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HomeMy WebLinkAboutFrisco Independent School District - Public Financial ReportF r i s c o I n d e p e n d e n t S c h o o l D i s t r i c t F r i s c o , T e x a s P O P U L A R A N N U A L F I N A N C I A L R E P O R T 2 0 2 1 Pr e par e d by : Fi nan ce D e par t me nt POPULAR ANNUAL FINANCIAL REPORT Frisco Independent School District 5515 Ohio Drive Frisco, Texas 75035 Fiscal Year Ended June 30, 2021 Prepared by FISD Finance TA B L E O F C O N T E N T S 01 04 06 07 08 16 17 18 19 ABOUT THE DISTRICT EducationSpecial ProgramsExtracurricular Opportunities Profile of the District District GovernanceAdministrative Leadership Administration Financial Accomplishments 2021 FINANCIAL INFORMATION Letter from the CFO Property TaxesRevenuesSpendingFund Balance General Fund Capital Projects Debt Service Special Revenue Funds Annual Comprehensive FinancialReport FISD at a Glance 02 A B O U T T H E D I S T R I C T 14.5 :1 STUDENT / TEACHER RATIO F I S D A T A G L A N C E Frisco ISD is home to 42 elementary schools, 17 middle schools, 11 high schools, and 3 special program centers. Our 43rd elementary school and our 12th high school are under construction and scheduled to open in the fall of 2022. STAFF Total Employees: 8,009 Teachers: 4,522 Average Teaching Experience: 10 years Staff with Advanced Degrees: 30.5% STUDENT DEM OGRAPHICS 6 5 ,7 2 3 STUDENTS Frisco ISD is the 3rd largest school district in the Dallas/Fort Worth metroplex and the 9th largest district in the state of Texas. STUDENTS Pre-K/Early Education Students: 1,236 Elementary Students: 27,272 Middle School Students: 15,918 High Shcool Students: 21,297 Attendance Rate: 96.6% Four-Year Graduation Rate: 98.8% Economically Disadvantaged: 13% Languages Served: 72 Bilingual/ESL/Alt. Language: 8% Gifted & Talented: 12% Special Education: 10% STATE ACCOUNTABILITY RATINGA 6% Other 37% Asian 34% White 13% Hisapnic 11% Black or African American 01 | FRISCO ISD 2021 POPULAR REPORT P R O F I L EOF T H EDISTRIC T Frisco ISD is an independent public education agency recognized by the State of Texas to provide appropriate educational services to students in pre-kindergarten through twelfth grade. Our campuses are located in Collin and Denton Counties, and we serve communities in Frisco, Plano, McKinney and Little Elm. EDU CATI ON Frisco ISD believes nothing is more important than hiring the best people to work with students each day and providing them with the best possible support and resources. In our classrooms, highly-qualified and caring teachers strive to know every child by name and need in order to personalize each student’s educational experience. Curriculum is written in-house by FISD educators to emphasize critical thinking, writing, and problem solving. Rigorous lessons set high standards for achievement and challenge all learners. Current and emerging technology is integrated into all content areas to extend student learning and keep them engaged in the process. Our mission is to know every student by name and need. Employees engage in continuous professional learning and collaborate with their peers in order to evaluate and improve teaching practices and target students’ individual goals. By working together and supporting one another, there is shared responsibility for each student’s learning and growth. FRISCO ISD 2021 POPULAR REPORT | 02 E X T R A C U R R I C U L A R O P P O R T U N I T I E S Frisco ISD offers art, band, cheerleading, choir, dance, drill team, orchestra and theatre for secondary students interested in fine arts. Some schools are also home to guitar and harp programs. When it comes to athletics, middle school students compete in basketball, cross country, football, soccer, tennis, track and field, and volleyball. High schools also offer baseball, golf, powerlifting, softball, swimming and diving, and wrestling. In addition to fine arts and athletics, a wide variety of clubs and organizations are available at the secondary level, including both curricular and non-curricular activities. The majority of middle and high school students are involved in some sort of school-related activity outside of the classroom. S P E C I A L P R O G R A M S Special programs are provided in the District on home campuses or through centralized programming. These include Gifted and Talented, Special Education, ESL/Bilingual, Dyslexia, Head Start, Accelerated Reading/Math Instruction, Credit Recovery, and GED. The District’s Career and Technical Education Center offers more than 30 programs of study for high school students to explore their futures, while the Student Opportunity Center provides extra support to help struggling students reach their maximum potential. A free full-day Pre-Kindergarten program is offered at the Early Childhood School and eight elementary schools for qualifying families. 