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ST. PETERS HUMAN SERVICES, INCORPORATED (A Component Unit of the Indian River County District School Board) Management ' s Discussion and Analysis This section of the St . Peters Human Services , Incorporated ' s (the Academy) annual financial report presents our discussion and analysis of the Academy ' s financial performance during the fiscal year that ended on June 30 , 2002 . Please read it in conjunction with the Academy ' s basic financial statements , which immediately follow this section . Financial Highlights The Academy ' s financial condition changed modestly as discussed below: • Most of the Academy ' s net assets (85 . 5 %) continue to consist of capital outlay funds held in anticipation of the construction of a new multipurpose educational building, scheduled for completion in 2003 . • Just $ 12 , 153 of the net assets at June 30 , 2002 is held by the Academy for operational purposes, as the Academy continues to operate on a near break-even basis . The Academy ' s general fund experienced a $ 8 , 123 decrease in net assets (2 . 0% of total revenues) as the slight decline in operational revenues outpaced the reduction in related expenditures . • Total governmental revenues for the year fell $ 153 , 535 , or 20 . 0% , primarily as a result of state cutbacks in the revenue allocations for capital outlays as capital outlay revenues fell $ 143 , 052 from the prior year. Overview of the Financial Statements This annual report consists of three parts — management ' s discussion and analysis (this section), the basic financial statements, and required supplementary information. The basic financial statements include two kinds of statements that present different views of the Academy : • The first two statements are Academy-Wide financial statements that provide both short- term and long-term information about the Academy ' s overall financial status . • The remaining statements are fund financial statements that focus on individual parts of the Academy, reporting the Academy ' s operations in more detail than the Academy-Wide statements . • The governmental funds statements tell how basic services like regular and special education were financed in the short term as well as what remains for future spending . • Proprietary funds statements offer short-term and long-term financial information about activities that are operated like businesses . • Fiduciary funds statements provide information about the financial relationships in which the Academy acts solely as agent for the benefit of others . 2