SCHOOL DISTRICT OF MONROE COUNTY. January 15,2013

Transcription

1 SCHOOL DISTRICT OF MONROE COUNTY January 5,203 Digital Assurance Certification LLC 390 North Orange Avenue, Suite 750 Orlando, Florida Re: School District of Momoe County, Florida Report of Annual Information for Fiscal Year Ended June 30, 202 Ladies and Gentlemen: Enclosed in accordance with provisions regarding continuing disclosure in that certain Continuing Disclosure Certificate, dated June 30,2004, delivered by the School Board of Momoe County, as governing body of the School District ofmomoe County (the "District") with respect to the District's outstanding Series 996A Certificates of Participation and Series 2004A Certificates of Participation (collectively, the "Bonds"), pursuant to SEC Rule 5c2-2(b)(5)(i), is the annual financial information and operating data for fiscal year ended June 30, 202 of the type included in the final official statements for the Bonds. The District's audited financial statements for the same fiscal year will be forwarded to you separately. The annual information and operating data is hereinafter collectively referred to as the "Fiscal Year 202 Financial Information." The Fiscal Year 202 Financial Information constitutes the annual information agreed to be provided pursuant to the Continuing Disclosure Certificate. No representation is made as to the materiality or completeness of that information. Other relevant information for that period may exist, and matters may have occurred or become known during or since that period, which an investor would consider to be material to the making of an investment decision. Further, no representation is made that such information is indicative of financial or operating results of the District since the end of that period or future financial or operating results.

2 Any questions concerning this filing should be directed to the undersigned. Very Truly Yours, Kenneth Gentile Director of Finance and Performance 24 Trumbo Road Key West, Florida 33040

3 SCHOOL DISTRICT OF MONROE COUNTY (FLORIDA) REPORT OF ANNUAL INFORMATION AND OPERATING DATA FOR FISCAL YEAR ENDED JUNE 30, 202 The following provides, in accordance with provisions regarding disclosure set forth in that certain Continuing Disclosure Certificate, dated June 30, 2004, pursuant to SEC Rule 5c2-2(b)(5)(i), annual information and operating data for the District's fiscal year ended June 30, 2009 of the type included in the final official statements for its primary offering of Series 996A Certificates of Participation and Series 2004A Certificates of Participation. Said annual financial information and operating data are hereinafter collectively referred to as the "Fiscal Year 202 Annual Information". The Fiscal Year 202 Annual Information constitutes only the annual information and operating data agreed to be provided pursuant to the provisions of the Continuing Disclosure Certificate delivered at the time of the primary offerings referenced above. No representation is made as to the materiality or completeness of that information. Other relevant information for fiscal year 202 may exist, and matters may have occurred or become known during or since that period, which a reasonable investor would consider to be important when making an investment decision. Further, no representation is made that the Fiscal Year 202 Annual Information is indicative of financial or operating results of the District since the end of fiscal year 202 or future financial or operating results. The Monroe County School District's audited financial statements for the period ended June 30, 202 will not be available by the time the Continuing Disclosure Annual Report is required to be filed, which is January 5, 202; therefore, enclosed are the unaudited financial statements. The audited financial statements of the District for the period ended June 30, 202 will be forwarded separately. SCHOOL DISTRICT OF MONROE COUNTY ~~ Kenneth Gentile Director of Finance and Performance 24 Trumbo Road Key West, Florida Telephone: (305) , ext 53345

4 TABLE OF CONTENTS Summary of Statistical Data Five-Year History... Summary of Revenue and Expenses--General Fund... 2 Comparative Ratios of Bonded Debt And Certificates of Participation... 3 Historical Mill ages... 4 Tax Levied and Collected... 5 District and Monroe County Property Tax Rates (In Mills) Direct and Overlapping Governments 2004 through Assessed Value oftaxable Property... 7 List often Highest Ad Valorem Taxpayers... 8

5 School District of Monroe County Summary of Statistical Data Five-Year History Fiscal Year Ended June Number of Schools Number of Instructors F.T.E. Enrollment 8,039 7,965 7,922 7,99 8,044 Average 2 Expenditure per F.T.E. Student 9,925 0,75 0,80,269,680 Source: District Records Full-time equivalent (FTE) enrollment 2 Estimated