03 | FRISCO ISD 2021 POPULAR REPORT D I S T R I C T G O V E R N A N C E Frisco ISD is governed by a non-compensated, seven-member Board of Trustees who act as the District’s policy-making body. Board members are elected at large by the citizens in FISD to three-year, staggered terms. They not only represent the public, but they also translate the needs of students into policies, goals, and strategies that reflect the standards and values of the community as a whole. In addition to general oversight and governance, Trustees are charged with calling trustee and other school elections, adopting and amending the annual operating budget, setting the tax rate, setting salary schedules, acting as a board of appeals for student and personnel matters, and employing the Superintendent of Schools. Trustees work with the Superintendent as a team of eight to set the direction of the school district with the education and well-being of school children as their primary focus. A D M I N I S T R A T I O N Chad Rudy Secretary, Place 3 René Archambault President, Place 7 John Classe Vice President, Place 6 Gopal Ponangi Place 1 Natalie Hebert Place 2 Dynette Davis Place 4 Debbie Gillespie Place 5 Mike Waldrip, Ed.D. Superintendent FRISCO ISD 2021 POPULAR REPORT | 04 A D M I N I S T R A T I V E L E A D E R S H I P The Superintendent is supported by an administrative cabinet known in Frisco ISD as the Instructional Support Team. Members of the Instructional Support Team, along with other executive leaders, oversee the daily operations of the District and provide support and guidance to our campuses and central offices. Instructional Support Team Other Executive Leadership 05 | FRISCO ISD 2021 POPULAR REPORT F I N A N C I A L A C C O M P L I S H M E N T S Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Association of School Business Officials Certificate of Excellence in Financial Reporting Superior Achievement under the School FIRST (Financial Integrity Rating System of Texas) AA+ underlying credit rating by Standard & Poor’s Global Ratings Aa1 underlying credit rating by Moody’s Investors Service Transparency Stars from the Texas Comptroller of Public Accounts for Traditional Finances, Debt Obligations, and Contracts and Procurement Texas Association of School Business Officials Purchasing Award of Merit No material weaknesses, significant deficiencies, or questioned costs in the annual financial statement audit Frisco ISD’s Finance Department serves to support the District’s efforts to provide the highest quality instructional programs by developing procedures and practices related to budget development and fiscal responsibility that are both effective and efficient in meeting the goals and objectives of the District. As part of our efforts, we are committed to providing our community with transparent financial information in a format that is both easily accessible and understandable. Some of the Finance Department's most notable accomplishments are listed on the right hand of this page. In addition to those accolades, the Government Finance Officers Association awarded Frisco ISD with an Award for Outstanding Achievement in Popular Annual Financial Reporting for our Popular Annual Financial Report for the year ended June 30, 2019. This award recognizes conformance with the highest standards for preparation of state and local government popular reports, and criteria considered for the award include creativity, presentation, understandability, and reader appeal. Due to delays created by the COVID-19 pandemic, we were unable to have the 2020 PAFR reviewed prior to this