,726,256
Future minimum capital lease obligations and the present value of the minimum
lease payments as of June 30 are as follows:
Fiscal Year Ending June 30
2012
2013
2014
2015
2016
Total
$
Total minimum lease payments

Less interest
Present value of minimum payments
4,455,993
4,455,993
4,114,407
2,305,921
1,134,716
16,467,030
(1,007,145)
15,459,885
The imputed interest rates range from 2.616 to 3.0 percent.
8.
CERTIFICATES OF PARTICIPATION PAYABLE

The District entered into a financing arrangement on September 15, 2004. This
arrangement was characterized as a lease-purchase agreement, with the
Corporation whereby the District secured financing of various educational
facilities in the amount of $50,000,000. The financing was accomplished
through the issuance of Certificates of Participation, Series 2004, to be repaid
from the proceeds of rents paid by the District.
The District also entered into a financing arrangement on March 25, 2009. This
arrangement was characterized as a lease-purchase agreement, with the
Corporation whereby the District secured financing of various educational
through the issuance of Certificates of Participation, Series 2009, to be repaid
The District also entered into a financing arrangement on September 1, 2010.
This arrangement was characterized as a lease-purchase agreement in the
form of Qualified School Construction Bonds, with the Corporation whereby the
District secured financing of various education facilities in the amount of
$43,026,000.
50

June 30, 2011
8.
CERTIFICATES OF PARTICIPATION PAYABLE (continued)

The Qualified School Construction Bond financing was accomplished through
the issuance of Certificates of Participation, Series 2010A, to be repaid from
the proceeds of rents paid by the District.
Qualified School Construction Bonds provide for a refundable credit from the
United States Department of Treasury in accordance with Section 6431(f) of
the Internal Revenue Code of 1986, as amended, equal to the lesser of the
amount of interest payable with respect to the Certificates on such date or the
amount of interest which would have been payable with respect to the
Certificates on such date if such interest were determined at the tax credit rate
otherwise applicable to such Certificates in accordance with the Code. The tax
credit rate set by the Department on August 30, 2010 was 4.85%. This interest
rate credit will be paid to the District with respect to the Certificates (the
Subsidy Payment).
Lease principal payments in the amount of $2,530,941 are required to be
deposited by the District into a sinking fund on an annual basis, and interest at
the rate of 4.94% is paid semiannually. Sinking fund proceeds are invested
and accumulate over the life of the issue, ending in a lump sum repayment to
the leaseholders at maturity. The final principal lease payment will be adjusted
as required based upon final investment earnings.
The District also entered into a financing arrangement on September 16, 2010.
This arrangement was characterized as a lease-purchase agreement, with the
Corporation whereby the District secured financing of various education
through the issuance of Certificates of Participation, Series 2010B, to be repaid
As a condition of the above financing arrangements, the District has given a
ground lease on District property to the Corporation with a rental fee of $10 per
year. The 2004, 2009, 2010A and 2010B leases have an original term
extending to the date that the Certificates of Participation are paid, or prior to
July 1, 2015 for the 2004 certificates, prior to July 1, 2024 for the 2009
certificates, prior to July 1, 2025 for the 2010B certificates, and prior to July 1,
2027 for the 2010A certificates. If the District fails to provide for the rent
payment through to term, the District may be required to surrender the sites
and financed improvements to the Corporation.
The District properties included in the ground lease under this arrangement
include:
Series 2004 Certificates of Participation
Phillippi Shores Elementary School
Venice Elementary School
Wilkinson Elementary School
51

June 30, 2011
8.
CERTIFICATES OF PARTICIPATION PAYABLE (continued)

Series 2009 Certificates of Participation
Atwater Elementary School
Sarasota County Technical Institute
Series 2010A Certificate of Participation (Qualified School Construction
Bonds
Booker High School
Series 2010B Certificates of Participation
Booker High School
Venice High School
The lease payments are payable by the District semiannually, on July 1 and
January 1, with interest rates ranging from 3.00 to 5.375 percent. The following
is a schedule by years of future minimum lease payments as of June 30:
Fiscal Year Ending
June 30:
2012
2013
2014
2015
2016
2017-2021
2022-2026
2027
Series 2004
Lease
$
Total Minimum
Lease Payments
Add: Unamortized
Premium on Debt
Less: Interest
Total Certificates of
Participation
6,085,425
6,081,750
6,082,550
6,084,750
-
Series 2009
Lease
$
7,275,819
7,275,619
7,272,869
7,271,869
7,272,819
36,365,844
21,826,075
-
24,334,475
94,560,914
456,560
95,884
(2,424,475)
(26,395,913)
22,366,560
68,260,885
52
Series 2010A
Lease
$
2,125,484
2,125,484
2,125,484
2,125,484
2,125,484
10,627,422
10,627,422
45,151,486
Series 2010B
Lease
$
77,033,750
(34,007,750)
$
43,026,000
6,549,945
6,548,845
6,552,445
6,552,445
6,548,845
32,755,325
26,200,365
-
Total
$
22,036,673
22,031,698
22,033,348
22,034,548
15,947,148
79,748,591
58,653,862
45,151,486
91,708,215
287,637,354
5,183,010
5,735,454
(24,603,215)
(87,431,353)
72,288,010
$ 205,941,455

June 30, 2011
9.
BONDS PAYABLE
Bonds payable at June 30, 2011, are as follows:
Amount
Outstanding
Bond Type
State School Bonds:
Series 2003-A
Series 2004-A
Series 2005-B
Series 2006-A
Series 2008-A
Series 2009-A
Series 2010
District Revenue Bonds:
Race Track Revenue, Series 2003
Qualified Academy Zone Bonds
Subtotal
Add: Unamortized Premium on Debt

Less: Difference between the
Reacquisition Price and Net Carrying
Amount of Old Debt
Interest Rates
(Percent)
Annual
Maturity To
695,000
900,000
6,135,000
1,255,000
1,080,000
1,535,000
1,705,000
3.00-4.25
3.75-4.625
5.00
4.000-4.625
3.50-5.00
2.00-5.00
3.50-5.00
2023
2024
2020
2026
2028
2019
2030
705,000
1,299,696
15,309,696
3.50-3.60
2013
2021
772,772
(314,329)
Total Bonds Payable
15,768,139
The various bonds were issued to finance capital outlay projects of the District.
The following is a description of the bonded debt issues:
State School Bonds
These bonds were issued by the State Board of Education on behalf of the
District. The bonds mature serially, and are secured by a pledge of the
District's portion of the State assessed motor vehicle license tax.
Additionally, the States full faith and credit is also pledged as security for
these bonds. Principal and interest payments, investment of Debt Service
Fund resources, and compliance with reserve requirements are
administered by the State Board of Education and the State Board of
Administration.
53

June 30, 2011
9.
BONDS PAYABLE (continued)

Annual requirements to amortize all bonded debt outstanding as of
June 30, 2011, are as follows:
Fiscal Year Ending June 30:
State School Bonds
Total
Principal
Interest
2012
2013
2014
2015
2016
2017-2021
2022-2026
2027-2028
1,734,511
1,738,261
1,744,055
1,734,970
1,747,935
5,570,420
2,352,413
787,100
1,110,000
1,165,000
1,225,000
1,275,000
1,350,000
4,490,000
1,960,000
730,000
624,511
573,261
519,055
459,970
397,935
1,080,420
392,413
57,100
Total
17,409,665
13,305,000
4,104,665
District Revenue Bonds

Race Track Revenue Refunding Bonds - These bonds were issued by
the District and are authorized by Chapter 83-250, Laws of Florida,
which provides that the bonds be secured from the pari-mutuel tax
proceeds distributed annually to Sarasota County from the States Parimutuel Tax Collection Trust Fund pursuant to Chapter 550, Florida Statutes
(effective July 1, 2000, tax proceeds are distributed pursuant to Section
212.20(6)(d) 7.a., Florida Statutes). The annual distribution is remitted by
the Department of Financial Services to the District. As required by the
bond resolution, the District has established the sinking fund and reserve
account and has accumulated and maintained adequate resources in the
sinking fund and reserve account.
Annual requirements to amortize all bonded debt outstanding as of
June 30, 2011, are as follows:
Fiscal Year Ending June 30:
Race Track Revenue Bonds
Total
Principal
Interest
2012
2013
434,970
305,620
410,000
295,000
24,970
10,620
Total
740,590
705,000
35,590
54

June 30, 2011
9.
BONDS PAYABLE (continued)

Qualified Zone Academy Bonds
The District entered into a purchase contract dated November 1, 2005,
under the Qualified Zone Academy Bonds (QZAB) Program. The QZAB
program provides no interest cost financing to purchase certain goods or
services for schools located in eligible District areas (zones). The District
received financing of $1,299,696 from a local bank on November 16, 2005.
Interest on the debt is paid by the United States Government through the
issuance of Federal income tax credits to the holder of the QZAB debt (the
bank). The rate of return to the bank was established by the United States
Government at the time of the sale.
Repayment of the original $1,299,696 financing proceeds is due in full on
November 16, 2021. In connection with the financing, the District entered
into a forward delivery agreement dated November 16, 2005, requiring a
single deposit of $726,519 into a sinking fund. The forward delivery
agreement provides for a guaranteed investment return of 3.67 percent per
annum whereby the required deposit, along with accrued interest, will be
sufficient to repay the debt at maturity. The invested assets accumulated
pursuant to the forward delivery agreement are held under a custodial
agreement until the debt matures. There is $903,299 in this sinking fund at
June 30, 2011.
10.
DEFEASED DEBT
In prior years, the Board defeased in substance certain outstanding bonds by
placing a portion of the proceeds of new bonds in an irrevocable trust 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 bonds are
not included in the Districts financial statements. On June 30, 2011, debt
considered defeased in substance are as follows:
Debt Issue
State School Bonds, Series 1998A
State School Bonds, Series 1999A
Total Defeased Debt
55
Amount
Outstanding
$ 6,510,000
1,860,000
$ 8,370,000

June 30, 2011
11.
CHANGES IN LONG-TERM LIABILITIES

The following is a summary of changes in long-term liabilities:
Balance
7/1/2010
Description
$
Bonds Payable
Obligations Under Capital Leases
Certificates of Participation Payable
Liability for Compensated Absences
Estimated Insurance Claims Payable
Early Retirement Incentive Payable
Postemployment Healthcare Benefits Payable
Total Governmental Activities
Additions
Deductions
Balance
6/30/2011
Due in
One Year
15,373,999 $ 1,890,198
8,179,843
10,254,654
99,564,572
118,624,548
35,431,851
10,661,741
7,502,696
4,356,026
2,030,340
5,826,296
1,337,479
$ 1,496,058 $ 15,768,139 $ 1,520,000

2,974,612
4,029,383
15,459,885
12,247,665
12,935,000
205,941,455
11,627,607
10,830,717
34,465,985
2,748,772
4,269,081
7,589,641
508,734
493,748
1,521,606
7,163,775
-
$ 173,909,597 $ 147,124,646
$ 33,123,757 $ 287,910,486 $ 32,557,620
Long-term liabilities are generally liquidated with resources of the General

Fund. The estimated insurance claims are generally liquidated with resources
of the internal service funds as discussed in Note 20.
12.
FUND BALANCE REPORTING

The District adopted GASB 54 as part of its 2010-11 fiscal year reporting.
Implementation of GASB 54 is required for fiscal years beginning after June 15,
2010. The intention of the GASB is to provide a more structured classification
of fund balance and to improve the usefulness of fund balance reporting to the
users of the Districts 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, 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 has inventories totaling $1,411,958 and prepaid
items totaling $2,070,719 that are considered nonspendable. The District does
not have any nonspendable funds related to endowments.
In addition to the nonspendable fund balance, GASB 54 has provided a
hierarchy of spendable fund balances, based on a hierarchy of spending
constraints.
Restricted: The portion of fund balance on which constraints have been

place by creditors, grantors, contributors, laws or regulations of other
governments, constitutional provisions, or enabling legislation. Restricted
fund balance places the most binding level of constraint on the use of fund
56

June 30, 2011
balance. The District classifies most of its fund balances other than
General Fund as restricted, as well as unspent State categorical and
12.
FUND BALANCES REPORTING (continued)

earmarked education funding that are legally or otherwise restricted. The
Districts restricted fund balance total is $233,145,207 and represents
$4,202,570 for categorical programs, $260,442 for grants, $1,373,404 for
food service, $4,446,487 for debt service and $222,862,304 for capital
projects.
Committed: The portion of fund balance that can only be used for specific
purposes pursuant to constraints imposed by formal action of the highest
level of decision-making authority (i.e., the district school board). These
amounts cannot be used for any other purpose unless the district school
board removes or changes the specified use by taking the same action it
employed to previously commit the amounts. The District does not report
any committed fund balance.
Assigned: The portion of fund balance that is intended to be used for

specific purposes, but is neither restricted nor committed. Assigned
amounts include those that have been set aside for a specific purpose by
an authorized government body or official, but the constraint imposed does
not satisfy the criteria to be classified as restricted or committed. This
category includes any remaining positive amounts, for governmental funds
other than the General Fund, not classified as nonspendable, restricted, or
committed. The District also classifies amounts as assigned that are
constrained to be used for a specific purpose based on actions of the
Superintendent and the Chief Financial Officer and not included in other
categories. The Districts assigned fund balance total is $23,902,532 and
represents $2,753,772 in District projects, $3,310,667 in school operating
budget carryforwards, $6,329,365 in capital projects and $13,820,840 in
budgeted expenditures over estimated revenues in the 2011 2012 fiscal
year.
Unassigned: The portion of fund balance that is the residual classification

for the general fund. This balance represents amounts that have not been
assigned to other funds and that have not been restricted, committed, or
assigned for specific purposes. The unassigned fund balance in the
General Fund is $37,449,121.
The District has a policy that the unassigned fund balance in the General Fund
will at a minimum be 7.5 percent of the total appropriations and transfers out.
The District currently exceeds this policy with an unassigned fund balance at
10.1%.
57

June 30, 2011
12.
FUND BALANCES REPORTING (continued)

The following is a schedule of fund balances by category at June 30, 2011:
Major Funds
General
Fund Balances
Nonspendable:
Inventories
$ 1,040,552
Prepaids
1,981,821
Spendable:
Restricted:
Categorical Programs
4,202,570
Grants
260,442
Special Revenue Food Service
Debt Service
Capital Projects
Assigned:
School Operations:
District Projects
2,753,772
School Carryforw ards
3,310,667
Budgeted Deficit 2011-2012
13,820,840
Capital Projects
37,449,121
Unassigned
Total Fund Balances
Debt Service ARRA

Economic
Stimulus
Capital
Projects Local Capital
Improvement
Tax
Capital Projects Other Capital

Projects
88,898
Capital ProjectsARRA
Economic
Stimulus
2,530,941
66,109,265
119,954,398
36,798,641
6,329,365
Nonmajor
Governmental
Funds
Total
Governmental
Funds
$ 2,757,057
Debt
Service Other Debt
Service
903,299
$ 64,819,785
Fund Balances
Nonspendable:
Inventories
$
371,406
Prepaids
Spendable:
Restricted:
Categorical Programs
Grants
Special Revenue Food Service
1,373,404
Debt Service
1,012,247
Capital Projects
Assigned:
School Operations:
District Projects
School Carryforw ards
Budgeted Deficit 2011-2012
Capital Projects
Unassigned
Total Fund Balances
Special
Revenue ARRA
Economic
Development
1,411,958
2,070,719
4,202,570
260,442
1,373,404
4,446,487
222,862,304
2,753,772
3,310,667
13,820,840
6,329,365
37,449,121
$ 300,291,649
58
$ 903,299
$ 2,530,941
$ 66,109,265
$ 126,372,661
$ 36,798,641

June 30, 2011
13.
CONSTRUCTION AND OTHER SIGNIFICANT COMMITMENTS

Encumbrances: Appropriations in governmental funds are encumbered upon
issuance of purchase order for goods and services.
Even through
appropriations lapse at the end of the fiscal year, unfilled purchase orders of
the current year are carried forward and the next years appropriations are
likewise encumbered.
The following is a schedule of encumbrances at June 30, 2011:
General
Special
Revenue
ARRA
Economic
Stimulus
MajorFunds
Capital
Projects
CapitalFunds
ARAA
DebtService LocalCapital CapitalFunds
Economic
OtherDebt Improvement OtherCapital
Stimulus
Fund
Service
Projects
$2,262,100
$194,826
$189,299
$21,413,861
$33,551,604
$36,760,397
Nonmajor
Governmental
Funds
Total
Governmental
Funds
$189,483
$94,561,570
Encumbrances include the following major

Construction Contracts:
construction contract commitments at fiscal year-end:
Contract
Amount
Project Name
Completed
To Date
Balance
Committed
Booker High School

Emma E. Booker Elementary
Laurel Nokomis School
Sarasota Middle School
Sarasota County Technical
Suncoast Polytechnical
Venice Middle School
Venice High School
49,337,647
145,542
8,976,807
2,062,454
24,943,800
123,442
158,957
37,939,709
6,240,140
881,803
443,849
22,356,666
34,599
15,563,865
43,097,507
145,542
8,095,004
1,618,605
2,587,134
88,843
158,957
22,375,844
Total
123,688,358
45,520,922
78,167,436
59