6 School District of Monroe County Summary of Revenue and Expenses-General Fund - Allditad Fisc:al).lllllladilllllml B.MIIIm::lllll :Jlnandiled ag B?m 2m lemmes Fedeal $40,833 $376,284 $38,05 $380,546 $248,98 Federal thmugb State 744,557 76, ,99 563,8 75,639 Fedeal tbnjqlll.oc:al State Soan:es 8,280,66 7,49,966,87,028 2,759,634 4,694,480 LOCil 70,737,935 65,7.489 &&.m.30 68,970, ,309 TcrlalRevames $90,73,490 $83.998,983 $79,634,752 $82, $75,547,345 bpenditera Cuaeat -Edw:atioa: Jnstmc:tioa $56,036.!32 $53,522,965 $52,59,60 $52,886,05 $52,05,842 Pupil Pencmall. 4,295,0 4,347,304 4,692, ,08,542 nstmclioaamedia,07,43 970, ,034,063,77 674,734 JnstmctioD,& Cuaiculum 2,30,799,732,38,523,488, ,60,922 Develtlpmeat Jnstmctinnal Std'TaillioJ,375,' ,09 737,59 473,63 358,886 la&lmcdodreated. Tec:lmalogy, ,227,623,73,228,055, ,00 Sc:hoolBoanlaf'JWm:wtion 634,305 83,88 833,3 952, ,882 Gm. AtlmiaislraliOD 856,7) 679, ,76 785, ,455 ScboalAdwiuisbatiOD 5,457,469 5,38,73 5,38,656 4,846,294 4,020,380 Faciilies Acquisiliaa & Coast. 207, , ,596,09,285 F"uclll Services,80,286,52,946 88,48 880, ,263 FoodSemce 69, ,37 39,669 7,59 ClllllmlSenices,26,829,2.046,35,68 2,05,65,929,65 Pupil TDIISJMIIbdiaa 4,204,478 3,787,590 3,60,658 3,397,057 2,792,47 Op~ai'PIIIIIt 8, ,36,524 8,040,809 7,087,650 5,995,86 Mainbnen :e of Plant 2,873,268 3,07,090 2,068,99 2,932,523 2,33.80 Administalive Tedmolagy Services 375, ,73 376,54 382, ,62 CIIDIIIIUIIily Services,235,559,036, ,590 77,384 60,00 Fise4Capital Ouday: Faalitia Acquililiea & Coast ,250,500 Otbi!I'Capital Outlay 48,65 35,927 67, Debt.Senice: Pliaciplll Intaut mdfilc:al Cbaqes 403,73 446,50 50,23 58, TCIIalbpthll'ti!,.. 593,954,782 $89,239,772 $85,635,664 $85,345,80 $9,90,965 &:ea (De6cieacy) of KnmuesGRI" UpatlltDres ($3,8,292) ($5,240,789) ($6,000,92) ($2,670,993) ($4,243,69) ToBl Other FiDmciag Sources (Uses) 3,262,474 4,75,695 3,09,67 4,098,358 4, bass (.DefidmC)') of BaeauaudOther Scnm:es Ower Upaditre and Other Uses ($58.88) ($,065,094) ($2,98,24) $,427,365 ($86,344) BeJimliDC Fma Baluc:e 8, ,083,079 7,07,985 4,036,744 5,464,08 EmJiug.Fllllll Balauc:e $8,083,079 $7,07,985 $4,036,744 $5,464,08 $5.377,765 Sources: Reports or/the Audit of the Monroe County School District for the Fiscal Years ended June 30, 2008 through June 30,

7 Monroe County, Florida Comparative Rados of Bonded Debt And Certificates of Participation To Taxable Assessed Valuation and Per Capital Indebtedness. Population (202) 2. Total taxable valuation (202 Fiscal Year) 3. Direct general obligation debt 4. Direct and overlapping general obligation debt (a) As a percent of taxable valuation (b) Per capita 5. Direct non-general obligation debt and Certificates of participation (a) As a percent of taxable valuation (b) Per capita 72,336 9,347,779,704 0 $42,945, % $594 $49,427, % $683 Florida Estimates of Population from Office of Economic and Demographic Research of the Florida Legislature. 3