publication. That report and this one will both be reviewed for award prior to the publication of next year's PAFR. FRISCO ISD 2021 POPULAR REPORT | 06 2 0 2 1 F I N A N C I A L I N F O R M A T I O N November 8, 2021 To the Citizens of the Frisco Independent School District: I am pleased to present to you the 2021 Popular Annual Financial Report (Popular Report). Popular Reports are designed to summarize our financial activities in a way that's easy to understand and that highlights some of our more notable financial accomplishments from the most recent fiscal year. Frisco ISD is committed to financial transparency, and we are proud to present this report as one of many tools available to help our residents and stakeholders understand how their tax dollars are spent. This Popular Report summarizes financial activities and operating results for the 2020-2021 school year and was generated from financial information reported in our 2021 Annual Comprehensive Financial Report (ACFR). The ACFR is a more comprehensive document that is prepared in accordance with Generally Accepted Accounting Principles (GAAP) and was audited by Weaver and Tidwell, LLP, a licensed certified public accounting firm. While the Popular Report is not separately audited, the report is prepared using audited financial information. This report simplifies the presentation of financial activities and omits certain disclosures required in the ACFR to provide you with a clearer and more concise view of our finances. The 2020-2021 school year was a year like no other. The COVID-19 pandemic forced educators and the school districts they work for to innovate and adapt in unprecedented ways; and just when we were getting the hang of it, Winter Storm Uri and a failing power grid attempted to derail us once again. Despite the challenges of the past year, Frisco ISD remained steadfast in our mission to know every student by name and need. I would like to take this opportunity to recognize the employees of Frisco ISD who work tirelessly to navigate through every challenge thrown at them. I would also like to thank the Frisco ISD Board of Trustees for their continued trust and prudent financial planning, which allows us to address the needs of our students and staff without hesitation. On behalf of the FISD Business Office, it is truly an honor to serve this world-class organization. Kimberly Smith, CPA Chief Financial Officer 5515 Ohio Drive Frisco, Texas 75035 469.633.6000 www.friscoisd.org 07 | FRISCO ISD 2021 POPULAR REPORT $ 469,668,500 17,781,580 85,303,754 6,520,666 $ 579,274,500 2018-2019 $ 464,467,483 14,386,494 123,619,347 4,663,718 $ 607,137,042 2019-2020 2020-2021 $ 476,677,622 7,864,613 133,327,814 5,271,823 $ 623,141,872 Year-Over-Year % Change 2.6% (45.3%) 7.9% 13.0% 2.6% The District recognized $623.1 million in general operating revenue during the 2020-2021 fiscal year, which is a 2.6% increase in revenue from the previous year and a 7.6% increase in revenue over the last 3 years. Normally, the annual increase in revenue would correlate with our enrollment growth since enrollment drives the majority of our funding. This year's increase can also be attributed to enrollment growth, but the impact of the COVID-19 pandemic makes it difficult to compare revenues earned in the 2021 fiscal year to any other year. Each of our major funding sources is explained in further detail on the following pages. Local Property Taxes Other Revenues from Local Sources State Revenues Federal Revenues Total Revenues General Operating Revenues The General Fund, also known as the operating fund, pays for most of the daily operations of schools and central departments within the District. Expenditures paid from this fund include salaries and benefits, classroom supplies and equipment, extracurricular and co-curricular activities, educational technology, utilities, routine maintenance of buildings, and transportation, among other things. FISD's operating revenue comes from local, state, and federal sources. The majority of funding in the General Fund flows through the state's education funding formula, which calculates both state and local revenue entitlements. R E V E N U E S G E N E R A L F U N D Local Sources 77.8% Federal Sources 0.8% State