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The following schedule compares revenues and expenses during the years ended June 30 , 2002
<br /> and 2001 :
<br /> Change in Net Assets —
<br /> Governmental Activities
<br /> 2002 2001
<br /> Revenues :
<br /> Program revenues — federal grants $ 130 , 922 133 , 829
<br /> General revenues :
<br /> Intergovernmental 4425742 5945613
<br /> Other 37 , 147 35 , 904
<br /> Total revenues 610 , 811 764 , 346
<br /> Expenses :
<br /> Instruction related 263 , 329 265 , 253
<br /> Administration 126 ,216 137 , 156
<br /> Food services 645160 575468
<br /> Transportation 22 ,978 17 , 846
<br /> Maintenance and operations 555800 71 , 630
<br /> Other 11 ,788 64633
<br /> Total expenses 544 ,271 555 , 986
<br /> Increase in net assets $ 66 , 540 208 , 360
<br /> Total governmental revenues for the year fell $ 153 , 535 , or 20 . 0% , primarily as a result of state
<br /> cutbacks in the revenue allocations for capital outlays as capital outlay revenues fell $ 143 ,052
<br /> from the prior year.
<br /> The Academy ' s operational revenues allocated on a per- student basis (FTE revenues) fell $29 ,678 ,
<br /> or 7 . 3 % from the prior year, generally due to a 5 . 1 % decrease in the number of students enrolled at
<br /> the Academy. Total governmental expenses decreased $ 11 ,715 , or 2 . 1 % as the Academy held
<br /> expenses in line to match the decline in operational revenues .
<br /> Financial Analysis of the Academy ' s Funds
<br /> The Academy ' s general fund net assets decreased $ 8 , 123 during the year ended June 30 , 2002 to
<br /> $ 12 , 153 as the Academy ' s decline in revenues outpaced the reduction in expenses, as noted above.
<br /> The Academy ' s special revenue fund consisted of a $ 50 , 000 federal dissemination grant, whose
<br /> purpose was to disseminate information regarding the Academy ' s best practices and teaching
<br /> strategies for at-risk students , $ 49 , 820 in Title 1 funding, and $43 , 338 for food services at the
<br /> Academy . The dissemination grant provided total available funds of $ 50 , 000 , although the
<br /> Academy expended $ 33 ,941 during the year ended June 30 , 2002 . The remaining $ 16 ,059 under
<br /> the grant will be expended through September 30 , 2002 .
<br /> The $ 33 , 184 increase in the Academy ' s capital projects fund reflects an excess in funding over
<br /> capital outlay expenditures necessary during the year, despite the reduction in the per-student
<br /> allocation revenues from the State of Florida. As further discussed below, the Academy plans on
<br /> using these accumulated funds to construct a multipurpose educational building during the year
<br /> ended June 30 , 2003 .
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