June 30, 2011
14.
INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS

The following is a summary of interfund receivables and payables reported in
the fund financial statements:
Interfund
Receivables
Payables
Funds
Major Funds:
General
Special Revenue:
ARRA Economic Stimulus
Debt Service:
Other Debt Service
Capital Projects:
Local Capital Improvement Tax
Other Capital Projects
Nonmajor Governmental Funds
Total
1,622,449
66,890
37
121,125
20,422
2,535,807
993
182,413
1,535
3,126,169
19,031
4,866
1,025,170
405
4,363,656
4,363,656
Interfund receivables and payables are temporary loans of cash between funds
allowable under Section 1011.09(2), Florida Statutes, for a period of less than
13 months.
The temporary loans do not restrict, impede, or limit
implementation or fulfillment of the original purposes for which the monies were
received in the fund providing the advancement. All amounts will be repaid
within the 2011-12 fiscal year.
60

June 30, 2011
14.
INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS

(continued)
The following is a summary of interfund transfers reported in the fund financial
statements:
Interfund
Transfers In
Transfers Out
Funds
Major Funds:
General
Debt Service:
Other Debt Service
Capital Projects:
Total
21,530,862
21,864,022
2,563,148
42,066,106
5,254,670
108,167
2,149,547
-
2,781,361
839,097
698,812
$
50,277,302
698,812
50,277,302
Interfund transfers of money represent permanent transfers of monies between

funds. The transfer from the General Fund to the Internal Service Funds was
to reimburse the general liability and auto liability self-insurance funds.
Transfers from the Local Capital Improvement Tax Fund were for the purpose
of funding maintenance and equipment expenditures and payment of premiums
for property and casualty insurance in the General Fund and for paying debt
service expenditures in the Other Debt Service Fund. Transfers from Other
Capital Projects were to pay debt service and capital outlay to charter schools.
Transfers from ARRA Economic Stimulus Capital Fund were to reimburse other
capital funds for paying capital expenditures. The transfers from the Nonmajor
Governmental Funds were for the purpose of reimbursing the General Fund for
Public Education Capital Outlay maintenance expenditures.
61

June 30, 2011
15.
SCHEDULE OF STATE REVENUE SOURCES

The following is a schedule of the Districts State revenue for the 2010-11 fiscal
year:
Source:
Categorical Educational Programs:
Class size reduction - operating
School recognition
Excellent teaching program
Discretionary lottery
Other
Workforce development
Florida education finance program
Gross receipts tax (Public education capital outlay)
Motor vehicle license tax (CO&DS)
Charter school capital outlay
Adults with disabilities
Mobile home license tax
Food service supplement
Workforce education performance incentive
Miscellaneous
Total
Amount
$
45,649,077
2,417,230
324,502
157,686
19,314
9,125,314
3,093,335
2,149,547
1,958,395
1,742,379
613,848
246,432
166,759
121,229
723,380
68,508,427
Accounting policies relating to certain State revenue sources are described in

Note 1.
62

June 30, 2011
16.
PROPERTY TAXES
The following is a summary of millages and taxes levied on the 2010 tax roll for
the 2010-11 fiscal year:
Funds
General Fund
Nonvoted School Tax:
Millage Rates
Required Local Effort

Basic Discretionary Local Effort
Voted Tax:
Operating
Nonvoted Tax:
Local Capital Improvements
Total
17.
4.653
0.748
Taxes Levied
$ 207,991,334
33,435,959
1.000
44,700,480
1.500
7.901
67,050,720
$ 353,178,493
STATE RETIREMENT PROGRAMS

Florida Retirement System. The Florida Retirement System (FRS) covers all
regular employees of the District. The FRS offers employees a defined benefit
retirement plan and a defined contribution program. The District is required to
make contributions in accordance with rates established by the Florida
Legislature. Essentially all regular employees of participating employers are
eligible and must enroll as members of the Florida Retirement System.
Defined Benefit Plan. Most employees working for the District are covered by
a State-administered, cost-sharing, multiple-employer defined benefit
retirement plan (Plan) under the FRS. Plan provisions 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 Plan eligibility, contributions, and benefits are
defined and described in detail.
Employees in the Plan vest at six years of
service. All vested members are eligible for normal retirement benefits at age
62 or at any age after 30 years of service, which may include up to 4 years of
credit for military service, except for members classified as special risk who are
eligible for normal retirement benefits at age 55 or at any age after 25 years of
service. The Plan also includes an early retirement provision but there is a
benefit reduction for each year a member retires before his or her normal
retirement date. The Plan provides retirement, disability, and death benefits
and annual cost-of-living adjustments.
A Deferred Retirement Option Program (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 employer. An employee may participate in
DROP for a period not to exceed 60 months after electing to participate, except
that certain instructional personnel may participate for up to 96 months.
63

June 30, 2011
17.
STATE RETIREMENT PROGRAMS (continued)

During the period of DROP participation, deferred monthly benefits are held in
the FRS Trust Fund and accrue interest.
Defined Contribution Plan. Pursuant to Section 121.4501, Florida Statutes,
the Florida Legislature created a defined contribution program called the Public
Employee Optional Retirement Program (PEORP). Employees in PEORP vest
after one year of service. District employees participating in DROP are not
eligible to participate in PEORP. This program is administered by FRS as an
option to the defined benefit plan, and is self-directed by the employee. The
employees have the responsibility of selecting how their funds are invested
within the approved set of investment choices and may take their funds when
they leave FRS. Employer contributions are defined by law, but the ultimate
benefit depends in part on the performance of investment funds. PEORP is
funded by employer contributions that are based on salary and membership
class (Regular Class, Special Risk Class, etc.). Contributions are directed to
the individual member accounts, and the individual members allocate
contributions and account balances among various approved investment
choices. There were 638 District participants in PEORP during the 2010-11
fiscal year. Required employer contributions made to the program totaled
$2,711,953.
Funding Policy. The contribution rates for Plan members are established and
may be amended by the State of Florida. During the 2010-11 fiscal year,
contribution rates were as follows:
Percent of Gross Salary
Employee
Employer (A)
Membership Class
Florida Retirement System, Regular
Florida Retirement System, Elected County Officers
Florida Retirement System, Senior Management Service
Florida Retirement System, DROP
Florida Retirement System, Special Risk System
Florida Retirement System, Reemployed Retiree
Notes: (A)
(B)
0.00
0.00
0.00
0.00
0.00
(B)
10.77
18.64
14.57
12.25
23.25
(B)
Employer rates include 1.11 percent for the postemployment health insurance
subsidy. Also, employer rates, other than for DROP participants, include 0.05
percent for administrative costs of PEORP.
Contribution rates are dependent upon retirement class in which reemployed.
64

June 30, 2011
17.
STATE RETIREMENT PROGRAMS (continued)

The District's liability for participation is limited to the payment of the required
contribution at the rates and frequencies established by law on future payrolls
of the District. The District's contributions for the fiscal years ended
June 30, 2009, June 30, 2010 and June 30, 2011 totaled $23,246,508,
$22,221,315 and $23,822,006 respectively, which were equal to the required
contributions for each fiscal year.
Pension Reporting.
The financial statements and other supplemental
information of FRS are included in the comprehensive annual financial report of
the State of Florida, which may be obtained from the Florida Department of
Financial Services. Also, an annual report on FRS, which includes its financial
statements, required supplemental information, actuarial report, and other
relevant information, may be obtained from the Florida Department of
Management Services, Division of Retirement.
18.
SPECIAL TERMINATION BENEFITS

On May 18, 1993, the Board approved the establishment of a one-time early
retirement incentive program for members of the instructional and classified
collective bargaining units and its administrative personnel who signed an
agreement to participate in the program and agreed to retire from employment
under the provisions of the FRS as explained in Note 15. The early out
program was offered only until August 15, 1993. Participating employees were
required to select an option under the existing provisions of the FRS which
pays over the life of the employee the maximum retirement benefit payable,
forfeiting an option which would pay decreased retirement benefits for the
lifetime of both the employee and a joint annuitant (Survivor). To compensate
for the loss of these extended survivor benefits, the District, as part of the Early
Out Program, purchased on behalf of participating employees a flexible
premium universal life insurance policy to be paid for over the life of the retiree,
providing death benefits upon the qualified employee's death equaling the
amount the survivor would have received, including a 3 percent annual cost of
living adjustment (COLA), had the qualified employee selected the FRS option
which paid survivor benefits. Premiums are to be paid for over the life of the
participating employee. The District reported a liability of $1,521,606 in the
Statement of Net Assets representing the present value of the estimated future
payments for life insurance premiums for the remaining 121 employees who
elected to retire during the 1992-93 and 1993-94 fiscal years and participate in
the program.
65

June 30, 2011
19.
POSTEMPLOYMENT HEALTHCARE BENEFITS

Plan Description The Postemployment Healthcare Benefits Plan is a singleemployer defined benefit plan administered by the District. Pursuant to the
provisions of Section 112.0801, Florida Statutes, former employees who retire
from the District and their eligible dependents may continue to participate in
one of four fully insured comprehensive plans for medical and prescription drug
coverage. The District subsidizes the premium rates paid by retirees by
allowing them to participate in the plans at reduced or blended group (implicitly
subsidized) premium rates for both active and retired employees. These rates
provide an implicit subsidy for retirees because, on an actuarial basis, their
current and future claims are expected to result in higher costs to the plan on
average than those of active employees. The District does not provide any
explicit subsidies for retiree coverage. Retirees are not required to enroll in the
Federal Medicare programs parts A and B for their primary coverage as soon
as they are eligible. A retiree may also participate in the Districts life insurance
program that provides $5,000 coverage reducing to $2,500 at age 70.
Funding Policy Contribution requirements of the District for the
Postemployment Healthcare Benefits Plan are established and may be
amended through action from the Board. The District has not advance-funded
or established a funding methodology for the annual Other Postemployment
Benefit (OPEB) costs or the net OPEB obligation. As of the valuation date there
were 359 retirees and 40 eligible dependents receiving post employment health
care benefits and 1,516 receiving life insurance coverage. For the 2010-11
fiscal year the District provided required contributions of $1,123,164 toward
annual OPEB costs, comprised of benefit payments made on behalf of retirees
for claims expenses, retention costs, and net of retiree contributions totaling
$3,173,097. Required contributions are based on projected pay-as-you-go
financing.
66

June 30, 2011
19.
POSTEMPLOYMENT HEALTHCARE BENEFITS (continued)

Annual OPEB Cost and Net OPEB Obligation The following table shows
the Districts annual OPEB cost for the year, the amount actually contributed to
the plan, and changes in the Districts net OPEB obligation:
Description
Amount
Normal Cost (service cost for one year)

Amortization of Unfunded Actuarial
Accrued Liability
Interest on Normal Cost and Amortization
1,411,756
930,240
93,680
Annual Required Contribution

Interest on Net OPEB Obligation
Adjustment to Annual Required Contribution
2,435,676
233,052
(208,085)
Annual OPEB Cost (expense)
2,460,643
Contribution Toward the OPEB Cost
(1,123,164)
Increase in Net OPEB Obligation

Net OPEB Obligation, Beginning of Year
Net OPEB Obligation, End of Year
1,337,479
5,826,296
$
7,163,775
The Districts annual OPEB cost, contribution amounts, percentage of annual

OPEB cost contributed to the plan, and the net OPEB obligation as of June 30,
2011, and preceding years, were as follows:
Annual OPEB
Cost
Fiscal Year
2006-07
2007-08
2008-09
2009-10
2010-11
1,794,183
1,923,831
2,571,502
2,741,317
2,460,643
Amount
Contributed
$
67
307,319
876,002
812,370
1,208,846
1,123,164
Percentage
of Annual
OPEB Cost
Contributed
17.1%
45.5%
31.6%
44.1%
45.6%
Net OPEB
Obligation
$
1,486,864
2,534,693
4,293,825
5,826,296
7,163,775

June 30, 2011
19.
POSTEMPLOYMENT HEALTH CARE BENEFITS (continued)

Funded Status and Funding Progress As of June 30, 2011, the actuarial
accrued liability for benefits was $24,397,512, and the actuarial value of assets
was $0, resulting in an unfunded actuarial accrued liability of $24,397,512 and
a funded ratio of 0 percent. The covered payroll (annual payroll of active
participating employees) was $255,540,172 for the 2010-11 fiscal year, and the
ratio of the unfunded actuarial accrued liability to the covered payroll was 9.5
percent.
The required supplementary schedule of funding progress immediately
following the notes to the financial statements present multiyear trend
information about whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial accrued liability for benefits.
Actuarial Methods and Assumptions 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. Projections 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 of benefit costs between the employer and participating members. The
actuarial methods and assumptions used include techniques that are designed
to reduce the effects of short-term volatility in actuarial accrued liabilities and
the actuarial value of assets, consistent with the long-term perspective of the
calculations.
The Districts OPEB actuarial valuation for the 2010-11 fiscal year used the
entry age normal cost actuarial method to estimate both the unfunded actuarial
liability and to determine the annual required contribution. Because the OPEB
liability is currently unfunded, the actuarial assumptions include a 4 percent
rate of return on invested assets, which is the Districts long-term expectation of
investment returns under its investment policy. The actuarial assumptions also
include a payroll growth rate of 3.50 percent per year, a salary scale of 4.50
percent, no inflation rate adjustment and an annual healthcare cost trend rate
of 10.50 percent for the 2010-11 fiscal year, reduced by 1 percent per year, to
an ultimate rate of 5.50 percent for fiscal year ending June 30, 2018. The
unfunded actuarial accrued liability and gains/losses are being amortized as a
level percentage of projected payroll on a closed basis over 30 years. The
remaining amortization period at June 30, 2011 is 25 years.
68

June 30, 2011
20.
RISK MANAGEMENT PROGRAMS

The District has established a cafeteria plan under Section 125 of the Internal
Revenue Code whereby the District will purchase various insurance products
for the employee.
In addition, an employee may purchase additional
insurance, which qualifies for salary reduction under Internal Revenue Service
guidelines. The cafeteria plan is accounted for as an Internal Service Fund.
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. Workers' compensation, automobile liability, and general
liability coverage, and certain dental benefits contained within the District's
cafeteria plan, are being provided on a self-insured basis up to specified limits.
The District has contracted with an insurance administrator to administer the
workers compensation and dental benefits self-insurance programs, including
the processing, investigation, and payment of claims. The District has entered
into an insurance agreement for their workers compensation plan to provide
specific excess coverage of claim amounts above the stated amount on an
individual claim basis and aggregate excess coverage up to $25 million. For
general liability coverage the District depends on the Florida Sovereign
Immunity Act, Section 768.28, Florida Statutes, to limit its potential tort liability
to $200,000 per person or $300,000 per occurrence.
Settled claims resulting from the risks described above have not exceeded
commercial insurance coverage in any of the past three fiscal years.
The District's health and hospitalization insurance program is administered by
an insurance carrier under an agreement wherein the total premium is divided
into equal monthly payments.
A liability in the amount of $7,310,369 for the workers compensation, the
general liability, the auto liability, and the dental liability funds was actuarially
determined to cover estimated incurred but not reported insurance claims
payable at June 30, 2011, and is net of excess insurance recoverable on
unpaid claims. A liability in the amount of $279,272 relates to the District's
cafeteria plan fund. Non-incremental claims expense has been included as part
of the liabilities.
69

June 30, 2011
20.
RISK MANAGEMENT PROGRAMS (continued)

The following schedule represents the changes in claims liability for the past
two fiscal years for the Districts self-insurance program:
2009-2010
2010-2011
21.
Beginning of
Fiscal Year
Liability
7,651,858
7,502,696
Current Year
Claims and
Changes in
Estimates
3,548,106
4,356,026
Claims
Payments
(3,697,268)
(4,269,081)
Balance at
Fiscal
Year End
7,502,696
7,589,641
LITIGATION
The District is contingently liable with respect to lawsuits and other claims that
arise in the ordinary course of its operations. Management believes that any
liability arising from such claims would be immaterial to the financial
statements.
22.
CONTINGENCY
The District receives grant funds from the Federal government. Certain
expenditures of these funds are subject to audit by the grantor, and the
reporting entity is contingently liable to refund amounts received in excess of
allowable expenditures. In the opinion of the management of the District, no
material refunds will be required as a result of expenditures disallowed by the
grantors.
23.
SUBSEQUENT EVENT
The District has evaluated subsequent events from July 1, 2011 through
January 30, 2012, in connection with the preparation of these financial
statements, which is the date the financial statements were available to be
issued. No subsequent events occurred which would have a material impact
on the Districts financial statements.
70

Required Supplementary Information Schedule of Funding Progress
Other Postemployment Benefits Plan
Actuarial
Valuation
Date
June 30, 2007
June 30, 2008
June 30, 2009
June 30, 2010
June 30, 2011
Actuarial
Value of
Assets
(a)
$
-
Actuarial
Accrued
Liability
(AAL)
Entry Age
(b)
$ 21,555,206
23,043,940
24,931,296
26,578,634
24,397,512
Unfunded
AAL
(UAAL)
(b-a)
$ 21,555,206
23,043,940
24,931,296
26,578,634
24,397,512
71
Funded
Ratio
(a/b)
0.0%
0.0%
0.0%
0.0%
0.0%
Covered
Payroll
(c)
$ 273,581,362
281,603,174
273,137,968
260,504,372
255,540,172
UAAL as a
Percentage
of Covered
Payroll
[(b-a)/c]
7.9%
8.2%
9.1%
10.2%
9.5%
72
COMBINING AND INDIVIDUAL

