Page 10 - PFAR Report 2022

FUND BALANCE
FY22 Reve
is fis the difference between assets and liabilities When each fiscal year ends i if revenue exceeds expenditures the fund balance will increase (more assets are available for use) However if expenditures are are higher than revenue the fund balance will decrease (less assets are are available for use) nue - Fund Fund Balance - General Fund Fund 70 000 000 000 000 60 000 000 000 000 50 000 000 000 000 40 000 000 000 000 30 000 000 000 000 20 000 000 000 000 10 000 000 000 000 0 FY18
FY19
FY20
FY21
FY22 Federal Food
Services
90 63%
Nonspendable
Restricted
Committed
Assigned
Unassigned
During FY22 operating expenditures exceeded revenues and transfers in tin in tin in in from other funds resulting in tin in in in a a a a a a a a a a a a decrease in tin in in in fund fund balance This was primarily due to lower Florida Education Finance Program (FEFP) Class Size Reduction and and Medicaid revenues partially offset by higher Property Tax revenue revenue and and transfers in from other funds In addition the the Teacher Salary
Increase Allocations (TSIA) dollars provided to to the district to to increase increase starting teachers’ salaries were less than the the the salary increases agreed upon by the the the union and there was an an an increase increase in in in expenditures that were covered through Federal Education Stabilization funding in in the prior year Fund Balance Definitions
Nonspendable
– Amounts that are not spendable
spendable
(for 2022 this is is for for inventories inventories and and prepaid items in in in the the General Fund and inventories in in in other funds) Restricted
– Amounts that can be spent only for for for specific purposes as restricted by external parties constitutional provisions or or or or or or enabling legislation (for 2022 this is is is is for for for for state categorical programs in in in the the General Fund and and for for for capital projects debt service service and and food services in in other funds) Committed
– Amounts that can only be spent as specifically obligated by the the School Board (for 2022 there were no committed funds) Assigned
– Amounts that are expected to be spent for for for for a a a a a a a a a a specific purpose as directed by the School Board or or or or or or Superintendent (for 2022 this is is for for for for for school operations encumbrances carryforwards and and and health insurance trust funds funds in in in in the General Fund and and and for for for for internal funds funds and and and non-restricted capital projects in other funds) Unassigned
– Amounts that are not included in in in in in in other fund fund balance classifications and therefore can be be used for for any purpose of the the the the the fund fund fund Beginning in in in in in in fiscal year year ending June 30 2022 the the the the the district corrected how funds funds are classified between Assigned
and Unassigned
Unassigned
In prior years the the the Unassigned
Unassigned
9
classification included funds funds intended for subsequent year’s expenses