School board of Brevard County • Viera, Fl Comprehensive ANNUAL Financial Report for the year ended June 30, 2016 www.brevardschools.org The School Board of Brevard County, Florida Viera, Florida Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2016 Prepared by: Office of Accounting Services The School Board of Brevard County, Florida Comprehensive Annual Financial Report for the fiscal year ended June 30, 2016 Table of Contents INTRODUCTORY SECTION Page Letter of Transmittal ………...................................................................................................................................... i List of Principal Officials - Elected ........................................................................................................................... vii List of Principal Officials - Appointed ...................................................................................................................... viii Organizational Chart ................................................................................................................................................. ix Certificate of Achievement for Excellence in Financial Reporting (GFOA).............................................................. x Certificate of Excellence in Financial Reporting (ASBO) ........................................................................................ xi FINANCIAL SECTION Independent Auditor's Report..................................................................................................................................... 1 Management's Discussion and Analysis .................................................................................................................... 5 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position .................................................................................................................................. 17 Statement of Activities ...................................................................................................................................... 19 Fund Financial Statements: Balance Sheet - Governmental Funds ................................................................................................................ 20 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ............................. 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 ....................................................................................... 28 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General Fund ..... 29 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Special Revenue Fund- Contracted Programs.................................................................................................. 33 Statement of Net Position - Proprietary Funds .................................................................................................. 36 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds ............................... 37 Statement of Cash Flows - Proprietary Funds ................................................................................................... 38 Statement of Net Position - Fiduciary Funds - Agency Funds ........................................................................... 39 Notes to the Basic Financial Statements ................................................................................................................ 40 Other Required Supplementary Information Single-Employer Other Postemployment Benefits Plan ........................................................................................ 95 Proportionate Share of Net Pension Liability - Florida Retirement System ........................................................... 96 Proportionate Share of Net Pension Liability - Health Insurance Subsidy Program .............................................. 97 Contributions - Florida Retirement System............................................................................................................ 98 Contributions - Health Insurance Subsidy Program................................................................................................ 99 Other Supplementary Information Page Combining and Individual Fund Financial Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds ................................................................................ 104 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds ............................................................................................. 106 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual: Major Funds: Debt Service Fund - Other ........................................................................................................................ 110 Local Capital Improvement Capital Projects Fund .................................................................................... 111 Local Sales Surtax Capital Projects Fund .................................................................................................. 112 Nonmajor Funds: Special Revenue Fund - Food Services...................................................................................................... 113 SBE / COBI Bonds Debt Service Fund ..................................................................................................... 114 Section 1011.14/1011.15 Notes Capital Projects Fund .............................................................................. 115 Capital Outlay and Debt Service Capital Projects Fund ............................................................................ 116 Public Education Capital Outlay Capital Projects Fund ............................................................................ 117 Other Capital Projects Fund ...................................................................................................................... 118 Combining Statement of Changes in Assets and Liabilities - School Internal Funds ............................................. 121 Combining Statement of Net Position - Internal Service Funds ............................................................................ 125 Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds .......... 126 Combining Statement of Cash Flows - Internal Service Funds .............................................................................. 127 Combining Statement of Net Position - Nonmajor Component Units ................................................................... 131 Combining Statement of Activities - Nonmajor Component Units ........................................................................ 134 STATISTICAL SECTION Financial Trend Information Net Position by Component ...................................................................................................................................... 139 Changes in Net Position ............................................................................................................................................ 140 Governmental Activites Tax Revenues by Source ..................................................................................................... 143 Fund Balances of Governmental Funds ..................................................................................................................... 144 Changes in Fund Balances of Governmental Funds .................................................................................................. 145 Summary of Revenues, Expenditures (by Major Object) and Changes in Fund Balances General Fund ......................................................................................................................................................... 148 Special Revenue Fund - Contracted Programs........................................................................................................ 150 American Recovery and Reinvestment Act Economic Stimulus Fund (ARRA) .................................................... 153 Special Revenue Fund - Food Services ................................................................................................................. 154 Debt Service Funds ............................................................................................................................................... 156 Capital Project Funds ............................................................................................................................................ 158 Revenue Capacity Information Assessed and Estimated Actual Value of Taxable Property ....................................................................................... 161 Property Tax Rates Direct and Overlapping Governments ........................................................................................ 162 Principal Property Taxpayers .................................................................................................................................... 164 Property Tax Levies