FUND STATEMENTS AND
SCHEDULES
73

Special Revenue Funds
The Special Revenue Funds account for certain revenues derived from the State
of Florida, the Federal Government and other local and private sources that are
required to finance designated activities. Activities included within the funds are
as follows:
Food Service Fund To account for and report on activities of the food
service program in serving breakfast and lunch at the schools.
Contracted Programs Fund To account for and report on activities of
various programs of different funding sources according to the
specifications and requirements of each funding source.
Debt Service Funds

The Debt Service Funds are used to account for the payment of interest and
principal of the current portion of long-term debt.
State Board of Education Bonds Fund To account for and report on

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 Districts portion of the State-assessed
motor vehicle license tax.
Special Act Bonds Fund To account for and report on the payment of
principal, interest, and related charges on the Districts Race-Track
Revenue Bonds, which are payable from the Districts portion of race track
and jai-alai fronton receipts.
District Bonds Fund To account for bonds issued by the District as
authorized by vote of the people of the District.
(continued)
74

Nonmajor Governmental Funds (continued)
The Capital Projects Funds are used to account for the financing and acquisition
or construction of major capital facilities, such as new school buildings or
additions to existing buildings, or for major renovation projects. Specific funding
sources are included herein are:
Capital Outlay Bond Issues Fund To account for capital project activity
funded by proceeds of bonds issued by the State Board of Education on behalf of
the District.
Public Education Capital Outlay Fund To account for capital project activity
funded through the state Public Education Capital Outlay program.
Capital Outlay and Debt Service Fund To account for capital project activity
funded by the Districts portion of the state Capital Outlay and Debt Service
program.
75

Combining Balance Sheet
June 30, 2011
Special
Revenue
Funds
Assets
Investments
Inventories
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenue
Total liabilities
Capital
Projects
Funds
Total Nonmajor
Governmental
Funds
2,220,855
21,588
182,413
1,812,698
371,406
684,863
376,257
-
2,905,718
397,845
182,413
1,812,698
371,406
4,608,960
1,061,120
5,670,080
241,270
429,174
1,025,170
1,168,536
2,864,150
19,000
29,873
48,873
241,270
429,174
1,025,170
19,000
29,873
1,168,536
2,913,023
Fund balances:
Nonspendable
Restricted
Total fund balances
Debt
Service
Funds
371,406
1,373,404
1,744,810
$
4,608,960
76
1,012,247
1,012,247
$
1,061,120
371,406
2,385,651
2,757,057
5,670,080

Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Special
Revenue
Funds
Revenues
Federal direct
State sources
Local Sources:
Other local revenue
Total revenues
Debt
Service
Funds
1,542,216
30,226,439
166,759
6,148,206
1,111,040
39,194,660
Expenditures
Current:
Instruction
Instruction Related Technology
Food services
Central services
Community services
Capital outlay:
Debt service:
Principal
Interest
Dues and fees
Total expenditures
Issuance of bonds
Premium on sale of bonds
Transfers out
Capital
Projects
Funds
2,128,956
4,006
2,132,962
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
16,165,935
82,694
300,040
743,149
34,950
244,600
Total Nonmajor
Governmental
Funds
2,396,649
2,396,649
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
16,165,935
82,694
300,040
743,149
2,182,059
-
2,217,009
244,600
38,746,545
1,455,000
650,700
1,101
2,106,801
16,274
2,198,333
1,455,000
650,700
17,375
43,051,679
448,115
26,161
198,316
672,592
1,745,000
145,198
(2,149,547)
(259,349)
448,115
26,161
(61,033)
1,296,695
986,086
61,033
1,542,216
30,226,439
4,692,364
6,148,206
1,115,046
43,724,271
1,744,810
77
1,012,247
1,745,000
145,198
(2,149,547)
(259,349)
413,243
2,343,814
$
2,757,057

Nonmajor Special Revenue Funds
June 30, 2011
Food
Service
Fund
Assets
Investments
Inventories
Total assets
Liabilities:
Accounts payable
Due to other funds
Deferred revenue
Total liabilities
Total Nonmajor
Special Revenue
Funds
1,441,007
5,252
14,284
144,766
371,406
779,848
16,336
168,129
1,667,932
-
2,220,855
21,588
182,413
1,812,698
371,406
1,976,715
2,632,245
4,608,960
51,718
17,983
162,204
231,905
241,270
377,456
1,007,187
1,006,332
2,632,245
241,270
429,174
1,025,170
1,168,536
2,864,150
Fund balances:
Nonspendable
Restricted
Total fund balances
Contracted
Programs
Fund
371,406
1,373,404
1,744,810
$
78
1,976,715
2,632,245
371,406
1,373,404
1,744,810
$
4,608,960

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
Food
Service
Fund
Revenues
Federal direct
State sources
Local Sources:
Other local revenue
Total revenues
Expenditures
Current:
Instruction
Food services
Central services
Community services
Capital outlay:
Total expenditures
79
10,245,494
166,759
Contracted
Programs
Fund
1,542,216
19,980,945
-
Total Nonmajor
Special Revenue
Funds
1,542,216
30,226,439
166,759
6,148,206
66,369
16,626,828
1,044,671
22,567,832
6,148,206
1,111,040
39,194,660
16,165,935
-
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
82,694
300,040
743,149
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
16,165,935
82,694
300,040
743,149
12,778
16,178,713
34,950
231,822
22,567,832
34,950
244,600
38,746,545
448,115
448,115
1,296,695
1,296,695
1,744,810
1,744,810

Nonmajor Debt Service Funds
June 30, 2011
State Board
of Education
Bonds Fund
Assets
Investments
Total assets
Liabilities:
Total liabilities
District
Bonds
Fund
Total Nonmajor
Debt Service
Funds
365,211
642,000
10,355
42,863
691
684,863
376,257
365,211
652,355
43,554
1,061,120
5,319
5,319
19,000
24,554
43,554
19,000
29,873
48,873
Fund balances:
Restricted for debt service
Total fund balances
Special Act
Bonds
Fund
365,211
365,211
$
365,211
80
647,036
647,036
$
652,355
43,554
1,012,247
1,012,247
$
1,061,120

Nonmajor Debt Service Funds
State Board
of Education
Bonds Fund
Revenues
State sources
Local Sources:
Other Local Revenue
Total revenues
Expenditures
Debt service:
Principal
Interest
Dues and fees
Total expenditures
1,682,456
Special Act
Bonds
Fund
446,500
District
Bonds
Fund
Total Nonmajor
Debt Service
Funds
2,128,956
1,682,456
4,006
450,506
4,006
2,132,962
1,055,000
612,530
1,101
1,668,631
400,000
38,170
438,170
1,455,000
650,700
1,101
2,106,801
13,825
12,336
26,161
351,386
634,700
986,086
365,211
81
647,036
1,012,247

Nonmajor Capital Projects Funds
June 30, 2011
Capital Outlay
Bond Issue
(COBI)
Fund
Public
Education
Capital Outlay
Fund
Capital Outlay
and Debt
Service Fund
Total Nonmajor
Capital Projects
Funds
Assets
Total assets

82

Nonmajor Capital Projects Funds
Capital Outlay
Bond Issue
(COBI)
Fund
Revenues
State sources
Total revenues
Expenditures
Capital outlay:
Debt service:
Dues and fees
Total expenditures
Issuance of bonds
Transfers out
Total other financing uses
Public
Education
Capital Outlay
Fund
$
2,149,547
2,149,547
Capital Outlay
and Debt
Service Fund
$
247,102
247,102
Total Nonmajor
Capital Projects
Funds
$
2,396,649
2,396,649
1,874,819
307,240
2,182,059
15,379
1,890,198
895
308,135
16,274
2,198,333
(1,890,198)
2,149,547
(61,033)
1,745,000
145,198
1,890,198
(2,149,547)
(2,149,547)
198,316
1,745,000
145,198
(2,149,547)
(259,349)
(61,033)
(61,033)
61,033
61,033
83

Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Food Service - Nonmajor Special Revenue Fund
Food Service
Actual
Amounts
Budgeted Amounts
Original
Final
Revenues
Federal through state sources:
Food service
Total federal through state
10,206,555
10,206,555
10,206,555
10,206,555
Variance with
(Negative)
10,245,494
10,245,494
38,939
38,939
State sources:
Food service
Total state sources
160,787
160,787
160,787
160,787
166,759
166,759
Local sources:
Food service
Interest income
Other local sources
Total local sources
6,808,912
1,521
6,810,433
6,808,912
1,521
6,810,433
6,148,206
2,966
63,403
6,214,575
(660,706)
1,445
63,403
(595,858)
17,177,775
17,177,775
16,626,828
(550,947)
16,300,865
16,584,718
16,165,935
418,783
16,300,865
16,584,718
12,778
16,178,713
(12,778)
406,005
593,057
448,115
Total revenues
Expenditures
Current:
Food services
Capital outlay:
Total expenditures
876,910
1,296,695
$
84
1,744,810
5,972
5,972
(144,942)

Contracted Programs - Nonmajor Special Revenue Fund
Contracted Programs
Budgeted Amounts
Original
Final
Revenues
Federal direct
Local Sources:
Other local revenue
Total revenues
Expenditures
Current:
Instruction
Instructional related technology
Central services
Operation of plant
Community services
Capital outlay:
Total expenditures
1,970,867
24,751,395
Actual
Amounts
1,542,217
19,983,815
1,542,216
19,980,945
Variance with
(Negative)
$
(1)
(2,870)
641,338
1,044,671
1,044,671
27,363,600
22,570,703
22,567,832
(2,871)
17,020,343
3,003,618
53,414
1,033,781
3,578,685
876,273
51,672
150,000
870,804
12,912
712,098
13,249,026
2,638,487
35,767
886,147
3,493,891
2,014
907,696
18,463
213,168
76,151
306,744
743,149
13,015,638
2,635,164
35,767
884,250
3,486,677
2,014
904,824
18,463
192,380
82,694
300,040
743,149
233,388
3,323
1,897
7,214
2,872
20,788
(6,543)
6,704
-
27,363,600
22,570,703
34,950
231,822
22,567,832
(34,950)
(231,822)
2,871
85

Other Debt Service - Major Debt Service Fund
Other Debt Service
Budgeted Amounts
Original
Final
Revenues
Local sources:
Interest income
Total local sources
Total revenues
Expenditures
Debt service:
Principal
Interest
Dues and fees
Total expenditures
Deficiency of revenues
under expenditures
Transfers in
Total other financing sources
110,547
110,547
Actual
Amounts
42,155
42,155
Variance with
(Negative)
(68,392)
(68,392)
110,547
42,155
14,983,738
6,840,205
-
14,759,760
7,841,825
10,499
14,754,613
7,105,264
5,100
5,147
736,561
5,399
21,823,943
22,612,084
21,864,977
747,107
(21,823,943)
(22,501,537)
(21,822,822)
678,715
24,359,944
24,359,944
21,651,901
21,651,901
21,864,022
21,864,022
212,121
212,121
2,536,001
(849,636)
41,200
862,099
$
86
903,299
(68,392)
890,836

ARRA Economic Stimulus - Major Debt Service Fund
ARRA Economic Stimulus Debt Service
Actual
Amounts
Budgeted Amounts
Original
Final
Revenues
Federal direct
Local sources:
Interest income
Total revenues
Expenditures
Debt service:
Interest
Total expenditures
338,153
338,153

over/(under) expenditures
(338,153)

Transfers in
343,194
343,194
1,737,234
1,738,967
1,737,234
63
1,739,030
1,090,000
1,090,000
1,771,237
1,771,237
647,234
5,041
Variance with
(Negative)
3,051,237
3,051,237
2,563,148
2,563,148
3,698,471
2,530,941
$
87
2,530,941
1,733
63
1,796
(681,237)
(681,237)
(32,207)

(679,441)
(488,089)
(488,089)
$
(1,167,530)

State Board of Education Bonds - Nonmajor Debt Service Fund
State Board of Education Bonds
Budgeted Amounts
Original
Final
Revenues
State sources:
CO&DS withheld for SBE Bonds
Local sources
1,851,381
-
1,851,381
938
Actual
Amounts
1,682,456
-
Variance with
(Negative)
(168,925)
(938)
Total revenues
1,851,381
1,852,319
1,682,456
(169,863)
Expenditures
Debt service:
Principal
Interest
Dues and fees
Total expenditures
1,189,500
661,881
11,600
1,862,981
1,413,478
661,881
1,101
2,076,460
1,055,000
612,530
1,101
1,668,631
358,478
49,351
407,829

(11,600)
(224,141)
13,825
351,386
$
88
365,211
237,966

Special Act Bonds - Nonmajor Debt Service Fund
Special Act Bonds
Budgeted Amounts
Original
Final
Revenues
State sources:
Racing commission funds
Local sources:
Interest income
Total revenues
Expenditures
Debt service:
Principal
Interest
Total expenditures
446,500
446,500
Actual
Amounts
446,500
Variance with
(Negative)
446,500
4,100
450,600
4,006
450,506
(94)
(94)
400,000
38,170
438,170
400,000
38,170
438,170
400,000
38,170
438,170
12,430
12,336
8,330
634,700
$
89
647,036
(94)

Local Capital Improvement Tax - Major Capital Projects Fund
Budgeted Amounts
Original
Final
Revenues
Property taxes levied for capital projects
Investment income
Total revenues
Expenditures
Current:
Capital outlay:
Debt Service:
Dues and fees
Total expenditures
Transfers in
Transfers out
64,368,691
64,368,691
64,368,691
64,368,691
$ 64,915,896
505,238
65,421,134
6,033,121
24,897,744
7,363,494
17,534,250
45,408,902
40,482,492
9,047,143
31,435,349
51,442,023
65,380,236
2,615
16,413,252
(2,615)
48,966,984
12,926,668
(1,011,545)
49,007,882
50,019,427
(42,071,329)
(42,071,329)
4,965,964
2,781,361
(42,442,074)
(34,694,749)
2,781,361
(42,066,106)
(39,284,745)
(4,965,964)
375,968
(4,589,996)
(35,706,294)
9,723,137
(29,144,661)
Actual
Amounts
Variance with
(Negative)
56,386,128
$ 66,109,265
90
547,205
505,238
1,052,443
45,429,431

Other Capital Projects - Major Capital Projects Fund
Budgeted Amounts
Original
Final
Revenues
State sources:
Charter school capital outlay funding
Miscellaneous state revenue
Local sources:
Sales tax collections
Impact fee collections
Interest income
Miscellaneous local revenue
Total revenues
Expenditures
Current:
Capital outlay:
Debt service:
Dues and fees
Total expenditures
Premium on sale of certificates of participation
Transfer in
Transfer out
1,588,728
-
1,588,728
-
Actual
Amounts
1,742,379
154,193
Variance with
(Negative)
153,651
154,193
12,240,000
1,000,000
630,000
1,852,500
17,311,228
12,240,000
1,000,000
614,600
1,864,170
17,307,498
13,295,558
698,860
489,188
3,972,942
20,353,120
12,587,194
14,996,931
4,934,298
10,062,633
135,135,554
132,881,008
50,198,975
82,682,033
147,722,748
147,877,939
643,163
55,776,436
(643,163)
92,101,503
(130,411,520)
(130,570,441)
(35,423,316)
95,147,125
74,930,000
(1,588,728)
73,341,272
75,598,547
839,097
(5,254,670)
71,182,974
70,070,000
5,528,547
10,254,654
10,000
839,097
(5,254,670)
81,447,628
(5,528,547)
5,528,547
10,254,654
10,000
(5,254,670)
5,009,984
(59,387,467)
46,024,312
(57,070,248)
80,348,349
$ 126,372,661
91
1,055,558
(301,140)
(125,412)
2,108,772
3,045,622
100,157,109

ARRA Economic Stimulus - Major Capital Projects Fund
ARRA Economic Stimulus Capital Projects
Variance with
Final Budget Actual
Positive
Budgeted Amounts
Original
Final
Amounts
(Negative)
Revenues
Local sources:
Interest income
Total revenues
Expenditures
Capital outlay:
Capital outlay - other capital outlay
Dues and fees
Total expenditures
Transfer out
34,409
34,409
34,409
34,409
42,852,488
42,756,324
5,992,093
36,764,231
42,852,488
161,508
42,917,832
161,508
6,153,601
36,764,231
(42,852,488)
(42,917,832)
(6,119,192)
36,798,640
42,852,488
42,852,488
43,026,000
(108,168)
42,917,832
43,026,000
(108,167)
42,917,833
36,798,641
$36,798,641
92
1
1
$
36,798,641

Capital Outlay Bond Issues - Nonmajor Capital Projects Fund
Capital Outlay Bond Issues
Budgeted Amounts
Original
Final
Revenues
Local sources:
Interest income
Total revenues
Expenditures
Capital outlay:
Debt service:
Dues and fees
Total expenditures
Issuance of bonds
Actual
Amounts
15,400
15,400
Variance with
(Negative)
(15,400)
(15,400)
15,379
1,745,000
1,890,198
1,874,819
1,745,000
15,400
1,905,598
15,379
1,890,198
21
15,400
(1,745,000)
(1,890,198)
(1,890,198)
1,745,000
1,745,000
1,890,198
1,890,198
1,745,000
145,198
1,890,198
93
(145,198)
145,198
$

Public Education Capital Outlay - Nonmajor Capital Projects Fund
Public Education Capital Outlay (PECO)
Budgeted Amounts
Original
Final
Revenues
State sources:
Public Education Capital Outlay
Total revenues
Expenditures
Total expenditures