Sources 21.4% FRISCO ISD 2021 POPULAR REPORT | 08 JP Morgan Chase Bank NA Liberty Mutual Plano, LLC Stonebriar Mall LLC Toyota Motor North America Inc. Capital One National Association Blue Star HQ Inc. BPR Shopping Center LP Union Investment Real Estate GMBH PPF Amli Parkwood Boulevard LLC Gaedeke Holdings XLLTD 1 2 3 4 5 6 7 8 9 10 Top Ten Taxpayers Fiscal Year 2017 2018 2019 2020 2021 Tax Rate $ 1.46 $ 1.46 $ 1.44 $ 1.3383 $1.3102 Taxable Value $ 30.6 billion $ 35.6 billion $ 40.3 billion $ 43.5 billion $ 46.3 billion Tax Levy $ 442.0 million $ 510.6 million $ 568.7 million $ 573.6 million $ 596.3 million % Collected to Date 100% 100% 100% 99.9% 99.3% Property taxes, also called ad valorem taxes, are locally assessed taxes on property owned within the boundaries of the taxing unit - in this case Frisco ISD. Everyone owning property pays property taxes to the school district, including homeowners and business owners. The Collin and Denton County Appraisal Districts appraise property located within FISD's boundaries. Taxes are then levied for each $100 of assessed value, less exemptions, at the rate set by the District. School districts in Texas set tax rates sufficient to finance local maintenance and operations and to pay debt. FISD's 2020-2021 tax rate was $1.3102 per $100 valuation. $1.0402 of the total tax rate was used for maintenance and operations, and $0.27 was used to pay debt. What are p r op erty t axes? FISD levied property taxes on $46.3 billion of taxable value for the 2020-2021 tax year. Economic development within the City of Frisco and surrounding areas has caused property values in FISD to increase 164% over the last decade. Much of that increase is due to new commercial and housing developments, but the continued growth and attractiveness of Frisco as a place to live has also driven up the value of existing property. Ta x ab le Valu e s P R O P E R T Y T A X E S 09 | FRISCO ISD 2021 POPULAR REPORT Local revenue sources include property taxes, earnings on investments, facility rentals, and other miscellaneous fees and income. Local sources generated 77.8% of total general operating revenue for the 2021 fiscal year. The majority of local revenue comes from property taxes, which you as a citizen pay for educating our students. Although our tax rate decreased by nearly 3 cents, our property tax revenue increased by $12.2 million from 2020 to 2021 due to rising property values. Almost all other local revenue sources were impacted by the COVID- 19 pandemic. The cancellation of many face-to-face activities reduced athletics revenue and income from facility rentals, and the low-interest-rate environment put a damper on our ability to generate investment earnings. In total, revenue from local sources (besides property taxes) fell more than 45% from 2020 to 2021. While we anticipated a temporary decline in revenues because of the pandemic, local revenues fell significantly short of our original projections. 7 7 .8 %L O C A L S O U R C E S 2020 Budget 2020 Actual2021 Actual2021 Budget $12.5M $480.3M $476.7M $7.9M $464.5M$461.8M $16.2M $14.4M Bu dget vs. Actual Lo cal R evenu e FRISCO ISD 2021 POPULAR REPORT | 10 2 1 .4 % State revenues are derived from the Foundation School Program and Available School Fund. Our portion of each is determined by the education funding formula, which is a system of weighted allotments for various populations of students within the District. The funding formula is designed so that the District's property tax revenue is considered the primary source of funding, and state aid is used to make up the difference between taxes and our entitlement calculated by the formula. This year, state revenues made up just over 21% of total operating revenue. Formula revenue is driven by enrollment, but students must be physically present at school when attendance is taken in order to generate funding. During the 2020-2021 school year, many families chose to keep their children at home rather than send them to school to limit their exposure to the COVID-19 virus. The Texas Education Agency used temporary attendance waivers and federal aid to ensure school districts did not lose funding when students weren't physically present on campus. The state funding formula is also periodically audited for data accuracy, sometimes years after the revenue is actually generated by a school district, and those audits often result in additional revenue for FISD. We received $4.7 million in state revenue from prior year audits during the 2020-2021 school year, accounting for nearly half of the gain in state revenue compared to last year. The rest of the gain was the result of enrollment growth and the COVID-19 "hold harmless" funding. S T A T E S O U R C E S 0 .8 % Revenue from federal sources includes Medicaid reimbursements received for providing certain health-related services to students. 