Another one for the books: Orange County Library District publishes comprehensive Financial Report for 2017From the Orange County Board of County Commissioners Last month, the Orange County Library District opened the New Year with the release of its Comprehensive Annual Financial Report for last fiscal year ending on September 30, 2017. The purpose of this report is to fulfill requirements established by State statute: The District’s financial statements must be published within one year of the ending of the previous fiscal year; be presented in conformance with generally accepted accounting principles (GAAP) as applied to government entities; and be audited in accordance with GAAP by licensed certified public accountants. For 14 consecutive years, the District has been awarded a Certificate of Achievement for Excellence in Financial Reporting for its annual financial reports. The Government Finance Officers Association (GFOA) awards this certificate to a government who has published an easily readable and efficiently organized annual financial report, amongst other requirements. Believing that it continues to meet such requirements, the District plans to submit its latest report for consideration of earning the fifteenth certificate. Before discussing highlights and specifics from this financial report, it is necessary to briefly review the history of the District and the purpose it serves.The Orange County Library District was first established by a special state law (Chapter 80-555, Laws of Florida) and approved by referendum in 1990 as an independent special taxing district to provide library services for citizens residing in Orange County. This act, in its original form, has since been amended and recodified and can be found in Chapter 99-486, Laws of Florida. Members of the Library Board of Trustees are appointed by the District’s Governing Board. The Library Board of Trustees, comprised of five members, is responsible for managing, administering, and operating all library facilities and services of the District. Library services are provided to about 1,267,700 residents through the 290,000 square foot Main Library building in Downtown Orlando, and 15 branch locations ranging in size from 5,600-15,700 square feet.Given that the District provides local services to residents, information from the financial statements is often better understood when presented in the broad perspective of the local economy; the local economy is substantially driven by the tourism industry. Among the major employers in the District, the two largest property taxpayers are Walt Disney World Company and Universal Studios. The District is primarily funded through property tax revenues. From fiscal year 2009-2013, the District’s property tax revenues dropped $8,948,000 (25%). However, property values have since then bounced back and are expected to increase to $40,000,000 by the fiscal year 2018.Having first opened in March of 1985, many of the building systems and interior of the Main Library building have either been replaced or renovated in the last 10 years. Remaining projects for the building pending completion in the future include the following: Replacing the emergency generator, renovating the fifth floor, and constructing emergency exit gates and fencing to improve security. The District’s General Fund (used to account for all revenues and expenditures applicable to general operations), in combination with property tax revenues and reserves, will most likely fund these projects. In addition, the District has been transferring money from its General Fund to the Capital Projects Fund every year for the development of future branches; a $1,027,374 increase in the Capital Projects Fund for 2017 was attributable to a $1,000,000 transfer from the General Fund for the purpose of future branch development, and $27,374 in investment income. Of course, the District has and will continue to keep an eye out for opportunities for the development of future branch libraries in high growth areas when needed.According to the Government-wide Financial Analysis within the report, the net position overtime may become a helpful tool in determining the District’s financial position. During the 2017 fiscal year, the District increased its net position through operating results by $653,196 and assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $51,437,116 as of the end of the fiscal year. The largest portion of the District’s net position is its investment in capital assets, including land, buildings, improvements, furniture, equipment, computer equipment, library books, and construction in progress; the capital assets are used to provide library services and thus not available for future spending. No debt is associated with these assets.Residents interested in reviewing the full Comprehensive Financial Report can do so via the following link: https://www.ocls.info/sites/default/files/CAFR2017_0.pdf. Please enter your name here TAGSOrange County Library System Previous articleFarmworkers Forum yields first look at City Commission candidatesNext articleBlood tests could reveal the missing pieces in your nutrition puzzle Denise Connell RELATED ARTICLESMORE FROM AUTHOR Florida gas prices jump 12 cents; most expensive since 2014 LEAVE A REPLY Cancel reply Gov. 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