Transfers out
Total other financing uses
2,149,547
2,149,547
Actual
Amounts
2,149,547
2,149,547
2,149,547
2,149,547
Variance with
(Negative)
2,149,547
2,149,547
2,149,547
(2,149,547)
(2,149,547)
(2,149,547)
(2,149,547)
(2,149,547)
(2,149,547)
94

Capital Outlay and Debt Service - Nonmajor Capital Projects Fund
Capital Outlay and Debt Service
Budgeted Amounts
Original
Final
Revenues
State sources:
CO&DS Distribution
Total revenues
Expenditures
Capital outlay:
Debt service:
Issue costs
Total expenditures
324,155
324,155
324,155
324,155
Actual
Amounts
247,102
247,102
Variance with
(Negative)
(77,053)
(77,053)
385,188
385,188
307,240
77,948
385,188
385,188
895
308,135
(895)
77,053
(61,033)
(61,033)
(61,033)
61,033
$
95
96

Internal Service funds are used to account for the Districts individual selfinsurance programs.
Workers Compensation Insurance Fund To account for the financial
activities of the Districts self-insured workers compensation program.
General Liability Insurance Fund To account for the financial activities of the
Districts self-insured general liability coverages.
Cafeteria Plan Funds To account for self-insured dental and Internal Revenue
Code Section 125 benefits for employees.
Automobile Liability Insurance Fund To account for the financial activities of
the Districts self-insured automobile liability coverage.
97

Combining Schedule of Fund Net Assets
June 30, 2011
Workers'
Compensation
Insurance
Assets
Current Assets
Accounts receivable
Investments
Deposits receivable
Prepaid items
Total current assets
Total assets
Liabilities and net assets
Current liabilities
Accounts payable
Due to other funds
Total current liabilities
12,989,932
48,937
234,420
75,000
13,348,289
3,958,545
71,430
11,881
4,041,856
13,348,289
4,041,856
42,147
350
10,123
52,620
2,950
6,111
9,061
Long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Unrestricted
Total net assets
Total liabilities and net assets
98
General
Liability
Insurance
54,956
6,396,216
6,451,172
33,174
682,791
715,965
6,503,792
725,026
6,844,497
6,844,497
3,316,830
3,316,830
13,348,289
4,041,856
Automobile
Liability
Insurance
Cafeteria Plan
Dental
Insurance
Cafeteria
Internal Service
Funds
Total
1,428,336
25,776
1,535
1,455,647
535,588
9,448
545,036
2,559,629
45,557
2,605,186
21,472,030
48,937
386,631
75,000
1,535
11,881
21,996,014
1,455,647
545,036
2,605,186
21,996,014
144,000
144,000
2,592
55
5,420
135,272
143,339
6,111
6,111
47,689
405
27,765
279,272
355,131
29,422
29,422
33,174
231,362
264,536
150,726
7,310,369
7,461,095
144,000
172,761
270,647
7,816,226
1,311,647
1,311,647
372,275
372,275
2,334,539
2,334,539
14,179,788
14,179,788
1,455,647
545,036
99
2,605,186
21,996,014

Combining Schedule of Revenues, Expenses and Changes in Fund Net Assets
Workers'
Compensation
Insurance
Operating revenues
Other operating revenues
Total operating revenues
Operating expenses
Salaries
Employee benefits
Purchased services
Materials and supplies
Insurance claims
Total operating expenses
Operating income (loss)
Nonoperating revenues
Investment income
256,876
61,410
318,286
44,748
11,514
23,660
74,756
154,678
(2,486,253)
(154,678)
24,420
(2,374,113)
Transfer in
(130,258)
366,812
(2,374,113)
236,554
9,218,610
$
100
167,248
39,324
389,033
125
2,208,809
2,804,539
112,140
Income (loss) before transfers
General
Liability
Insurance
6,844,497
3,080,276
$
3,316,830
Automobile
Liability
Insurance
Cafeteria Plan
Dental
Insurance
$
Cafeteria
2,227,746
2,227,746
2,685,962
61,410
2,747,372
190,549
1,922,228
2,112,777
72,887
23,799
45,480
1,514
143,680
44,748
11,514
16,548
63,292
136,102
329,631
86,151
665,270
1,639
4,269,085
5,351,776
114,969
57,660
(136,102)
(2,604,404)
5,744
4,161
15,811
120,713
61,821
(120,291)
332,000
120,713
61,821
211,709
1,190,934
310,454
2,122,830
201,340
201,340
Internal Service
Funds
Total
1,311,647
372,275
101
2,334,539
162,276
(2,442,128)
698,812
(1,743,316)
15,923,104
$
14,179,788

Combining Schedule of Cash Flows
Workers'
Compensation
Insurance
Cash flows from operating activities
Cash receipts from interfund services provided
Cash payments to suppliers
Cash payments to employees
Cash payments for insurance claims
Other cash receipts
Net cash provided (used) by
operating activities
General
Liability
Insurance
256,876
(395,602)
(198,609)
(2,048,594)
12,473
(2,373,456)
Cash flows from noncapital financing activities

Transfers from other funds
Net cash provided by noncapital
financing activities
Cash flows from Investing activities
Proceeds from the sale and maturities of investments
Interest income received
Net cash provided by investing activities
(136,885)
366,812
366,812
111,357
41,313
152,670
Net increase (decrease) in cash
9,121
10,938
20,059
(2,220,786)
Cash and cash equivalents - Beginning of year
249,986
15,210,718
Cash and cash equivalents- End of year

Reconciliation of operating income (loss) to net cash
provided (used) by operating activities
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Change in assets and liabilities
(Increase) in accounts receivable
Increase (decrease) in liability for compensated absences
(Decrease) in accounts payable
Increase (decrease) in due to other funds
Increase (decrease) in due to other governmental agencies
Increase (decrease) in estimated insurance claims payable
Total adjustments
Net cash provided (used) by operating activities
Noncash investing activities:
Net increase in the fair value of investments
12,989,932
(2,486,253)
(48,937)
6,049
(6,444)
350
1,564
160,215
112,797
102
3,708,559
(23,958)
(51,687)
(61,240)
-
(2,373,456)
152,670
3,958,545
(154,678)
3,633
(298)
942
13,516
17,793
$
(136,885)
20,059
Cafeteria Plan
Dental
Insurance
Automobile
Liability
Insurance
Cafeteria
2,227,746
(206,412)
(259)
(1,943,228)
-
201,340
(47,034)
(100,001)
6,265
-
(22,674)
(51,687)
(135,343)
-
Internal Service
Funds
Total
2,685,962
(695,680)
(402,243)
(4,182,140)
12,473
77,847
60,570
(209,704)
332,000
698,812
332,000
698,812
2,198
1,236
3,434
532
2,598
3,130
6,471
6,999
13,470
129,679
63,084
192,763
81,281
63,700
135,766
1,347,055
471,888
2,423,863
1,428,336
535,588
114,969
57,660
(15,863)
(259)
(21,000)
(37,122)
2,559,629
(136,102)
(3,099)
(40)
55
(271)
6,265
2,910
(2,581,628)
(1,690,053)
23,162,083
$
21,472,030
(2,604,404)
3,633
(6,126)
942
(72,051)
(73,602)
(48,937)
10,216
(28,771)
146
3,177
86,945
22,776
77,847
60,570
(209,704)
3,434
3,130
13,470
103
(2,581,628)
192,763

Agency Funds
Agency funds are used to account for assets held by the District in a trustee
capacity.
School Internal Accounts To account for resources of the school internal
funds which are used to administer moneys collected at the schools in
connection with school, student athletic, class, and club activities.
104

Combining Schedule of Changes in Fiduciary Assets and Liabilities
Fiduciary Funds
School Internal Accounts
Beginning
Balance
Assets
Accounts receivable, net of allowance of $60,545
Inventories
Additions
Deductions
Ending
Balance
4,988,486
209,628
217,487
$ 11,021,028
175,527
194,173
$ 10,899,393
209,628
217,487
5,110,121
175,527
194,173
Total assets
5,415,601
$ 11,390,728
$ 11,326,508
5,479,821
Liabilities
Accounts payable
Internal accounts payable
214,958
5,200,643
214,958
11,382,420
55,912
5,423,909
5,415,601
$ 11,661,598
$ 11,597,378
5,479,821
Total liabilities
105
55,912
11,605,686
106

Discretely Presented Component Units
The Districts discretely presented component units consist of the following
entities:
Charter Schools Pursuant to Chapter 617, Florida Statutes, and Section
1002.33, Florida Statutes, the following charter schools are considered discretely
presented component units: Island Village Montessori Charter, Inc., Sarasota
Suncoast Academy, Inc., Student Leadership Academy of Venice, Inc., Imagine
School at North Port, Imagine School at Palmer Ranch, Sarasota Military
Academy, Inc., Sarasota School of Arts and Sciences, Inc., and Suncoast School
for Innovative Studies, Inc.
107

Combining Statement of Net Assets
Component Units - Charter Schools
June 30, 2011
Island Village
Montessori
Charter, Inc.
Assets
Investments
Accounts receivable
Due from other governments
Due from related parties
Prepaid items
Deferred charges
Other
Capital assets:
Land
Construction In Process
Leasehold Improvements
Furniture, Fixtures and Equipment
Motor Vehicles
Capital Lease
Less Accumulated Depreciation
Total assets
169,500
16,616
3,202,202
835,811
12,972
(1,179,906)
3,479,768
Liabilities
Due to related parties
Accounts payable
Due to other governments
Other
Noncurrent liabilities:
Portion due within one year:
Notes payable
Bonds payable
Portion due after one year:
Notes payable
Bonds payable
Interest rate swap
Total liabilities
Net assets
Restricted for food service
Restricted for capital projects
Unrestricted
Total net assets
273,477
45,969
7,081
96,046
-
46,526
-
134,283
-
Student
Leadership
Academy of
Venice, Inc.
Sarasota
Suncoast
Academy, Inc.
252,838
59,319
93,475
71,525
355,254
8,465
5,023
Imagine School
at North Port
$
147,657
128,936
259,474
145,630
9,316
15,319
308,197
281,356
11,000
(290,656)
802,373
490,523
420,227
(376,196)
903,296
415,943
621,365
(245,050)
1,483,271
11,657
163,881
2,872
151,518
36,181
585
581
508,036
1,500
79,634
139,092
-
2,726,973
2,907,782
175,538
9,613
165,503
82,262
846,371
195,939
376,047
571,986
325,216
301,619
626,835
534,554
203,239
737,793
653,166
(16,266)
636,900
108
Sarasota
Military
Academy, Inc.
Imagine School
at Palmer Ranch
$
98,753
494
106,118
53,017
33,549
10,020
133,345
129,333
(57,918)
506,711
616,673
354,823
45,412
43,121
62,460
244,905
15,363
Suncoast
School for
Innovative
Studies, Inc.
Sarasota
School of Arts
and Sciences, Inc.
$
973,750
50,420
6,685,707
1,002,051
188,488
104,599
(1,503,172)
8,884,600
5,270,420
230,432
78,390
423,145
113,347
77,625
3,710,614
107,073
4,805,091
710,203
156,574
532,165
(1,677,054)
14,538,025
262,068
52,300
4,483
35,889
Total
Component
Units
$
7,277,140
354,823
433,926
278,175
312,491
433,533
764,096
260,483
426,699
101,237
(288,644)
594,032
1,220,875
3,710,614
82,355
1,748,435
14,693,000
4,105,595
498,367
636,764
(5,618,596)
31,192,076
65,905
869
166,429
272,361
35,599
152,378
15,358
356,681
47,983
18,367
-
200,361
102,086
368,595
581
1,382,144
82,584
-
160,000
8,212
-
62,128
42,172
-
14,536
-
373,165
160,000
189,476
1,500
285,852
601,639
5,428,943
550,952
3,585
6,459,652
11,010,350
8,325
11,647,392
37,487
118,373
3,132,574
16,439,293
550,952
8,325
13,198
22,922,250
93,538
(188,466)
(94,928)
1,353,736
1,071,212
2,424,948
473,479
3,786
107,310
2,306,058
2,890,633
187,269
288,390
475,659
3,816,897
3,786
107,310
4,341,833
8,269,826
109

Combining Statement of Activities
Component Units - Charter Schools
Island Village
Montessori
Charter, Inc.
Expenses:
Instruction
Instructional curriculum development services
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Unallocated depreciation
Total expenses
Program Revenues:
Capital grants and contributions
Total program revenues
Net program expense
General Revenues:
Grants and contributions not restricted
to specific programs
Other state and local sources
Total general revenues

2,101,242
143,729
872,741
31,117
88,406
87,400
263,331
210,601
3,798,567
Student
Leadership
Academy of
Venice, Inc.
Sarasota
Suncoast
Academy, Inc.
$
1,644,842
1,028
3,332
148,269
248,342
978,955
50,392
31,526
17,896
288,835
45,852
25,435
6,751
3,491,455
1,483,972
46,272
34,307
137
5,333
42,557
89,504
422,418
18,075
10,104
48,498
319,015
36,998
2,557,190
Imagine School
at North Port
$
3,208,399
39,235
212,471
68,951
23,619
14,854
817,428
504,280
51,399
6,735
1,386
104,430
1,410,017
70,028
30,409
23,730
6,587,371
9,640
3,283,459
210,352
3,503,451
(295,116)
123,141
431,051
554,192
(2,937,263)
1,000
1,000
(2,556,190)
98,662
89,602
188,264
(6,399,107)
367,231
367,231
3,191,705
107,180
3,298,885
2,595,154
24,082
2,619,236
6,563,831
5,104
6,568,935
72,115
361,622
63,046
169,828
499,871
571,986
110
265,213
626,835
674,747
737,793
467,072
636,900
Sarasota
Military
Academy, Inc.
Imagine School
at Palmer Ranch
$
1,726,708
141
57,433
10,141
1,918
15,586
422,266
301,173
59,886
2,498
665
72,092
1,156,289
21,861
22,463
5,713
3,876,833
287,675
1,050,754
88,706
262,405
328,530
36,843
293,068
6,741,846
14,529
109,706
124,235
(3,752,598)
405,574
761,458
1,167,032
(5,574,814)
38,142
42,000
80,142
(5,926,382)
2,180,277
120,816
2,301,093
(560,342)
122,831
6,230,901
1,565,677
7,919,409
(28,001,812)
3,279,231
260,153
3,539,384
5,869,049
133,667
6,002,716
5,751,067
36,095
5,787,162
416,661
416,661
28,033,929
566,281
28,600,210
118,286
(94,928)
427,902
1,997,046
2,424,948
(139,220)
3,029,853
2,890,633
111
1,143,985
13,024
107,230
851,313
424,103
10,150
16,665
79,908
97,024
67,352
3,572
47,109
2,861,435
Total
Component
Units
3,480,465
36,196
80,485
21,603
25,586
111,572
730,453
52,706
82,394
314,062
335,508
735,494
6,006,524
(213,214)
3,792,180
329,907
271,778
-
Suncoast
School for
Innovative
Studies, Inc.
Sarasota
School of Arts
and Sciences, Inc.
(143,681)
619,340
475,659
18,581,793
595,480
657,502
79,229
55,805
259,876
1,835,675
4,981,474
1,434,175
331,314
50,863
18,716
667,623
4,002,178
701,842
78,307
1,331,659
257,710
35,921,221
598,398
7,671,428
8,269,826
112
School Board of

STATISTICAL SECTION
113
114
Statistical Section
This part of The School Board of Sarasota County, Floridas comprehensive annual financial
report presents detail information as a context for understanding what the information in the
financial statements, notes disclosures and required supplementary information says about the
School Boards overall financial health.
Contents
Page
Financial Trends
These schedules contain trend information to help the reader
understand how the Districts financial performance and well-being
have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the
Districts most significant local revenues sources, the property tax.
Debt Capacity
These schedules present information to help the reader assess the
affordability of the Districts current levels of outstanding debt and the
governments 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 Districts financial
activities take place.
Operating Information
These schedules contain service data to help the reader understand how
the information in the Districts financial report relates to the services the
District provides and the activities it performs.
115
116
130
134
139
142

Net Assets by Component
Last 10 Fiscal Years
(Unaudited)
Net asset components

Primary government
Restricted
Unrestricted
Total primary government net assets
Fiscal Year
June 30, 2003
June 30, 2004
June 30, 2002
June 30, 2005
305,566,714
61,001,050
(5,031,991)
338,457,486
53,559,156
23,020,976
378,703,842
53,373,292
31,779,519
394,541,772
83,717,983
26,964,755
361,535,773
415,037,618
463,856,653
505,224,510
The increase in unrestricted net assets after 2003 is due to collections of the voted one mill property tax levy.
Source: District records
116
Table 1
June 30, 2006
Fiscal Year
June 30, 2008
June 30, 2009
June 30, 2007
June 30, 2010
June 30, 2011
466,284,259
79,306,831
21,309,850
528,236,762
131,953,410
23,801,166
629,612,938
117,008,881
31,288,602
$ 683,452,772
101,262,108
28,594,130
707,136,203
100,813,654
38,944,347
712,540,799
112,329,674
35,271,890
566,900,940
683,991,338
777,910,421
$ 813,309,010
846,894,204
860,142,363
117

Expenses, Program Revenues and Net (Expense)/Revenue
(Unaudited)
Fiscal Year
June 30, 2003
June 30, 2004
June 30, 2002