2021 federal revenues made up just under 1% of total operating revenue. Revenue for these services is paid in arrears and fluctuates from year to year depending on the timing of receipts. F E D E R A L S O U R C E S 11 | FRISCO ISD 2021 POPULAR REPORT Frisco ISD spent $604.8 million in general operating funds during the 2020-2021 school year, which represents 97% of the operating revenue collected during the year. Because of the uncertainty caused by the COVID-19 pandemic, we did not budget to spend all of our available revenue this year. On top of our planned surplus, approximately 3% of budgeted funds remained unspent at the end of the fiscal year. Historically, the percentage that remains unspent is closer to 2%, but conservative spending and supply chain issues (both triggered by the pandemic), led to more money left over at the end of this year than usual. S P E N D I N G Ge neral Fund Spend ing by Object (t ype) State Recapture represents local property taxes collected in excess of the District's maximum entitlement calculated by the state's education funding formula. These revenues are payable to the state to support the public education system as a whole. Supplies & Materials include textbooks, testing materials, and other instructional resources, as well as fuel for buses, supplies for the maintenance and custodial departments, and other general operating supplies and materials. Payroll costs include salaries, wages, and benefits for FISD employees. Contracted Services include professional services provided to the school district by individuals, firms, utility companies, and other organizations. Other Operating Costs include student and staff travel, insurance and risk management, expenses, and other miscellaneous costs. Payments to the City of Frisco TIRZ reflect participation in a Tax Increment Reinvestment Zone. Money from this zone is used to pay for public-private partnerships with the City of Frisco. Capital Outlay is money spent on assets like furniture or equipment that have a useful life longer than one year but are not provided through the District's bond or other capital funds. Payroll - 83.5% Other Spending - 16.5% Contracted Services - 7.4% Supplies & Materials - 2.6% Other Operating Costs - 1.5% Capital Outlay - 0.4% State Recapture - 0.7% Payments to City of Frisco TIRZ - 4.7% FRISCO ISD 2021 POPULAR REPORT | 12 District Operations include the cost of transporting students to and from school and maintaining comfortable, clean, and safe campuses. Other operations like computer processing, data analysis, systems development, and technical assistance are also included. Other Expenditures include the costs necessary to run a public school system that are not directly tied to educating students. General Administration costs are associated with the overall general administrative support services of the school district, including accounting, purchasing, payroll, human resources, district communications, the centralized print shop, internal audit, the FISD Instructional Support Team, and other clerical staff at the District's Administration Building. Instructional Support is used to describe the management and professional support of staff who provide educational services. Instruction accounts for activities that directly impact student learning. General Fund Spending by Function Instruction (classroom) Instructional & Media Services Curriculum & Staff Development Payments to Juvenile Justice Programs $ 366,450,064 $ 6,540,156 $ 14,074,093 $ -- 60.6% 1.1% 2.3% 0.0% $ 348,085,246 $ 6,311,497 $ 12,542,301 $ 30,681 $ 312,362,215 $ 5,987,511 $ 