FINANCIAL TRANSPARENCY

School Board of Marion County Financial Data

For additional information, visit TransparencyFlorida.gov

Financial Reports

The following are descriptions of the publications currently available:

• District Budget: Each year the district prepares a budget that serves as the financial operating plan for the fiscal period.  The annual budget is funded by a combination of property taxes and other sources such as state appropriations, federal and local revenue.
• Budget Amendments:  Budgeted expenditures are controlled at the function/object level. If there are changes to the spending plan that will exceed the budget as it was originally adopted at the function/object level, budgets are amended accordingly by resolution at any School Board meeting.
• Annual Financial Report (AFR):  The Annual Financial Report (AFR) is the unaudited financial data submitted to the Florida Department of Education as required by state statutes and State Board of Education Rules.  It includes revenue detailed by federal, state, and local sources and expenditures detailed by function (the purpose of an expenditure) and object (what was purchased or the service obtained).  The data is displayed by fund type, including General Fund, Special Revenue Funds, Debt Service Funds, Capital Projects Funds, and Internal Service Funds.
• Comprehensive Annual Financial Report (CAFR): Each year, the District prepares a Comprehensive Annual Financial Report (CAFR).  The CAFR provides a wealth of information, including audited financial statements, an overview of the school district including its background, general operations, geographical boundaries and regulatory powers.  In addition, the CAFR provides details about revenue trends, property tax revenue, principal property taxpayers, demographics and much more.
• Expenditure Reports: To provide transparency and demonstrate how the district utilizes taxpayer dollars, monthly financial reports are provided to the School Board at its regular business meeting.
• Five Year Capital Plan: The Five Year Capital Plan is a forecast of the districts capital needs (construction, maintenance, and renovation) for the succeeding five year period.
• Presentations: The budget process includes public hearings and budget work sessions in which detailed financial data is presented to the School Board and the community.
• Truth In Millage Advertisements: As a taxing authority, school districts are required to comply with Florida Statutes which govern the Truth-In-Millage process. The advertisements include information pertaining to property tax millage rates.