Primary Government
Expenses
Instruction a
Instructional Related Technology
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Loss on disposal of assets
Total expenses
Program Revenues
Instruction
Food
Transportation
Capital grants and contributions b
166,273,830
15,608,950
4,718,925
3,873,236
2,973,270
1,178,788
1,655,083
11,020,173
20,913,164
1,534,523
11,815,223
6,845,395
12,505,590
21,015,491
11,059,884
2,229,683
4,557,196
-
181,083,738
16,451,426
5,309,259
3,896,628
2,463,932
1,555,003
2,286,528
12,058,633
19,465,222
1,527,119
12,261,858
7,716,625
13,920,782
22,520,649
10,983,063
1,745,450
4,308,690
254,418
207,730,199
20,723,261
5,976,778
3,478,065
3,557,832
922,043
2,981,360
13,499,658
24,140,689
1,654,038
13,002,571
8,683,906
15,256,247
24,734,255
13,615,303
1,632,683
2,826,348
395,809
233,185,107
24,232,443
6,672,205
5,183,796
5,874,238
949,399
2,962,401
16,074,405
21,520,131
1,875,597
14,044,865
9,537,256
16,821,952
27,720,445
15,265,066
1,774,211
3,495,834
1,811,401
299,778,404
319,809,023
364,811,045
409,000,752
898,638
6,690,764
11,798,797
8,017,129
1,576,039
6,863,324
12,374,826
6,217,310
2,030,539
7,458,783
12,582,433
15,083,451
2,339,858
8,201,660
13,499,585
11,199,114
Total program revenues

Primary government net expense
June 30, 2005
27,405,328
$
(272,373,076)
27,031,499
$
(292,777,524)
37,155,206
$
The District's expenses, particularly for instruction, have increased significantly as a

result of the state's class size reduction law.
In conjunction with the state's class size reduction law, the district received additional funding for school
construction and expansion. That funding ceased in 2009 due to funding cuts.
118
(327,655,839)
35,240,217
$
(373,760,535)
Table 2
June 30, 2006
June 30, 2007
Fiscal Year
June 30, 2008
June 30, 2009
June 30, 2010
June 30, 2011
257,897,300
27,207,302
5,575,610
5,386,657
8,195,277
5,713,311
1,226,200
3,318,674
17,583,450
25,269,288
2,078,552
14,788,117
7,091,071
19,250,296
30,327,497
16,481,878
2,097,590
1,326,509
4,621,914
580,294
280,629,797
29,165,173
6,364,718
8,844,988
9,659,899
7,313,334
990,629
3,595,878
18,363,321
27,089,488
2,182,470
15,666,988
7,854,963
23,219,538
34,389,933
16,142,678
2,095,439
1,305,084
2,515,380
-
$ 297,901,222
30,325,345
5,905,210
6,187,932
13,498,341
8,129,129
1,350,453
3,146,996
18,772,984
27,421,208
2,308,943
15,918,869
7,380,444
22,371,308
35,228,040
16,031,105
2,150,968
1,494,913
2,169,385
-
$ 298,584,873
28,222,953
6,137,851
5,258,883
7,366,429
2,891,781
1,201,716
3,397,495
18,352,757
20,860,191
2,225,376
16,059,192
6,841,163
21,089,902
36,378,916
18,436,686
2,064,623
1,536,844
4,673,833
-
292,676,391
28,441,735
5,294,666
3,677,673
5,137,212
1,396,745
2,021,403
3,694,955
17,856,861
13,279,770
2,085,840
15,747,007
6,214,941
19,525,725
36,822,811
17,342,439
2,414,933
1,771,570
5,766,106
-
296,690,439
28,732,840
5,386,832
3,844,308
5,378,038
1,373,380
1,126,670
2,951,442
17,484,966
13,136,595
2,051,350
16,391,007
6,455,528
19,524,334
35,436,543
17,949,420
2,080,924
2,457,531
9,911,864
456,016,787
497,389,698
$ 517,692,795
$ 501,581,464
481,168,783
488,364,011
2,299,622
8,765,289
13,812,394
21,970,232
2,496,679
8,894,983
16,001,462
36,756,130
3,070,864
6,833,017
496,302
9,967,097
6,078,399
46,847,537
$
(409,169,250)
64,149,254
$ (433,240,444)
2,400,410
8,200,630
15,283,133
23,384,964
49,269,137
$ (468,423,658)
2,598,848
7,372,093
525,511
15,321,080
7,639,232
33,456,764
$ (468,124,700)
119
26,445,679
$
(454,723,104)
2,994,646
6,195,344
489,684
10,412,253
6,549,424
26,641,351
(461,722,660)

General Revenues and
Total Changes in Net Assets
(Unaudited)
Fiscal Year
June 30, 2003
June 30, 2004
June 30, 2002

Net (Expense)
Total primary government net expense
General Revenues and Other Changes in Net Assets

Taxes
a
Property taxes, levied for general purposes
Property taxes, levied for capital projects
Local sales taxes
Grants and contributions
Not restricted to specific programs
Miscellaneous
Change in Net Assets
(272,373,076)
(292,777,524)
(327,655,839)
June 30, 2005
(373,760,535)
165,329,600
50,964,874
12,211,625
221,025,180
47,549,085
12,590,838
223,682,403
65,855,565
13,835,823
237,166,152
74,530,028
15,472,027
54,863,464
9,358,802
2,717,249
295,445,614
57,300,663
5,309,955
2,503,648
346,279,369
66,853,738
4,346,074
1,901,271
376,474,874
79,305,558
4,079,285
4,575,342
415,128,392
23,072,538
53,501,845
Changes in property tax revenues are a product of underlying changes in property values and tax rates.
120
48,819,035
41,367,857
Table 3
June 30, 2006
(409,169,250)
Fiscal Year
June 30, 2008
June 30, 2009
June 30, 2007
(433,240,444)
(468,423,658)
(468,124,700)
June 30, 2010
(454,723,104)
June 30, 2011
(461,722,660)
263,419,295
89,881,339
16,601,829
296,843,842
113,936,426
16,453,038
309,870,020
120,956,816
14,850,716
286,459,398
94,721,430
13,422,199
282,106,749
71,468,723
12,880,581
276,860,927
64,915,896
13,295,558
84,374,487
7,887,638
8,681,092
470,845,680
96,569,779
14,031,997
12,495,760
550,330,842
100,984,457
6,967,194
8,713,538
562,342,741
99,090,763
9,205,352
624,147
503,523,289
112,699,479
6,498,942
2,653,824
488,308,298
109,899,786
8,938,210
1,761,982
475,672,359
61,676,430
117,090,398
93,919,083
35,398,589
121
33,585,194
13,949,699

Fund Balances, Governmental Funds (A)
(Unaudited)
Fiscal Year
2002
2003
2004
2005
General Fund
Reserved
Unreserved
3,654,584
27,226,585
3,412,221
53,117,465
5,080,282
61,004,090
6,218,253
55,374,160
Total general fund
30,881,169
56,529,686
66,084,372
61,592,413
37,332,843
38,736,411
51,929,561
42,521,301
All Other Governmental Funds

Reserved
Unreserved, reported in:
Capital projects funds
Debt Service
Special revenue funds
Total all other governmental funds
22,004,491
1,135,255
$
60,472,589
13,488,917
1,055,375
$
53,280,703
(8,660,757)
925,495
$
44,194,299
General Fund
Nonspendable
Restricted
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Nonspendable
Restricted
Assigned
Unassigned
Total all other governmental funds
Note: (A) Includes all governmental fund types

GASB Statement No. 54 was implemented for fiscal year 2010-2011.
Fiscal year 2009-2010 GASB 54 compliant fund balance is unaudited and shown for comparative purposes only.
122
28,540,690
1,119,637
$
72,181,628
Table 4
2006
Fiscal Year
2008
2007
2009
2010
3,771,836
47,308,999
4,480,699
54,670,550
5,374,137
56,579,914
6,705,148
52,325,727
5,178,957
61,664,354
51,080,835
59,151,249
61,954,051
59,030,875
66,843,311
45,463,536
76,629,184
99,169,076
76,532,149
76,946,550
24,187,552
789,122
955,725
$
71,395,935
51,701,565
782,457
19,957
$
129,133,163
14,937,827
1,780,555
6,190
$
115,893,648
80,355,779
221,254
$
123
157,109,182
2011
62,724,039
971,341
$
140,641,930
3,048,627
4,203,910
16,085,961
43,504,813
3,022,373
4,463,012
19,885,279
37,449,121
66,843,311
64,819,785
325,354
133,142,006
3,473,030
-
460,304
228,682,195
4,017,253
2,312,112
136,940,390
235,471,864

Governmental Funds Revenues (A)
(Unaudited)
Fiscal Year
2002
Revenues
Federal sources:
Federal grants
Food services
Total federal sources
State sources:
Florida education finance program
Public education capital outlay
Food services
State grants and other
Total state sources
Local sources:
Ad valorem taxes
Food service sales
Interest and other income
Other revenues
Total local sources
Total revenues
16,435,445
5,101,468
21,536,913
2003
18,794,016
5,442,515
24,236,531
2004
18,944,852
6,812,883
25,757,735
2005
21,206,226
6,380,608
27,586,834
13,889,965
6,447,060
154,932
32,650,520
53,142,477
13,915,022
150,726
37,590,519
51,656,267
16,697,408
3,709,656
136,663
48,218,160
68,761,887
18,492,045
3,589,035
151,721
50,128,637
72,361,438
216,294,473
6,693,637
2,714,581
21,276,666
246,979,357
268,574,266
6,883,554
2,299,872
18,769,996
296,527,688
289,537,968
7,476,537
1,739,793
19,891,034
318,645,332
311,696,180
8,201,660
4,222,565
25,470,697
349,591,102
321,658,747
372,420,486
Note: (A) Includes all governmental fund types

124
413,164,954
449,539,374
Table 5
Fiscal Year
2006
21,296,728
6,218,085
27,514,813
2007
21,020,923
6,546,549
27,567,472
2008
23,039,187
7,415,005
30,454,192
2009
23,337,833
8,402,604
31,740,437
2010
47,811,371
9,810,993
57,622,364
2011
48,044,321
10,245,493
58,289,814
15,326,282
7,418,890
157,278
59,450,786
82,353,236
14,817,885
10,538,636
181,407
86,910,926
112,448,854
10,547,459
8,080,289
155,052
87,739,209
106,522,009
10,604,605
3,093,362
155,255
75,451,244
89,304,466
6,005,237
784,890
156,104
62,382,285
69,328,516
3,093,335
2,149,547
166,759
63,098,786
68,508,427
353,316,447
8,765,289
4,265,347
40,048,173
406,395,256
410,780,268
9,884,189
12,495,760
34,662,569
467,822,786
430,826,836
8,319,301
8,713,067
25,612,832
473,472,036
381,180,828
7,372,093
660,303
26,347,457
415,560,681
353,575,472
10,327,655
809,681
20,662,975
385,375,783
341,776,823
6,214,575
745,590
26,062,544
374,799,532
516,263,305
607,839,112
610,448,237
125
536,605,584
512,326,663
501,597,773

Governmental Funds Expenditures and Debt Service Ratios
(Unaudited)
Fiscal Year
2002
Expenditures:
Instruction
Instruction and curriculum
development services
Board of education
Fiscal services
Food services
Central services
Operation of plant
Community services
Capital Outlay:
Debt Service:
Principal
Interest and fiscal charges
Total expenditures
Debt service as a percentage of
noncapital expenditures
2003
152,144,480
15,380,529
5,068,176
2004
165,718,380
16,210,280
5,256,899
2005
191,944,926
20,597,947
5,916,203
216,279,716
24,180,157
6,536,392
3,907,397
2,923,055
1,168,325
1,514,794
11,009,163
1,506,808
11,618,092
6,242,805
11,100,539
20,989,297
10,419,601
2,090,671
3,881,192
2,347,592
1,546,841
2,160,679
12,050,448
1,494,363
12,015,804
6,793,407
12,278,635
22,388,206
10,234,739
1,735,000
3,466,155
3,435,650
916,050
2,833,368
13,503,541
1,628,731
12,896,708
7,841,414
13,414,943
24,674,201
12,980,795
1,626,000
5,164,216
5,727,951
942,274
2,803,097
16,042,734
1,853,645
13,944,723
8,664,140
14,900,983
27,696,037
14,497,219
1,761,530
32,375,434
2,401,885
61,294,523
2,747,398
81,489,958
3,800,894
100,295,481
3,722,243
7,445,000
4,620,216
303,926,267
7,800,000
5,306,427
353,260,813
8,841,951
2,450,366
414,259,801
9,529,713
4,195,284
478,737,535
4.5%
4.5%
3.4%
Debt service as a percentage of noncapital expenditures has decreased in 2004. This is a result of savings from refunding
lease revenue and race track bonds during fiscal year 2003.
126
3.7%
Table 6
Fiscal Year
2006
$
2007
240,739,506
27,229,460
5,605,383
2008
256,946,940
28,948,930
6,053,112
2009
271,323,020
30,195,029
5,813,674
2010
268,425,220
28,073,008
6,132,968
2011
265,811,151
28,407,978
5,296,556
266,581,120
28,493,209
5,359,753
5,167,001
8,116,892
5,685,909
1,215,542
3,121,207
17,680,518
25,991,220
2,066,910
14,770,445
6,564,895
16,491,954
30,316,553
15,726,868
1,918,449
1,315,817
8,469,582
9,531,003
6,071,627
969,522
3,353,244
18,271,940
110,523
2,154,917
15,491,356
6,990,947
18,057,575
34,066,726
15,146,073
2,035,824
1,283,031
5,862,954
13,397,827
6,766,334
1,333,359
2,833,221
18,738,880
33,649,291
2,288,599
15,847,930
6,808,436
19,537,524
34,868,202
15,319,147
2,124,392
1,462,921
5,188,321
7,308,599
2,856,419
1,181,284
3,087,799
18,362,541
20,353,217
2,199,020
15,958,579
6,325,951
18,032,493
36,208,129
17,756,455
2,020,762
1,505,642
3,630,588
5,110,661
1,375,951
2,005,951
3,396,131
27,072,936
3,493,719
2,070,591
15,699,502
5,717,568
17,127,826
36,725,942
16,840,599
2,392,633
1,762,846
3,788,923
5,340,332
1,363,247
1,111,754
2,653,620
17,381,348
12,490,422
2,025,671
16,218,563
5,995,234
17,258,729
35,189,729
17,444,372
2,069,903
2,442,909
79,846,343
2,548,271
92,840,335
1,922,626
113,133,250
2,493,800
76,790,460
26,471,971
51,016,090
-
68,170,877
231,822
14,204,533
3,820,416
530,144,092
14,477,828
3,448,699
546,642,360
14,690,677
3,108,218
621,596,685
15,470,158
4,425,405
584,134,401
21,156,712
6,073,650
522,185,581
16,209,613
10,356,962
538,178,112
4.0%
4.0%
3.5%
4.3%
127
5.8%
5.7%

Other Financing Sources and Uses and Net Changes in Fund Balance,
Governmental Funds
(Unaudited)
Fiscal Year
2002
Excess (deficiency) of revenues over
(under) expenditures
Other Financing Sources (Uses)

Long-term debt issued
Refunding bonds issued
Premium on refunding bonds
Discount on sale of bonds
Payments to refunded bond escrow agent
FEMA loss recovery
Transfers in
Transfers out
2003
17,732,480
1,225,500
28,352,984
(25,108,984)
4,469,500
$
22,201,980
19,159,673
2004
914,703
25,323,251
(26,872,095)
(634,141)
$
128
18,525,532
(1,094,847)
2005
2,005,934
86,000
25,024,054
(25,553,360)
1,562,628
$
467,781
(29,198,161)
52,457,063
469,793
438,240
25,667,628
(26,345,197)
52,687,527
23,489,366
Table 7
Fiscal Year
2006
(13,880,787)
2007
2,814,696
7,860,000
765,091
(7,658)
(8,595,518)
438,765
32,819,053
(33,515,312)
2,579,117
$
(11,301,670)
61,196,752
2008
5,065,250
202,865
26,220,779
(26,913,564)
4,575,330
$
65,772,082
(11,148,448)
2009
1,150,000
41,521
46,646
33,487
30,552,099
(31,114,202)
709,551
$
(10,438,897)
(47,528,817)
2010
75,625,000
119,854
10,562,139
13,043
42,350
40,772,772
(41,313,942)
85,821,216
$
129
38,292,399
(9,858,918)
2011
1,860,000
186,454
(2,029,565)
1,762,564
86,780
48,333,427
(48,998,608)
1,201,052
$
(8,657,866)
(36,580,339)
114,841,000
5,528,547
10,254,654
145,198
10,000
12,861
49,578,490
(50,277,302)
130,093,448
93,513,109

Assessed Value and Estimated Actual Value of Taxable Property
(in thousands of dollars)
(Unaudited)
Fiscal
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Assessed Value
Residential and
Commercial
Personal
Property
Property
$
30,329,859
35,502,248
42,072,743
49,021,600
58,973,841
76,796,905
78,936,448
67,743,874
57,691,815
50,678,383
2,871,128
2,855,384
3,081,984
3,299,142
4,380,022
6,432,934
6,365,749
7,291,518
6,632,664
2,190,004
Total
Taxable
Value
Less:
Exemptions
$
6,816,629
8,458,202
11,040,724
13,544,250
16,901,193
24,313,875
22,638,384
19,191,350
15,025,342
8,088,600
26,384,358
29,899,430
34,114,003
38,776,492
46,452,670
58,915,964
62,663,813
55,844,042
49,299,137
44,779,787
Note: Assessed values approximate estimated actual values. For each

fiscal year ending June 30, property is valued as of the preceding January 1st.
(1)
Per $1,000 of assessed value
Source: Sarasota County Property Appraiser
130
Table 8
Total
Direct
Rate(1)
8.488
9.287
8.793
8.366
7.861
7.210
7.123
7.045
7.427
7.901

