ACFR including Federal Single Audit Year Ended June 30, 2022
Summary
This is the Annual Comprehensive Financial Report (ACFR) of the District School Board of Pasco County, Florida, for the fiscal year ended June 30, 2022, issued by the Finance Services Department and audited by the Florida Auditor General (Audit Report No. 2023-106). The District is the 10th largest school district in Florida, operating 83 schools and sponsoring 13 charter schools, and reported serving 81,930 full-time equivalent students during the fiscal year.
Total primary government revenues for FY2021-2022 were $999,482,073, representing an 11.6% increase over the prior year, with general revenues comprising $843,532,603 (84.4%). Total expenses were $845,070,031, resulting in a net increase in total net position of $154,412,042 (27.3%). The General Fund had total revenues of approximately $636.7 million and total expenditures of $614,883,371, with the assigned and unassigned General Fund balance totaling $112,242,160 (18.3% of expenditures) at year-end. Total governmental fund balances increased by $108,422,701 to $422,873,563.
The Florida Auditor General issued an unmodified opinion on the financial statements and found no material weaknesses in internal control over financial reporting and no noncompliance material to the financial statements. One Federal Award Finding (2022-001) was identified as a significant deficiency and noncompliance under the Title I Grants to Local Educational Agencies program (AL 84.010), related to inadequate documentation supporting adjustments to the high school cohort graduation rate. Total long-term debt outstanding was $613,039,136, comprising bonds, certificates of participation, and notes/loans; Certificates of Participation Series 2021B ($68,040,000) were issued during the year. The District received its 21st consecutive ASBO Certificate of Excellence and a GFOA Certificate of Achievement for the prior year's ACFR.
1 finding
- 2022-001mediumevidence
Title I Graduation Rate Cohort Documentation Noncompliance
District procedures did not always ensure that adjustments to the high school cohort graduation rate were supported by required confirmations. Of 25 sampled students removed from the 4-year cohort across eight Title I high schools, 8 lacked federally required documentation confirming transfer to another school or diploma-bearing program. Causes included lack of recordkeeping training for school personnel and insufficient District monitoring.
Recommendation: The District should enhance procedures to ensure that required confirmations supporting adjustments to the 4-year cohort and related graduation rate calculation are obtained before adjustments are made, including appropriate training and monitoring to ensure timely obtainment and maintenance of required confirmations.Management response: Pasco County Schools updated its procedures in December 2022 and January 2023 to require users to secure documentation confirming enrollment at the student's subsequent school. Monthly cohort monitoring will be conducted, and impacted user groups (school administrators, data entry operators, registrars, and counselors) will be trained by supervisors during Spring 2023. Anticipated completion date is April 30, 2023.