8 School District of Monroe County, Florida Historical Millages Fiscal Y ear General Fund Basic Supplemental Local Required Discretionary Discretionary Capital Local Effort Local Effort Local Effort lmj2rovement Total Millage Source: Audited General Financial Statements of the Monroe County District School Board for the Fiscal Years ended June 30, 2004 through June 30, 20 and The School Board of Monroe County, Florida's Certificate of Final Taxable Value (DR-422) for the Fiscal Year ended June 30, 203 and The School Board of Monroe County, Florida DR-420S for the projected Fiscal Year ending June 30,203. Fiscal year ended June Includes mill levied pursuant to authorization received on March 9, 2004 when the voters of Monroe County passed a referendum to enact a yearly ad valorem tax of0.5 mills for four years beginning with the Fiscal Year ending June 30, 2005 for operating pwposes. The referendum was renewed for 2 additional4 year periods. 4

9 School District of Monroe County, Florida Tax Levied and Collected Tax Year School District School District Taxes Levied Taxes Collected 65,097,357 62,85,79 68,52,49 66,095,89 74,66,260 7,27,243 82,257,25 78,66,045 85,436,057 8,47,689 79,925,846 75,686,8 78,740,45 75,7,748 77,593,448 74,785,443 69,725,670 66,9,668 7,423,857 Percentage of School District Taxes Collected Source: The School Board of Monroe County, Florida Tax years begin January. 2 On March 9, 2004, the voters ofmonroe County passed a referendum to enact a yearly ad valorem Tax for operating purposes of0.5 mills for four years beginning with the Fiscal Year ending June 30,2005 Such referendum stated that the District intends to reduce the millage for capital projects by an equivalent Amount On June 3, 2004, the School Board adopted resolution No. 64, which reduced the capital outlay Millage from.00 to 0.50 mill beginning July,

10 School District of Monroe County, Florida District and Monroe County Property Tax Rates (In Mills) Direct and Overlapping Govemments 2004 through 202 District District General Capital District Monroe Special Fiscal Fund Outlay Total County Municipality Districts Ye~ Millage Millage Millage Millage Millage Millage Total Source: The School Board of Monroe County, and the Monroe County Comprehensive Annual Financial Report. 2 School District's fiscal year ends June 30; County fiscal year ends September 30. 6

11 Monroe County, Florida Assess~d Value of Taxable Property Fiscal Years Ended June 30, 2002 through 20 2 Real Property Personal Property Less Tax Exempt Total Net Fiscal Year Assessed Value Assessed Value Property Assessed Value 20 26,555,486,54 828,55,769 7,830,6,847 9,553,885, ,004,483,56 868,306,307 9,548,52,98 22,324,267, ,428,330, ,43,322 0,70,450,0 26,566,023, ,99,985, ,432,665 2,278,283,098 28,546,34, ,674,033,43 838,832,346 2,995,937,305 26,56,928, ,502,774,884 77,40,532 0,526,309,47 2,747,866, ,628,744, ,6,448 7,335,908, ,289,895, ,77,522 4,74,073, ,267,633, 46,99,89 2,683,833, ,903,750,374 49,964,709,323,75,083 Source: Monroe County Property Appraiser's Office 2 Assessed values used are net taxable values after deducting allowable statutory exemptions. Property is assessed as of January st, and taxes based on those assessments are levied and become due on the following November I st. Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the next succeeding calendar year. 3 Beginning in 2006, assessed values used are gross taxable values before deducting for allowable statutory exemptions. 7

12 List often Highest Ad Valorem Taxpayers Monroe County, Florida Date September 30, 202 Taxpayer Assessed Value. Florida Keys Electric Co-Op $93,87, Windward Point LLC 73,933, Galleon Condo. Assoc. 69,856, City of Key West 49,642,67 5. Hyatt Vacation Management Co 47,828, Bell South/Southern Bell 47,826, Casa Marina 38,339,23 8.NWCLLLC 36,55, Bluegreen Resorts Management 33,5, SH5LTD 30,496,729 Percentage of Total Taxable Assessed Value 0.48% 0.38% 0.36% 0.25% 0.24% 0.24% 0.20% 0.9% 0.7% 0.6% Source: Monroe County, Florida, Comprehensive Annual Financial Report for the County Fiscal Year Ended September 30,20. From the Clerk of the Circuit Court for Monroe County. 472-REPORT-TO-NRMSlR 8