Direct and Overlapping Property Tax Rates
(Unaudited)
(per $1,000 assessed valuation)
Fiscal
Year
General
Purposes
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
6.488
7.643
6.793
6.366
5.861
5.210
5.123
5.295
5.927
6.401
District Direct Rates

Capital
Purposes
2.000
1.644
2.000
2.000
2.000
2.000
2.000
1.750
1.500
1.500
Total
Sarasota
County
8.488
9.287
8.793
8.366
7.861
7.210
7.123
7.045
7.427
7.901
5.565
5.549
6.353
6.294
6.176
5.976
5.514
5.514
5.659
5.649
Table 9
Overlapping Rates (1)

Town of
City of
City of
Longboat
(2)
Sarasota
Venice
Key
3.171
3.237
3.150
3.018
3.009
3.000
3.166
3.106
3.152
3.198
3.406
3.355
3.275
3.512
3.395
3.344
2.939
2.984
3.004
3.004
2.562/3.209
2.424/3.205
2.171/2.690
1.836/2.287
1.729/2.163
1.627/2.006
1.635/2.011
1.696/2.110
1.709/2.170
1.958/1.958
City of
North Port
4.550
4.500
5.000
4.900
4.900
3.300
2.981
2.981
3.340
3.340
(1) Additional millages for incorporated areas include levies for operating and debt service costs.
(2) Inland/Beach side
County and School District Millages
10.0
9.0
8.0
7.0
6.0
5.0
4.0
2002
2003
2004
2005
2006
Total Sarasota County
131
2007
2008
2009
District Direct Rates
2010
2011
Table 10

Principal Property Taxpayers
Current Year and 9 Years Ago
(Unaudited)
Taxpayer
Florida Power & Light Co.
Verizon Florida, Inc.
Westfield/Southgate &
Sarasota Shoppingtown
Sarasota Doctors Hospital, Inc.
Wal-Mart Stores/Sam's East Inc.
The Glenridge on Palmer Ranch
Venice HMA
Comcast/Storer Cable
Publix Super Markets
MHC Mobile Home Communities
Osprey S A
Slab/Ritz Carlton Hotel Co.
Inland Southeast Sarasota, LLC
January 1, 2011
Percentage of
Total Taxable
Taxable
Value
Value
Rank
1
2
3
4
5
6
7
8
9
10
-
Total
Rank
January 1, 2002
Percentage of
Total Taxable
Taxable
Value
Value
337,244,024
226,251,215
0.85 %
0.57
2
1
$ 204,614,600
321,178,723
133,605,718
79,389,529
77,829,514
69,181,582
67,816,072
62,718,922
56,388,588
54,478,580
-
0.34
0.20
0.20
0.17
0.17
0.16
0.14
0.14
-
5
3
7
9
8
6
4
10
61,658,722
83,955,932
49,746,912
39,700,168
42,297,370
56,875,562
83,060,500
37,433,470
1,164,903,744
132
2.94 %
$ 980,521,959
0.68 %
1.07
0.21
0.28
0.17
0.13
0.14
0.19
0.28
0.13
3.28 %

Property Tax Levies and Collections
(Unaudited)
Collected within the

Fiscal Year of the Levy
Taxes Levied
for the
Fiscal Year
Fiscal
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
223,950,431
277,676,006
300,036,373
324,404,132
365,164,439
424,784,100
446,354,340
386,044,194
366,144,690
353,805,097
Amount
$
215,914,172
268,263,729
289,537,968
311,696,180
353,300,634
410,780,268
430,826,836
379,560,085
352,996,495
341,469,125
Percentage
of Levy
96.41 %
96.61
96.50
96.08
96.75
96.70
96.52
98.32
96.41
96.51
133
Table 11
Total Collections to Date

Collections
in Subsequent
Years
$
470,163
500,842
419,201
368,388
680,559
567,988
1,620,743
1,291,417
578,977
307,698
Amount
$
216,384,335
268,764,571
289,957,169
312,064,568
353,981,193
411,348,256
432,447,579
380,851,502
353,575,472
341,776,823
Percentage
of Levy
96.62 %
96.79
96.64
96.20
96.94
96.84
96.88
98.65
96.57
96.60

Outstanding Debt by Type
(dollars in thousands, except per capita)
(Unaudited)
Table 12
Fiscal
Year
Lease
Revenue
Bonds
State Board
of Education
Bonds
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ 66,595
-
15,409
17,152
14,300
14,780
15,540
14,380
14,650
13,963
12,960
13,305
Qualified
Zone Academy Certificates of
Bonds
Participation
$
1,300
1,300
1,300
1,300
1,300
1,300
60,421
52,569
95,440
82,525
69,321
55,759
117,574
99,565
200,206
Race Track
Revenue
Bonds
$
3,455
3,175
3,175
2,905
2,565
2,215
1,855
1,504
1,114
705
Capital
Leases
$
478
373
840
935
585
286
145
10,156
8,180
20,663
Total
Primary
Government
$
85,937
81,120
70,884
114,061
102,515
87,502
73,709
144,497
123,119
236,179
Note: The lease revenue bonds were repaid with the proceeds of certificates of participation in 2003.
Details regarding the District's outstanding debt can be found in the notes to the basic financial statements.
N/A = Data not currently available
(1)
Population and personal income data can be found in Table 16
Debt Per Capita
$400
$300
$200
$100
2002
2003
2004
2005
2006
134
2007
2008
2009
2010
2011
Percentage
of Personal
Per
(1)
Income (1) Capita
0.63 %
0.56
0.43
0.63
0.53
0.42
0.36
0.70
N/A
N/A
$ 257
239
203
318
280
237
198
373
313
619

Direct and Overlapping Governmental Activities Debt
as of June 30, 2011
(Unaudited)
Debt
Outstanding
Governmental Unit
Table 13
Estimated
Share of
Direct and
Overlapping
Debt
Estimated
Percentage
Applicablea
Direct Debt
Sarasota County
General Obligation Bonds
Overlapping Debt
None
Underlying Debt
City of Sarasota
City of Venice
Town of Longboat Key
Subtotal, underlying debt
47,399
8,235
14,201
69,835
13.67 %
5.44
1.18
District Direct Debt
6,479
448
168
7,095
200,206
Total direct and overlapping debt
207,301
Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the
District. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne
by the residents and businesses of the District. This process recognizes that, when considering the District's ability to
issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into
account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the
debt of each overlapping government.
Source: Taxable value data used to estimate applicable percentages provided by County Property Appraiser.
Debt outstanding data provided by each governmental unit.
135

Legal Debt Margin Information
(dollars in thousands)
(Unaudited)
Legal Debt Margin Calculation for Fiscal Year 2011

Assessed value 2011 tax roll
44,779,787
Limit of bonded indebtedness, 10% of net

assessed taxable property value
4,477,979
Amount of debt applicable to the debt limit
236,179
Legal Debt Margin
4,241,800
Fiscal Year
2002
Debt limit
Total debt
applicable to limit
Legal debt margin
Total debt applicable
as a percentage of
debt limit
2003
2,638,436
85,937
$
2,552,499
2004
2,989,943
81,120
$
3.26%
2,908,823
2.71%
2005
3,411,400
70,884
3,340,516
2.08%
Note: This schedule was previously presented as a requirement of State Board of Education Rule 6A-1.037(2),
Florida Administrative code which established a legal debt limit of 10 percent of the assessed valuation of
the District. This rule was repealed in March 2006, however, management believes this information may
still be of value to users.

Assessed value data provided by the Sarasota County Property Appraiser.
136
3,877,649
114,061
3,763,589
2.94%
Table 14
Fiscal Year
2006
$
2007
4,645,267
102,515
$
4,542,752
2.21%
2008
5,891,596
87,502
$
5,804,094
1.49%
2009
6,266,381
73,709
$
6,192,672
2010
5,584,404
144,497
$
1.18%
5,439,907
2.59%
137
2011
4,929,914
123,119
$
4,806,795
2.50%
4,477,979
236,179
4,241,800
5.27%

Pledged-Revenue Coverage,
Last Ten Fiscal Years
(Unaudited)
Race Track Revenue Bonds

Racing
Fiscal
Commission
Year
Funds
2001
$
446,500
2002
446,500
2003
446,500
2004 (2)
446,500
2005
446,500
2006
446,500
2007
446,500
2008
446,500
2009
446,500
2010
446,500
2011
446,500
(1)
Debt Service
Principal
Interest
$ 205,000
$ 238,275
215,000
226,590
230,000
214,120
103,447
270,000
96,730
340,000
89,980
350,000
81,480
360,000
71,855
365,000
61,055
385,000
50,105
400,000
38,170
Coverage
1.01
1.01
1.01
4.32
1.22
1.04
1.03
1.03
1.05
1.03
1.02
State Board of Education Bonds

Motor Vehicle
Debt Service
License
Tax
Principal
Interest
$ 1,288,366
$ 535,000
$ 768,396
1,288,523
560,000
754,729
1,297,102
585,000
729,791
1,378,457
650,000
721,663
1,455,168
720,000
730,105
1,449,261
790,000
703,821
1,533,496
845,000
1,110,299
1,527,268
880,000
1,102,775
1,967,296
935,000
674,779
1,608,606
1,000,000
588,482
1,682,213
1,055,000
612,530
Note: Details regarding the District's outstanding debt can be found in Note 9 of the notes to the financial statements.
(1) Bonds are issued by the District and secured from pari-mutuel tax proceeds distributed annually
to Sarasota County from the State's Pari-Mutuel Tax Collection Trust Fund pursuant to Florida Statutes.
(2) Bonds were refunded in fiscal year 2004. Racetrack Revenue Refunding Bonds, Series 2003 were issued.
138
Table 15
Coverage
0.99
0.98
0.99
1.00
1.00
0.97
0.78
0.77
1.22
1.01
1.01
Table 16

Demographic and Economic Statistics
(Unaudited)
Calendar
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Personal
(2)
Income
(thousands of
dollars)
Estimated
Population(1)
334,023
339,684
348,761
358,307
366,256
369,535
372,073
387,461
393,608
381,319
Per Capita
Personal
Income
14,177,419
14,421,000
16,448,000
18,000,000
19,436,000
20,605,000
20,659,000
20,765,000
N/A
N/A
41,707
41,618
46,361
49,455
52,772
55,559
55,856
56,158
N/A
N/A
Student
Membership(3)
37,048
38,026
39,519
38,850
41,884
42,190
42,013
41,057
41,281
41,076
N/A = Data not currently available

Source:
(1) Bureau of Economic and Business Research

(2) US Department of Commerce, Bureau of Economic Analysis
(3) The Florida Department of Education's Statistical Brief entitled "Membership in Florida's
Public Schools Fall" for each respective year
(4) Florida Agency for Workforce Innovation, Office of
Workforce Information Services, Labor Market Statistics (12 month average)
139
Unemployment
(4)
Rate
3.2
3.3
3.1
3.5
2.6
3.5
5.9
10.4
12.3
11.3

Principal Employers
Current Year and 9 Years Ago
(Unaudited)
Employer
Sarasota County Government
Sarasota Memorial Hospital
Publix Super Markets, Inc.
Venice Regional Medical Center
PGT Industries
Sun Hydraulics Corporation
Tervis Tumbler
HCA Doctors Hospital
Sunset Automotive Group
Wal-Mart
City of Sarasota
Charter One Hotels
Total
Rank
1
2
3
4
5
6
7
8
9
10
-
2011
Percentage
of Total
County
Employment
Employees
5,549
3,241
3,024
1,474
1,400
1,118
686
670
624
600
-
3.89 %
2.27
2.12
1.03
0.98
0.78
0.48
0.41
0.44
0.42
-
18,386
12.82 %
Source: Sarasota Chamber of Commerce
140
Rank
1
2
3
4
5
6
9
7
10
8
Table 17
2002
Percentage
of Total
County
Employment
Employees
4,417
3,708
3,400
3,300
1,428
1,150
908
963
852
950
2.89 %
2.43
2.23
2.16
0.94
0.75
0.59
0.67
0.56
0.66
21,076
13.88 %
141

Full-Time Equivalent District Employees by Type
(Unaudited)
2002
Supervisory
Administrators
Consultants/supervisors of instruction
Principals
Assistant principals
Curriculum coordinators
Total supervisory
Instruction
Elementary classroom teachers
Secondary classroom teachers
ESE teachers
Other teachers (adult)
Other professionals (instructional)
Aides
Total instructional
Student Services
Guidance counselors
Visiting teachers/Social workers
Psychologists
Librarians
Other professionals (non-instructional)
Technicians
Total student services
Support and Administration
Clerical/secretarial
Service workers
Skilled crafts
Unskilled laborers
Total support and administration
Total employees
Note:
2003
142
2005
35
4
35
46
36
5
36
50
42
5
37
53
41
5
38
58
120
127
137
142
843
750
407
19
87
515
2,621
886
809
428
21
91
522
2,757
985
899
479
45
118
562
3,088
1,101
979
519
45
150
626
3,420
51
9
15
16
136
52
279
54
9
15
15
137
55
285
66
10
18
18
151
43
306
76
12
22
19
162
43
334
304
877
120
27
1,328
331
900
120
28
1,379
355
932
127
28
1,442
387
995
128
32
1,542
4,348
4,548
4,973
5,438
Employee data includes only full-time staff.

Information presented above excludes Charter Schools and
Second Chance Schools. The number of personnel is total employees.
Source: Florida Department of Education Statistical Brief entitled

"Staff in Florida's Public Schools"
2004
Table 18
2006
2007
2008
2009
2010
43
7
48
69
42
6
44
71
41
7
52
69
41
7
47
61
167
163
169
1,168
1,124
565
71
179
610
3,717
1,170
1,040
523
71
185
531
3,520
95
16
22
19
170
46
368
2011
156
40
6
54
60
5
165
39
8
45
53
3
148
1,210
1,111
542
72
190
536
3,661
1,126
1,005
514
29
176
504
3,354
1,188
1,037
493
36
155
542
3,451
1,158
1,057
498
41
163
543
3,460
93
15
21
22
168
46
365
102
15
24
25
190
45
401
87
17
22
26
176
94
422
85
15
21
14
182
92
409
86
18
22
15
172
90
403
409
1,098
128
33
1,668
391
1,087
137
50
1,665
403
1,098
127
51
1,679
377
1,107
86
46
1,616
360
1,095
86
52
1,593
350
1,056
81
51
1,538
5,920
5,713
5,910
5,548
5,618
5,549
143

Operating Statistics - General
(Unaudited)
Fiscal
Year
Operating
Expenditures
Fall
Student
Memberships
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
$ 247,553,079
267,249,584
310,056,455
352,355,192
405,210,263
434,592,467
455,663,146
440,341,271
430,432,805
429,450,566
37,048
38,026
39,519
41,158
41,884
42,190
42,013
41,057
41,281
41,076
Cost
per
Pupil
$
6,682
7,028
7,846
8,561
9,675
10,301
10,846
10,725
10,427
10,455
Percentage
Change
Teaching
Staff
Pupil/Teacher
Ratio
11.00%
5.18
11.64
9.11
8.55
6.39
9.54
(1.00)
(2.78)
0.27
2,019
2,144
2,408
2,644
2,928
2,804
2,935
2,674
2,754
2,754
18.3
17.7
16.4
15.6
14.3
15.0
14.3
15.4
15.0
14.9
Note: Expenditures only include General and Special Revenue Funds.