9,870,038 $ 35,666 2020-2021 % ofTotal 2019-20202018-2019 Instructional Leadership School Leadership Guidance, Counseling & Evaluation Services Social Work Services Health Services Co-curricular/Extracurricular Activities $ 10,909,165 $ 35,803,103 $ 23,046,457 $ 274,222 $ 7,202,270 $ 18,180,811 1.8% 5.9% 3.8% < 0.0% 1.2% 3.0% $ 10,026,450 $ 34,900,930 $ 21,406,422 $ 207,193 $ 6,576,377 $ 17,099,452 $ 7,463,056 $ 31,604,561 $ 17,394,606 $ 193,601 $ 6,203,475 $ 16,602,196 General Administration $ 15,929,725 2.6%$ 14,112,405$ 10,994,089 Student Transportation Food Services Facilities Maintenance & Operations Security & Monitoring Services Data Processing Services $ 12,616,229 $ 236,027 $ 42,753,295 $ 4,893,585 $ 8,657,419 2.1% < 0.0% 7.1% 0.8% 1.4% $ 14,034,400 $ 360,577 $ 40,436,585 $ 4,770,191 $ 7,467,908 $ 13,246,684 $ 28,700 $ 38,350,138 $ 3,741,441 $ 7,783,055 Community Services Recapture Tax Increment Fund Other Governmental Charges $ 968,707 $ 4,177,231 $ 28,283,215 $ 3,852,070 0.2% 0.7% 4.7% 0.6% $ 1,128,951 $ 3,152,395 $ 27,151,041 $ 3,798,571 $ 1,013,618 $ 14,017,478 $ 25,169,882 $3,492,348 $ 573,599,573Total Expenditures 100%$ 604,847,844$ 573,599,573 13 | FRISCO ISD 2021 POPULAR REPORT General Administration Other Expenditures District Operations Instructional Support Instruction 2018-2019 2019-2020 2020-2021 Fun ctional Spending b y Year The primary use of money in the General Fund is for instruction and instructional support, which together comprise 80% of total spending. FISD prioritizes its annual budget in a manner that places emphasis on costs that directly support student learning and align with our mission to know every student by name and need. Fund balance is a measure of the District's financial position at a given point in time. Unlike a savings account, which is generally intended to reserve money for the future, you can think of fund balance like the balance in your checking account. Its purpose is to facilitate cash flow, meaning we use it to pay our bills during the periods of time we aren't bringing in revenue. Since the school year starts in August, but most of our revenue is received between December and February when property taxes are collected, it's important for the District to maintain a healthy fund balance. F U N D B A LA N C E 19% Set Aside for a Specific Purpose 66% Needed for Cash Flow (25% of next year's budget) 15% Available for a "Rainy Day" $249,521,421 Total General Fund Balance The District often sets aside portions of fund balance specific purposes, including predetermined future expenditures or contingencies for unforeseen circumstances. We also have approximately $36 million set aside for employee retention incentives to be paid annually for as long as funds are available. FRISCO ISD 2021 POPULAR REPORT | 14 15 | FRISCO ISD 2021 POPULAR REPORT C A P I T A L P R O J E C T S The Capital Projects Fund is used to account for proceeds from the sale of general obligation bonds and other financial resources, which are used to pay for the construction and equipping of new schools and facilities, the purchase of school sites, renovation of existing facilities, and the purchase of school buses, classroom technology, and other equipment. Selling bonds to finance major capital projects is like taking on a mortgage for a home. School districts issue bonds and pay them back over the life of the assets being purchased or constructed. School districts must seek approval from their citizens for a bond program, and then the District issues bonds (debt) over time as projects occur. 2014 Bond Authorization Original authorization: $775 million Remaining unissued debt: $26 million 2018 Bond Authorization Original authorization: $691 million Remaining unissued debt: $314 million Bond Proceeds Other Financing Sources Investment and Other Income Spending (Capital Projects) Net Change in Fund Balance Capital Projects Fund $ 151,086,282 10,000,000 2,492,555 (43,146,712) $ 120,432,125 2018-2019 $ 75,608,052 22,500,000 2,501,749 (137,758,461) ($ 37,148,660) 2019-2020 $ 298,211,117 11,000,000 71,830 (190,148,204) $ 119,634,743 2020-2021 2020-2021 capital projects included construction on Emerson and Panther Creek High Schools, Minnett Elementary School, and a new swim practice facility. They also included 25-year renovations at Smith and Curtsinger Elementary Schools as well as ongoing maintenance and technology refresh projects. 