Community service expenditures are not included in total expenditure amounts.
Source:
District records
144
Table 19

Operating Statistics-Food Service
(Unaudited)
Table 19
(continued)
Fiscal
Year
Total Days Meals

Were Served
Number of Free and

Reduced Meals Served
Percentage of
Free and Reduced Meals
to Total Meals Served
Total Meals
Served
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
179
180
180
178
179
180
180
180
180
180
292,949,681
308,403,021
324,422,859
337,696,656
335,147,484
334,858,968
338,004,480
363,214,020
389,205,740
394,146,936
56 %
57
57
57
54
54
60
65
70
72
5,271,116
5,418,219
5,706,790
5,904,361
6,181,508
6,201,092
5,633,408
5,587,908
5,560,082
5,474,263
Source: District records - Budget book
145
Table 20

Teacher Salaries
(Unaudited)
Fiscal
Year
Minimum
(1)
Salary
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source:
Sarasota
Average
Salary(1)
Maximum
Salary(1)
26,795
27,599
30,233
31,518
34,024
37,038
38,611
38,530
38,530
38,530
47,590
49,018
51,101
53,273
66,944
72,874
75,060
75,811
75,811
75,811
Statewide
Average
Salary(2)
42,098
42,879
43,980
44,860
46,329
53,231
53,636
55,213
54,852
55,623
39,275
40,275
40,598
41,590
42,702
45,296
46,922
46,938
46,696
45,723
2010
2011
(1) District records

(2) Florida Department of Education
Teacher Average Salary
$55,000
$53,000
$51,000
$49 000
$49,000
$47,000
$45,000
$43,000
$41,000
$39,000
$37,000
$35,000
2002
2003
2004
2005
2006
Statewide Average Salary
146
2007
2008
2009
Sarasota Average Salary
147

School Building Information
(Unaudited)
School
Elementary
Alta Vista (1955)
Square feet
Student Stations
Enrollment
Ashton (1976)
Square feet
Student Stations
Enrollment
Atwater (2010)
Square feet
Student Stations
Enrollment
Bay Haven (1926)
Square feet
Student Stations
Enrollment
Emma Booker (1990)
Square feet
Student Stations
Enrollment
Brentwood (1958)
Square feet
Student Stations
Enrollment
Cranberry (2003)
Square feet
Student Stations
Enrollment
Englewood (1928)
Square feet
Student Stations
Enrollment
Fruitville (1941)
Square feet
Student Stations
Enrollment
Garden (1965)
Square feet
Student Stations
Enrollment
Glenallen (1984)
Square feet
Student Stations
Enrollment
Gocio (1966)
Square feet
Student Stations
Enrollment
Gulf Gate (1963)
Square feet
Student Stations
Enrollment
Lakeview (1987)
Square feet
Student Stations
Enrollment
Lamarque (2006)
Square feet
Student Stations
Enrollment
Phillippi Shores (1953)
Square feet
Student Stations
Enrollment
Southside (1926)
Square feet
Student Stations
Enrollment
Tatum Ridge (2005)
Square feet
Student Stations
Enrollment
Taylor Ranch (1989)
Square feet
Student Stations
Enrollment
Toledo Blade (1992)
Square feet
Student Stations
Enrollment
Tuttle (1963)
Square feet
Student Stations
Enrollment
Venice (1953)
Square feet
Student Stations
Enrollment
Wilkinson (1967)
Square feet
Student Stations
Enrollment
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
91,196
1,027
755
91,196
820
632
95,116
1,110
686
96,746
1,110
695
96,746
1,155
703
122,939
968
703
122,727
968
682
122,455
972
689
122,455
967
640
122,455
953
624
119,233
1,383
1,283
123,208
1,324
1,281
129,480
1,682
1,313
130,555
1,682
1,225
126,044
1,555
898
126,044
1,062
873
115,724
1,062
838
110,855
938
812
110,855
938
837
112,423
908
819
134,578
1,066
686
130,501
1,028
672
50,782
533
576
68,454
581
576
68,454
641
530
72,576
641
545
71,440
841
570
71,440
701
582
70,305
701
588
70,305
701
589
70,305
701
583
70,305
701
584
112,583
1,309
617
112,583
948
599
118,071
1,335
646
118,071
1,335
665
118,064
1,375
648
118,344
1,146
648
119,064
900
560
119,105
882
523
119,105
882
490
119,105
882
522
110,363
1,222
999
110,363
987
930
141,631
1,534
954
140,395
1,534
939
136,450
1,336
812
136,450
1,114
741
137,040
1,061
733
137,040
1,061
709
137,040
1,061
674
137,040
1,043
656
110,113
753
-
110,113
983
585
118,053
983
750
134,496
1,294
859
133,945
1,079
843
132,377
1,043
879
132,377
1,043
805
132,377
1,043
810
131,474
985
747
85,690
915
574
102,436
655
543
104,788
873
531
104,788
873
534
104,788
837
486
104,788
698
449
104,027
698
420
104,027
698
405
104,027
698
402
103,953
698
384
79,825
862
799
86,169
701
804
117,480
1,329
771
110,442
1,329
782
112,566
1,112
672
112,406
949
684
112,399
984
680
112,389
984
693
113,631
966
719
115,914
1,014
715
87,638
783
635
87,638
716
610
87,638
1,016
623
87,638
1,016
668
88,184
1,003
658
88,184
836
638
86,892
821
628
86,892
821
617
86,892
821
609
83,463
751
600
98,275
1,291
954
99,568
1,028
988
113,680
1,697
1,093
120,032
1,697
1,195
173,605
1,924
1,274
168,891
1,426
875
165,538
1,382
868
156,358
1,208
774
156,276
1,208
714
143,398
1,020
684
113,512
1,000
904
116,692
925
962
121,396
1,279
916
120,062
1,279
877
122,730
1,419
927
121,895
1,183
898
120,904
1,183
812
119,353
1,111
736
119,353
1,111
755
119,353
844
749
132,212
1,190
904
132,212
882
944
132,212
1,190
964
132,212
1,190
927
136,531
1,095
894
154,346
913
778
154,265
913
792
154,265
913
804
154,265
913
735
154,265
913
751
81,284
1,011
924
81,284
827
851
85,988
1,106
831
85,988
1,106
977
85,988
1,166
828
86,439
1,192
790
95,871
1,190
750
84,776
940
772
83,967
922
697
83,967
922
635
150,688
1,295
1,011
158,548
1,295
1,131
158,548
1,295
1,055
158,185
1,282
1,044
164,485
1,430
1,013
82,593
806
553
82,593
617
507
82,593
806
486
119,168
806
491
120,900
867
591
121,160
723
569
121,160
731
628
121,162
731
659
121,162
731
665
121,162
731
646
75,936
576
748
75,936
540
769
75,936
601
743
73,660
601
730
127,155
1,524
675
119,822
1,058
640
108,019
826
646
108,019
826
640
108,019
826
705
108,019
851
736
122,673
890
698
126,495
835
766
129,651
889
833
129,646
889
849
129,646
889
805
129,651
893
754
10,089
1,078
847
10,089
887
834
14,793
1,264
867
20,389
1,264
918
111,247
1,371
875
142,727
1,143
863
142,713
1,143
846
139,360
1,075
840
139,360
1,075
803
137,550
1,057
704
129,172
1,423
1,308
129,172
849
1,483
129,172
1,577
1,044
138,725
1,577
1,276
142,361
1,998
1,511
171,183
1,773
1,417
185,307
2,025
1,564
178,014
1,761
1,320
178,014
1,761
677
140,937
987
646
118,555
1,072
827
120,847
877
812
121,631
1,201
880
121,631
1,201
847
124,844
1,238
891
129,058
1,032
788
122,388
921
727
122,387
921
697
122,387
921
629
133,027
921
626
97,939
959
602
97,939
777
588
97,939
1,033
624
128,259
1,033
678
133,267
993
674
131,371
828
651
131,371
828
652
131,371
828
682
131,371
828
609
131,371
784
603
88,180
1,093
897
88,180
882
776
103,860
1,166
783
144,479
1,166
788
142,499
943
780
142,499
786
718
144,395
786
638
144,395
786
572
144,862
786
553
144,862
786
529
148
Table 21
School
Middle
Booker (1992)
Square feet
Student Stations
Enrollment
Brookside (1955)
Square feet
Student Stations
Enrollment
Heron Creek (2003)
Square feet
Student Stations
Enrollment
McIntosh (1961)
Square feet
Student Stations
Enrollment
Sarasota (1992)
Square feet
Student Stations
Enrollment
Venice (1984)
Square feet
Student Stations
Enrollment
Woodland (2008)
Square feet
Student Stations
Enrollment
High
Booker (1953)
Square feet
Student Stations
Enrollment
Cyesis (1993)
Square feet
Student Stations
Enrollment
NorthPort (2001)
Square feet
Student Stations
Enrollment
Riverview (1957)
Square feet
Student Stations
Enrollment
Sarasota (1926)
Square feet
Student Stations
Enrollment
Suncoast Polytechnical (2008)
Square feet
Student Stations
Enrollment
Venice (1955)
Square feet
Student Stations
Enrollment
Other
Laurel Nokomis (1991)
Square feet
Student Stations
Enrollment
Oak Park (1993)
Square feet
Student Stations
Enrollment
Pineview (1993)
Square feet
Student Stations
Enrollment
Phoenix Academy (2005)
Square feet
Student Stations
Enrollment
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
180,888
1,647
1,064
180,888
1,413
1,140
212,196
2,195
1,264
208,117
2,195
1,207
208,117
2,221
1,015
208,117
1,851
938
210,232
2,057
893
209,394
2,013
890
209,394
2,014
887
209,394
1,810
854
193,266
1,529
1,387
193,366
1,251
1,352
207,312
1,723
1,263
207,303
1,723
1,200
207,303
1,794
1,122
208,812
1,484
1,097
208,812
1,649
1,075
208,812
1,649
1,135
208,812
1,649
1,077
208,812
1,484
1,036
231,009
2,157
1,431
241,609
2,157
1,730
242,903
2,533
1,789
242,903
2,174
1,977
226,037
2,005
2,071
219,907
1,897
1,278
219,903
1,897
1,176
218,937
1,643
1,116
214,842
1,616
1,281
214,842
1,555
1,112
214,842
1,492
1,054
216,660
1,492
1,092
219,000
1,550
1,096
219,000
1,292
1,105
218,814
1,437
1,063
218,814
1,437
978
218,814
1,437
891
219,237
1,275
867
189,730
1,527
1,361
189,830
1,277
1,325
189,830
1,882
1,342
189,730
1,882
1,397
188,097
1,963
1,266
188,097
1,636
1,203
183,172
1,697
1,169
183,172
1,697
1,148
185,264
1,698
1,142
185,264
1,508
1,142
155,677
1,835
648
155,677
987
705
160,381
1,458
739
167,301
1,458
781
170,608
1,796
908
170,608
1,497
887
170,061
1,664
870
170,061
1,664
791
170,061
1,664
755
169,752
1,497
731
211,591
1,567
719
250,557
1,567
767
227,483
1,410
669
366,630
2,272
1,255
366,630
2,272
1,142
299,500
3,821
1,073
377,318
2,134
1,514
377,318
1,790
1,575
383,590
2,276
1,597
353,517
2,276
1,596
359,684
2,671
1,662
359,684
2,240
1,711
366,630
2,272
1,536
38,288
273
174
38,288
286
179
38,680
345
149
38,680
345
132
38,680
394
144
39,090
329
130
39,090
329
143
341,862
1,872
651
341,862
1,615
1,017
341,862
1,781
1,516
389,694
1,781
1,810
466,254
3,551
2,089
296,971
2,882
2,438
418,243
3,049
2,709
418,257
3,037
2,540
476,402
3,040
2,587
481,947
2,842
2,472
302,649
2,832
2,576
308,040
2,799
2,559
312,744
3,202
2,582
313,627
3,202
2,657
324,327
4,131
2,687
310,282
3,347
2,548
310,282
3,434
2,454
486,698
3,195
2,532
495,696
2,936
2,670
494,051
2,786
2,742
414,688
2,718
2,513
414,688
2,713
2,655
414,688
2,878
2,638
423,101
2,878
2,619
422,111
3,841
2,673
422,111
3,201
2,669
457,608
3,264
2,533
457,612
3,264
2,373
459,673
3,298
2,235
462,600
2,516
2,018
72,943
606
150
78,177
606
308
78,177
545
436
338,471
2,705
2,322
338,471
2,367
2,225
338,471
2,716
2,157
338,797
2,716
2,178
348,832
3,264
2,204
353,177
2,706
2,141
356,526
2,899
2,112
364,482
2,919
2,019
364,482
2,941
1,960
550,330
4,854
1,951
21,282
2,016
1,694
23,667
1,780
1,723
28,371
2,414
1,785
23,598
2,414
1,535
214,260
2,415
1,318
214,260
2,013
1,232
214,229
2,236
1,153
216,825
2,237
1,067
216,122
2,237
1,080
215,197
1,963
1,096
138,117
479
350
143,903
479
362
145,471
580
378
148,647
580
439
156,997
877
439
179,189
731
408
170,757
731
414
169,171
706
412
169,171
706
428
169,171
666
393
173,730
1,584
1,591
174,742
1,448
1,675
206,050
1,998
1,799
210,814
1,998
1,948
216,360
2,505
2,061
216,360
2,254
2,200
225,307
2,464
2,210
225,269
2,464
2,116
225,269
2,464
2,170
225,269
1,974
2,210
26,808
282
203
26,657
345
157
26,647
288
163
26,863
288
172
26,863
288
191
26,863
288
193
26,863
288
201
Sources: (1) District Records

(2) Florida Inventory of School Houses
Notes: Capacity information reported for fiscal year ended 2003 reflects adjustments due to the Class Size Reduction Amendment.
Rebuilt schools only include information after rebuilding.
Booker High and Venice High square footage and student stations reflect the old and new buildings on campus as these schools are currently being rebuilt. These numbers
will be updated in FISH once construction is complete.
149
150
School Board of

Federal Reports and Schedules
Report of Independent Certified Public Accountants 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
Report of Independent Certified Public Accountants on Compliance with Requirements

that could have a Direct and Material Effect on Each Major Program and on
Internal Control over Compliance in Accordance with OMB Circular A-133.
Schedule of Expenditures of Federal Awards
Notes to Schedule of Expenditure of Federal Awards
151
Report of Independent Certified Public Accountants 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

Sarasota, Florida
We have audited the financial statements of the governmental activities, the aggregate discretely
presented component units, each major fund, and the aggregate remaining fund information of the
School Board of Sarasota County, Florida (the District) as of and for the year ended June 30, 2011,
which collectively comprise the Districts basic financial statements, and have issued our report
thereon dated January 30, 2012. As discussed in Note 1 to the financial statements, the District
restated their inventory balance as of June 30, 2010. Our report includes reference to other auditors.
States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Other auditors audited the
financial statements of the aggregate discretely presented component units, as described in our report
on the Districts 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

Management of the District is responsible for establishing and maintaining effective internal control
over financial reporting. In planning and performing our audit, we considered the Districts internal
control over financial reporting as a basis for designing our auditing procedures for the purpose of
expressing our opinions on the basic financial statements, but not for the purpose of expressing an
opinion on the effectiveness of the Districts internal control over financial reporting. Accordingly, we
do not express an opinion on the effectiveness of the Districts internal control over financial reporting.
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 entitys financial statements will not be prevented, or detected and
corrected, on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal control
over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We
did not identify any deficiencies in internal control over financial reporting that we consider to be a
material weakness as defined above.
152
Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Districts financial statements are free of
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.
We noted certain other matters that we reported to management in a separate letter dated January
30, 2012.
This report is intended for the information and use of Districts management, the Board, and
applicable federal and state agencies, and pass-through entities and is not intended to be and should
not be used by anyone other than these specified parties.
Tampa, Florida
January 30, 2012
153
Report of Independent Certified Public Accountants on Compliance with

Requirements that could have a Direct and Material Effect on Each Major
Program and on Internal Control Over Compliance in Accordance
With OMB Circular A-133
Sarasota, Florida
Compliance
We have audited the School Board of Sarasota County, Floridas (the District) compliance with the
types of compliance requirements described in the U.S. Office of Management and Budget (OMB)
Circular A-133 Compliance Supplement that could have a direct and material effect on each of its
major federal programs for the year ended June 30, 2011. The Districts major federal programs are
identified in the summary of auditors results section of the accompanying schedule of findings and
questioned costs. Compliance with the requirements of laws, regulations, contracts, and grants
applicable to each of its major federal programs is the responsibility of the Districts management. Our
responsibility is to express an opinion on the Districts compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in
the United States of America; the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133,
Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB
Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about
whether noncompliance with the types of compliance requirements referred to above that could have
a direct and material effect on a major federal program occurred. An audit includes examining, on a
test basis, evidence about the Districts compliance with those requirements and performing such
other procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the
Districts compliance with those requirements.
In our opinion, the District complied, in all material respects, with the compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for
the year ended June 30, 2011.
154
Internal Control Over Compliance

Management of the District is responsible for establishing and maintaining effective internal control
over compliance with the requirements of laws, regulations, contracts, and grants applicable to federal
programs. In planning and performing our audit, we considered the Districts internal control over
compliance with the requirements that could have a direct and material effect on a major federal
program to determine the auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB
Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, we do not express an opinion on the effectiveness of the
Districts internal control over compliance.
A deficiency in internal control over compliance 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, noncompliance with a type of compliance requirement of a federal
program on a timely basis. A material weakness in internal control over compliance is a deficiency, or
combination of significant deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control over
compliance that might be deficiencies, significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above.
This report is intended for the information and use of Districts management, the Board, and
applicable federal and state agencies, and pass-through entities and is not intended to be and should
not be used by anyone other than these specified parties.
Tampa, Florida
January 30, 2012
155

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FEDERAL GRANTOR / PASS-THROUGH
Federal
Pass Through
Grantor
GRANTOR/PROGRAM TITLE OR CLUSTER TITLE
CFDA #
Number
10.553
10.555
10.559
321
300
323, 324
10.555(2)
None
United States Department of Agriculture:

Indirect:
Florida Department of Education:
Child Nutrition Cluster:
School Breakfast Program
National School Lunch Program
Summer Food Service Program for Children
Florida Department of Agriculture:
National School Lunch Program
Total Child Nutrition Cluster
Amount
Provided to
Federal
(1)
Expenditures
Subrecipients
1,351,009
7,340,822
301,012
952,986
9,945,829
Child and Adult Care Food Program

Indirect:
Fresh Fruit and Vegetable Program
National School Lunch Program Equipment Assistance
10.558
302
174,205
10.582
10.579
None
371
125,460
12,778
Total Indirect
138,238
10,258,272
Total United States Department of Agriculture

United States Department of Labor
Indirect:
Suncoast Workforce Board, Inc.
WIA Youth Activities
17.259
10-02
Total United States Department of Labor
121,483
121,483
United States Department of Transportation (FHWA)

Direct:
Bicycle Training
20.205
N/A
Total United States Department of Transportation