2 0 2 0 -2 0 2 1 P R O J E C T S FRISCO ISD 2021 POPULAR REPORT | 16 Principal $ 75,987,965 73,674,526 68,914,744 79,397,014 80,138,624 445,318,297 475,399,965 557,941,353 294,035,000 90,485,000 $ 2,241,292,488 Interest $ 82,999,542 79,229,885 78,540,315 79,732,349 74,311,384 337,488,938 280,704,542 135,293,658 41,909,039 6,732,601 $ 1,196,942,253 Total $ 158,987,507 152,904,411 147,455,059 159,129,363 154,450,008 782,807,235 756,104,507 693,235,011 335,944,039 97,217,601 $ 3,438,234,741 The Debt Service Fund accounts for the revenue for and the payment of principal and interest on general long-term debt. As discussed in the Capital Projects section, FISD issues bonds to provide funds for the construction and equipment of school facilities. Revenue to service that debt is collected in the Debt Service fund and consists mainly of property taxes, along with some investment income and state aid. The interest and sinking (I&S) portion of the District's tax rate is the portion levied for debt service. In November 2018, the I&S rate was lowered from $0.42 to $0.27 with an expectation that the District would use Debt Service Fund Balance to keep the rate steady for two to five years. The 2020-2021 I&S portion of the tax rate remained at $0.27 for the third year in a row, as promised. D E B T S E R V I C E 2022 2023 2024 2025 2026 2027-2031 2032-2036 2037-2041 2042-2046 2047-2051 Fiscal Year(s) A n nu al Debt Service As of June 30, 2021, FISD had $2.2 billion of tax-supported debt outstanding, which represents 50.7% of our legal debt margin, or the amount of debt we are legally authorized to carry. Total debt includes outstanding principal, as shown below, plus future interest due on capital appreciation bonds and unamortized bond premiums. Principal Interest $83 M $76 M $79 M $74 M $79 M $70 M $80M $79 M $74M $80 M 17 | FRISCO ISD 2021 POPULAR REPORT Special Revenue Funds are used to account for resources that are legally restricted to be spent for specific purposes. During the 2020-2021 fiscal year, FISD received $34.2 million in special revenues from federal, state, and local sources. We spent a total of $35.8 million in these funds during the same time period. Some of the revenue to fund this year's expenditures was received in prior years. Federal Programs consist of grants provided by the federal government to supplement the education of certain student populations. $24.2 million in federal program revenues were received during the year. Over half of the federal revenues received were related to the National School Lunch and Breakfast Programs, which provided free meals to all students during the COVID-19 pandemic. State programs brought in $5.3 million in revenue during 2020-2021. The largest state program is the State Textbook Fund, which accounts for 78% of state special revenues. The Textbook Fund is restricted for spending on textbooks and other instructional materials, including technological software or equipment that contributes to student learning. Local special revenues consist mainly of student meal charges accounted for in the Child Nutrition Fund, but they also include other locally awarded grants, donations, and revenue from campus fundraisers. $4.7 million in local special revenues was collected during the year, 68% of which was belonged to the Child Nutrition Fund. Local program revenues were significantly lower this year than in previous years due to the fact that we were able to use federal aid to provide free meals to students. S P E C I A L R E V E N U E 4 3.8 % FEDERALPROGRAMS 16.5 % STATEPROGRAMS 39.7 % LOCALPROGRAMS FRISCO ISD 2021 POPULAR REPORT | 18 Individuals who wish to review the full disclosure financial statements should refer to the District’s Annual Comprehensive inancial Report available online at: w ww .frisco isd.org/departm ents/finance/f inancial- transparency/annual-financ ial-re ports or by contacting the Chief Financial Officer at 5515 Ohio Drive, Frisco, Texas 75035, or 469.633.6330. ANNUAL COMPREHENSIVE FINANCIAL REPORT 5515 Ohio Drive | Frisco, Texas 75035 | www.friscoisd.org