United States National Endowment for the Arts
Direct:
National Endowment of the Arts
40.024
N/A
Total United States National Endowment for the Arts
4,292
133
4,292
133
14,787
14,787
United States Department of Energy

Direct:
State Energy Program
81.041
N/A
Total United States Department of Energy
83,503
83,503
United States Department of Education:

Direct:
Student Financial Assistance Cluster:
Federal Supplemental Educational Opportunity Grants
Federal Pell Grant Program
Total Student Financial Assistance Cluster
84.007
84.063
N/A
N/A
85,000
638,090
723,090
Educational Research and Improvement:

Fund for the Improvement of Education
84.215
N/A
485,666
Safe and Drug-Free Schools and Communities - National Programs

SMART: Sarasota Mobilizes Alcohol Reduction in Teens
84.184
N/A
333,460
Total Direct
1,542,216
156

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FEDERAL GRANTOR / PASS-THROUGH

GRANTOR/PROGRAM TITLE OR CLUSTER TITLE
United States Department of Education (continued):
Indirect:
Special Education Cluster:
Special Education - Grants to States
Special Education - Preschool Grants
Total Special Education Cluster
Adult Education - Basic Grants to States
Title I Grants to Local Educational Agencies
Migrant Education - State Grant Program
Career and Technical Education - Basic Grants to States
Education for Homeless Children and Youth
Charter Schools
Twenty-First Century Community Learning Centers
Education Technology State Grants
Title III - NCLB English Language Acquisition Grants
Title II - Improving Teacher Quality State Grants
Education for Homeless Children and Youth, Recovery Act
Title I Grants to Local Educational Agencies, Recovery Act
Special Education Grants to States, Recovery Act
Special Education-Preschool Grants, Recovery Act
State Fiscal Stabilization Fund - Education State Grants, Recovery Act
State Fiscal Stabilization Fund - Race to the Top Incentive, Recovery Act
State Fiscal Stabilization Fund - Government Services, Recovery Act
Education Jobs Fund
Federal
CFDA #
Pass Through
Grantor
Number
84.027
84.173
262, 263
266, 267
8,710,043
295,809
9,005,852
84.002
84.010
84.011
84.048
84.196
84.282
84.287
84.318
84.365
84.367
84.387
84.389
84.391
84.392
84.394
84.395
84.397
84.410
191, 193
212, 222, 226, 228
217
151, 161
127
298
244
121
102
224
127
212, 226
263
267
591
RL1
592
541
109,937
6,661,538
6,603
525,281
100,000
166,712
1,021,072
108,119
428,366
1,587,199
38,672
1,765,097
5,307,135
240,613
14,057,320
185,589
297,591
840,927
Federal
Expenditures
Amount
Provided to
Subrecipients
391,893
32,221
424,114
76,720
166,712
3,143
12,742
29,523
294,450
840,927
Total Indirect
42,453,623
1,848,331
Total United States Department of Education
43,995,839
1,848,331
United States Department of Health and Human Services:

Indirect:
Florida Department of Health:
Assistance Programs for Chronic Disease Prevention and Control
Assistance Programs for Chronic Disease Prevention and Control
93.283
93.283
FAH 62
COH7R
4,675
66,534
Total United States Department of Health and Human Services
71,209
Corporation for National and Community Services:

Indirect:
Learn and Serve America - School and Community Based Programs
94.004
234
349
Total Corporation for National and Community Services
349
United States Department of Homeland Security:

Direct:
Homeland Security Grant Program
97.067
532
52,820
Total United States Department of Homeland Security
52,820
United States Department of Defense:

Direct:
Army Junior Reserve Officers Training Corps
Marine Corps Junior Reserve Officers Training Corps
Navy Junior Reserve Officers Training Corps
None
None
None
N/A
N/A
N/A
206,478
74,930
62,702
Total United States Department of Defense
344,110
Total Expenditure of Federal Awards
See accompanying notes to schedule of expenditures of Federal awards
157
54,946,664
$ 1,848,464

Notes to the Schedule of Expenditures of Federal Awards
Note 1 Basis of Presentation The Schedule of Expenditures of Federal Awards represents

amounts expended from Federal programs during the fiscal year based on the modified accrual
basis of accounting. The amounts have been reconciled to and are in material agreement with
the amounts recorded in the Districts accounting records from which the basic financial
statements have been reported.
Note 2 Noncash Assistance National School Lunch Program and Summer Food Service
Program for Children Represents the amount of donated food received during the fiscal year.
Commodities are valued at fair value as determined at the time of donation.
158
159

Year Ended June 30, 2011
Part I - Summary of Auditors' Results

Financial Statement Section
Unqualified
Type of auditors' report issued:
Internal control over financial reporting:

Material weakness(es) identified?
yes
no
Significant deficiency(ies) identified not

considered to be material weakness(es)?
yes
none reported
yes
no
Material weakness(es) identified?
yes
no
Significant deficiency(ies) identified not

considered to be material weakness(es)?
yes
none reported
Noncompliance material to financial

statements noted
Federal Awards Section
Internal control over major programs:
Type of auditors' report on compliance for

major programs:
Unqualified
Any audit findings disclosed that are

required to be reported in accordance with
section 510 (a) of OMB Circular A-133
yes
Dollar threshold used to distinguish Type A

and Type B programs:
no
$1,648,399
Auditee qualified as low-risk auditee?
160
yes
no

Schedule of Findings and Questioned Costs (continued)
Year Ended June 30, 2011
Part I - Summary of Auditors' Results (continued)
Federal Awards Section (continued)
Identification of the major federal programs:
CFDA Numbers
84.027, 84.173, 84.391, 84.392
Name of Program or Cluster

Special Education Cluster - ARRA
84.010, 84.389
Title 1, Part A Cluster - ARRA
84.394, 84.397
State Fiscal Stabilization Fund Cluster - ARRA
84.410
Education Jobs Fund

Part II - Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, and instances of
noncompliance related to the financial statements that are required to be reported in
accordance with Government Auditing Standards.
There were no financial statement findings required to be reported in accordance with
Government Auditing Standards.
Part III - Federal Award Findings and Questioned Costs
This section identifies the significant deficiencies, material weaknesses, and instances of
noncompliance, including questioned costs, related to the audit of the major programs, as
required to be reported by OMB Circular A-133.
There were no findings required to be reported by OMB Circular A-133.
Part IV - Other Matters
A summary Schedule of Prior Audit Findings is not necessary since there were no prior
audit findings.
161

Sarasota, Florida
We have audited the financial statements of the governmental activities, the aggregate discretely
presented component units, each major fund, and the aggregate remaining fund information of the
Sarasota County District School Board (the District) as of and for the year ended June 30, 2011,
which collectively comprise the Districts basic financial statements and have issued our report
thereon dated January 30, 2012. These financial statements are the responsibility of the Districts
management. Our responsibility is to express opinions on these financial statements based on our
audit. We did not audit the financial statements of the charter schools, reported as discretely
presented component units, these financial statements were audited by other auditors.
States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits
of States, Local Governments, and Non-Profit Organizations. We have issued our Report of
Independent Certified Public Accountants 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, Report of Independent Certified Public Accountants Compliance
with Requirements that could have a Direct and Material Effect on Each Major Program and on
Internal Control Over Compliance in Accordance With OMB Circular A-133, and the Schedule of
Findings and Questioned Costs. Disclosures in those reports and schedule, which are dated January
30, 2012, should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with Chapter 10.800, Rules of the Auditor
General, which governs the conduct of district school board audits performed in the State of Florida.
This letter includes the following information, which is not included in the aforementioned auditors
reports or schedule:
Section 10.804(1)(f)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the preceding
annual financial audit report. We have reviewed the corrective actions taken to address the findings
and recommendations made in the preceding annual financial audit and documented our findings in
Appendix A.
162
Section 10.804(1)(f)3., Rules of

provisions of Section 218.415,
connection with our audit of the
indicate that the District was in
public funds.
the Auditor General, requires our audit to include a review of the

Florida Statutes, regarding the investment of public funds. In
financial statements of the District, the results of our tests did not
noncompliance with Section 218.415 regarding the investment of
Section 10.804(1)(f)4., Rules of the Auditor General, requires that we address in the management
letter any recommendation to improve financial management. In connection with our audit, we did not
have any such recommendations.
Section 10.804(1)(f)5., Rules of the Auditor General, requires that we address violations of provisions
of contracts or grant agreements, or abuse, that have occurred or are likely to have occurred, that
have an effect on the financial statements that is less than material but more than inconsequential. In
connection with our audit, we did not have any such findings.
Section 10.804(1)(f)6., Rules of the Auditor General provides that the auditor may, based on
professional judgment, report the following matters that have an inconsequential effect on the financial
statements, considering both quantitative and qualitative factors: (1) violations of provisions of
contracts or grant agreements, fraud, illegal acts, or abuse, and (2) deficiencies in internal control that
are not significant deficiencies. In connection with our audit, we did not have any such findings.
Pursuant to Sections 10.804(1)(f)7.a. and 10.805(6), Rules of the Auditor General, we applied
financial condition assessment procedures. It is managements responsibility to monitor the entitys
financial condition, and our financial condition assessment was based in part on representations
made by management and the review of financial information provided by same.
Section 10.804(1)(f)2., Rules of the Auditor General, requires a statement be included as to whether
or not the District has met one or more of the conditions described in Section 218.503(1), Florida
Statutes, and identification of the specific conditions met. In connection with our audit of the financial
statements of the District, the results of our tests did not indicate that the District met any of the
conditions of a financial emergency contained in Section 218.503(1), Florida Statutes.
Section 10.804(1)(f)8., Rules of the Auditor General, requires the auditor to state whether or not the
district school board complied with transparency requirements. Section 2, Specific Appropriation 115A
of Chapter 2010-152, Laws of Florida, provides that district school boards include a link of their Web
Sites to the Transparency Florida Web Site. In connection with our audit, we viewed the Districts
website for the Transparency Florida Web Site link.
Pursuant to Chapter 119, Florida Statutes, this management letter is a public record and its
distribution is not limited. Auditing standards generally accepted in the United States of America
require us to indicate that this letter is intended solely for the information and use of the District School
Board, applicable management, applicable federal and state agencies, and the Florida Auditor
General, and is not intended to be and should not be used by anyone other than these specified
parties.
Tampa, Florida
January 30, 2012
163

Appendix A Status of Prior Year Observations and Recommendations
June 30, 2011
Financial Reporting Observation

Financial Statement Preparation and Review
Criteria: The District is responsible for preparing financial statements in accordance with generally
accepted accounting principles and for establishing internal controls to ensure complete and accurate
financial reporting.
Observation 2010-1: There were a number of adjustments, reclassifications, and changes in note
disclosures which were required so the financial statements would be presented in accordance with
generally accepted accounting principles. A summary of these items follow:
1. The District did not identify the issuance of two debt instruments subsequent to year
end for disclosure in the financial statements.
2. The District posted a reclassification entry on the fund financial statements which was
not recorded on the government wide financial statements.
3. There were several reclassifications made to the financial statements including fund
balance, due to and from other agencies, deferred revenue, capital outlay, and due to
and from other funds.
Recommendation: The District should review and establish adequate internal control to ensure all
that the financial statements are prepared in accordance with GAAP.
Current Year Status: Still applicable. The District has implemented procedures in order to improve
the financial reporting process over their Comprehensive Annual Financial Report (CAFR).
However, it was noted that there were still a number of errors in their Annual Financial Report (AFR).
We recommend that the District implement similar procedures over their AFR reporting which have
already been implemented over their CAFR reporting.
Management Response: The District concurs with this finding and will implement procedures and
controls over the preparation of the Annual Financial Report that have now been put into place for the
preparation of the Comprehensive Annual Financial Report. The District will also continue to refine its
processes and procedures over the financial reporting process to ensure that all financial statements
are prepared in accordance with GAAP.
164
Information Systems Recommendations

Observation 2010-2: The District has not performed a formal risk assessment of the information
technology that is currently in place.
Recommendation: We recommend that the District complete a formal IT risk assessment on the new
system ideally by an independent outside entity, at least once every three years to identify the and
assess high risk areas in the Districts IT environment.
Current Year Status: Still applicable.
Management Response: Management is aware of this issue but has decided to accept the risk for
the time being based on the fact we have just implemented a new system during the 2011-2012 fiscal
year. This will be investigated following completion of the implementation.
Observation 2010-3: The District does not currently have a formal backup policy. However, we did
note that the District does have a formal backup schedules and checklist.
Recommendation: We recommend that the District document a form Backup and Recovery Policy
upon the completion of the new system implementation which defines back and recovery procedures,
including schedules, responsibilities, and procedures for off-site rotation and periodic restoration of
data for the organization.
Management Response: Management is aware of this issue and will be completing a formal backup
policy upon completion of the new system implementation and during the 2011-2012 fiscal year.
Observation 2010-4: The District does not currently perform a formal restoration or backup recovery
test.
Recommendation: We recommend that the District perform a formal disaster recovery test upon
completion of the new system implementation on an annual basis to ensure that files can be
adequately restored in a timely basis. Test plans and results should be shared with upper level
management as appropriate.
Management Response: Management is aware of this issue but has decided to accept the risk for
the time being based on the fact we have just implemented a new system during the 2011-2012 fiscal
year. This will be investigated following completion of the implementation.
165
Observation 2010-5: The District has not developed a formal information security policy.
Recommendation: We recommend that the District document and finalize their formal information
security policy upon completion of the new system implementation which will define the security
objectives for the District. The policy should define requirements to requesting and granting access,
terminating access, and periodically reviewing access.
Additionally procedures should be
implemented to define minimum reqirements for password security, confidentialty of information, and
segregation of duties guidelines within the application. The policy should also outline the security
policies of the organization that are in place to restrict physical and logical access to sensitive data as
well as network security, back-up and disaster recovery procedures. The program should be
reviewed and updated annually to accurately reflect changes in the information systems environment.
Management Response: Management is aware of this issue and is in the process of developing a
formal information security policy. Remediation is scheduled to be completed in conjunction with the
new system implementation during the 2011-2012 fiscal year.
Observation 2010-6: The District does not have formal test plans to be used during major system
implementations.
Recommendation: We recommend that a formalized test plan be documented for all major system
implementations upon completion of the new system implementation. These plans should be
developed and followed for all future major implementation projects, including unit, system,
integration, interface, and data conversion testing as appropriate.
Management Response: Management is aware of this issue and is in the process of developing
formal test plans and procedures. Remediation is scheduled to be completed in conjunction with the
new system implementation during the 2011-2012 fiscal year.
166

Sarasota 2011 CAFR

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School Board of Sarasota

Comprehensive Annual Financial Statement Report

SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

List of Principal Officials - Elected

Association of School Business Officials International Certificate

Government Finance Officers Association of the United States

Managements Discussion and Analysis

Basic Financial Statements:

Fund Financial Statements:

Reconciliation of the Balance Sheet of Governmental Funds to the

Statement of Revenues, Expenditures and Changes in Fund Balances

Reconciliation of the Statement of Revenues, Expenditures and Changes in

Statement of Revenues, Expenditures and Changes in Fund Balances

Statement of Revenues, Expenditures and Changes in Fund Balance

Statement of Fund Net Assets Proprietary Funds

Statement of Revenues, Expenses and Changes in Fund Net Assets

Statement of Cash Flows Proprietary Funds

SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

Statement of Fiduciary Assets and Liabilities Fiduciary Funds

Required Supplementary Information:

Combining and Individual Fund Statements and Schedules:

Combining Balance Sheet Nonmajor Special Revenue Funds

Combining Balance Sheet Nonmajor Debt Service Funds

Combining Balance Sheet Nonmajor Capital Projects Funds

Contracted Programs Nonmajor Special Revenue Fund

Other Debt Service Major Debt Service Fund

ARRA Economic Stimulus Major Debt Service Fund

State Board of Education Bonds Nonmajor Debt Service Fund

Special Act Bonds Nonmajor Debt Service Fund

Local Capital Improvement Tax Major Capital Projects Fund

Other Capital Projects Major Capital Projects Fund

ARRA Economic Stimulus Major Capital Projects Fund

Capital Outlay Bond Issues Nonmajor Capital Projects Fund

SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

Capital Outlay and Debt Service Nonmajor Capital Projects Fund

Combining Schedule of Fund Net Assets Internal Service Funds

Combining Schedule of Revenues, Expenses and Changes in Fund Net Assets

Combining Schedule of Cash Flows Internal Service Funds

Combining Schedule of Changes in Fiduciary Assets and Liabilities Fiduciary Funds

Combining Statement of Net Assets Component Units Charter Schools

Combining Statement of Activities Component Units Charter Schools

Report of Independent Certified Public Accountants on Compliance with Requirements that

SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

Schedule of Expenditures of Federal Awards

Notes to Schedule of Expenditures of Federal Awards

Schedule of Findings and Questioned Costs

Independent Certified Public Accountants Management Letter

Comprehensive Annual Financial Statement Report

THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

January 30, 2012

Dear Chairman, School Board Members, and Citizens of Sarasota County:

Profile of the Government

or square feet. Resources have been accumulated in order to meet potential

LIST OF PRINCIPAL OFFICIALS

Dr. Carol Todd

SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA

Mrs. Lori White

Mr. Scott Lempe

Chief Operations Officer

Mrs. Mitsi Corcoran

Chief Financial Officer

The School Board of Sarasota County, Florida

Comprehensive Annual Financial Statement Report

Report of Independent Certified Public Accountants